15 Sep
Member News

Faegre Drinker | Regulators Issue Guidance on U.S. Banks’ Reporting Obligations Regarding Suspected Foreign Corrupt Practices

In response to inquiries from the financial industry as to how to assess risks of potential illegal activity with respect to beneficial owners who are “politically exposed persons” (PEPs) overseas, federal bank regulators issued a “Joint Statement on Bank Secrecy Act Due Diligence Requirements for Customers Who May Be Considered Politically Exposed Persons” on August 21, 2020. Specifically, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), the National Credit...

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15 Sep
Brexit News, Chapter News

Brexit has arrived: Where are we now? What happens next?

The United Kingdom withdrew from the European Union on 1 February 2020. The two sides are now negotiating what form future relations will take. Here is the most important information. What has happened since 1 February 2020? A Withdrawal Agreement was negotiated before the UK left the EU in order to ensure that the main political and economic links between the EU and the UK were not severed from one day to the next upon departure. This Agreement has been in...

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15 Sep
Chapter News

OECD | Education critical to build a more resilient society

Watch the live webcast of the press conference here | The COVID-19 crisis has exposed the many inadequacies and inequities in education systems around the world. As governments start rebuilding their economies and people’s livelihoods, it is critical that long-term public spending on education remain a priority to ensure that every young person has the same opportunity to continue education, succeed at school and develop the skills they need to contribute to society, according to a new OECD report. Education at a...

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15 Sep
Chapter News, COVID-19 News

OECD | More can be done to ensure a green recovery from COVID-19 crisis

Many countries are making “green” recovery measures a central part of stimulus packages to drive sustainable, inclusive, resilient economic growth and improve well-being in the wake of the COVID-19 crisis. However some countries are also implementing measures that risk having a negative environmental impact and locking in unsustainable growth, according to new OECD analysis discussed by member country ministers today. New OECD analysis, Making the Green Recovery Work for Jobs, Income and Growth, indicates that OECD member governments have committed USD...

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15 Sep
Member News

RavenPack | Trading Around the Earnings Calendar

Our recent data science study about calendar earnings changes and news sentiment shows evidence of alpha generation. When companies change the dates of their official earnings releases it has been speculated that it is because they want to delay the release of bad news or bring forward the release date for good news. In a recent white paper, RavenPack data scientists sought to test this hypothesis by constructing strategies that bought and sold stocks when companies changed their earnings dates. Read...

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14 Sep
Member News

Troutman Pepper | A Path to ESG Disclosure

Regardless of your view of the efficacy of ESG disclosure for publicly-traded companies, investors increasingly are insisting on it, and the advisors that can profit from it the most – proxy advisory firms, large accounting firms and consultants – are heavily promoting it. For the 100 or so largest public companies, adding ESG disclosure to their current disclosure process generally is not a big deal. Many already publish reports consistent with GRI guidelines, and some publish reports that are...

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14 Sep
Chapter News

Press statement by President von der Leyen on the composition of the College

Good morning, Yesterday I interviewed the candidates put forward by the Irish government for the post of Commissioner, Ms Mairead McGuinness and Mr Andrew McDowell. Both candidates showed great commitment to the European Union and to the job of Commissioner – excellent candidates. They also both clearly have significant experience of EU matters, of course from different perspectives. Following these interviews, I have decided to propose to the Council and the European Parliament the appointment of Ms McGuinness to the post of...

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14 Sep
Chapter News

Cyber diplomacy and shifting geopolitical landscapes

Speech by HR/VP Josep Borrell | EU Cyber Forum, Brussels. HR/VP Josep Borrell underlines that cyber issues are geo-political in nature and have a strong security dimension. The EU wants everyone to reap the benefits that the Internet and the use of technologies provide. At the same time we need effective answers to fast-changing cyber threats. Achieving both objectives lies at the heart of the EU’s approach to cybersecurity. Ladies and Gentleman, It is an honour to open the second edition of...

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14 Sep
Member News

NautaDutilh | New controller-processor guidelines: beware of impact on data processing agreements

Armed with useful flowcharts to help organisations determine their role, the European Data Protection Board (EDPB) has published new guidelines on the concepts of "controller", "processor" and "joint controller". Just over a month ago, the Litigation Chamber of the Belgian Data Protection Authority had published a decision in which it appeared to adopt an extensive interpretation of the concept of "controller"; now, thanks to extensive developments by the EDPB, that interpretation no longer seems to be relevant. In this newsletter, however, we...

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14 Sep
Chapter News, Trade & TTIP Related

IMF | Trade as a Tool for an Efficient Recovery

As economies now look for paths to recovery from the COVID-19 crisis, new evidence reaffirms that policies for more open and trade-integrated economies could significantly benefit domestic competition and ultimately may help lower costs for consumers in emerging and developing economies. A recent Working Paper, building on the Regional Economic Outlook chapter on competition, competitiveness and growth in Sub-Saharan Africa, examines the effect of trade liberalization using a large firm-level dataset covering about 400,000 firms in 83 emerging and developing economies from 2000...

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