04 Aug
Chapter News, COVID-19 News

IMF | Global Imbalances and the COVID-19 Crisis

The world entered the COVID-19 pandemic with persistent, pre-existing external imbalances. The crisis has caused a sharp reduction in trade and significant movements in exchange rates but limited reduction in global current account deficits and surpluses. The outlook remains highly uncertain as the risks of new waves of contagion, capital flow reversals, and a further decline in global trade still loom large on the horizon. Our new External Sector Report shows that overall current account deficits and surpluses in 2019 were just below...

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04 Aug
Member News

Houthoff News Update Financial Regulatory | Amending Dutch Decree Financial Markets 2021 and publications by EBA, EIOPA and ESMA

The Houthoff Financial Regulatory team closely monitors developments on the financial markets and within financial supervision. On 1 July 2020, the Dutch Ministry of Finance launched the consultation of the Amending Decree Financial Markets 2021 (Wijzigingsbesluit financiële markten 2021, "Amending Decree"). The Amending Decree will amend the Decree on Conduct of Business Supervision of Financial Undertakings Wft (Besluit Gedragstoezicht financiële ondernemingen Wft, "BGfo"), the Decree on Prudential Rules Wft (Besluit prudentiële regels Wft, "Bpr") and some other decrees relating to the financial...

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04 Aug
Chapter News

EU Cyber sanctions: time to act

Blog post by Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy / Vice-President of the European Commission | The Internet plays a vital role in our lives, which is why we need to protect ourselves against cyber-attacks. Today, the EU imposed its first-ever cyber sanctions, to defend its citizens and companies from cyber threats. "We will not tolerate cyber-attacks: we have the tools to protect ourselves and the determination to use the them." HR/VP Josep Borrell Not...

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04 Aug
Chapter News

Mergers: EU Commission opens in-depth investigation into the proposed acquisition of Fitbit by Google

The European Commission has opened an in-depth investigation to assess the proposed acquisition of Fitbit by Google under the EU Merger Regulation. The Commission is concerned that the proposed transaction would further entrench Google's market position in the online advertising markets by increasing the already vast amount of data that Google could use for personalisation of the ads it serves and displays. Executive Vice-President Margrethe Vestager, responsible for competition policy, said: “The use of wearable devices by European consumers is expected...

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03 Aug
COVID-19 News, Member News

Troutman Pepper | It’s All Hands on Deck in Prosecuting COVID-19 Fraud

As scientists around the globe team up to discover and develop treatments and vaccine candidates for COVID-19, we are also seeing unprecedented speed and coordination in the effort to quell a different kind of virus — the myriad fraud schemes stemming from the COVID-19 crisis. This article describes the novel, coordinated approach that the government is taking to investigating and prosecuting COVID-19-related fraud, and provides actionable guidance that companies should follow to prevent fraud and possible government scrutiny. As of...

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03 Aug
Chapter News

Statement by Executive VP of the EU Commission Margrethe Vestager to the U.S. Committee on the Judiciary Subcommitte on Antitrust, Commercial and Administrative Law

In her written statement to the House Judiciary subcommittee on antitrust, Executive Vice President of the European Commission Margrethe Vestager warns that if digital platforms act unchecked, they can cause significant harm to competition, innovation and ultimately to consumers. Read her statement here: STATEMENT BY MARGRETHE VESTAGER TO THE UNITED STATES HOUSE OF REPRESENTATIVES Compliments of Delegation of the European Union to the United States.

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03 Aug
Chapter News

EACCNY #COVID19 Impact Stories from Our Members – Consulate General of Denmark in New York

Together with our members we are creating a Video series of first-hand accounts of the Pandemic’s impact, both personally & professionally. We invite you to join us today for a first-hand look at the impact of the global shutdown following the Coronavirus (COVID-19) outbreak – Today we are featuring Mikkel Hagen Hess, Acting Consul General of Denmark in New York a Member of the EACCNY. The questions we asked our members for this series are: 1) What are some challenges you,...

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03 Aug
Member News

AlixPartners Acquires Freeh Group International Solutions

We are pleased to announce today that AlixPartners has acquired Freeh Group International Solutions, LLC (FGIS). Effective immediately, Louie Freeh will step down as Senior Managing Partner of Freeh Sporkin & Sullivan and will no longer practice law. As a Vice Chairman and Managing Director at AlixPartners, Louie will focus solely on investigations and risk consulting. FGIS’ team of 24 professionals will join our firm, including Jim Bucknam, who will be a Managing Director. AlixPartners will also add a...

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03 Aug
Member News

BBGFX | August 2020 FX Outlook

The dollar's losses accelerated in July, and further declines are likely even if there is short-lived bounce to correct the over-extended technical condition.  We have been arguing for a year that the third significant dollar rally since the end of Bretton Woods was over, but the disruption of the global capital markets in March gave the old bull market one more push.  In the four-day window between March 19 (for the Canadian and Australian dollars and the Norwegian krone)...

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03 Aug
Member News

WSGR | Initial Reaction of European Data Protection Regulators to Schrems 2.0 Judgment

Over the last few days, the European Data Protection Board (EDPB), the European Data Protection Supervisor (EDPS) and various Supervisory Authorities (SAs) across Europe issued statements addressing the decision of the European Court of Justice (ECJ) to invalidate the EU-U.S. Privacy Shield framework (Schrems 2.0). Below we summarize some of the main reactions. The EDPB is working on a set of FAQs that will hopefully provide some level of clarification on key issues that companies now face. The EDPB is...

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