24 May
Member News

IWTA | Frozen: How the Revocation of the U.S. – Russia Tax Treaty Puts Global Trade on Thin Ice

We continue to monitor the U.S.-Russia tax treaty withdrawal along with economic and  trade sanctions. It’s a constantly developing situation that profoundly affects global business and cross-border tax collection. Following is an update to IWTA founder Jack Brister’s  article published in JD Supra on March 18, 2022. New Developments The Biden administration is poised to fully block Russia’s ability to pay U.S. bondholders. A temporary exemption deadline that gave Moscow leeway to pay coupons in dollars expires on May 25, 2022....

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24 May
Member News

American Academy in Berlin | Announcing the 2022-23 Berlin Prize Fellows

The American Academy in Berlin is proud to announce the recipients of the 2022-23 Berlin Prize, awarded annually to US-based scholars, writers, composers, and artists who represent the highest standards of excellence in their fields, from the humanities and social sciences to journalism, public policy, fiction, and the arts. Chosen by an independent selection committee, Berlin Prize Fellows work throughout the semester on their projects and meet with peers and institutions in the Academy’s well-established network. They also engage with...

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24 May
Chapter News

Joint Statement between the European Commission and the United States on European Energy Security

Russia has demonstrated that it is an unreliable supplier of energy to Europe through unjustified and unacceptable actions such as cutting off electricity and natural gas to Finland, halting natural gas exports to Poland and Bulgaria, and threatening similar actions against other European nations. The European Commission and the United States condemn Russia's use of energy blackmail and reaffirm our commitment to strengthening Europe's energy security. Across Europe, from the Nordics to the Balkans, efforts are underway to diversify supplies...

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24 May
Member News

Houthoff | Enel – The Curious Case of Non-Replicable Conduct by Former State Monopolies

On 12 May 2022, the European Court of Justice ("ECJ") answered questions from the Consiglio di Stato (the highest Italian administrative court) in a preliminary reference procedure concerning abuse of dominance by the Italian energy supplier Enel. The preliminary reference is part of the appeal procedure against the Italian Competition Authority ("ICA") imposed fine of EUR 93 million in 2018. After a partially successful appeal which reduced the fine to EUR 27.5 million, Enel brought the case before the Consiglio...

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24 May
Chapter News

Cyber posture: EU Council approves conclusions

On 23 May, 2022, the Council approved conclusions on developing the Union’s cyber posture. The posture aims to demonstrate the EU’s determination to provide immediate and long-term responses to threat actors seeking to deny the EU a secure and open access to cyberspace and affect its strategic interests, including the security of its partners. Cybersecurity initiatives In the conclusions Council highlights the five functions of the EU in the cyber domain: strengthen resilience and capacities to protect; enhance solidarity and comprehensive...

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23 May
Member News

EIB | Decarbonization, a strategic imperative

Russia’s invasion of Ukraine has made decarbonization a strategic imperative for the European Union, say EU High Representative for Foreign Affairs and Security Policy Josep Borrell and Werner Hoyer, President of the European Investment Bank By Josep Borrell and Werner Hoyer | BRUSSELS – Russia’s invasion of Ukraine has forced the European Union to accelerate the pace of our energy and climate policy. Since the Kremlin has increasingly used energy as a tool for political influence, we must deprive it of...

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23 May
Member News

WSGR | No Foolish Transactions: A Few Guidelines for NFT Marketplace Participants to Mitigate Anti-Money Laundering Risks

The global NFT (non-fungible token) market now is worth dozens of billions of dollars annually. Innovators and early adopters, marketplaces, and sellers, are all eager to join this market but may have questions about how to avoid bad actors or illicit funds and how to limit regulatory risk. As we've noted previously, U.S. regulators generally have stayed silent on new NFT-specific rules so far—but that silence does not preclude liability based on existing laws, including being "willfully blind" to...

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23 May
Chapter News

Questions and answers on the European Semester 2022 Spring Package

What is included in this year's European Semester Spring Package? The 2022 European Semester Spring Package includes: a Communication on the main elements of the European Semester Spring Package; country-specific recommendations (CSRs) for 27 Member States; country reports for 27 Member States; in-depth reviews for 12 Member States a report under Article 126(3) of the Treaty on the Functioning of the EU; opinions on the draft budgetary plans of Germany and Portugal; the fourteenth enhanced surveillance report for Greece; post-programme...

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23 May
Chapter News

European Semester Spring Package: Sustaining a green and sustainable recovery in the face of increased uncertainty

The European Commission's 2022 European Semester Spring Package provides Member States with support and guidance two years on from the first impact of the COVID-19 pandemic and in the midst of Russia's ongoing invasion of Ukraine. The Spring 2022 Economic Forecast projects the EU economy to continue growing in 2022 and 2023. However, while the EU economy continues to show resilience, Russia's war of aggression against Ukraine has created a new environment, exacerbating pre-existing headwinds to growth, which were previously...

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23 May
Chapter News

ESMA study looks at reasons for lower costs in ESG funds

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published a study looking at the potential reasons behind the relatively lower ongoing costs, and better performance, of environmental, social and governance (ESG) funds compared to other funds, between April 2019 and September 2021. ESMA recently determined that ESG equity undertakings for collective investment in transferable securities (UCITS), excluding exchange-traded funds, were cheaper and better performers in 2019 and 2020 compared to non-ESG peers. Understanding the cost and performance dynamics...

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