30 Oct
Chapter News

The Juncker Commission: One year on

On Sunday 1 November 2015, the Juncker Commission marks one year in office. At the beginning of his mandate, President Juncker said this would be a new start for Europe, and that his Commission would focus on ten political priorities, the key challenges that face both our economy and society. The Commission's €315 billion investment plan to kick-start jobs and growth is up and running. The first projects are in operation and many more will follow. Throughout the past year the European Commission has made concrete proposals, putting...

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29 Oct
Chapter News

ECB publishes Report on Financial Structures, detailing structural changes in the euro area financial sector

New ECB report covers banks as well as other financial intermediaries Banks, insurance companies and pension funds in largest euro area economies exposed primarily domestically Consolidation and rationalisation in the banking sector continued in 2014, and the median Tier 1 ratio increased to 14.4% from 13% Insurance companies and pension funds are starting to adjust structurally to low yield environment Shadow banking sector continues to grow mainly on account of an expanding investment fund sector The European Central Bank has today published the Report...

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29 Oct
Member News

GRANITO and Best Practices in Insurance and Annuity Compliance

GRANITO continues to provide the insurance industry with core compliance services. GRANITO’s compliance programs are offered as a model of best practices and include a detailed risk assessment and analysis of sales practices, compensation and marketing programs at the retail level. Post risk assessment detailed but practical and non-theoretical compliance procedures are structured to better ensure consistency with not only existing but proposed rule and regulation changes in connection with the sale of Annuities by either securities and/or insurance only licensed...

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29 Oct
Chapter News

European Parliament adopts Commission proposal to improve transparency of the shadow banking sector

Following a vote in the European Parliament, new EU rules are set to improve the transparency of certain financial transactions and help supervisors and investors better understand risks. The European Commission welcomes today's adoption by the European Parliament of the Regulation on Transparency of Securities Financing Transactions (known as SFTR). This new law, proposed by the European Commission in January 2014, significantly improves the transparency of securities financing transactions in the shadow banking sector. These new rules also help identify the...

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28 Oct
Member News, New York Related News

New York State Department of Labor Publishes Revised Proposed Regulations Governing Use of Payroll Debit Cards

On October 28, 2015, the New York State Department of Labor (NYSDOL) published revised proposed regulations modifying its draft regulations (which were initially published on May 27, 2015) governing permissible methods of wage payment, including the use of payroll debit cards (also referred to as paycards). While the focus of the revised proposed regulations is on an employer’s use of payroll debit cards, they also codify guidance provided by the NYSDOL in the agency’s opinion letter pertaining to paychecks. The revised proposed...

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28 Oct
Chapter News

EU and Liechtenstein sign deal on automatic exchange of tax data

On 28 October 2015, the European Union and Liechtenstein signed an agreement on the automatic exchange of financial account information aimed at improving international tax compliance.  The agreement represents an important step in ongoing efforts to clamp down on tax fraud and tax evasion. It upgrades a 2004 agreement that ensured that Liechtenstein applied measures equivalent to those in an EU directive on the taxation of savings income in the form of interest payments. Under the agreement, the EU and Liechtenstein will automatically exchange information on the...

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28 Oct
Chapter News

EIB provides EUR 25 million for start-up Qwant: Innovative financing for a European search engine with strong growth potential

With fostering innovation and the digital economy to encourage the emergence of new leaders on the highly competitive Internet market as one of its top priorities, the European Investment Bank (EIB) decided to support the Franco-German start-up Qwant to the tune of EUR 25 million. This financing operation was announced today at a major Franco-German digital conference taking place at the Elysée Palace, in the presence of Emmanuel Macron, France’s Minister of the Economy, Industry and Digital Affairs, Sigmar Gabriel, Germany’s Vice-Chancellor...

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28 Oct
Member News

IIE Seeking Partner Organizations for Third Round of EducationUSA Leadership Institutes

The Institute of International Education, on behalf of the U.S. Department of State’s Bureau of Educational and Cultural Affairs’ EducationUSA Advising Network, invites accredited U.S. post-secondary educational institutions (non-profit and for-profit), U.S. higher education associations, university systems, consortia, and qualified entities that meet provisions in IRS section 26 USC 501(c)(3) to submit proposals to be a Partner Organization for the third round of EducationUSA Leadership Institutes. Partner Organizations will develop and manage one of three EducationUSA Leadership Institutes for...

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28 Oct
Chapter News

A deeper and fairer Single Market: Commission boosts opportunities for citizens and business

Today the European Commission has presented a roadmap to deliver on President Juncker’s political commitment to unleash the full potential of the Single Market and make it the launchpad for Europe to thrive in the global economy. The Single Market is one of Europe’s greatest achievements, designed to allow goods, services, capital and people to move more freely. It offers opportunities for professionals and businesses and a greater choice and lower prices for consumers. It enables people to travel, live,...

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27 Oct
Member News, New York Related News

New York City Issues Fair Chance Act Notice Form for Criminal Background Checks

As we previously reported in July and June, New York City recently passed the Fair Chance Act (FCA), which becomes effective onTuesday, October 27, 2015, and is applicable to criminal background checks. Among other requirements, the FCA prohibits employers from inquiring about or making statements concerning criminal history, prior to a conditional offer of employment, including the following: asking an applicant* questions about his or her criminal record; searching public records on an applicant’s* criminal record; having an applicant* complete background check disclosure and authorization forms;...

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