Member News

Noerr | Consultation on the European Central Bank’s supervisory approach to banking consolidation

The European banking sector has been characterised by low profitability and overcapacity. Consolidation in the banking sector is expected to improve the sustainability of banks’ business models and enhance the overall financial soundness of the European banking system. In weighing benefits against risks, the task for the supervisors is to make sure that the business combinations resulting from consolidations comply with prudential requirements and ensure effective risk management. On 1 July 2020, ECB Banking Supervision published a guide on the supervisory approach...

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Chapter News, COVID-19 News

Up-to-date report on the status of the Paycheck Protection Program (PPP) from the U.S. SBA

The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act). Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation, in consultation with the Department...

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Member News

Faeger Drinker | New USCIS Filing Fees Go Into Effect October 2, 2020

On August 3, 2020, U.S. Citizenship and Immigration Services (USCIS) published a final rule updating filing fees for immigration and naturalization applications. The new fees will be required starting October 2, 2020. Especially notable for employment-based applications is that there will be different filing fees for H, L and O petitions, even though they are all filed using Form I-129. Immigration Benefit/Form Number Old Fee New Fee Percent Change I-129 (H-1B)* $460 $555 21% I-129 (L-1)* $460 $805 75% I-129 (O-1) $460 $705 53% I-131 (Application for Travel Document) $575 $590 3% I-140 (Immigrant Petition for Alien Worker) $700 $555 -21% I-485 (Application to Adjust Status) $1,140 $1,130 -1% I-539 (Application to Extend/Change Nonimmigrant Status) $370 $390 8% I-765 (Application for Employment Authorization) $410 $550 34% N-400 (Application...

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Chapter News, COVID-19 News

IMF | Global Imbalances and the COVID-19 Crisis

The world entered the COVID-19 pandemic with persistent, pre-existing external imbalances. The crisis has caused a sharp reduction in trade and significant movements in exchange rates but limited reduction in global current account deficits and surpluses. The outlook remains highly uncertain as the risks of new waves of contagion, capital flow reversals, and a further decline in global trade still loom large on the horizon. Our new External Sector Report shows that overall current account deficits and surpluses in 2019 were just below...

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Member News

Houthoff News Update Financial Regulatory | Amending Dutch Decree Financial Markets 2021 and publications by EBA, EIOPA and ESMA

The Houthoff Financial Regulatory team closely monitors developments on the financial markets and within financial supervision. On 1 July 2020, the Dutch Ministry of Finance launched the consultation of the Amending Decree Financial Markets 2021 (Wijzigingsbesluit financiële markten 2021, "Amending Decree"). The Amending Decree will amend the Decree on Conduct of Business Supervision of Financial Undertakings Wft (Besluit Gedragstoezicht financiële ondernemingen Wft, "BGfo"), the Decree on Prudential Rules Wft (Besluit prudentiële regels Wft, "Bpr") and some other decrees relating to the financial...

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Chapter News

EU Cyber sanctions: time to act

Blog post by Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy / Vice-President of the European Commission | The Internet plays a vital role in our lives, which is why we need to protect ourselves against cyber-attacks. Today, the EU imposed its first-ever cyber sanctions, to defend its citizens and companies from cyber threats. "We will not tolerate cyber-attacks: we have the tools to protect ourselves and the determination to use the them." HR/VP Josep Borrell Not...

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Chapter News

Mergers: EU Commission opens in-depth investigation into the proposed acquisition of Fitbit by Google

The European Commission has opened an in-depth investigation to assess the proposed acquisition of Fitbit by Google under the EU Merger Regulation. The Commission is concerned that the proposed transaction would further entrench Google's market position in the online advertising markets by increasing the already vast amount of data that Google could use for personalisation of the ads it serves and displays. Executive Vice-President Margrethe Vestager, responsible for competition policy, said: “The use of wearable devices by European consumers is expected...

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COVID-19 News, Member News

Troutman Pepper | It’s All Hands on Deck in Prosecuting COVID-19 Fraud

As scientists around the globe team up to discover and develop treatments and vaccine candidates for COVID-19, we are also seeing unprecedented speed and coordination in the effort to quell a different kind of virus — the myriad fraud schemes stemming from the COVID-19 crisis. This article describes the novel, coordinated approach that the government is taking to investigating and prosecuting COVID-19-related fraud, and provides actionable guidance that companies should follow to prevent fraud and possible government scrutiny. As of...

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Chapter News

Statement by Executive VP of the EU Commission Margrethe Vestager to the U.S. Committee on the Judiciary Subcommitte on Antitrust, Commercial and Administrative Law

In her written statement to the House Judiciary subcommittee on antitrust, Executive Vice President of the European Commission Margrethe Vestager warns that if digital platforms act unchecked, they can cause significant harm to competition, innovation and ultimately to consumers. Read her statement here: STATEMENT BY MARGRETHE VESTAGER TO THE UNITED STATES HOUSE OF REPRESENTATIVES Compliments of Delegation of the European Union to the United States.

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Chapter News

EACCNY #COVID19 Impact Stories from Our Members – Consulate General of Denmark in New York

Together with our members we are creating a Video series of first-hand accounts of the Pandemic’s impact, both personally & professionally. We invite you to join us today for a first-hand look at the impact of the global shutdown following the Coronavirus (COVID-19) outbreak – Today we are featuring Mikkel Hagen Hess, Acting Consul General of Denmark in New York a Member of the EACCNY. The questions we asked our members for this series are: 1) What are some challenges you,...

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