24 Aug
Member News

Thompson Hine | Uncharted Territory: COVID-19 Travel and School Challenges Facing Employers

Employers have faced no shortage of challenges during 2020, and as we near the end of summer, new ones are on the horizon. Employees and their families seeking a change of scenery are traveling again, sometimes to COVID-19 hot spots, and when they come home, their return to the workplace has employers justifiably concerned. At the same time, employees with school-aged children have unique concerns of their own, including uncertainty over whether, when and where their children will begin...

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24 Aug
Member News

Faegre Drinker | New Executive Order Directs Federal Agencies to Buy U.S.-Made Medicines, Medical Countermeasures and Inputs

On August 6, 2020, President Trump signed an Executive Order (EO) that directs certain federal agencies to prioritize purchasing certain essential medicines, medical countermeasures and critical inputs that are made in the United States. The EO applies to all federal agencies and departments involved in the procurement of such goods. After last week’s EO restricting the ability of government contractors to employ foreign nationals, this is the latest in a series of EOs promoting the administration’s Buy American, Hire American agenda....

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24 Aug
Chapter News

The crisis and Europe’s responsibilities

Blog post by EU High Representative Josep Borrell | Last Monday I opened the Summer University of the Universidad Internacional Menendez Palacio in Santander (Spain). We mostly discussed the consequences of the current crisis for Europe and the world. At this stage, the risk seems serious that it destabilises many developing countries and strengthens a trend towards authoritarian regimes. In this context, Europe has a key responsibility to defend effective multilateralism and help developing countries in need. "The actual crisis risks...

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24 Aug
Member News

IPTI | Update on Property Tax Issues: August 2020

The EACC, in partnership with the International Property Tax Institute (IPTI), wants to keep its members up to date with the latest developments in property taxes in the USA and Europe. IPTI has put together a selection of brief reports from articles contained in IPTI Xtracts which can be found on its website (www.ipti.org). USA New York: Pandemic Disruption Waylays NYC Property Tax Reform Project One of the first New York City public events shut down in the coronavirus emergency was an...

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21 Aug
Chapter News, Trade & TTIP Related

Joint Statement of the United States and the European Union on a Tariff Agreement

21 August 2020| Brussels United States Trade Representative Robert Lighthizer and European Union Trade Commissioner Phil Hogan today announced agreement on a package of tariff reductions that will increase market access for hundreds of millions of dollars in U.S. and EU exports. These tariff reductions are the first U.S.-EU negotiated reductions in duties in more than two decades. Under the agreement, the EU will eliminate tariffs on imports of U.S. live and frozen lobster products. U.S. exports of these products to...

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21 Aug
Member News

EIB | Health innovation: EU bank supports development of vascular calcification therapy

Vascular calcification is an ever-spreading health problem, with many potentially deadly implications and no specific medical treatment available yet. The European Investment Bank (EIB) aims to remedy this situation by providing a €20 million loan to Spanish biopharmaceutical company Sanifit, who is developing novel treatments in two disease indications linked to calcification. The EIB is advancing funds for this research, development and innovation project through a venture debt operation under the European Fund for Strategic Investments (EFSI). EFSI is the financial...

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21 Aug
Chapter News

Results of the June 2020 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD)

Most widespread tightening of credit terms over three-month review period since SESFOD launched in 2013 Less-favourable price terms for non-financial corporations and less-favourable non-price terms for hedge funds Liquidity and trading deteriorated materially for all types of OTC derivatives, while initial margin requirements increased for almost all types Some insurance companies, hedge funds and investment funds faced strained liquidity situations linked to variation margins Survey respondents reported the most widespread tightening of credit terms and conditions over a three-month...

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21 Aug
Chapter News

ECB | Reduction in frequency of 7-day US dollar liquidity-providing operations as of 1 September 2020

ECB and other major central banks to reduce frequency of 7-day US dollar operations from three times per week to once per week, while 84-day operations continue to be offered weekly New frequency effective as of 1 September 2020, to remain in place for as long as appropriate to support smooth functioning of US dollar funding markets ECB and other major central banks standing ready to re-adjust provision of US dollar liquidity as warranted by market conditions In view of continuing...

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21 Aug
Member News

RSM | June & July 2020 – Your Global Summary of IFRS News and Developments

RSM World of IFRS summarises key matters arising from recent IASB discussions and decisions, highlights RSM thought leadership from around the world, and addresses an IFRS application question each month. The following is a summarised update of key matters arising from the discussions and decisions taken by the IASB at its remote meetings on the following dates: 23, 25 June 2020 22 and 23 July 2020 The full update, as published by the IASB, can be found here. Disclosure Initiative—Accounting Policies The Board met on 24 June...

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21 Aug
Member News

The FDIC bank crisis management experience: lessons for the EU Banking Union

In August, Banca d'Italia (the Italian Central Bank) published a Note on Financial Stability and Supervision on "the FDIC bank crisis management, and experiences and lessons for the Banking Union", prepared by Giovanni Majnoni D'Intignano, Andreas Dal Santo and Michele Maltese. The Note provides useful ideas for the ongoing debate in Europe on the revision of the rules on bank crisis management and on deposit insurance by examining the role that the Federal Deposit Insurance Corporation (FDIC) plays in...

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