17 Aug
Chapter News

Ukraine: the EU has coordinated the delivery of more than 60,000 tonnes of life-saving assistance

As of today, the EU has coordinated the delivery of 66,224 tonnes of in-kind assistance to Ukraine from 30 countries via the EU Civil Protection Mechanism. The assistance delivered includes 180 ambulances, 125 fire-fighting vehicles, 300 power generators, 35 heavy machinery vehicles, and 4 pontoon bridges. This is by far the largest, longest lasting and most complex operation via the EU Civil Protection Mechanism since it was established in 2001, with an estimated value so far of over €425...

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17 Aug
Member News

FTI Consulting | Implementing a Third-Party Risk Management Platform: Why So Complicated?

A TPRM platform is critical for today’s businesses. Still, hurdles during implementation can turn into major stumbling blocks. Here’s what to know. Managing your third-party relationships has never been more important than it is now. With more organizations expanding their vendor databases to address the unsettled global supply chain, the risk of exposure to financial and legal compliance issues and violations is rising. A third-party risk management (“TPRM”) platform can mitigate that risk — and even prevent issues before they occur....

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16 Aug
Member News

WSGR | Reading the Not-So-Subtle Tea Leaves: What the SEC Is Likely to Do Next in Crypto, and How Crypto Participants Should Prepare

It is highly likely, and hardly a surprise, that in the near future the U.S. Securities and Exchange Commission ("SEC") will increase the number of enforcement actions it brings against crypto industry participants. It is widely known in the crypto industry that the SEC's Division of Enforcement has been investigating a number of high-profile crypto industry participants for some time,2 and at least some of those investigations likely will lead to enforcement actions relatively soon. The recent insider-trading case3...

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16 Aug
Chapter News

Federal Reserve Board announces final guidelines that establish a transparent, risk-based, and consistent set of factors for Reserve Banks to use in reviewing requests to access Federal Reserve accounts and payment services

The Federal Reserve Board on Monday announced final guidelines that establish a transparent, risk-based, and consistent set of factors for Reserve Banks to use in reviewing requests to access Federal Reserve accounts and payment services. The final guidelines are substantially similar to those proposed by the Board in its May 2021 proposal and March 2022 supplemental proposal. "The new guidelines provide a consistent and transparent process to evaluate requests for Federal Reserve accounts and access to payment services in order...

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15 Aug
Chapter News

COVID-19 vaccines: EU Commission and Moderna adapt delivery schedules for late summer and winter

The European Commission and Moderna have reached an agreement to better address Member States needs for COVID-19 vaccines for the late summer and winter period. This will ensure national authorities have access to the vaccines, including variant-adapted vaccines if authorised, at the time they need them for their own vaccination campaigns and to support their global partners. This agreement will adapt the originally agreed contractual delivery schedules. Doses originally scheduled for delivery in the summer will now be delivered in...

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15 Aug
Member News

IPTI | Update on U.S. & EU Property Tax Issues: August 2022

The EACC, in partnership with the International Property Tax Institute (IPTI), wants to keep its members up to date with the latest developments in property taxes in the USA and Europe. IPTI has put together below a selection of articles from IPTI Xtracts; more articles can be found on its website (www.ipti.org). United States California: L.A. County property valued at $1.89 trillion for 2022 Los Angeles County Assessor Jeff Prang certified the 2022 Assessment Roll, reflecting economic growth for the 12th consecutive...

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12 Aug
Member News

Arendt | ESG in the banking sector – Follow-up on the integration of sustainability considerations into product governance requirements

As a follow-up to Commission Delegated Directive (EU) 2021/1269 of 21 April 2021 regarding the integration of sustainability factors into product governance obligations (“CR 2021/1269”), discussed in our newsflash of 8 July 2022, the Grand Ducal Regulation of 27 July 2022 (the “GD Regulation”) was published on 4 August 2022 in the Official Journal of the Grand Duchy of Luxembourg. Background and aim of the GD regulation As a reminder, CR 2021/1269 requires Member States: to adopt and publish, by 21...

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12 Aug
Chapter News

U.S. Fed | Speech by Governor Bowman on fighting inflation in challenging times

Speech by Governor Michelle W. Bowman at the 2022 CEO & Senior Management Summit sponsored by the Kansas Bankers Association, Colorado Springs, Colorado | Thanks to the Kansas Bankers Association for the invitation to share my perspective on the economy and bank regulation. It is always a pleasure to be here with you for this annual gathering. I am especially looking forward to hearing what is on your minds about supervision and regulation, how you are navigating current economic conditions,...

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11 Aug
Chapter News

The ECB’s new inflation target one year on

As part of our monetary policy strategy review we adopted a new symmetric 2% inflation target. One year on, we examine how the strategy review has helped anchor financial analysts’ inflation expectations. We also show that recent policy normalisation is grounded in our strategy. A year ago the Governing Council of the ECB published its new monetary policy strategy. Since then, the monetary policy environment has changed completely. The war in Ukraine and the reopening of the economy as the...

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11 Aug
Member News

Global Taxes LLC | How you can lose a passport due to tax debt

If you owe enough in delinquent American federal taxes, the U.S. government can take your passport. The Internal Revenue Service certifies “seriously delinquent” tax debt to the U.S. State Department. This is an individual's unpaid, legally enforceable federal tax debt, including interest and penalties, that totals more than $55,000 (that amount is adjusted yearly for inflation). The State Department generally will not issue a passport to you after receiving certification from the IRS, denying your passport application or revoking your current passport....

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