Chapter News

IMF | Special Purpose Entities Shed Light on the Drivers of Foreign Direct Investment

Conventional wisdom on capital flows holds that foreign direct investment is for the long-term, while securities and other flows may be more volatile. However, as Olivier Blanchard and Julien Acalin showed, a large proportion of measured foreign direct investment can be flows going in and out of a country on their way to a final destination. What explains this? The answer is special purpose entities (SPEs). SPEs are legal entities set up to obtain specific advantages from a host economy, in...

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Chapter News

Digital Markets Act (DMA): agreement between the Council and the European Parliament

The Council and the Parliament today reached a provisional political agreement on the Digital Markets Act (DMA), which aims to make the digital sector fairer and more competitive. Final technical work will make it possible to finalise the text in the coming days. The DMA defines clear rules for large online platforms. It aims to ensure that no large online platform that acts as a ‘gatekeeper’ for a large number of users abuses its position to the detriment of companies...

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Member News

Orrick | The European Antitrust Enforcers’ Response to the Russia/Ukraine Crisis

After the various measures taken by countries, international organizations and companies to pressure Russia to stop its aggression against Ukraine, it is now the turn of the antitrust enforcers of the European Competition Network (ECN) to make their contribution. They did so by publishing a joint statement on 22 March, in which they indicated that they would be pragmatic, if not flexible, in assessing the behaviour adopted by companies in response to the severe difficulties encountered in connection with the war....

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Chapter News

OECD | New results on the prevention of tax treaty shopping show progress continues with the implementation of international tax avoidance measures

The implementation of the BEPS package to tackle international tax avoidance continues to progress, as the OECD releases the latest peer review report assessing the actions taken by jurisdictions to prevent tax treaty shopping and other forms of treaty abuse under Action 6 of the OECD/G20 BEPS Project. This peer review process, which includes data on tax treaties concluded by each of the 139 jurisdictions that were members of the OECD/G20 Inclusive Framework on BEPS on 31 May 2021, was...

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Member News

Wilson Sonsini | Antitrust: Into the Metaverse

Are antitrust concerns a built-in feature of the Metaverse? In two popular science-fiction novels, Neal Stephenson's Snow Crash and Ernest Cline's Ready Player One, the Metaverse is run by single companies, or "monopolists," as antitrust lawyers might put it.1 In Ready Player One, a company called IOI even tries to get control of the monopoly to impose monthly fees on users and introduce advertising. Real-life antitrust regulators, sensitized by a perceived accumulation of market power in today's online world,...

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Member News

Thompson Hine | SEC Releases Long-Awaited Proposed Climate Disclosure Rules

On March 21, 2022, the SEC released its long-awaited climate disclosure proposal, which is modeled, in part, on the Task Force on Climate-related Financial Disclosures (TCFD) framework. Among other things, the proposed rules would require a company to disclose in its annual report on Form 10-K information regarding: • Climate-related risks; • Direct greenhouse gas (GHG) emissions (Scope 1 emissions), indirect GHG emissions resulting from purchased energy (Scope 2 emissions), and, if material or if the company has set a target...

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Member News

Noerr | EU Blocking Regulation vs. US secondary sanctions: companies increasingly between a rock and a hard place

The ECJ ruling in Bank Melli Iran v Telekom Deutschland GmbH (C-124/20) Background After receiving Advocate General Hogan’s Opinion in May 2021, the Court of Justice of the European Union (ECJ) handed down its highly anticipated ruling in the Bank Melli Iran case (C-124/20) on 21 December 2021. The Court of Justice was faced with the difficult question of whether companies are permitted, in response to impending US secondary sanctions, to give regular notice of termination of contracts to companies subject...

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Chapter News

Speech by Commissioner Gentiloni at the University of Oxford – Turning point: the implications of Putin’s war for Europe’s economic and political choices

"Check against delivery" Good morning, it is a pleasure and an honour to be with you today, albeit virtually. Let me thank Professor Schleiter for the welcome and Professor Ruggeri for this interesting background, and of course Dr Garavoglia for organising this event. When I first received this invitation, back in December, circumstances were very different. The European economy was on a path of strong growth, supported by the rollout of our unprecedented recovery plan, Next Generation EU - which remains...

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Member News

Troutman Pepper | March: More Privacy, Please

Editor's Note: It may be the shortest month of the year, but February 2022 saw a flurry of privacy — especially biometric — legislation move closer to enactment. Kentucky, California, Maryland, and New York state introduced biometric-focused laws, each largely mirroring Illinois' Biometric Information Privacy Act (BIPA) and each containing a private right of action. Maine, Utah, and Florida introduced comprehensive privacy bills, and Iowa's and Oklahoma's inched closer to enactment by passing committees. On the litigation front, Texas...

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Chapter News

EU restrictive measures in response to the crisis in Ukraine

EU adopts fourth package of sanctions against Russia On 15 March 2022, the EU decided to impose a fourth package of economic and individual sanctions in response to Russia’s military aggression against Ukraine. The new measures include a prohibition on: ● all transactions with certain state-owned enterprises ● the provision of credit rating services to any Russian person or entity ● new investments in the Russian energy sectorThe Council expanded the list of persons connected to Russia’s defense and industrial base, on whom...

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