14 Jan
Brexit News, Member News

Osborne Clarke | Regulatory Outlook: January 2021

Osborne Clarke just published the latest edition of their Regulatory Outlook. In this edition, they focus on the EU-UK Trade and Cooperation Agreement. The new relationship between the EU and the UK changes the regulatory and compliance landscape for businesses trading across those markets. Some of these changes have an immediate impact and may require businesses to take action now. More broadly, for many, the cumulative impact of having to comply with diverging regulatory regimes will be additional friction, inconvenience...

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13 Jan
Member News

NautaDutilh | Accidental Americans demand that Luxembourg and Belgium halt illegal transfers of personal data to the U.S.

The Association of Accidental Americans (AAA) filed, on 22 December 2020, two simultaneous complaints in Luxembourg and Belgium, demanding an immediate halt to the transfer of European citizens’ personal data to the United States. Under the U.S. Foreign Account Tax Compliant Act (FATCA) of 2010, financial institutions all over the world are required to send the U.S. administration the tax data of all customers considered to be « U.S. Persons ». These include « Accidental Americans, » or people with...

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13 Jan
Brexit News, Chapter News

EU-UK future relations: MEPs to debate the agreement reached on 24 December

Members on the Foreign Affairs and International Trade Committees will debate the new EU-UK Trade and Cooperation Agreement on Thursday at 10.00 CET. The joint meeting of the lead committees will intensify the democratic parliamentary scrutiny process for the new EU-UK Trade and Cooperation Agreement reached by EU and British negotiators on 24 December. The two committees will in due course vote on the consent proposal prepared by the two standing rapporteurs Christophe Hansen (EPP, Luxembourg) and Kati Piri (S&D, The Netherlands), to allow for...

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13 Jan
Chapter News

TechDispatch | EU Personal Information Management Systems

Personal Information Management Systems (PIMS) are new products and services that help individuals to have more control over their personal data. PIMS enable individuals themselves to manage and control their online identity. 1. What are Personal Information Management Systems? The PIMS concept offers a new approach in which individuals are the “holders” of their own personal information. PIMS allow individuals to manage their personal data in secure, local or online storage systems and share them when and with whom they choose....

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13 Jan
COVID-19 News, Member News, New York Related News

Grassi & Co. | Moves out of NYC Muddy the SALT Waters for NYS Residents

While a halt in state income tax payments can trigger a residency audit in many states, New York City is one of the few municipalities to aggressively pursue them. With office buildings across the city dark for most of 2020 and employees flocking to other states or second homes, many taxpayers are left wondering where their 2020 resident state and local tax (SALT) obligations lie. This issue is often the blurriest for New York State residents, who still reside in...

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13 Jan
Member News

Steptoe | Final Regulations on Exempt Organization Excess Compensation Excise Tax

On Monday, January 11, Treasury and the IRS released final regulations under section 4960. Section 4960, enacted as part of the Tax Cuts and Jobs Act (TCJA), imposes an excise tax on remuneration in excess of $1 million and any excess parachute payment paid by an applicable tax-exempt organization (ATEO) to any covered employee. The excise tax and the final regulations can affect not only ATEOs, but also certain entities that are treated as related to those organizations. In June...

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13 Jan
Member News, New York Related News

Ogletree | New York City Says Goodbye to At-Will Employment for the Fast Food Industry

On January 5, 2021, New York City Mayor Bill de Blasio signed legislation that effectively ends at-will employment for fast food employees in New York City. The new law takes effect on July 4, 2021, and would make New York City the nation’s first jurisdiction to create job protections for a particular industry. However, at least some portions of the new law may be ripe to challenge on federal preemption and other grounds. The new law was passed via...

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13 Jan
Member News

CLA | Prepare Your Financial Institution for the Next Round of PPP Loans

Key insights The $900 billion COVID relief package brings opportunity to financial institutions — and raises questions. Second draw loans are now available to eligible borrowers. New rules apply to existing, new, and second draw PPP loans. Lender provisions are generally favorable. The long awaited $900 billion COVID relief package was signed into law on December 27, 2020. The Consolidated Appropriations Act, 2021 (the Act) provides nearly $285 billion in Paycheck Protection Program (PPP) forgivable loans. On January 6, 2021, the Small...

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12 Jan
Brexit News, Chapter News

John Bruton | The UK/EU Trade & Cooperation Agreement

By John Bruton, former Prime Minister of Ireland (Taoiseach) & former EU Ambassador to the US | UK gained a little extra sovereignty of the island of Britain, by giving up some UK sovereignty in Northern Ireland The EU/UK trade deal maintains Ireland’s agricultural export market in Britain. A “No Deal” would have destroyed it. The imposition of tariffs would have imposed huge costsm on consumers and disruption to business. That said, the fact that the Agreement had to be rushed through...

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12 Jan
COVID-19 News, Member News

CEA Legal | Paycheck Protection Program 2.0

The Paycheck Protection Program (PPP) was established in March 2020 by the U.S. Congress and Government to help small businesses weather the economic fallout caused by the Covid-19 pandemic. After the first two rounds of funding were exhausted in spring ($349 billion) and summer ($320 billion), a new version of PPP has been approved before the end of the year and is now available. Businesses that did not get the loan under the first two rounds will be eligible under...

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