18 Nov
Chapter News

REACT-EU: additional support of €47.5 billion agreed to address impact of COVID-19

Eligible expenses as of 1 February 2020, with projects selected for support up to the end of 2023 Civil society, regional and local authorities involved EP introduces stronger focus on those hit hardest by the crisis EU institutions reached a provisional agreement on deploying additional EU resources and measures to mitigate the immediate effects of the COVID-19 crisis. On 18 November, European Parliament and Council concluded negotiations on providing assistance to foster crisis repair in response to the COVID-19 pandemic...

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18 Nov
Chapter News

European Semester Autumn Package: Supporting a sustainable and inclusive recovery amid high uncertainty

The European Commission today presented its autumn economic policy package, including the Opinions on euro area Draft Budgetary Plans (DBPs) for 2021 and policy recommendations for the euro area. This is the second step in the 2021 European Semester cycle, which started in September with the publication of the Annual Sustainable Growth Strategy (ASGS) with the concept of competitive sustainability at its heart. The ASGS also provided strategic guidance for Member States in drafting their Recovery and Resilience Plans and set...

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17 Nov
Member News

Vistra | Why Legal Entity Rationalisations Are More Important Than Ever

Survey shows 61 percent of companies are engaged in or considering a legal entity rationalisation. A 2020 survey conducted by CFO Research and Vistra found that 61 percent of respondents were engaged in or considering conducting a legal entity rationalisation. Some may find that number surprising, but there are good reasons so many companies are undertaking rationalisations. In this podcast, CFO Magazine’s Nick Ciavatta interviews Charlotte Hultman and Ed Novak about why legal entity rationalisations are so popular, and why they’ll...

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17 Nov
Chapter News, COVID-19 News

Coronavirus: EU Commission approves contract with CureVac to ensure access to a potential vaccine

Today, the European Commission approved a fifth contract with the European pharmaceutical company CureVac, which provides for the initial purchase of 225 million doses on behalf of all EU Member States, plus an option to request up to a further 180 million doses, to be supplied once a vaccine has proven to be safe and effective against COVID-19. Today's contract with CureVac enlarges the already broad portfolio of vaccines to be produced in Europe, including the contracts signed with AstraZeneca, Sanofi-GSK, Janssen Pharmaceutica...

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17 Nov
Chapter News, COVID-19 News

EU Commission disburses €14 billion under SURE to nine Member States

The European Commission has disbursed €14 billion to nine EU countries in the second installment of financial support to Member States under the SURE instrument. As part of today's operations, Croatia has received €510 million, Cyprus €250 million, Greece €2 billion, Italy an additional €6.5 billion, Latvia €120 million, Lithuania €300 million, Malta €120 million, Slovenia €200 million and Spain an additional €4 billion. This support, in the form of loans granted on favourable terms, will assist these Member States...

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17 Nov
Chapter News

ECB | The euro area financial sector in the pandemic crisis

Keynote speech by Luis de Guindos, Vice-President of the ECB, at the 23rd EURO FINANCE WEEK | Frankfurt am Main, 16 November 2020 I am honoured to open the 23rd Euro Finance Week. My remarks today will focus on two main issues. First, I will provide an overview of the current economic situation in the euro area, and focus on how the pandemic has amplified existing vulnerabilities in the financial system. And second, I will highlight the important role that financial...

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17 Nov
COVID-19 News, Member News

H&K | COVID-19 Vaccinations Are Coming, But What Will the PREP Act Immunize?

Highlights: Due to the recent announcements of successful trials for a COVID-19 vaccine, healthcare providers are asking about the extent to which the Public Readiness and Emergency Preparedness Act (PREP Act) will protect them against liability under state and federal law. There is limited case law addressing the applicability of the PREP Act, but the bottom line of the few cases that have examined the question is that the PREP Act is likely to preempt state claims relating to...

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16 Nov
Member News

Faegre Drinker | Draft Standard Contractual Clauses Released by European Commission: New Clause Cause for Applause?

Following on from this week’s big announcement by the European Data Protection Board (EDPB) on its expectations for international data transfers after the European Court of Justice’s July 16 Schrems II decision, the European Commission released a draft set of new Standard Contractual Clauses (SCCs) and a draft implementing decision. The Commission’s draft set of clauses allows for two new types of transfer (EU-based processor to ex-EU processor, and EU-based processor to ex-EU-controller) and contains important updates to bring the text of the...

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16 Nov
Member News

Steptoe | The 5 Things We Like – and the 5 We Do Not – in the EDPB Post-Schrems II Recommendations

On November 10, 2020, the European Data Protection Board (EDPB) adopted the long-awaited "Recommendations 01/2020 on measures that supplement transfer tools to ensure compliance with the EU level of protection of personal data" (the recommendations) - available here. The recommendations should assist organizations in dealing with the consequences of the Schrems II judgment of the Court of Justice of the European Union (which invalidated the Privacy Shield and imposed additional requirements on organizations for their transfers of personal data). There are...

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16 Nov
COVID-19 News, Member News

Vulcan Insight | EU Health Union: A Commission rethink on health crisis response

In the wake of the COVID-19 pandemic, the European Commission proposed on Wednesday to create a European Health Union to better equip the EU for the prevention, preparation and management of health crises. In its communication, the Commission said that in order to save lives and livelihoods it would push for a more resilient EU internal market and a sustained economic recovery. The draft proposal, which follows on from the State of the Union address by the President of the...

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