24 Jul
Member News

Tempus FX | US Dollar Flows Mixed with Uneasy Markets

The U.S. Dollar is trading in mixed direction as major currencies remain elevated while commodity-based currencies tumbled. This morning, we saw the release of Jobless Claims rise higher than expected by 1.4MM while Continuing Claims declined a bit. Overall, markets seem to be encouraged by recent earnings, but the buck has no clear guidance as the U.S. economy faces challenges from the pandemic. We are waiting to see any signal from U.S. lawmakers that they will be extending benefits or...

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24 Jul
Member News

GOP | European Court of Justice: VAT treatment applicable to staff secondment

European Court of Justice, Case C-94/19 (San Domenico Vetraria S.p.A.) of March, 11 2020: the secondment of an employee of a parent company to a subsidiary, for which the latter reimburses only the relevant costs, will be subject to VAT in cases where the contractual relationship between parent and subsidiary qualifies as a provision of services against consideration. The Case at hand, submitted by the Italian Supreme Court to the European Court of Justice (“ECJ”), concerns the VAT regime applicable...

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24 Jul
Brexit News, Chapter News

Press statement by Michel Barnier following Round 6 of the negotiations for a new partnership between the European Union and the United Kingdom

Statement made July 23, LONDON | Ladies and gentlemen, Good afternoon to all of you. I am happy to meet you here in Europe House in London, at the end of this sixth negotiation round. I would like to thank the EU Delegation, and our Ambassador João Vale de Almeida for welcoming us.Thank you also for the very useful work you do, representing the EU in the UK, together with the 27 EU Ambassadors, whom I met yesterday. This negotiation takes place...

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24 Jul
Chapter News

EU Security Union Strategy: connecting the dots in a new security ecosystem

Today, the European Commission sets out a new EU Security Union Strategy for the period 2020 to 2025, focusing on priority areas where the EU can bring value to support Member States in fostering security for all those living in Europe. From combatting terrorism and organised crime, to preventing and detecting hybrid threats and increasing the resilience of our critical infrastructure, to promoting cybersecurity and fostering research and innovation, the strategy lays out the tools and measures to be developed over...

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24 Jul
Chapter News, COVID-19 News

Coronavirus response: Making capital markets work for Europe’s recovery

The European Commission has today adopted a Capital Markets Recovery Package, as part of the Commission's overall coronavirus recovery strategy. On 28 April, the Commission had already proposed a Banking Package to facilitate bank lending to households and businesses throughout the EU. Today's measures aim to make it easier for capital markets to support European businesses to recover from the crisis.  The package proposes targeted changes to capital market rules, which will encourage greater investments in the economy, allow for the...

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23 Jul
Chapter News

MEPs debate recovery fund, condemn major cuts to long-term EU budget

In an extraordinary plenary session, MEPs commented on the 17-21 July European Council deal on EU financing and the recovery plan to tackle the pandemic fallout. In the debate with Council and Commission Presidents Charles Michel and Ursula von der Leyen, the deal reached at the recent European Council meeting on the recovery fund was qualified as “historic” by many MEPs as for the first time, member states have agreed to issue €750 billion of joint debt. With cuts made...

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23 Jul
Member News

EY’s commitment to anti-racism in the US

We recognize that this is a moment of deep hurt and anguish for millions of Black people across the country. Systemic racism, discrimination and injustice is a human rights crisis. We vow to be a voice and force for change. EY is taking actions as a US firm to eradicate racism and discrimination against the Black community by leveraging our influence to drive strategic change in our firm, in the communities where we work, and through public policy. Understanding that...

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23 Jul
Brexit News, Member News

Arendt | Brexit uncertainty forces UK FCA to re-open the TPR

In light of the ongoing Brexit discussions, the UK Financial Conduct Authority (FCA) has decided to re-open the temporary permissions regime (TPR) as from 30 September 2020. As the FCA continues to plan for all possible Brexit scenarios, including a no-deal Brexit, it encourages firms and fund managers to prepare accordingly and apply for the TPR before the end of the transition period (31/12/2020). As a reminder, in December 2017 the UK Government announced the introduction of a temporary permissions regime...

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23 Jul
Chapter News, COVID-19 News

IMF Executive Board Approves a Temporary Increase in Annual Access Limits to Financial Support

Washington, DC | On July 13, the Executive Board of the International Monetary Fund (IMF) approved a temporary increase in the annual limits on overall access to resources in the General Resources Account and the Poverty Reduction and Growth Trust. The severe impact of the COVID-19 pandemic on global economic conditions has resulted in an unprecedented number of member countries seeking financial support from the IMF. As of July 13, 2020, 72 countries have already received financial assistance from the...

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22 Jul
Member News

EIB | How flexible European financing programmes help fight a crisis

When coronavirus struck, the European Commission joined with EU countries and European institutions to prepare a swift and massive package of relief for businesses devastated by the pandemic. One European programme was already at work, immediately delivering hundreds of millions of euros in financing for projects that aim to fight COVID-19. With the backing of the European Fund for Strategic Investments (EFSI), the European Investment Bank financed a €50 million deal in May to back COVID-19 trials of a treatment...

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