01 Dec
Chapter News

Eurostat: Euro area unemployment rate at 10.7%

The euro area (EA19) seasonally-adjusted unemployment rate was 10.7% in October 2015, down from 10.8% in September 2015, and from 11.5% in October 2014. This is the lowest rate recorded in the euro area since January 2012. The EU28 unemployment rate was 9.3% in October 2015, stable compared to September 2015, and down from 10.1% in October 2014. This is the lowest rate recorded in the EU28 since September 2009. These figures are published by Eurostat, the statistical office...

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01 Dec
Member News

WTCA Partners with Bannockburn Global Forex, LLC

The World Trade Centers Association (WTCA) has partnered with Bannockburn Global Forex, LLC, in order to enable World Trade Centers (WTCs) to deliver a comprehensive foreign exchange service program at significant cost savings to their members, business partners and clients. Benefits for WTCs include: Being able to offer members a differentiated foreign exchange program at highly discounted prices A unique business development and member retention tool Simple referral structure with no up-front costs Benefits for Members and Partners include: Potential savings of up to 80%...

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01 Dec
Chapter News

EU Banking union: Single resolution fund on schedule for 1 January 2016

The EU's single resolution mechanism will enter into force as foreseen on 1 January 2016. This  signals completion of the second pillar of Europe's banking union. As of 30 November 2015, a sufficient number of member states has ratified an intergovernmental agreement (IGA) on the transfer and mutualisation of contributions to a single resolution fund (SRF). This will allow full operationalisation of the SRF. Single resolution mechanism The single resolution mechanism (SRM) is aimed at ensuring the orderly resolution of failing bankswithout recourse...

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01 Dec
Chapter News

October 2015 -Euro area unemployment rate at 10.7% EU28 at 9.3%

The euro area (EA19) seasonally-adjusted unemployment rate was 10.7% in October 2015, down from 10.8% in September 2015, and from 11.5% in October 2014. This is the lowest rate recorded in the euro area since January 2012. The EU28 unemployment rate was 9.3% in October 2015, stable compared to September 2015,and down from 10.1% in October 2014. This is the lowest rate recorded in the EU28 since September 2009. These figures are published by Eurostat, the statistical office of the European...

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30 Nov
Chapter News

EU Commission proposes to overhaul prospectus rules to improve access to finance for companies and simplify information for investors

Small and medium-sized companies in particular will find it easier to raise funding when issuing shares or debt. Companies already listed on public markets will also benefit when they want to list additional shares or issue corporate bonds. As part of its Capital Markets Union action plan, the European Commission has today proposed an overhaul of the rules that allow companies to raise money on public markets or by means of a public offer with potential investors. The prospectus rules proposed...

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27 Nov
Chapter News

Instant payments across Europe by November 2017

Euro Retail Payments Board tasks payment service industry with the development of scheme for pan-European instant payments in euro Foundation for innovative payment methods such as mobile person-to-person payments The Euro Retail Payments Board (ERPB), a group chaired by the European Central Bank that brings together associations of providers and users of payment services, has invited the European Payments Council, a body representing the payment service providers in Europe, to develop a scheme for instant payments in euro by November 2016...

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25 Nov
Member News

Global Banking and Finance Review: Understanding The Proposed French “Duty Of Vigilance”

By Caroline Fagard, Director at Forensic Risk Alliance and Jesica Lindgren, General Counsel at Blue Star Strategies, LLC On 24 April 2013, the Rana Plaza factory building in Dhaka (Bangladesh) collapsed, killing more than 1,000 workers and wounding more than 1,500. Thirty-two U.S., Canadian and European labels and retailers were outsourcing garments to Rana Plaza factories, including a number of French ones. Following the tragedy, French members of parliament are proposing to implement a “Duty of Vigilance” or “Duty of Care” on...

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25 Nov
Member News

SEC Report Indicates Whistleblower Program Going Strong

By Edward Ellis, Earl (Chip) M. Jones III, and Whitney Caldwell of Littler Mendelson P.C. on November 18, 2015 Compliance professionals and attorneys received confirmation on Tuesday of what many have long expected:  the U.S. Securities and Exchange Commission whistleblower program is steadily growing in scope and impact, and the SEC is taking more aggressive positions to obtain information from whistleblowers and protect informants from retaliation.  These developments have profound implications for corporate business conduct and the compliance industry. On November 16, the...

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25 Nov
Member News

Maryland Office Loan Faces Refinancing Difficulties Again, Transferred to Special Servicing

The $37.2 million Prince George Center II loan was recently put into special servicing according to an email alert from Fitch late last week. The loan makes up 3.89% of MLCFC 2006-1 and is backed by a 394,578 square-foot suburban office property in Hyattsville, Maryland. While the note is scheduled to mature in December 2015, the borrower may face refinancing difficulties due to the upcoming lease expiration of lead tenant GSA. Occupying over 99% of the building, the Government Services Agency has been the main tenant in the building since...

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24 Nov
Chapter News

EU 2016 budget approved by the Council

On 24 November 2015, the Council by unanimity approved the 2016 EU budget deal agreed by the Conciliation Committee on 14 November. If the agreement is also confirmed by the European Parliament on 25 November the EU budget for 2016 is adopted.  The 2016 EU budget provides for €155.00 billion in total commitments. This leaves a margin of €2.3 billion under the expenditure ceiling of the multiannual financial framework for 2014-2020, allowing the EU to react to unforeseen needs. The level oftotal...

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