15 May
Chapter News, News

ECB | How Cross-Border Flows via Non-bank Financial Institutions Constrain Financing for Euro Area Firms

Blog | Non-bank financial institutions (NBFIs) are on the rise. This blog shows how shifts in their borrowing and investment portfolios constrain financing for euro area firms and affect the transmission of monetary policy. Two trends have diverted financing away from euro area firms in recent years. First, euro area NBFIs have shifted their portfolios towards foreign assets – particularly US equities. Second, banks have channelled more lending to NBFIs outside the euro area. Together, these cross-border flows via NBFIs...

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14 May
Member News, News

Anchin | Goals, Glory, and Taxes: Foreign Athletes Face U.S. Tax Implications for World Cup 2026

The 2026 FIFA World Cup, taking place this summer across the United States, Canada, and Mexico, will capture global attention with its exciting matches, heated rivalries, and memorable moments. However, the tournament also brings challenges off the field that players have to navigate. While athletes focus on the games at hand, they also work with their advisors to address a complex web of international tax obligations—particularly nonresident players who have the potential to earn income from participation bonuses and other...

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13 May
Member News, News

Arendt | ESMA Publishes Results of Common Supervisory Action on MiFID II Sustainability Aspects

On 6 May 2026, the European Securities and Markets Authority (ESMA) published a Public Statement presenting the results of its Common Supervisory Action (CSA) on the integration of sustainability into firms' suitability assessments and product governance processes and procedures under MiFID II. Background In October 2023, ESMA launched the CSA with national competent authorities (NCAs) to assess the progress made by investment firms and credit institutions in applying the key sustainability requirements introduced under the MiFID II Delegated Acts (CDR (EU) 2021/1253 and...

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12 May
Member News, News, Trade & TTIP Related

Troutman Pepper Locke | Phase One IEEPA Tariff Refunds Are Hitting Bank Accounts: What Importers Should Do Now and Implications for the Secondary Market in Refund Rights

Following the U.S. Supreme Court’s invalidation of the Trump administration’s tariff program under the International Emergency Economic Powers Act (IEEPA), U.S. Customs and Border Protection (CBP) has moved quickly to operationalize what may become one of the largest tariff refund processes in recent history. On April 20, 2026, CBP launched new functionality in the Automated Commercial Environment (ACE) Portal, through the Consolidated Administration and Processing of Entries (CAPE) framework, to support the submission and administration of valid IEEPA tariff refund claims. In CSMS #68536553, CBP also...

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12 May
Member News, News, Trade & Tariffs

CLA | IC‑DISCs: Explore the Benefits for Privately Held Manufacturers Who Export

For privately held manufacturers who export, IC‑DISCs are one of the rare tax strategies that are long‑standing and stable. Privately held manufacturers often compete globally while managing a far different set of pressures than large public or private‑equity–backed companies. One way to create a business advantage is tax strategies increasing cash flow and reducing owner-level taxes. One such tax strategy relevant to export‑oriented manufacturers is the Interest Charge - Domestic International Sales Corporation (IC‑DISC), which can generate current-year, permanent tax savings...

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12 May
Member News, News

Trepp | Data Center Sector’s Growth Comes with Challenges

The data-center sector's rapid growth is colliding with mounting challenges around power, community opposition, concentration, and underwriting risk. Those were among the key takeaways at last week's Trepp Connect conference hosted by Trepp Inc. in Midtown Manhattan's Rockefeller Center. It's hard to believe that a sector with a 1% vacancy rate and a global inventory that is expected to nearly double in the next five years could be facing so many uncertainties, but they seem to continue to mount. Those uncertainties...

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11 May
Chapter News, News

European Council | AI: Council and Parliament Agree to Simplify and Streamline Rules

The Council presidency and European Parliament negotiators reached a provisional agreement on a proposal to streamline certain rules regarding artificial intelligence (AI). The proposal forms part of the so-called 'Omnibus VII' legislative package in the EU’s simplification agenda. The package includes proposals for two regulations aiming to simplify the EU’s digital legislative framework and the implementation of harmonised rules on AI. "Today’s agreement on the AI act significantly supports our companies by reducing recurring administrative costs. It ensures legal certainty and a smoother and more...

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11 May
Member News, News, Trade & TTIP Related

Jaguar Freight | Capacity Crunch

In this week’s Roar: Tariffs back in the news, the April Logistics Manager’s Index, China’s declining air export volumes, tariff refunds on the way, and the cost of AI. A federal trade court (CIT) has ruled that President Trump’s 10% global tariffs were unlawful because they exceeded the authority granted under Section 122 of the Trade Act of 1974. This follows the earlier decision against Trump’s tariffs imposed under emergency powers laws. While the administration is expected to appeal, the ruling currently blocks...

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11 May
Member News, News, Trade & TTIP Related

FBT Gibbons | U.S. Court of International Trade Rules Section 122 Tariffs Unlawful: What Importers Need to Know

On May 7, 2026, a divided three-judge panel of the U.S. Court of International Trade (CIT) held that the Trump administration’s temporary 10% global tariffs imposed under Section 122 of the Trade Act of 1974 are “invalid” and “unauthorized by law,” as applied to the plaintiffs before the court (the State of Washington and two private companies). The panel enjoined collection of the Section 122 duties from the plaintiffs but did not extend relief nationwide, meaning other importers may...

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08 May
Chapter News, News

OECD | Biotech Start-Ups in Europe: Why Does the EU Lag Behind Competitors and What Can Policymakers do About it?

With the EU Biotech Act marking a major push to strengthen Europe’s biotechnology sector, new OECD research offers a timely check on where the bloc stands. The evidence shows that Europe still lags competitors in biotech start-up creation, patenting and venture capital funding. This blog unpacks the gap and explores how agile regulation and smarter financing tools can help EU policymakers build a more competitive biotechnology start-up ecosystem. Biotechnology has the potential to drive economic growth and high-value job creation,...

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