27 Oct
Chapter News

EU Commission disburses €17 billion under SURE to Italy, Spain and Poland

The European Commission has disbursed a total of €17 billion to Italy, Spain and Poland in the first instalment of financial support to Member States under the SURE instrument. As part of today's operations, Italy has received €10 billion, Spain €6 billion, and Poland €1 billion. Once all SURE disbursements have been completed, Italy will receive a total of €27.4 billion, Spain €21.3 billion and Poland €11.2 billion. This support, in the form of loans granted on favourable terms, will...

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27 Oct
COVID-19 News, Member News

DeVore & DeMarco | Working From Home? Please Practice Good Cyber-Hygiene!

As corporations and even entire municipalities are increasingly advising their employees to work from home in light of COVID-19, it is important to remember that doing so it not without its risks. For any organization that has information to protect -- be it is customer or employee personally identifying information, financial information, or confidential and proprietary trade secrets -- permitting company data to travel home with or be remotely accessed by employees raises the chances of a cyber- incident involving...

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26 Oct
Member News

Littler | New York State Issues First Guidance on Paid Sick Leave Law

On October 20, 2020, New York State issued its first guidance on the New York State Sick Leave Law (New York Labor Law § 196-b) (NYSSLL). The guidance, titled “New York State Paid Sick Leave FAQ” (FAQ) appears on the state’s new webpage dedicated to an overview of the NYSSLL, which includes, among other things, information about sick leave accruals, eligibility for sick leave, and permitted uses of sick leave. The guidance, currently consisting of 44 questions and answers, addresses a multitude of...

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26 Oct
Chapter News

Boeing WTO case: the EU gets formal green light to impose duties on U.S. imports

Today, the Dispute Settlement Body of World Trade Organization (WTO) formally authorised the EU to take countermeasures against the United States. The EU can now increase its duties on U.S. exports worth up to $4 billion. Today's decision follows the WTO panel announcement confirming EU retaliation rights in reaction to illegal subsidies granted to the U.S. aircraft maker, Boeing. Executive Vice-President for an Economy that Works for People and Commissioner for Trade, Valdis Dombrovskis, said: “Today's formal approval by the Dispute Settlement...

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26 Oct
Member News

The Gig is Up: In a Rising Gig Economy, Employer & Employee Perspectives on Worker Classification

Worker classification is a hot-button issue these days, with high stakes for employers and workers.  In September, the US Department of Labor (DOL) proposed a new rule clarifying the test for independent contractor status, which would enable companies to more easily classify workers as independent contractors by emphasizing two “core” factors: the worker’s degree of control over the work; and their opportunity for profit and loss based on their initiative and/or investments. By contrast, in 2019, California passed A.B....

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23 Oct
Member News

Thompson Hine | SEC Adopts New Rule for Fund of Funds Arrangements

Key Notes: New rule will provide consistent framework for fund of fund arrangements. Reliance on the new rule will require compliance with certain conditions. Existing fund of funds exemptive orders will be rescinded. On October 7, the Securities and Exchange Commission (SEC) adopted Rule 12d1-4 (Rule), which establishes a comprehensive regulatory framework for fund of funds arrangements. Prior to its adoption, fund managers navigated a complex and sometimes inconsistent regime of rules and exemptions to engage in fund of funds...

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23 Oct
COVID-19 News, Member News

CLA | COVID-19 Guidance from CFOs Who Did It Right

Key insights CFOs who maintained adequate cash reserves or had access to cash wisely positioned their companies to deal with the immediate shortage. Successful leaders found ways to increase revenue and decrease operating costs. Once their company was stabilized, these CFOs began strategic planning with key stakeholders. As COVID-19 spread in the United States, many small to mid-market companies were able to weather the storm — or even grow — during the crisis. Successful companies focused on liquidity, then stabilization,...

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23 Oct
Chapter News

BIS | Focus on the future of banking supervision in a changing world

At the 21st International Conference of Banking Supervisors, senior banking supervisors and central bankers discussed issues related to the future of banking supervision in a changing world. Discussions covered the digitalisation of finance and the evolution of banking models, operational resilience, climate-related financial risks and remote working arrangements. This was the first time the Basel Committee has worked with a host country to offer a completely virtual conference. The 21st International Conference of Banking Supervisors (ICBS), hosted virtually by...

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23 Oct
Chapter News

Central banks and BIS publish first central bank digital currency (CBDC) report laying out key requirements

Released on October 09, 2020 | Seven central banks and the BIS release a report assessing the feasibility of publicly available Central Bank Digital Currencies (CBDCs) in helping central banks deliver their public policy objectives. Report outlines foundational principles and core features of a CBDC, but does not give an opinion on whether to issue. Central banks to continue investigating CBDC feasibility without committing to issuance. A group of seven central banks together with the Bank for International Settlements (BIS)...

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23 Oct
Brexit News, Member News

Vulcan Insight | Brexit negotiations re-start after week of political theatre

“I have concluded that we should get ready for January 1 with arrangements that are like Australia’s based on simple principles of global free trade” – Prime Minister Boris Johnson’s statement following last week’s European Council summit kicked off what can only be described as a week of very public back and forth posturing leaving us wondering whether the post-Brexit trade talks had in fact, failed. The walkout came late on Friday afternoon, after the UK Government took issue with...

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