03 Jan
Chapter News

A slew of new financial rules could make the big European firms even bigger

Starting today (Jan. 3), Europe’s traders will have to contend with thousands of pages of new rules that will radically change transactions in everything from bonds to stocks to commodities. The sweeping overhaul won’t be obvious for millions of people who don’t work in the industry, at first. But under the surface it will affect everyone. The regulations are supposed to make European financial markets fairer, more competitive, and less likely to collapse into a crisis. But over time, the rules known...

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02 Jan
Chapter News

Commission proposes to improve transparency and predictability of working conditions

Commission proposes to improve transparency and predictability of working conditions As part of the follow-up to the European Pillar of Social Rights, the European Commission has adopted today a proposal for a new Directive for more transparent and predictable working conditions across the EU. The Commission's proposal complements and modernises existing obligations to inform each worker of his or her working conditions. In addition, the proposal creates new minimum standards to ensure that all workers, including those on atypical contracts, benefit...

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21 Dec
Chapter News

Cybersecurity: EU institutions strengthen cooperation to counter cyber-attacks

On 20 December 2017 EU institutions took an important step in strengthening their cooperation in the fight against cyber-attacks. An inter-institutional arrangement which enters into force today establishes a permanent Computer Emergency Response Team (CERT-EU) covering all the EU's institutions, bodies and agencies. It consolidates the existing task force into a permanent and effective team responsible for ensuring a coordinated EU response to cyber-attacks against its institutions. CERT-EU works very closely with the internal IT security teams of the EU...

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21 Dec
Brexit News, Member News

Vulcan Consulting: Barnier rules out bespoke financial deal for the City of London

The chief Brexit negotiator for the EU, Michel Barnier, struck a blow to the British government when he declared that the City of London will not get a special deal for its lucrative financial services sector. Monsieur Barnier made clear that since the UK government has insisted that it will leave the EU single market, then British banks and financial firms would lose their financial passporting rights.   Speaking to reporters this week, the chief negotiator claimed that as a consequence...

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20 Dec
Member News

2017 Global Anti-Money Laundering and Sanctions Compliance Survey

By Sven Stumbauer | Managing Director |  New York | +1 (212) 845-4044 |  AlixPartners AlixPartners 2017 global anti-money laundering and sanctions compliance survey explores how financial institutions are managing their compliance programs amid growing risk and heightened regulatory expectations. At a glance Although we may assume boards stay engaged, 20% of respondents do not provide training to their board or are unaware whether the board is being briefed. Thirty-two percent consider their AML and sanctions compliance budget inadequate—or severely inadequate. ...

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20 Dec
Member News

CJEU does not allow too general anti-abuse and substance provisions for holding companies

By Loyens & Loeff On 20 December 2017, the Court of Justice of the European Union (CJEU) issued its judgment in joined cases Deister Holding AG (C-504/16) and Juhler Holding A/S (C-613/16) v Bundeszentralamt für Steuern. In this ground breaking judgment, the CJEU confirmed that the German anti-abuse provision for withholding tax relief for dividends paid by a German company to certain parent companies resident in another EU member state is too general. Therefore that provision is incompatible with the EU...

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20 Dec
Chapter News

The service provided by Uber connecting individuals with non-professional drivers is covered by services in the field of transport

The electronic platform Uber provides, by means of a smartphone application, a paid service consisting of connecting non-professional drivers using their own vehicle with persons who wish to make urban journeys. In 2014, a professional taxi drivers’ association in Barcelona (Spain) brought an action before the Juzgado de lo Mercantil No 3 de Barcelona (Commercial Court No 3, Barcelona, Spain) seeking a declaration from that court that the activities of Uber Systems Spain, a company related to Uber Technologies (together ‘Uber’), amount to misleading practices...

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20 Dec
Member News

Tax Reform Bill Tightens $1M Limit on Deductibility of Public Company Executive Compensation

By David M. Kaplan | Partner| 215.981.4620 | Pepper Hamilton The Tax Cuts and Jobs Act (TCJA) will make major changes to the $1 million limit on deductible compensation contained in Section 162(m) of the Internal Revenue Code. Section 162(m) limits the tax deduction available to public companies for compensation paid to top executives to $1 million per year, per executive. However, the law contains significant exemptions, including exemptions for compensation that is performance-based or paid after termination. These exemptions...

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20 Dec
Chapter News

European Parliament, Brexit and Agriculture – debate in Yorkshire

Bracing the cold winds of November, the European Parliament Liaison Office in the UK, together with the National Farmers’ Union in Yorkshire and the North East, organised a debate in York aimed at understanding the implications of Brexit for the agricultural sector. The assembled panel represented the sectors which will potentially be affected by Brexit: from academics to farmers’ union representatives to producers and politicians. The event aimed to assess how Brexit might impact the sector and what repercussions it...

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19 Dec
Member News

Arendt & Medernach launches Arendt Business Advisory

By Jean-Marc Ueberecken and Philippe Wery | Arendt & Medernach Arendt & Medernach is pleased to announce the launch of Arendt Business Advisory, a management consulting and advisory practice which extends our service offer to include strategic, financial and economic insight.  Arendt Business Advisory provides decision-makers with tailored advice linking strategy, corporate finance and operational excellence, with proven field experience to make change happen in private and public organisations and answer executives’ main concerns.ABA advises small and medium-sized businesses, local and...

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