10 Apr
Member News

FDIC Reminds Small Banks of Need to Oversee Technology Service Providers

By Richard P. Eckman, Mark T. Dabertin, Avinoam D. Erdfarb | Pepper Hamilton  The need to control  risks associated with using third-party technology service providers was reemphasized by the FDIC for institutions with less than $1 billion in assets in a new financial institutions letter (FIL) FIL-19-2019, “Technology Service Provider Contracts.” Released on April 2,  2019.  This FIL was prompted by failings in third-party oversight uncovered in recent examinations. It reiterates guidance previously issued in FIL-44-2008, “Guidance for Managing Third-Party Risk,” and emphasizes...

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10 Apr
Member News

Culture and Conduct Reform: A Permanent Mindset Change

By William R. Rhodes | March 19, 2019 | Brown University Panel Thank you to Mark Blyth. It is a pleasure to be here at the Rhodes Center, in the Watson Institute, here at my alma mater Brown University. I am delighted to be participating in this panel. Thanks to all of you and my fellow panelists. We are here to discuss bank conduct and culture. A subject of great importance to me personally. I remember my more than 50 years of...

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10 Apr
Member News, Trade & TTIP Related

Section 301 Tariffs on certain EU merchandise

The USTR issued a press release late yesterday regarding the potential imposition of additional tariffs on certain products from the European Union. The additional tariffs would be imposed pursuant to Section 301 of the Trade Act of 1974 and would affect approximately $11 Billion in goods.  The USTR states that the tariffs are being contemplated in response to subsidies that the EU has provided to European aircraft manufacturer Airbus.  The tariffs are split between two “Annexes”: one annex covering...

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10 Apr
Chapter News, News

Monetary policy decisions form the ECB

10 April 2019 At today’s meeting the Governing Council of the European Central Bank (ECB) decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively. The Governing Council expects the key ECB interest rates to remain at their present levels at least through the end of 2019, and in any case for as long as necessary to ensure...

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10 Apr
Brexit News, Chapter News, News

‘No-deal’ Brexit preparedness: European Commission takes stock of preparations and provides practical guidance to ensure coordinated EU approach

Brussels, 10 April 2019 Ahead of the European Council (Article 50) today, the European Commission has taken stock of the European Union's intense ‘no-deal' preparations and has issued practical guidance to Member States in 5 areas. These areas include citizens' residence and social security entitlements, data protection, medicine and medical devices, police and judicial cooperation in criminal matters, and fisheries. The aim of today's guidance is to ensure the smooth practical implementation of EU and national contingency measures, if the United...

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10 Apr
Chapter News, News, Trade & TTIP Related

U.S. Readies $11 Billion in Tariffs on E.U.

By Ana Swanson | April 9, 2019 The United States and the European Union are preparing to impose tit-for-tat tariffs on each other’s products, the latest escalation in a 14-year fight over government aid given to Boeing and European rival Airbus. “The World Trade Organization finds that the European Union subsidies to Airbus has adversely impacted the United States, which will now put Tariffs on $11 Billion of E.U. products!” President Trump said in a tweet on Tuesday morning. “The E.U....

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09 Apr
Chapter News, News

Joint statement on ensuring Europe´s digital future

European Commission, Brussels, 9 April 2019 At Digital Day 2019, participating Ministers and representatives of the EU confirmed their full commitment to work more closely in key areas where digital technologies will make a significant impact in the coming years. European Commission Vice-President Andrus Ansip, Commissioners Tibor Navracsics, Phil Hogan and Mariya Gabriel welcomed the commitments from European countries to step up cooperation on the digitalisation of cultural heritage, digitalisation of agriculture and rural areas, and promoting greater participation of women...

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09 Apr
Chapter News, News, Uncategorized

Vice-President Valdis Dombrovskis: Concluding remarks at the Conference on the Future of Work

Brussels, 9 April 2019 Ladies and gentlemen, I'd like to warmly thank today's participants for the insightful discussion about the future of work. One clear message from the Conference is that ‘the future of work is already today'. This means that when we talk of the ‘future of work', if we want to be correct in our English grammar, we should really be speaking about the ‘present continuous of work'. It's not a question of saying ‘labour markets will change'. Rather, it's already clear...

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09 Apr
Brexit News, Chapter News, News, Uncategorized

Invitation letter by President Donald Tusk to the members of the European Council (Art. 50) ahead of their special meeting on 10 April 2019

Last week I received a letter from Prime Minister May requesting a further extension of the Article 50 period, until 30 June 2019. In her letter the Prime Minister states that the UK government's policy remains to leave the EU in an orderly way, and that it is therefore now seeking a consensus across the House of Commons on the right way forward. She also adds that, if the UK were an EU member on 23 May 2019, it...

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09 Apr
Member News

Overview of German Banking Regulation

By Jens H. Kunz & Klaudyna Lichnowska |Noerr The EU and German financial sector has undergone significant changes in recent years and the regulatory environment continues to evolve. Dr. Jens H. Kunz and Klaudyna Lichnowska from our practice group Financial Services Regulation have taken the opportunity to contribute an article to GLI’s “Banking Regulation 2019” including an overview of the regulatory architecture in Germany and addressing the key regulatory topics as well as the most recent developments in the field of...

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