30 Jun
Member News, Trade & TTIP Related

GTlaw: U.S. May Impose Additional Tariffs on EU Products

On June 26, 2020, the Office of the U.S. Trade Representative announced that it is considering modifying the list of European Union products subject to additional tariffs upon importation into the United States and increasing the tariff rate up to 100 percent. The USTR is accepting comments whether specific products should be either added to or deleted from the lists and whether the rate on specific products should be increased. Comments are due by July 26, 2020. The current rate...

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30 Jun
Member News

BBGFX: When Primary is Secondary

Overview: The gains in US equities yesterday carried into Asia Pacific trading today, but the European investors did not get the memo. The Dow Jones Stoxx 600 is succumbing to selling pressure and giving back yesterday's gain. Energy and financials are the biggest drags, while real estate and information technology sectors are firm.  All the markets had rallied in the Asia Pacific region, with the Nikkei and Australian equities leading with around 1.3% gains.  US shares are trading lower.  Bond...

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30 Jun
Chapter News

EU consumers obtain access to collective redress

Consumers across the EU are about to be granted broader opportunities for the collective defence of their rights. Member states’ ambassadors today approved a deal concluded between the Croatian presidency of the Council and the European Parliament on a draft directive on representative actions for the protection of the collective interests of consumers. The single market is not there solely to provide enhanced business opportunities to traders. It is also meant to provide consumers across the EU with added value...

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30 Jun
Chapter News

Evaluation of the effects of too-big-to-fail reforms: consultation report

This report, for public consultation, provides an evaluation of too-big-to-fail (TBTF) reforms for systemically important banks. These reforms were endorsed by the G20 in the aftermath of the 2008 global financial crisis and have been implemented in FSB jurisdictions over the past decade. The evaluation examines the extent to which the reforms are reducing the systemic and moral hazard risks associated with systemically important banks, as well as their broader effects on the financial system. The reforms being evaluated include:...

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29 Jun
Member News, Trade & TTIP Related

GDLSK: Section 301 tariffs on certain EU products

Between June 26- July 26, 2020, the US Special Trade Representative is accepting comments regarding the imposition of Sec. 301 tariffs on certain EU products. The products are segregated into 3 categories: Products currently subject to the Sec. 301 tariffs (at 10% and 25%); Products that were previously considered for inclusion but not previously  subject to the Sec. 301 tariffs; New products. Consider submitting comments if any product is potentially exposed to 301 duties under this new initiative. Federal Register Notice...

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29 Jun
Chapter News

President von der Leyen in the ‘Global Goal: Unite for our Future’ Summit

President Ursula von der Leyen announced a new pledge of €4.9 billion by Team Europe, with the European Investment Bank, for universal access to coronavirus vaccines, tests and treatments. Read the transcript of her first statements during the ‘Global Goal: Unite for our Future' Summit. The event is ongoing and can be watched here. On the world's roadmap for ending this pandemic and the needs for investments We will only end this pandemic when it has been ended everywhere. That means every person in the...

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29 Jun
Chapter News, COVID-19 News

Federal Reserve Board releases results of stress tests for 2020 and additional sensitivity analyses conducted in light of the coronavirus event

The Federal Reserve Board on Thursday released the results of its stress tests for 2020 and additional sensitivity analyses that the Board conducted in light of the coronavirus event. "The banking system has been a source of strength during this crisis," Vice Chair Randal K. Quarles said, "and the results of our sensitivity analyses show that our banks can remain strong in the face of even the harshest shocks." In addition to its normal stress test, the Board conducted a sensitivity...

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29 Jun
COVID-19 News, Member News

Coronavirus Global Response: EIB and Commission pledge additional €4.9 billion

The ‘Global Goal: Unite for our Future’ pledging summit organised today by the European Commission and Global Citizen mobilised €6.15 billion in additional funding to help develop and ensure equitable access to coronavirus vaccines, tests and treatments. The money raised will also support economic recovery in the world’s most fragile regions and communities. This amount includes a €4.9 billion pledge by the European Investment Bank, in partnership with the European Commission, and €485 million committed by EU Member States. This brings total pledges under the Coronavirus Global Response pledging marathon,...

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29 Jun
Member News

Impact of Executive Order Suspending Entry of Certain Employment-Based Nonimmigrants

Following President Trump’s Presidential Proclamation on April 22, 2020 to temporarily suspend immigrant visa processing and entry of certain immigrants into the United States, the White House has issued a new Executive Order entitled “Proclamation Suspending Entry of Aliens Who Present a Risk to the U.S. Labor Market Following the Coronavirus Outbreak”. This new order is directed at foreign nationals and their dependents who seek to obtain visas in the following classifications: H-1B and H-2B, L-1, and J-1 for participation in...

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29 Jun
Member News

Orrick: Foreign subsidies: The European Commission goes extraterritorial

The EU State Aid regime has long protected the EU internal market from anti-competitive subsidies granted by EU Member States. On 17 June 2020, the European Commission published a White Paper that proposes a new set of tools designed to address distortive effects in the internal market caused by subsidies granted by states outside the EU. The White Paper outlines three complementary tools, or “modules”, intended to tackle the distortive competitive effects arising from foreign subsidies. These modules would be implemented by “supervisory authorities”,...

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