For the first time since the creation of the Innovation Fund, the European Union is investing €118 million into 32 small innovative projects located in 14 EU Member States, Iceland and Norway. The grants will support projects aiming to bring low-carbon technologies to the market in energy intensive industries, hydrogen, energy storage and renewable energy. In addition to these grants, 15 projects located in 10 EU Member States and Norway will benefit from project development assistance worth up to €4.4...
Fear that the spread of the Delta mutation of the covid would disrupt the global economy spurred the unwinding of risk-on positions. Interest rates fell, and the traditional funding currencies: the US dollar, Swiss franc, and Japanese yen, strengthened most in July. While major US indices set new record highs, as did Europe's Dow Jones Stoxx 600, the MSCI Emerging Markets Equity Index fell 7%.
The preliminary July PMI reports were below expectations in the US, UK, and France. Japan's...
2020 was a year of extremes. Travel all but ceased for a period. Oil prices wildly fluctuated. Trade in medical products reached new heights. Household spending shifted to consumer goods rather than services and savings ballooned as people stayed home amid a global shutdown.
'If not for the crisis, global current account balances would have continued to decline.'
Exceptional policy support prevented a global economic depression, even as the pandemic took a heavy toll on lives and livelihoods. The global reaction,...
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today issued a Public Statement on the prospectus disclosure and investor protection issues raised by special purpose acquisition companies (SPACs).
The statement, in view of both the complexity and the diversity of SPAC transactions, sets out ESMA’s expectations on how issuers should satisfy the specific disclosure requirements of the Prospectus Regulation to enhance the comprehensibility and comparability of SPAC prospectuses. This should help to ensure that national competent...
The Committee on Foreign Investment in the United States (CFIUS or the “Committee”), an inter-agency committee headed by the Department of the Treasury, has released its 2020 Annual Report to Congress (Report). CFIUS is authorized to review transactions that could result in the control of U.S. businesses by foreign persons or companies, as well as non-controlling investments by foreign persons or companies in certain U.S. businesses which are involved in critical technology, critical infrastructure, or the gathering of sensitive personal data,...
CBP has published a proposal that, if adopted, would significantly change its rules for determining the origin of goods imported from Canada or Mexico for non-preferential purposes (i.e., not for USMCA eligibility).
For purposes of determining USMCA eligibility, CBP applies the originating status rules set forth in General Note 11 of the tariff schedule. For purposes of country of origin marking of goods imported from Canada or Mexico, CBP has in the past applied the “NAFTA marking rules” set forth...
The European Commission confirmed this week that it would freeze two lawsuits against the United Kingdom in order to “continue constructive discussions” with Westminster over trade arrangements in Northern Ireland.
A Commission spokesperson said in a statement that “in order to provide the necessary space to reflect on these issues and find durable solutions to the implementation of the Protocol, we have decided, at this stage, not to move to the next stage of the infringement procedure”.
The proceedings were launched...
The Financial Crimes Enforcement Network (FinCEN) has completed two of its early benchmark obligations arising out of the recently passed Anti-Money Laundering Act of 2020 (the “AML Act”), which we previously wrote about here. First, FinCEN published its first-ever government-wide list of Anti-Money Laundering and Countering the Finance of Terrorism (AML/CFT) priorities. Second, FinCEN published its report on the potential for a FinCEN no-action letter process.
Below are some key takeaways from these publications, and here is a deeper analysis of the issues.
Priorities: The AML...
History moves in uneven steps. Just as the telegraph erased time and distance in the 19th century, today’s innovations in digital money may bring significant changes in the way we lead our lives. The shift to electronic payments and social interactions brought on by the pandemic may cause similarly rapid and widespread transformations.
'The challenges are significant, and so is the potential reward. But policy action must begin immediately.'
But we must look beyond the dazzle of technology and the alluring image...
New data, released today, underlines the importance of the two-pillar plan being advanced by over 130 members of the OECD/G20 Inclusive Framework on BEPS to reform international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate.
The data, released in the OECD's annual Corporate Tax Statistics publication, shows the importance of the corporate tax as a source of government revenues, while also pointing to evidence of continuing base erosion and profit shifting behaviours.
Under the two-pillar solution to...