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What are the definitions of ‘service provider’ and ‘information society services’ under the E-Commerce Directive and the Electronic Commerce (EC Directive) Regulations 2002? The E-Commerce Directive (Council Directive 2000/31/EC) and the Electronic Commerce (EC Directive) Regulations 2002 (SI 2002/2013) state that a ‘service provider’ is any natural or legal person who supplies an information society service. Recital 17 of the E-Commerce Directive describes ‘information society services’ as any service typically supplied for remuneration, delivered at a distance, using electronic equipment for the processing (including digital compression) and storage of data, and provided at the individual request of the recipient. The notion of ‘information society services’, together with related terms such as ‘at a distance’ and ‘at the individual request of a recipient of services’, is further clarified in Article 1(1) of Directive 2015/1535/EU. The condition that a service is ‘normally provided for remuneration’ has been interpreted by the courts. Remuneration does not mean the recipient or user must pay for the service. In Google France SARL and...
This Practice Note sets out the principal features of Assimilated Regulation (EU) 648/2012 (UK EMIR), namely: (1) the clearing obligation, (2) the duty to report trades, (3) margin rules for non‑centrally cleared over‑the‑counter (OTC) derivatives, and (4) further risk mitigation for uncleared transactions, including timely confirmation, portfolio reconciliation, portfolio compression, and dispute resolution. Section 1(1) and Schedule 1 Part 1 of the Financial Services and Markets Act 2023 (FSMA 2023) empower the revocation of UK EMIR on a date, or dates, to be set by HM Treasury; no such date has been set to date. UK EMIR—Introduction Key requirements of UK EMIR UK EMIR is the leading UK instrument regulating the OTC derivatives market. Its core elements are: a mandate for certain standardised OTC derivatives, traded by specified counterparties, to be cleared through a central counterparty (CCP)—see Clearing obligation below an obligation to report derivative contracts to a trade repository (TR)—see Trade reporting obligation below margin standards for non‑centrally cleared OTC...