22 Apr
Chapter News

Conference | Christine Lagarde, President of the ECB & Luis de Guindos, Vice-President of the ECB

Introductory remarks by Christine Lagarde, President of the ECB, Frankfurt am Main, 22 April 2021 | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of the meeting of the Governing Council. While the recovery in global demand and the sizeable fiscal stimulus are supporting global and euro area activity, the near-term economic outlook remains clouded by uncertainty about the resurgence of the pandemic and the...

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22 Apr
Chapter News

New rules for Artificial Intelligence – Questions and Answers

Index: New regulatory framework on AI Coordinated Plan – 2021 Update New Machinery Regulation Next steps 1. A new regulatory framework on AI Why do we need to regulate the use of Artificial Intelligence technology? The potential benefits of AI for our societies are manifold from improved medical care to better education. Faced with the rapid technological development of AI, the EU must act as one to harness these opportunities. While most AI systems will pose low to no risk, certain AI...

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22 Apr
Member News, New York Related News

Marks Paneth | New York State Decouples from Federal Opportunity Zone Tax Provisions

The recently announced New York State fiscal year 2022 budget includes legislation which “decouples” New York from the federal income tax deferral available for investments in Opportunity Zones, beginning generally as of January 1, 2021. From a federal standpoint, there have been three major benefits to taxpayers who invest in Opportunity Zones: Deferral of tax on original capital gain: A taxpayer can defer paying tax on an eligible gain that is reinvested in an Opportunity Zone within the requisite time frame (generally...

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21 Apr
Chapter News

Europe fit for the Digital Age: Commission proposes new rules and actions for excellence and trust in Artificial Intelligence

The Commission proposes today new rules and actions aiming to turn Europe into the global hub for trustworthy Artificial Intelligence (AI). The combination of the first-ever legal framework on AI and a new Coordinated Plan with Member States will guarantee the safety and fundamental rights of people and businesses, while strengthening AI uptake, investment and innovation across the EU. New rules on Machinery will complement this approach by adapting safety rules to increase users' trust in the new, versatile generation of products. Margrethe Vestager, Executive Vice-President for...

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21 Apr
Chapter News

European climate law: Council and Parliament reach provisional agreement

The Council's and the European Parliament's negotiators reached a provisional political agreement setting into law the objective of a climate-neutral EU by 2050, and a collective, net greenhouse gas emissions reduction target (emissions after deduction of removals) of at least 55% by 2030 compared to 1990. We are very happy with the provisional deal reached today. The European climate law is "the law of laws" that sets the frame for the EU's climate-related legislation for the 30 years to come....

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21 Apr
Member News

Arendt | Home working and other remote working options: New CSSF guidance released!

On 9 April 2021, the Commission de surveillance du secteur financier (“CSSF”) published valuable guidance on the governance and security requirements applicable to remote/home working (“Telework”) in the form of CSSF Circular 21/769 on governance and security requirements for supervised entities to perform tasks or activities through telework (“the Circular”). 1. Scope The Circular applies to all entities subject to CSSF supervision (credit institutions, management companies, AIFMs, investment firms, specialised and support PFS, payment institutions, electronic money institutions, etc.). The Circular only applies to entities relying on Telework (defined...

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21 Apr
Member News, New York Related News

CEA Legal | Commercial Leases in a Post COVID-19 New York

In the healing of New York, more and more businesses are starting to move back to offices slowly. Commercial landlords are getting creative with their incentives to get new tenants to sign long-term leases while ensuring the tenants will observe  Covid-19 safety precautions. In order for financially bleeding businesses to come back to their pre-pandemic volumes, many tenants – especially those operating in the suffering hospitality industry - are successfully negotiating monthly rents based on a percentage of their revenue...

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21 Apr
Member News

RavenPack | News Sentiment: The Latest Pathway to Track and Trade Around ESG

Take advantage of news analytics to enhance ESG investing, from monitoring the performance of companies to building alpha-generating trading strategies. The number of assets invested in sustainable funds has surged in recent years from just over $5bn in 2017 to $25bn in 2019 due to the increasing importance of responsible, ethical, and sustainable investing. Investors can make the most of the new trend in sustainable investing, known as ESG (Environmental, Social and Governance), with the help of RavenPack’s news analytics data. The...

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20 Apr
Member News

MJV | Green IT: what is it, and why is it in the spotlight?

Green IT is a global movement that aims to minimize the technological footprint in the environment. The growing popularity of adopting ESG criteria is redefining priorities in companies. The issue is monopolizing the corporate agenda and encourages greater participation by organizations in promoting actions that reduce the environmental footprint – including the active participation of technology sectors through the so-called green IT. These new values, guided by good sustainability, social, and governance practices, make it clear that sustainable development is an obstacle to...

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20 Apr
Chapter News

Testimony | The End of LIBOR: Transitioning to an Alternative Interest Rate Calculation for Mortgages, Student Loans, Business Borrowing, and Other Financial Products

Testimony by Mark Van Der Weide, General Counsel before the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Committee on Financial Services, U.S. House of Representatives, Washington, D.C. | Chairman Sherman, Ranking Member Huizenga, and members of the subcommittee, thank you for the opportunity to appear today. My testimony will discuss the importance of ensuring a smooth, transparent, and fair transition away from LIBOR (formerly known as the London interbank offered rate) to more durable replacement rates, as well as...

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