29 Aug
Member News

CLA (CliftonLarsonAllen) | Impacts of the Initial Adoption of CECL

At the start of 2023, the vast majority of financial institutions adopted CECL (Current Expected Credit Loss). The impact of adoption varied for institutions based on asset size as well as the makeup of the loan portfolio. Although there are conclusions you can reach by evaluating the data, it cannot be understated that these two factors have a significant impact on the ultimate allowance level an institution recorded. The following data was generated using call report data from banks...

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28 Aug
Member News

Greenberg Traurig | Department of Commerce Issues Final Determinations on Circumvention Inquiries of Solar Cells and Modules Produced in China

On Aug. 18, 2023, the U.S. Department of Commerce (Commerce) announced its final determinations regarding the circumvention inquiries of the antidumping (AD) and countervailing duty (CVD) orders on solar cells and modules from the People’s Republic of China (China). As a result of Commerce’s “country-wide” circumvention findings as relates to Cambodia, Malaysia, Thailand, and Vietnam, solar cells and modules imported to the United States from those four countries will be subject to AD/CVD duties as of June 6, 2024, after...

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28 Aug
Member News, Uncategorized

Ad Altius Advisors | The New Superpower: Psychological Fitness is the New Secret Strength of a Business

Psychological fitness is no longer a fringe concept in business; it's a vital organizational concern and a determining factor in the high-stakes arena of modern leadership. In a world where billions of dollars can rely on split-second decisions, psychological strength has become the cornerstone of executive success. It's the armor that shields against the unforeseen and enables leaders to guide their organizations through crisis, while preserving or even enhancing value.  The dark days of the pandemic has brought about a...

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28 Aug
Member News

Arendt | Stefan Staedter appointed Head of Arendt’s New York office

The Partners of Arendt are delighted to announce that Stefan Staedter has been appointed the new Head of the New York office, effective 1 September 2023. Stefan Staedter will strengthen services to our clients in New York and North America. He will also promote Arendt’s entire value chain, which encompasses the Luxembourg Legal & Tax, Regulatory & Consulting and Investor Services aspects. Stefan will be responsible for overseeing all operations with the six-member team who work on site in New York. About...

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28 Aug
Member News

SIKA | CHF 10 Million in Financial Support for SIKA’s Innovative Concrete Recycling Technology

Sika’s innovative reCO2ver® technology is now receiving targeted support as part of a climate protection program. The technology involves a novel concrete recycling process that allows old concrete to be entirely reused while facilitating the sequestration of CO2. To support the use of the technology, Switzerland’s Climate Cent Foundation is guaranteeing the purchase of CO2 certificates from the program for an initial amount of CHF 10 million. Almost 40% of global CO2 emissions are attributable to the construction and building sector. Around 30...

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28 Aug
Member News

Steptoe | 100% AI-Generated Works Cannot Receive A Copyright (But Works Created Jointly By Humans And AI May Be Copyrightable)

A Federal Court ruled that works that are entirely created by artificial intelligence (“AI”) systems cannot receive a copyright under United States law. Contrary to how this decision has been reported in news summaries, the case was decided on a relatively narrow issue, and kept the door open for future decisions to expand on this new area of the law. The plaintiff used an AI system called the “Creativity Machine” to generate a piece of visual art called “A Recent Entrance...

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28 Aug
Member News

PwC | Proposed regulations on information reporting for digital assets

Treasury and the IRS on August 25 released proposed regulations on information reporting (Forms 1099, etc.) and calculation of gain or loss for digital assets. The 2021 Infrastructure Investment and Jobs Act expanded the rules regarding how digital assets should be reported by brokers. The proposed regulations provide guidance for how brokers and payors are to comply and provide rules to determine the amount realized for purposes of computing gain or loss upon the sale, exchange, or other disposition of digital...

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28 Aug
Chapter News

IMF | The High Cost of Global Economic Fragmentation

Growing trade restrictions may reverse economic integration and undermine the cooperation needed to protect against new shocks and address global challenges. In a shock-prone world, economies must be more resilient—individually and collectively. Cooperation is critical, but greater protectionism could lead to fragmentation, and even split nations into rival blocs just as fresh shocks expose the global economy's fragility. While estimates of the cost of fragmentation vary, greater international trade restrictions could reduce global economic output by as much as 7 percent...

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21 Aug
Chapter News

EU Commission | Detailed reporting rules adapted for the Carbon Border Adjustment Mechanism’s transitional phase

The European Commission adopted today the rules governing the implementation of the Carbon Border Adjustment Mechanism (CBAM) during its transitional phase, which starts on 1 October of this year and runs until the end of 2025. The Implementing Regulation published today details the transitional reporting obligations for EU importers of CBAM goods, as well as the transitional methodology for calculating embedded emissions released during the production process of CBAM goods. In the CBAM's transitional phase, traders will only have to report...

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21 Aug
Member News

Littler | Changes in the New Form I-9, Employment Eligibility Verification

On August 1, 2023, the U.S. Citizenship and Immigration Services (USCIS) released a revised version of the Form I-9, Employment Eligibility Verification, which may be used now but must be used for all new hires and rehires starting November 1, 2023. The new form is a major change from the last iteration in that it has returned to a one-page version, which had been used from 1986 until 2013. This one-page version, however, has two Supplements, A and B....

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