02 Mar
Chapter News

EU helps launch negotiations on landmark global agreement on plastic pollution

The United Nations Environment Assembly, meeting in Nairobi, has just agreed to launch negotiations on a legally binding global agreement to combat plastic pollution. EU diplomacy has played a key role in securing the support of the global community coming together in Nairobi for this agreement, which aims at reducing and eventually eliminating plastic pollution in all environments. Executive Vice-President for the European Green Deal, Frans Timmermans said: “It is encouraging to see the global community come together at this...

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02 Mar
Chapter News

IMF | Sustainable Finance in Emerging Markets is Enjoying Rapid Growth, But May Bring Risks

Financial stability concerns include potentially higher sensitivity to global financial conditions. Most of the activity in the rapidly growing world of sustainable finance has been previously concentrated in advanced economies, but emerging markets, while still a small share of the total, saw a surge last year. As a result, their market share has increased for the first time since 2016, underscoring the growing investor appetite for environmental, social, and governance (ESG) products, but this growing opportunity also poses new...

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02 Mar
Member News

Tradewind Finance and Finamco Enter Partnership to Enhance Factoring Services for Businesses in Colombia and Greater Latin America

Mönchengladbach, Germany (March 1, 2022) - Financial solutions firms Tradewind Finance and Finamco have announced a new partnership to improve factoring services for businesses in Colombia and the surrounding region. The two companies, which specialize in international factoring, a funding technique that converts receivables into capital, will combine their expertise in trade finance and their local and global networks to ensure accessible, effective, and premier financing for Colombian and other Latin American enterprises. Through the partnership, Tradewind, with headquarters in...

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01 Mar
Member News

EU Commission presents proposal for European supply chain directive – plans to expand due diligence duties in supply chains

On February 24, 2022, the Commission presented a proposal announced long ago for a Directive on corporate sustainability due diligence that provides for expanded due diligence duties for companies regarding supply chains. Current applicable German law In June 2021, the German legislator passed the German Supply Chain Due Diligence Act (Lieferkettensorgfaltspflichtengesetz – Supply Chain Act), which will enter into force on 1 January 2023 The Supply Chain Act initially applies to all industry sectors and to companies with 3,000 or more employees. As...

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01 Mar
Member News

CLA | Digital & Online Payment Systems Risk

There are several payment systems available today to enhance the ease and convenience of making financial transactions. Payment systems continue to be developed and offered by both financial and non-financial institutions with just a few clicks to authenticate and transmit funds. The audience of these newly introduced applications are dependent upon the respective vendors to ensure that all required controls have been implemented to protect the data at rest as well as during transmission. Regulatory bodies have also addressed...

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01 Mar
Chapter News

EU adopts new set of measures to respond to Russia’s military aggression against Ukraine

In view of Russian Federation’s unprovoked and unjustified military aggression against Ukraine and the escalating situation, the Council today agreed on a new set of measures that will impose severe consequences on Russia for its actions. Such decisions was agreed in close coordination with EU's partners and allies. Firstly the Council adopted two assistances measures under the European Peace Facility (EPF) that will contribute to strengthening the capabilities and resilience of the Ukrainian Armed Forces to defend the territorial integrity...

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01 Mar
Member News

AlixPartners | Cryptocurrency in 2022 Critical concepts, risk, regulation, and the road ahead

Blockchain technology is now being referred to as “critical for our nation’s future” by former SEC chairman Jay Clayton1. Harnessing the capabilities offered by this technology are critical to advancing the state of the financial system, bank the unbanked, and generally improve a centuries-old industry rife with convoluted, inefficient processes. Since the introduction of the cryptocurrency Bitcoin around 2009, the concepts of blockchain and cryptocurrency have increased in popularity – and controversy. To many, it’s a ponzi-like “get rich quick”...

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28 Feb
Chapter News

Federal Reserve Board begins 2022 Survey of Consumer Finances

The Federal Reserve Board in March will begin a statistical study of household finances, the Survey of Consumer Finances, that will provide policymakers with important insight into the economic condition of a broad cross section of American families. "This survey is one of the nation's primary sources of information on the financial condition of different types of families," Federal Reserve Board Chair Jerome Powell said in a letter to prospective survey participants. "Our most recent survey has been instrumental in...

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28 Feb
Chapter News, Uncategorized

ECB Speech | Small steps in a dark room: guiding policy on the path out of the pandemic

Speech by Fabio Panetta, Member of the Executive Board of the ECB, at an online seminar organised by the Robert Schuman Centre for Advanced Studies and Florence School of Banking and Finance at the European University Institute | Faced with exceptionally high uncertainty, we should accompany the economic recovery with a light touch, adjusting our monetary policy moderately and progressively as we receive feedback on the effects of our actions, says Executive Board member Fabio Panetta. After many years of too-low...

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28 Feb
Member News, New York Related News

CEA Legal | New NY State Liquor Authority Rules Expanding the Eligibility for Temporary Retail Permits

There is good news for business owners wanting to open a restaurant in New York, as the New York State Liquor Authority (NYSLA) has recently expanded the eligibility for temporary retail permits. This expansion will allow an applicant to temporarily sell on-premises alcoholic beverages from its restaurant while the actual license application is pending. The permit is usually issued for 90 days, with the possibility of 30 days renewal periods. As far as New York City is concerned, until...

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