13 May
Member News, New York Related News

FTI Consulting | What’s Next for Climate Risk Management?: Top Tips for Insurers to Address NY DFS’s Climate Guidance

Insurers, state and federal financial regulators are coping with the impact of climate change and the increasing risk it presents to the safety and soundness of financial institutions and to the stability of financial systems. The ever-increasing regularity and gravity of extreme weather-related events such as rapid swings in temperatures, tornadoes in the Midwest, wildfires in California, hurricanes in the Gulf Coast, and others have resulted in greater regulatory focus on climate-related risks for many sectors, including the insurance...

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13 May
Chapter News

EU Commission welcomes political agreement on new rules on cybersecurity of network and information systems

The Commission welcomes the political agreement reached today between the European Parliament and EU Member States on the Directive on measures for a high common level of cybersecurity across the Union (NIS 2 Directive) proposed by the Commission in December 2020. The existing rules on the security of network and information systems (NIS Directive), have been the first piece of EU-wide legislation on cybersecurity and paved the way for a significant change in mind-set, institutional and regulatory approach to cybersecurity in...

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13 May
Chapter News

State aid: EU Commission will phase out State aid COVID Temporary Framework

The European Commission will phase out the State aid COVID Temporary Framework, adopted on 19 March 2020 and last amended on 18 November 2021, enabling Member States to remedy a serious disturbance in the economy in the context of the coronavirus pandemic. The State aid COVID Temporary Framework will not be extended beyond the current expiry date, which is 30 June 2022 for most of the tools provided. The existing phase-out and transition plan will not change, including the...

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13 May
Member News

NautaDutilh | CSSF Circular 22/810 – Pre-marketing and Cross-border Marketing Notification Procedures in Luxembourg

On 12 May 2022, the CSSF published Circular 22/810 on the procedures to be followed by Luxembourg-based undertakings for collective investment in transferable securities (UCITS) and investment fund managers in order to notify pre-marketing or cross-border marketing of units or the discontinuation of such activities. The circular follows the introduction of an additional notification procedure for the discontinuation of cross-border marketing of sub-funds of UCITS and alternative investment funds (AIFs) and new requirements for alternative investment fund managers (AIFMs)...

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13 May
Member News

Vulcan Insight | Northern Ireland Protocol dispute heats up again

With the renewed threat of the UK Government legislating domestically to undermine the Northern Ireland Protocol of the EU-UK Withdrawal Agreement, the EU and the UK Government accused each other of “showing flexibility” and undermining the province’s economic and political cohesion.  In their first talks since the Sinn Féin’s win in the Northern Ireland Assembly elections and Tuesday’s Queen’s Speech which didn’t include the rumoured legislation on Northern Ireland, European Commission Vice-President Maroš Šefčovič warned over his continued “serious concern...

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13 May
Chapter News

U.S. FED | Plans for Reducing the Size of the Federal Reserve’s Balance Sheet

Consistent with the Principles for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in January 2022, all Committee participants agreed to the following plans for significantly reducing the Federal Reserve's securities holdings. The Committee intends to reduce the Federal Reserve's securities holdings over time in a predictable manner primarily by adjusting the amounts reinvested of principal payments received from securities held in the System Open Market Account (SOMA). Beginning on June 1, principal payments from...

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12 May
Member News

ACG Resources | The Four Essential Types of Modern Employee

The modern workplace is made up of diverse groups of people from a variety of backgrounds who possess an eclectic mix of skills and interests. Gone are the days when everyone in an office tended to look and sound the same. Today, you will find a variety of people sharing a workspace, each with their own unique blend of experiences and beliefs. In response to this new landscape, the archetype of the “modern employee” has evolved significantly. There are...

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12 May
Member News

CLA | FTC GLBA Safeguards Rule Compliance — Review How You’re Protecting Customer Data

Key insights Don’t gloss over the Federal Trade Commission’s updated Safeguards Rule just because you’re not a bank or credit union. Under GLBA, “financial institutions” is defined in broad context — and it can impact organizations across many industries. Check your data handling practices ahead of the December deadline, to help keep customer information confidential and secure and get in compliance. Protecting customers’ personal information isn’t just good business, it’s often a requirement. Now, an updated rule may mean some...

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12 May
Chapter News

U.S. FED | Speech by Governor Waller on monetary policy in 2021

Reflections on Monetary Policy in 2021 | Speech by Governor Christopher J. Waller at the 2022 Hoover Institution Monetary Conference, Stanford, California | I want to thank the organizers for inviting me to speak here today. The discussion has focused on the following question: "How did the Fed get so far behind the curve?" My response is to relate how my view of the economy changed over the course of 2021 and how that evolving view shaped my policy position....

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12 May
Chapter News

Speech by President von der Leyen at the EP Plenary on the social and economic consequences for the EU of the Russian war in Ukraine – reinforcing the EU’s capacity to act

"Check against delivery" Madam President, dear Roberta, Honourable Members, Next week, we will mark Europe Day. The 72nd birthday of our Union. This Europe Day will be all about the Union of the future – how we make it stronger, more resilient, closer to its people. But the answer to all of these questions, we cannot give alone. The answer is also given in Ukraine. It is given in Kharkiv, where Ukrainian first responders venture into the combat zone to help those...

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