25 Jun
Chapter News

Statement on the Decision of Commissioner Lord Hill to resign from the European Commission and on the transfer of the Financial Services portfolio to Vice-President Valdis Dombrovskis

Commissioner Lord Hill, responsible for Financial Stability, Financial Services and the Capital Markets Union, has informed European Commission President Juncker of his decision to resign from his post as European Commissioner. President Jean-Claude Juncker said: "It is with great regret that I have accepted Lord Hill's decision to resign from the European Commission. Lord Hill is an experienced politician for whom I have great respect and I want to sincerely thank him for his loyal and professional work as a...

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24 Jun
Chapter News

Merkel zum Brexit: EU ist stark genug für die richtigen Antworten

Der heutige Tag ist ein Einschnitt für Europa, er ist Einschnitt für den europäischen Einigungsprozess", so Bundeskanzlerin Merkel in Berlin zum Brexit-Votum der Briten. Die Schlussfolgerungen aus dem Referendum in Großbritannien seien aber mit historischem Bewusstsein zu ziehen. Großbritannien hat mehrheitlich für einen EU-Austritt gestimmt. Foto: picture-alliance/Ohlenschläger Bundeskanzlerin Angela Merkel bezeichnete das Ergebnis des Referendums in Großbritannien als einen Einschnitt für Europa und für den europäischen Einigungsprozess. Mit Ruhe und Besonnenheit solle jetzt die Lage analysiert werden. "Die Europäische Union ist...

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24 Jun
Member News, New York Related News

Update on Property Tax Issues in Europe

Update on Property Tax Issues in Europe: IPTI  The EACC in partnership with the International Property Tax Institute (IPTI) wants to keep our members up to date with the latest developments in property taxes both in the USA and Europe. IPTI has put together a selection of reports from articles contained in IPTI Xtracts. The reports cover Italy, Spain, Germany, Ukraine, Greece, Cyprus, Croatia, United Kingdom, the United States and New York. Italy: IMF Looks for 'Modern Real Estate Tax' International Monetary Fund...

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24 Jun
Chapter News

The day after Brexit: what do we know?

Article 50 of the Treaty of the European Union (December 2009) sets out the procedural requirements for a member state to terminate its membership. Legal withdrawal would mean that EU Treaties and their Protocols would no longer apply, and EU financial programmes would be phased out. If the UK votes to leave the EU on Thursday, the result will not immediately have a binding legal effect. The UK government would need to launch a proposal to activate Article 50, and hold a...

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24 Jun
Chapter News

European Investment Bank statement following UK referendum on EU membership

Statement by Werner Hoyer, President of the EIB: “Today is a very sad day for Europe. As President of the European Investment Bank, I take note of the UK vote with the deepest regret, although of course the Bank will work with Member States and other EU institutions to assure an orderly transition to a new negotiated arrangement according to the Treaty. For the first time since the beginning of European integration after the war a country decided to reverse its...

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24 Jun
Member News

Brexit Checklists: What you need to know

Below a few checklists cover a broad range of industry areas to guide you through what a Brexit could really mean for your business. EACCNY Member CMS will continue to provide you with insight and information on key areas such as financial services, energy and corporate as well as competition. Please visit the Brexit Special Section back to find updated content as developments emerge. Please use the navigation to view our full collection of checklists. All checklists as PDF Banking Employment IPF Real Estate Competition Energy Lifesciences Taxation Construction Financial Services Pensions Energy in CEE Corporate Health...

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24 Jun
Chapter News

Statement by Prime Minister David Cameron on the outcome of the referendum on the UK’s membership of the European Union.

The country has just taken part in a giant democratic exercise – perhaps the biggest in our history. Over 33 million people – from England, Scotland, Wales, Northern Ireland and Gibraltar – have all had their say. We should be proud of the fact that in these islands we trust the people with these big decisions. We not only have a parliamentary democracy, but on questions about the arrangements for how we are governed, there are times when it is right...

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24 Jun
Chapter News

With Brexit London will lose business as a global financial centre

There are multiple sub-scenarios in the aftermath of a No vote on June 23. In almost all of them, however, London would lose business as a global financial center. Part of its unmatched position as a hub for international financial services is linked to its membership of the European Union and corresponding access to the EU internal market. Non-European banks, especially US ones, use London as a beachhead into the single market, and many euro-area banks centralize their EU...

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24 Jun
Member News

GBP falls 12% as Brexit becomes reality

UK votes for Brexit. PM Cameron resigns GBP/USD falls 18 figures to its lowest level since 1985 before recovering Global equity markets slump. Eurostoxx falls more than 10% - hits lowest level since 2013 What has happened? The UK referendum decision to leave the EU had a huge impact on markets overnight, in part because markets were almost fully pricing in a vote to “Remain”. GBP fell very sharply, with the JPY and the USD the main beneficiaries. Initially GBP/USD fell to 1.3240 from...

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24 Jun
Chapter News

Statement by the President of the United States on the UK Referendum

The people of the United Kingdom have spoken, and we respect their decision. The special relationship between the United States and the United Kingdom is enduring, and the United Kingdom’s membership in NATO remains a vital cornerstone of U.S. foreign, security, and economic policy. So too is our relationship with the European Union, which has done so much to promote stability, stimulate economic growth, and foster the spread of democratic values and ideals across the continent and beyond. The...

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