15 May
Member News

EU Regulator Issues New Rules on Use of Technology in Banking and Fintech

On February 25, 2019, the European Banking Authority (EBA) published its final Guidelines on outsourcing (Guidelines) to ensure that sound risk management measures are adopted by banking, financial, and payment institutions (Institutions). These Guidelines will become effective September 30, 2019 and specifically highlight FinTech and data protection issues. This not only reveals some potential regulatory challenges that EU players will have to face going forward, but also relates to the broader interest in IT outsourcing also echoed by US regulators. Outsourcing...

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15 May
Member News

Toy Community Says Trump’s Tariffs Will Hurt American Families, Jobs, & Businesses

The Toy Association – the not-for-profit trade association representing the toy, game, and youth entertainment product businesses that drive the annual $28 billion American toy market and are leaders around the world – announced today that the Trump administration’s proposed 25 percent tariffs on $300 billion in Chinese imports, including children’s toys, would irreparably harm American families, jobs, and businesses. "The return of a dark tariff cloud threatening the toy and retail communities would sharply increase the cost of toys...

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15 May
Chapter News, News

Banking Union: Council adopts measures to reduce risk in the banking system

Press Release, 6/14/2019 The EU is putting in place a new framework which will strengthen the banking union and reduce risks in the financial system. The Council today adopted a comprehensive legislative package which will reduce risks in the banking sector and further reinforce banks' ability to withstand potential shocks. The package contains amendments to the capital requirement legislation (regulation 575/2013 and directive 2013/36/EU) which reinforce the capital and liquidity positions of banks, and strengthens the framework for the recovery and...

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15 May
Chapter News, News, Uncategorized

Capital markets union: Council adopts updated rules for financial derivative products and clearing

Press Release, 5/14/2019 The EU will soon have in place simplified rules for non-financial counterparties, small financial counterparties and pension funds using financial derivative products. The Council today adopted a regulation improving the existing regulatory framework applying to the over-the-counter (OTC) derivative market. The European Market Infrastructure Regulation (EMIR), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems encountered in the functioning of the OTC derivatives market during the 2007-2008 financial crisis. The...

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15 May
Member News

European framework regulation on foreign direct investment now in force – Foreign investors must prepare in particular for further delays in screening

By Dr. Max Helleberg & Dr. Bärbel Sachs | Noerr LLP As previously reported, the European Union has adopted a framework regulation for the screening of foreign direct investments into the Union. It entered into force on 11 April 2019. However, the Regulation will not apply until 11 October 2020. Unusually for an EU Regulation, it merely provides a legal framework to be completed by the Member States. The decision on whether to set up a screening mechanism or to...

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15 May
Member News

The impact on the Italian Corporate Law of the new Italian Code of Business Crisis and Insolvency

Pursuant to the Law No. 155 of October 19, 2017 delegating the Italian government to reform state provisions governing business crisis and insolvency, the Legislative Decree No. 14 was enacted last January 12, 2019 (“New Code”). While most of the new provisions on business crisis and insolvency will enter into force next August 15, 2020, some provisions came into force on March 16, 2019. These provisions essentially cover (i) the organizational structure of Italian limited liability companies and (ii)...

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14 May
Member News

Potential Changes to U.S.-Canadian Border Policy

By Jorge Lopez and Elizabeth Whiting on May 7, 2019 On April 25, 2019, the American Immigration Lawyers Association (AILA) issued a practice alert announcing that the nationwide immigration association had “been in discussions with CBP related to what appeared to be an unannounced policy change in L-1 adjudication at the port of entry under NAFTA.”1  AILA advised the immigration community that—contrary to existing policies allowing Canadian citizens to apply for extension of L-1 intracompany transfer visas at ports of...

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13 May
Chapter News, News

Digital Single Market: Cheaper calls to other EU countries as of 15 May

Brussels, 13 May 2019 As of 15 May, a new maximum price will apply for all international calls and SMS within the EU. As a result, consumers calling from their country to another EU country will pay a maximum amount of 19 cents per minute (+VAT) and 6 cents per SMS message (+VAT). Following the end of roaming charges in June 2017, these new price caps for international calls and SMS in the EU are part of the EU-wide overhaul of...

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13 May
Chapter News, News

Human rights and democracy in the world: 2018 EU annual report adopted

On 13 May 2019, the Council adopted the EU annual report on human rights and democracy in the world for 2018. The report noted that in 2018 the EU remained at the forefront of the protection and promotion of human rights in a rapidly changing geopolitical landscape. The EU engaged in activities across the globe in line with the objectives set out in the EU action plan on human rights and democracy (2015-2019). The Council recognised that in a volatile...

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13 May
Member News

Health Care Cos. Should Beware DOJ’s Use Of Travel Act

By Jonathan Halpern, Jenna Bigornia & Ilenna Stein | Holland & Knight LLP Doctors, hospitals and others in the health care space should take to heart the increasingly aggressive position the U.S. Department of Justice is taking, including through an expansive application of state bribery laws under the Travel Act, in bringing federal health care prosecutions. In its prosecutions, the government is not limiting its focus to arrangements with government-funded programs, such as Medicare and Medicaid, but is using the Travel Act...

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