13 Dec
Chapter News

ECB | Climate Risks, the Macroprudential View

ECB Blog post |  Catastrophes caused by climate change, such as rising sea levels or more frequent extreme weather events, will harm our economies. And this will put a strain on the finances of people, companies and governments alike. Because of the risks to individual banks, banking supervisors have already taken steps to enhance how banks identify, assess and manage these institution-specific risks. Such supervisory measures are necessary steps focusing on the risks that climate change may pose to individual...

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13 Dec
Chapter News

IMF | Maximizing The Benefits of Artificial Intelligence and Managing the Risks Will Require Innovative Policies with Global Reach

Beginning in the 18th century, the Industrial Revolution ushered in a series of innovations that transformed society. We may be in the early stages of a new technological era—the age of generative artificial intelligence (AI)—that could unleash change on a similar scale. History, of course, is filled with examples of technologies that left their mark, from the printing press and electricity to the internal combustion engine and the internet. Often, it took years—if not decades—to comprehend the impact of these...

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13 Dec
Member News

Ogletree Deakins | HHS Announces Planned Cybersecurity Initiatives for Healthcare Sector

The U.S. Department of Health and Human Services (HHS) has announced a plan to provide resources and incentives for the healthcare industry to adopt cybersecurity measures and to increase potential regulatory penalties for cybersecurity breaches amid growing data security risks to hospitals and health systems. On December 6, 2023, HHS released a “concept paper,” “Healthcare Sector Cybersecurity: Introduction to the Strategy of the U.S. Department of Health and Human Services,” outlining four new and ongoing steps HHS will take to...

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13 Dec
Member News, New York Related News

Wilson Sonsini | New York City Announces Reinstatement of Refundable Biotech Tax Credits for Emerging Companies Through 2026

On December 4, 2023, New York City Mayor Eric Adams signed legislation to reinstate previously lapsed tax credits for biotech companies (the Credit), with a view towards bolstering the emerging biotechnology sector in New York City. Eligible companies can apply the Credit against certain New York City taxes for tax years beginning on or after January 1, 2023, and before January 1, 2026. Notably, for eligible companies who do not owe sufficient New York City taxes, the excess amount...

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12 Dec
Member News

CLA | Unlocking Efficiency: The Advantages of Automating Accounts Payable

Whether you’re a small business owner or a large corporation, automating your accounts payable (AP) process can help save time, reduce errors, and increase efficiency. Review some of the benefits that can lead to increased revenue and better decision-making.  Reduce manual processes Manually entering invoice information from PDFs into an enterprise resource planning (ERP) system is time consuming — and can cause errors. Using automation such as a form recognizer can pull data directly from PDFs, saving a lot of time....

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08 Dec
Member News

HSBC Pioneers Quantum Protection for AI-powered FX Trading

HSBC has become the first bank to pioneer quantum protection for AI-powered foreign exchange trading. As one of the world’s largest foreign exchange providers1, HSBC is leading the way in exploring how quantum cryptography can safeguard highly sensitive trading data against possible cyber threats as powerful as future quantum attacks. In a world-first trial, HSBC armed its award-winning HSBC AI Markets2(opens in new window) (opens in new window) (opens in new window) (opens in new window) (opens in new window)...

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08 Dec
Member News

Berkowitz Pollack Brant | IRS Provides Taxpayers with Temporary Relief of Catch-Up Contributions to Employer-Sponsored Retirement Savings Plans

With the release of Notice 2023-62, the IRS has again delayed the effective date of a SECURE Act 2.0 provision that would have required certain participants in employer-sponsored retirement savings plans age 50 and older to make catch-up contributions to those plans on a Roth basis beginning in 2024. This relief extends the start date to 2026. Section 63 of the SECURE Act 2.0 requires 401(k), 403(b) and 457(b) plan participants age 50 and older with prior-year Social Security wages...

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08 Dec
Chapter News

IMF | Financial Crimes Hurt Economies and Must be Better Understood and Curbed

IMF Blog post |  Policymakers need fuller view of consequences of illicit flows, including tallies of the fiscal, monetary, financial, and structural costs. The fight against financial crime isn’t lost, but the world needs to do more to limit the economic impact of crime. Money laundering is a necessary component of the organized crime that too frequently spans borders, skirts taxes, funds terrorism and corrupts officials—and it comes with hefty macroeconomic costs. Bad actors are also embracing new technologies on top...

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08 Dec
Chapter News

OECD | Global Energy Crisis and Government Responses Drive a Significant Fall in Tax Levels in OECD Countries

High energy prices triggered by Russia’s war of aggression against Ukraine prompted governments to reduce excise taxes during 2022, leading to lower tax levels in many countries, according to new OECD analysis. Revenue Statistics 2023 shows that the average tax-to-GDP ratio in the OECD fell by 0.15 percentage points (p.p.) in 2022, to 34.0%. This was only the third such decline since the Global Financial Crisis in 2008-09: the level fell by 0.6 p.p. in 2017 and by 0.1 p.p....

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08 Dec
Member News

Arendt | ESAs Final Report on the Review of SFDR Delegated Regulation

On 4 December 2023, the three European Supervisory Authorities (EBA, EIOPA and ESMA, together the ESAs) published their joint final report on draft Regulatory Technical Standards (draft RTS) on the review of PAI and financial product disclosures in the SFDR Delegated Regulation (Final Report), proposing amendments to the SFDR RTS. The publication comes in response to the EU Commission’s (EC) mandate to the ESAs in April 2022 and builds on a consultation paper on these topics published in April 2023, as...

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