02 Sep
Chapter News

IMF | New steps are needed to improve sovereign debt workouts

The COVID-19 pandemic has greatly lengthened the list of developing and emerging market economies in debt distress. For some, a crisis is imminent. For many more, only exceptionally low global interest rates may be delaying a reckoning. Default rates are rising, and the need for debt restructuring is growing. Yet new challenges may hamper debt workouts unless governments and multilateral lenders provide better tools to navigate a wave of restructuring. The IMF, the World Bank, and other multilaterals acted quickly...

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02 Sep
Member News

Troutman Pepper | Schrems Strikes Again: Battery of New Data Privacy Complaints Raise Compliance Questions for EU-U.S. Data Transfers

Barely one month after the Court of Justice of the European Union (CJEU) issued its Schrems II decision striking down the EU-U.S. Privacy Shield Framework (Privacy Shield), Austrian privacy activist Max Schrems has filed 101 complaints with 30 different EU regulatory bodies alleging that dozens of well-known companies in e-commerce, telecommunications, banking, higher education, and other industries are improperly continuing to transmit data to U.S. companies like Google and Facebook in violation of the Schrems II decision and EU data privacy laws. The complaints represent an...

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02 Sep
Chapter News

IMF | In the COVID-19 world, risk has become riskier

The American economist Frank Knight theorized about the difference between risk and uncertainty in his classic book Risk, Uncertainty and Profit. Risk is “a quantity susceptible of measurement.” A precise outcome may not be known, but the probability of a few that are most likely can be calculated. Uncertainty means there is not enough information to even narrow down the possibilities. When a situation is “not susceptible to measurement” economists call it Knightian uncertainty. If this sounds familiar, it is because we...

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01 Sep
Chapter News

Car industry: New rules on cleaner and safer cars start to apply across Europe

Tomorrow, the EU Regulation on the approval and market surveillance of motor vehicles will start to apply. Adopted in May 2018, the new Regulation significantly overhauls and tightens the previous type approval and market surveillance system. It improves the quality and independence of vehicle type-approval and testing, increases checks of cars already on the EU market and strengthens the overall system with greater European oversight. Thierry Breton, Commissioner for Internal Market said: “Europeans rightly expect to drive the cleanest and safest cars. That presupposes...

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01 Sep
Member News

Houthoff Financial Regulatory Update | Consultation joint guidelines for assessing suitability and other publications by the EBA and the ESMA

Since Houthoff published their last News Update, European supervisory authorities, the European Banking Authority ("EBA") and the European Supervisory Market Authority ("ESMA"), have issued a few consultation papers, guidelines and other information. Due to the summer holiday period, this News Update does not contain any relevant news updates from the Dutch and other European supervisory authorities and legislatures. Below we take a closer look at the consultation to revise the EBA and the ESMA's joint guidelines for assessing the...

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31 Aug
Chapter News

Press statement by President von der Leyen on the resignation of Phil Hogan

Statement by EU Commissioner President Ursula von der Leyen | Good morning, Last night Phil Hogan submitted his resignation from the post as Trade Commissioner. I respect this. I am very grateful to Phil Hogan for his tireless and successful work as a Commissioner and as a member of the College. I thank him warmly for his valuable contribution to the work of the Commission, not only in this mandate, but also in the previous mandate, when he was Commissioner in...

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31 Aug
Chapter News, COVID-19 News

Coronavirus Global Response: EU Commission joins the COVID-19 Vaccine Global Access Facility (COVAX)

Today, the European Commission has confirmed its interest to participate in the COVAX Facility for equitable access to affordable COVID-19 vaccines everywhere, for everyone who needs them. As part of a Team Europe effort, the Commission is today also announcing a contribution of €400 million in guarantees to support COVAX and its objectives in the context of the Coronavirus Global Response. Ursula von der Leyen, President of the European Commission, said: “Global collaboration is the only way to overcome a global pandemic. Under...

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31 Aug
COVID-19 News, Member News

BPBCPA | Top Ten Business Income Tax Planning Ideas During the Age of COVID-19

Executive Summary Three deeply experienced tax professionals based in BPBCPA's New York City office share useful tax planning ideas for business owners. By leveraging these strategies, companies can improve their cash position and create refund opportunities. While technically focused, this white paper offers practice advice for business owners and in-house accounting staff. Reconsidering the approach to inventory, tax planning, equipment, stock and debt, and foreign operations, can unlock cash flow and positively impact a company’s financial position. Access the full whitepaper here: Top...

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31 Aug
Member News

BBGFX | Sentiment is Fickle

The sentiment is a fickle lover.  It blows hot and cold quickly, though not entirely without reason. For traders, it is often the deus ex machina. Sentiment had swung so hard against the dollar that astute observers and the leading financial press warned that its role in the world economy was in jeopardy. The greenback recovered from the initial slide on the Federal Reserve's confirmation that it was adopting an average inflation target.  Those upticks were cited by some pundits as evidence...

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28 Aug
Member News

Troutman Pepper | SEC Amends “Accredited Investor” Definition

On August 26, the U.S. Securities and Exchange Commission (SEC) adopted amendments expanding the definition of “accredited investor” to allow additional categories of investors to invest in unregistered private offerings. The new definition moves beyond the long-standing reference to wealth and income to determine whether individuals may be deemed accredited investors. In addition, the definition adds several new categories of entities that now qualify as institutional accredited investors. According to the SEC, “the amendments update and improve the definition...

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