01 Jun
Chapter News, COVID-19 News

Coronavirus: EU Commission proposes update to coordinated travel measures ahead of the summer

Today, the European Commission has proposed an update to the Council Recommendation on the coordination of free movement restrictions in the EU, which were put in place in response to the COVID-19 pandemic. As the epidemiological situation is improving and vaccination campaigns are speeding up all over the EU, the Commission is proposing that Member States gradually ease travel measures, including most importantly for the holders of the EU Digital COVID Certificate. The Commission has also proposed to update the common criteria...

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01 Jun
Chapter News

EU Digital COVID Certificate: EU Gateway goes live with seven countries one month ahead of deadline

Today, the EU Digital COVID Certificate has reached another important milestone with the go-live of the technical system at EU level, which allows to verify certificates in a secure and privacy-friendly way. The EU certificate was proposed by the Commission to resume safe travelling this summer. It will be free of charge, secure and accessible to all. Available in digital format or on paper, it will be a proof that a person has been vaccinated against COVID-19, tested negative, or recovered from an...

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01 Jun
Member News

BBGFX | June 2021 FX Outlook

The US dollar, which confounded most observers by appreciating in the first quarter, has fallen broadly in April and May.  The drivers, ironically, are the same:  US rates and relative economic strength.  Treasury yields rose sharply in Q1, and this helped the greenback recover from the accelerated slide in November and December 2020. However, they fell in April and did not get much traction in May.  Spikes higher in yields, such as in response to the surprising acceleration of...

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28 May
Chapter News

Joint Statement of the Members of the EEA Council

The members of the EEA Council held a video conference on 28 May 2021 at the initiative of Mr Augusto Santos Silva, Minister of Foreign Affairs of Portugal. The video conference was attended by Mr Guðlaugur Þór Þórðarson, Minister for Foreign Affairs and International Development Cooperation of Iceland, Ms Ine Eriksen Søreide, Minister of Foreign Affairs of Norway and Ms Dominique Hasler, Minister of Foreign Affairs of Liechtenstein, as well as by representatives of the European Commission and the...

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28 May
Member News

Houthoff | EC plans to adopt foreign subsidies Regulation

On 5 May 2021, the European Commission ("the Commission") published its proposed Regulation ("the Proposal") to address potential distortive effects of foreign subsidies in the Single Market. The Proposal, which has adopted the white paper published in June 2020, enables the Commission to investigate whether non-EU countries provide subsidies to companies active in the EU and intervene if the subsidy distorts the internal market. Specifically, the Commission will be able to conduct investigations on its own initiative and relevant mergers and...

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28 May
Member News

Vulcan Insight | Calls for GDPR reform as it celebrates third birthday

Tuesday marked the third anniversary of the General Data Protection Regulation (GDPR) coming into force, the legal framework setting guidelines for the collection and processing of personal data from individuals who live in the EU. GDPR’s impact was global, even though it was drafted and passed by the EU. It imposes obligations onto organizations anywhere, so long as they target or collect data related to people in the EU. With potential fines of €20 million or 4% of global...

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27 May
Member News

Cozen O’Connor | U.S. Citizens May Return to the U.S. on Expired Passports

On May 25, 2021, Customs and Border Protection (CBP) and the Department of State (DOS) announced that U.S. citizens will be able to return to the United States on an expired U.S. passport from May 21, 2021 through December 31, 2021. This will apply only to U.S. citizens who meet the following criteria: are currently abroad seeking to return to the United States are flying directly to the United States, a U.S. territory, or have only short-term transit (connecting...

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27 May
Member News

Gianni & Origoni | The Growth of Italian Private Markets: An Overview on Permanent Vehicles, Club Deals and SPACs

Private markets have seen an unprecedented growth triggered by the macroeconomic scenario. There has been an exponential expansion of private markets deals with a subsequent increase of investment opportunities in private assets with a risk/return profile better suited to deal with the expected uncertain and volatile scenarios of public markets. However, the lack of specific regulations makes the exploitation of, and access to, investments in private opportunities difficult. In fact, existing alternative investment opportunities can only be subscribed by...

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27 May
Chapter News

EU Commission presents guidance to strengthen the Code of Practice on Disinformation

Today, the Commission publishes its guidance on how the Code of Practice on Disinformation, the first of its kind worldwide, should be strengthened to become a more effective tool for countering disinformation. It sets out Commission expectations, calls for stronger commitments by the signatories and foresees a broader participation to the Code. Based on a robust monitoring framework and clear performance indicators, signatories should reduce financial incentives to disinformation, empower users to take an active role in preventing its spread, better cooperate...

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27 May
Member News

Stout | Morrissette Opinion Confirms Validity of Split-Dollar Arrangement

Tax Court, however, disagrees with taxpayer on value of the receivable. In the May 13, 2021, decision in the Estate of Clara M. Morrissette, the U.S. Tax Court (T.C. Memo 2021-60) struck down the Section 2036, 2038, and 2703 arguments put forth by the IRS pertaining to split-dollar receivables; however, Judge Joseph Robert Goeke made significant adjustments to the value of the receivables. Background The IRS issued a $39.4 million deficiency with respect to the estate of Clara M. Morrissette, increasing the fair...

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