Global Correspondence
GFMA Views on the Impact of EU Extraterritorial Legislation on the Asian Markets
This GFMA letter sets out a summary of EU legislation which has recently been proposed or which is in the process of being implemented, and which has an extraterritorial effect which may have an impact on non-EU markets and Asian markets in particular.
Extraterritoriality arises both intentionally in EU legislation (e.g., where the legislation expressly states that it is intended to apply to non-EU entities), and also unintentionally (e.g., where the territorial scope of legislation is unclear, or where obligations which apply to an EU entity may end up having an impact on that entity’s clients or counterparties).
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