12 Jul
Member News

Troutman Pepper | FTC Meeting Opens the Door to a Period of Greater Uncertainty

Last week the Federal Trade Commission (FTC or Commission) held its first open Commission meeting in over 20 years. Chair Lina Khan led the meeting and promised future open meetings of the Commission on a “regular” basis. Commissioners Phillips and Wilson, however, expressed concerns with the format, complaining about short notice, failure to circulate final versions of relevant proposals, lack of opportunity to ask questions to staffers, and lack of discussion among commissioners. Commissioner Wilson summarized her concerns as...

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12 Jul
Chapter News

Taxation: Historic global agreement to ensure fairer taxation of multinational enterprises

The European Commission welcomes the historic global agreement endorsed by G20 Finance Ministers and Central Bank Governors on July 10, which will bring fairness and stability to the international corporate tax framework. This unprecedented consensus will usher in a complete reform of the international corporate tax system. This will include a reallocation of taxing rights that will mean the world's largest companies will have to pay tax wherever they conduct business. At the same time, a global minimum effective...

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12 Jul
Chapter News

Summer 2021 Economic Forecast: Reopening fuels recovery

The European economy is forecast to rebound faster than previously expected, as activity in the first quarter of the year exceeded expectations and the improved health situation prompted a swifter easing of pandemic control restrictions in the second quarter. Faster economic growth as economies reopen and sentiment indicators brighten According to the Summer 2021 interim Economic Forecast, the economy in the EU and the euro area is set to expand by 4.8% this year and 4.5% in 2022. Compared to the...

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12 Jul
Chapter News

IMF | What COVID-19 Can Teach Us About Mitigating Climate Change

While the COVID-19 pandemic continues to ravage the world, climate change—a crisis that can cause even greater destruction—looms. All crises teach us lessons, but the pandemic has gone further: it has reminded us about the power of nature. A recent Ipsos poll conducted globally for the IMF found that 43 percent of people surveyed reported being more worried about climate change now than they were before the pandemic, with only 7 percent saying they are less worried. The heightened public...

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12 Jul
Chapter News

FSB roadmap for addressing climate-related financial risks

There is a need to coordinate the large and growing number of international initiatives underway on addressing financial risks from climate change. There is a growing focus on potential risks to financial stability from climate change. A large, and growing, number of international initiatives are underway on addressing financial risks from climate change. Ongoing work by official sector bodies, including the FSB, NGFS, BCBS, IAIS, IOSCO, OECD, IMF and World Bank, and a variety of private sector bodies on climate...

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09 Jul
Member News

EACCNY “Digitalization” Series | The Medical Device Regulation in the EU and the United States and its impact on software as a medical device

With the help of our members, this thought-leadership series explores the acceleration of "digitalization" due to COVID-19 on both sides of the Atlantic, and across various industries. Today, we present Judith L. O’Grady, Partner at TROUTMAN PEPPER in Washington D.C.; along with Elisa Stefanini, Counsel at PORTOLANO CAVALLO in Milan, Italy. They will address: “The Medical Device Regulation in the EU and the United States and its impact on software as a medical device”. 1. The new Medical Device Regulation...

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09 Jul
Brexit News, Chapter News

John Bruton | Are we heading for a car crash outcome on the NI Protocol?

Previously published in the "Irish Times" | The UK’s EU negotiator and its Secretary of State for Northern Ireland published a remarkable article in the “Irish Times “ last week. They complained of what they called the “inflexible requirement to treat movement of goods( from Britain) into Northern Ireland, as if they were crossing an EU external frontier, with the full panoply of checks and controls”. It appears that they never read the Ireland/Northern Ireland Protocol which is part of the Agreement under...

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09 Jul
Chapter News

Antitrust: EU Commission fines car manufacturers €875 million for restricting competition in emission cleaning for new diesel passenger cars

The European Commission has found that Daimler, BMW and Volkswagen group (Volkswagen, Audi and Porsche) breached EU antitrust rules by colluding on technical development in the area of nitrogen oxide cleaning. The Commission has imposed a fine of € 875 189 000. Daimler was not fined, as it revealed the existence of the cartel to the Commission. All parties acknowledged their involvement in the cartel and agreed to settle the case. Executive Vice-President of the Commission Margrethe Vestager, in charge of...

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09 Jul
Chapter News

FSB | Progress report to the G20 on LIBOR transition issues: Recent developments, supervisory issues and next steps

The publication of the majority of LIBOR settings will cease in less than half a year With the end of 2021 getting ever nearer, the transition away from LIBOR is a significant priority for the FSB. Continued engagement from the private sector, in conjunction with a significant commitment by the official sector, remains critical in order to support this transformational effort and to support financial stability on a sustainable basis. The majority of LIBOR panels will cease at the end of...

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09 Jul
Member News

Arendt | VAT e-commerce package for B2C transactions

With the explosive growth of e-commerce, there has been a move to adapt the VAT system, initially built for offline transactions. A VAT e-commerce package for business-to-consumer (B2C) transactions came into force as from 1 July 2021. It has several objectives: to facilitate online sales within the EU market by easing the VAT compliance burden; to achieve equal treatment of EU and non-EU operators selling goods on the European market; to move towards implementing the principle of taxation in the...

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