14 Jan
Chapter News

ECB digital euro consultation ends with record level of public feedback

Over 8,000 responses received in online survey Privacy, security and pan-European reach ranked highest in European citizens’ preferences Detailed analysis to be published in spring, ahead of decision on project launch The European Central Bank (ECB) concluded its public consultation on the digital euro yesterday and will now analyse in detail the large number of responses. 8,221 citizens, firms and industry associations submitted responses to an online questionnaire, a record for ECB public consultations. The public consultation was launched on...

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14 Jan
Brexit News, Member News

Arendt | Overview of the VAT impacts of Brexit

With the end of the transition period as of 1 January 2021, the UK officially became a third country with respect to the EU, meaning that the EU VAT Directive has ceased to apply to it. It is therefore important to review the VAT treatment of cross-border transactions with the UK. Below you will find a brief summary of the main changes in this regard. 1) Supply of goods Note that Northern Ireland is still considered part of the EU for supplies...

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14 Jan
Member News, Trade & TTIP Related

Jaguar Freight | ‘The Weekly Roar’: Global Freight Updates 01/11/21

With short-term freight snags, limitations against EU regulators, U.K. lockdowns, an avg. of 30 vessels at anchor waiting at the Ports of LA/ Long Beach all last week, increasing supply chain debt, decreasing blanked sailings, and a tight air cargo market 2021 is already off to a rocky start for supply chain all over the globe. It’s been over a week since public officials finalized the Brexit trade deal otherwise known as the European Union-United Kingdom Trade and Cooperation Agreement. Because of...

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14 Jan
Member News

WSGR | U.S. Supreme Court May End Key FTC Consumer Protection Enforcement Practice

Justices Considered Whether Certain Court-Imposed Monetary Remedies Are Legal On Wednesday, January 13, 2021, the U.S. Supreme Court heard arguments in the much-anticipated case of AMG v. FTC, which challenges the Federal Trade Commission's (FTC's) authority to obtain monetary relief in court under Section 13(b) of the FTC Act. The Court's decision is likely to have a significant impact on the relief the FTC is able to obtain in federal court proceedings. Petitioners AMG seek to overturn the Ninth Circuit's award of monetary relief...

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14 Jan
Chapter News

IMF | Legally Speaking, is Digital Money Really Money?

Countries are moving fast toward creating digital currencies. Or, so we hear from various surveys showing an increasing number of central banks making substantial progress towards having an official digital currency. But, in fact, close to 80 percent of the world’s central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is not clear. To help countries make this assessment, we reviewed the central bank laws of 174 IMF members in a new IMF staff paper, and...

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14 Jan
Brexit News, Member News

Osborne Clarke | Regulatory Outlook: January 2021

Osborne Clarke just published the latest edition of their Regulatory Outlook. In this edition, they focus on the EU-UK Trade and Cooperation Agreement. The new relationship between the EU and the UK changes the regulatory and compliance landscape for businesses trading across those markets. Some of these changes have an immediate impact and may require businesses to take action now. More broadly, for many, the cumulative impact of having to comply with diverging regulatory regimes will be additional friction, inconvenience...

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13 Jan
Member News

NautaDutilh | Accidental Americans demand that Luxembourg and Belgium halt illegal transfers of personal data to the U.S.

The Association of Accidental Americans (AAA) filed, on 22 December 2020, two simultaneous complaints in Luxembourg and Belgium, demanding an immediate halt to the transfer of European citizens’ personal data to the United States. Under the U.S. Foreign Account Tax Compliant Act (FATCA) of 2010, financial institutions all over the world are required to send the U.S. administration the tax data of all customers considered to be « U.S. Persons ». These include « Accidental Americans, » or people with...

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13 Jan
Brexit News, Chapter News

EU-UK future relations: MEPs to debate the agreement reached on 24 December

Members on the Foreign Affairs and International Trade Committees will debate the new EU-UK Trade and Cooperation Agreement on Thursday at 10.00 CET. The joint meeting of the lead committees will intensify the democratic parliamentary scrutiny process for the new EU-UK Trade and Cooperation Agreement reached by EU and British negotiators on 24 December. The two committees will in due course vote on the consent proposal prepared by the two standing rapporteurs Christophe Hansen (EPP, Luxembourg) and Kati Piri (S&D, The Netherlands), to allow for...

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13 Jan
Chapter News

TechDispatch | EU Personal Information Management Systems

Personal Information Management Systems (PIMS) are new products and services that help individuals to have more control over their personal data. PIMS enable individuals themselves to manage and control their online identity. 1. What are Personal Information Management Systems? The PIMS concept offers a new approach in which individuals are the “holders” of their own personal information. PIMS allow individuals to manage their personal data in secure, local or online storage systems and share them when and with whom they choose....

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13 Jan
COVID-19 News, Member News, New York Related News

Grassi & Co. | Moves out of NYC Muddy the SALT Waters for NYS Residents

While a halt in state income tax payments can trigger a residency audit in many states, New York City is one of the few municipalities to aggressively pursue them. With office buildings across the city dark for most of 2020 and employees flocking to other states or second homes, many taxpayers are left wondering where their 2020 resident state and local tax (SALT) obligations lie. This issue is often the blurriest for New York State residents, who still reside in...

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