28 Jun
Member News

U.S., EU: Full Speed Ahead with Transatlantic Trade Deal, Despite Brexit

The White House rules out moving a bilateral trade deal with Britain to the front of the line. Top U.S. and European officials vowed to press ahead with a massive transatlantic free trade deal on Monday despite Britain’s historic vote last week to exit the European Union. In making the pledge, a White House spokesman said that the United States would not prioritize a bilateral trade deal with Britain ahead of a Europe-wide pact — suggesting that London would have...

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28 Jun
Chapter News

MEPs call for swift Brexit to end uncertainty and for deep EU reform

The UK must respect the wish of a majority of its citizens, entirely, fully and as soon as possible, by officially withdrawing from the EU before any new relationship arrangements can be made, says the European Parliament in a resolution voted after an extraordinary plenary debate on Tuesday. MEPs also stress the urgent need for reforms to ensure that the EU lives up to its citizens’ expectations. After a debate between Parliament’s political group leaders, EU Commission President Jean-Claude...

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28 Jun
Chapter News

President Juncker: the European project continues

Addressing the European Parliament on the follow-up to the British referendum, Mr Juncker called on the UK government to clarify the situation as rapidly as possible and stressed that we Europeans 'are not going to halt our journey into the future'. President Juncker addressed an extraordinary plenary session of the European Parliament devoted to the outcome of the British referendum, which was also attended by the entire College of Commissioners, including Lord Hill. He said again that he regretted the choice...

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28 Jun
Chapter News

Statement by Commissioner for Trade Cecilia Malmström on EU Trade Policy

In this unprecedented situation, let me stress that we are clear and united in our response with regard to EU trade policy, the policy area that I am responsible for. Trade makes a vital and positive contribution to the EU's economic and external policy and we will make sure that it continues to deliver real benefits to EU citizens. Our negotiations with key partners will continue. The European Union has an ambitious trade agenda and remains engaged in pursuing and concluding...

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28 Jun
Chapter News

The International Dimension of Monetary Policy

Introductory speech by Mario Draghi, President of the ECB, at the ECB Forum on Central Banking, Sintra, 28 June 2016 In recent years central banks across advanced economies have been engaged in the same task, namely raising inflation and inflation expectations back to levels consistent with price stability. Each has faced conditions particular to its own jurisdiction. Each has deployed measures appropriate to its own context. And each has acted to fulfil the mandate laid down in its own constitution. And...

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27 Jun
Member News

Brexit Rattles Markets, Forcing Equities Lower; CMBX/CMBS Wider

What would have normally been headlines on Friday turned out to be mere parentheticals in light of the fallout from Thursday's Brexit vote. One of the two stories that were largely overlooked was a much weaker-than-expected durable goods orders, which by itself might have given the Fed more pause over whether to raise rates this summer. On the positive side of the ledger, all 33 of the top US banks passed the quantitative portion of their stress tests. The results...

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27 Jun
Member News

Shaping the future EU/UK relationship

The United Kingdom voted by referendum to leave the European Union. The turmoil resulting from this historical news will most likely lead to uncertainty for the years to come.Luxembourg, as a founding member of the EU, will closely contribute to the upcoming discussions on the future of the UK/EU relationship and we, at Arendt, have looked at the various options that could shape the future of this key relationship.Standstill period leading to withdrawal The UK will not leave the EU...

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27 Jun
Chapter News

VAT rules on vouchers approved by Council

On 27 June 2016, the Council adopted a directive aimed at increasing legal certainty for transactions involving vouchers by harmonising national VAT rules in this area.  The directive sets out to reduce the risk of mismatches in national tax rules leading to double taxation, non-taxation or other undesired consequences. This can happen where a voucher is issued in one member state and used in another, and particularly where vouchers are traded. Vouchers are used increasingly and come in many forms. They include...

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25 Jun
Member News

ITC Decision Bans Imports of Counterfeit Shoes

The U.S. International Trade Commission (“ITC”) issued a broad Exclusion Order upholding trademark protection of the diamond-patterned outsole portion of the shoe company’s famous Chuck Taylor sneaker.  The Exclusion Order has the effect of barring imports of sneakers that infringe on the Converse diamond-patterned outsole. The decision is considered a partial victory for defendants Walmart, Sketchers and New Balance, which were accused of infringing the trademark of the midsole – which consists of a rubber band around the front of...

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