24 May
Member News

GDLSK: European Union Assesses Increased Duties On Imports Of Certain U.S. Products

In a Notice published in the Official Journal of the European Union on April 29, 2017, the EU has announced its imposition of an additional 4.3% ad valorem import duty on certain products of U.S. origin, as part of its ongoing dispute with the United States over the Continued Dumping and Subsidy Offset Act (commonly referred to as “the Byrd Amendment”). The scope of the goods covered by this announcement is defined in terms of EU tariff numbers: 0710 40 00...

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24 May
Member News

Alix Partners 2017 Global Anti-corruption Survey: lost business, dissolved partnerships, and data’s critical role

For Alix's fifth annual global anti-corruption survey, they polled more than 300 general counsel and compliance officers on the impact that corruption risk has on their businesses. The report explores the challenges facing corporate legal departments today and why technology and data analysis continue to play an important role in managing risk. At a glance • 93% of survey respondents say they expect the challenges associated with moving data across borders to increase or stay the same. • 37% say their companies...

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24 May
Chapter News

Risk of further bond market repricing persists but financial market stress is contained

• Repricing risks in fixed income markets remain significant • Market pressure on euro area banks has receded amid persisting structural vulnerabilities • Continued political uncertainty and potentially higher bond yields could trigger renewed debt sustainability concerns • Brexit not expected to pose significant financial stability risk to euro area Systemic stress indicators for the euro area have remained low over the past six months, according to the latest Financial Stability Review of the European Central Bank. The risk of a rapid repricing...

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24 May
Chapter News, News

IMF Executive Board Approves Bulgaria’s 2017 Financial System Stability Assessment

On May 22, 2017, the Executive Board of the International Monetary Fund (IMF) discussed the Financial System Stability Assessment of Bulgaria. Bulgaria’s financial system has been resilient to shocks in recent years, though it was shaken in 2014 by the collapse of the system’s fourth largest bank due to fraud and insider abuse. The failure raised questions about the viability of other banks, some of which experienced deposit outflows, and raised concerns about the supervision by...

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24 May
Chapter News

Questions and Answers – Data Protection Reform Package

The data protection reform package which entered into force in May 2016 and will be applicable as of May 2018 includes the General Data Protection Regulation ("Regulation") and the Data Protection Directive for the police and criminal justice sector. The reform is an essential step to strengthening citizens' fundamental rights in the digital age and facilitating business by simplifying rules for companies in the Digital Single Market. What will change under the General Data Protection Regulation? The Regulation updates and modernises the...

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23 May
Chapter News

Commission Issues Country-specific Economic Recommendations

Commission sets out economic policy guidance and calls on Member States to pursue structural reforms, boost investment and strengthen public finances. The European Commission has set out its economic policy guidance to Member States for the next 12-18 months, in its 2017 country-specific recommendations (CSRs). The economy in the EU and the euro area is proving resilient, but challenges continue. The Commission wants Member States to strengthen the fundamentals of their economies by implementing the common economic and social priorities of...

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22 May
Member News

Update on Property Tax Issues in the U.S.: IPTI (June 2017)

This month’s installment focuses on a landmark lawsuit brought against the property tax authorities of none other than New York. Several weeks ago, a group known as Tax Equity Now NY (TENNY) – which describes its mission as the pursuit of legal and political reform of New York City’s property tax system – sued the State of New York, the City of New York, the NYC Department of Finance, and ORPTS (the State-level administrator of the property tax system) what...

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22 May
Member News

Update on Property Tax Issues: IPTI May 2017

The EACC, in partnership with the International Property Tax Institute (IPTI), wants to keep members up to date with the latest developments in property taxes both in the USA and Europe. IPTI has put together a selection of brief reports from articles contained in IPTI Xtracts which can be found on its website (www.ipti.org). As far as Europe is concerned, this month’s report includes an article on Norway and a focus on the United Kingdom where a general election has...

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22 May
Brexit News, Chapter News

Statement by Michel Barnier at the press conference following the General Affairs Council (Art. 50)

Ladies and gentlemen, From the day the UK decided to leave, the EU has gone through an intense preparatory process. We are ready and well-prepared: • We have a clear mandate supported by all 27 Member States. • We have a solid resolution from the European Parliament. • We have excellent working relations between all EU institutions. • We have a negotiation team. All structures are in place. The new Brexit Council working group will meet tomorrow already. In the course of the next few days...

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22 May
Brexit News, Chapter News

Brexit: Negotiation mandate adopted by EU-27

The 27 member states of the European Union today adopted the negotiating mandate of Michel Barnier and his team, giving him the green light to open discussions on the UK's withdrawal from the EU and EU Institutions. "The EU-27 formally adopts the Brexit negotiating directives, appoints the Commission as negotiator and authorizes the opening of negotiations," the EU's Maltese EU Presidency said on the social network. The mandate given by the member states is "firm and clear", welcomed the EU's deputy...

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