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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28 Aug
COVID-19 News, Member News

Littler | Reopening and Rehiring During the COVID-19 Pandemic – Critical Employee Benefits and Executive Compensation Considerations

As many employers are on the way to normalizing their business practices and re-engaging their employees, they should not overlook the many potential pitfalls in the administration of their retirement, health and welfare plans and their executive compensation arrangements. The risks of missteps are high, and include loss of tax-qualification of retirement plans, penalty taxes in connection with the Affordable Care Act’s (ACA) employer mandate rules, other IRS penalties, employee lawsuits and Department of Labor enforcement actions. The following...

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28 Aug
Chapter News

Fishing opportunities in the Baltic Sea for 2021: improving long-term sustainability of stocks

The Commission today adopted its proposal for fishing opportunities for 2021 for the Baltic Sea. Based on the latest available scientific advice and in order to improve long-term sustainability of fish stocks, the Commission proposes to increase fishing opportunities for herring in the Gulf of Riga and main basin salmon, whilst maintaining the current levels for herring in the Gulf of Bothnia, sprat and plaice. The Commission proposes to decrease fishing opportunities for the remaining stocks covered by the proposal. Virginijus Sinkevičius, Commissioner for...

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27 Aug
Member News, Trade & TTIP Related

GDLSK | US-EU Trade Update

US and EU Agree to Reduce Tariffs on Certain Products and the EU Asks the US to Withdraw Tariffs in Connection with the Large Civil Aircraft Dispute. On August 21, 2020, the Office of the United States Trade Representative (USTR) issued a Joint Statement with the European Union Trade Commission to announce the first tariff reductions between the US and EU in over 20 years. The tariff reductions will be retroactive to August 1, 2020.  The US will reduce tariff rates by...

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27 Aug
Member News

H&K | New PPP Interim Final Rule Addresses Loan Forgiveness Requirements

Provisions Added Regarding Treatment of Owner-Employees and Limitations on Eligibility of Non-Payroll Costs Highlights A new Interim Final Rule (IFR) from the U.S. Small Business Administration (SBA) provides that certain owner-employees with less than a 5 percent ownership stake are not subject to the owner-employee compensation rule of the Paycheck Protection Program (PPP) limiting loan forgiveness for owner compensation. The IFR also provides that loan forgiveness may not include 1) amounts attributable to tenant, subtenant or household expenses, 2) most...

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