Once formally agreed by parliament and member states, the law will begin the most complex and far reaching overhaul of the banking system since the credit crunch, requiring banks over the next six years to strengthen their buffers of equity and liquid assets to Basel standards.
The reality is more complex than those designations imply, as patent rights in the United States under the first-to-file system will depend on the interplay between the dates of filing and of any pre-filing disclosures of the invention.