13 Jan
Chapter News

EU-Ukraine Trade Agreement in Force

The EU and Ukraine signed a landmark Association Agreement (AA) on June 27, 2014 that includes the establishment of a Deep and Comprehensive Free Trade Area (DCFTA). General provisions and parts of the political and cooperation chapters of the AA have applied provisionally since November 2014, with the trade related aspects entering into force on 1st January 2016. The trade provisions of the EU-Ukraine Association Agreement constitute a milestone in the partners’ bilateral relationship and offer new economic benefits to...

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13 Jan
Chapter News

Cyber security: “Without fair protection at European level, we will be in trouble”

Data breaches can cause substantial damage to consumers, businesses and even governments, as the cyber attacks against Sony in 2014 and against Estonia in 2007 showed. To boost defences against such attacks against its essential services, such as electricity supply and air traffic control, the EU has agreed on a common set of basic cyber security rules. We talked to Andreas Schwab, a German member of the EPP group, who is responsible for steering them through Parliament. Why do we...

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12 Jan
Chapter News

2016: year of corporate tax reform and fiscal transparency, Moscovici tells MEPs

2016 should be the year of corporate tax reform and fiscal transparency, tax Commissioner Pierre Moscovici told MEPs from the Special Committee on Tax Rulings and the Economic and Monetary Affairs Committee at a hearing on Monday evening. “We have a serious problem with tax avoidance and lack of transparency. Too many people have looked the other way”, Mr Moscovici said. MEPs from most political groups encouraged the Commissioner to show ambition and go beyond the recent agreements in the...

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12 Jan
Chapter News

Christine Lagarde: The Case for a Global Policy Upgrade

By Christine Lagarde, Managing Director, International Monetary Fund Farewell Symposium for Christian Noyer, Banque de France, Paris, January 12, 2016 | As prepared for delivery Ladies and gentlemen, distinguished guests, Christian, mon cher ami! I am honored to pay tribute to someone who is greatly admired in all the different roles played in a very public life. As head of the Paris Club, Directeur du Trésor, Vice President of the ECB, Governor of the Banque de France, and Chairman of the...

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12 Jan
Member News, Uncategorized

Long Island Office Loan Receives Appraisal Reduction Increase

According to January remittance data, the $43.8 million One Old Country Road loan recently received an appraisal reduction increase from $23.3 million to $43.3 million. Comprising 25.37% of BACM 2005-6, the note is scheduled to mature next month. One Old Country Road is backed by a 320,408 square-foot suburban office in Carle Place, NY which was foreclosed on July 2011. The loan was transferred to special servicing in November 2010 for imminent default after the borrower was 60+ days late on...

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11 Jan
Member News

SEC Issues Long-awaited Distribution and Sub-accounting Guidance

On Jan. 6, 2016, the staff of the SEC's Division of Investment Management released long-awaited guidance on mutual fund payments to intermediaries for services to omnibus and networked shareholder accounts. The guidance reflects the IM staff's views on a range of payments to financial intermediaries for non-distribution-related services, including sub-transfer agent, administration, sub-accounting and other shareholder servicing fees (the staff call these, collectively, the "sub-accounting fees"). The guidance reaffirms that directors bear a substantial responsibility in approving these arrangements, expands the...

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11 Jan
Member News

Examining Growth Strategies for Different Markets

This article was originally published in The Daily Deal and is published here with permission. Cross-border transactions demand cultural sensitivity, patience and understanding. Valuations can be tricky. Due diligence is, almost by definition, harder and more time consuming than domestic planning, with different regulatory regimes, tax codes and legal systems. In the end, however, with strategic focus leading the way, these deals across can be hugely successful. Those are some of the insights provided by a panel in the Deal Economy...

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11 Jan
Chapter News

“We need more integration in Europe” ECB Vice-President Vítor Constâncio tells Börsen-Zeitung

Interview with Vítor Constâncio, Vice-President of the ECB, conducted by Mark Schrörs and published on 31 December 2015 Mr Constâncio, when you became Vice-President of the European Central Bank (ECB) in 2010, could you have imagined that one day the ECB would be using all available means to drive up the rate of inflation instead of trying to curb rising prices? That would never really have occurred to me at that time. It was completely unexpected for everyone. However, it is...

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07 Jan
Chapter News, New York Related News

A Recap of 2015 & Look ahead by New York’s CTO, Minerva Tantoco

Before we kick off 2016 in earnest, I wanted to share a brief recap of 2015, a banner year for New York City not just in tech but across a whole host of topics. Take a look. The record is clear. Mayor Bill de Blasio is making NYC a stronger and more just place for all New Yorkers - and that ultimately means a smarter, more sustainable, and more equitable tech ecosystem for us all. When Mayor de Blasio created...

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06 Jan
Member News

A Look back to 2015: New Regulations in Banking, Investment Management, Capital Markets, PE, Securities & Tax and more

2015 was a busy year, not least in respect of legal and regulatory changes that may impact your business. We are pleased to provide you with an overview of the major legal and regulatory developments under Luxembourg and EU law. BANKING & FINANCIAL SERVICES EU anti-money laundering package - AML IV Directive: In June 2015 the EU updated and extended its legal framework in order to further strengthen the European Union’s defence system against money laundering and terrorist financing. To this...

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