In this News Update we discuss some noteworthy proposals in the Financial Markets Amendment Act 2024, and EIOPA's Opinion on the supervision of captives of insurers and reinsurers. We further highlight some other financial regulatory publications issued since our last News Update. FINANCIAL MARKETS AMENDMENT ACT 2024 In early September 2023 the Minister of Finance filed the draft bill to amend various financial markets acts (the Bill) (Wijzigingswet financiële markten 2024) (in Dutch only). Although the majority of the proposed amendments are of a technical...

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Trade is still incredibly reliant on paper and that has remained unchanged for centuries. It’s estimated that there are an average of 28.5 billion trade documents1 printed and flown around the world every day. That’s a staggering number. As those involved in trade may have experienced, in many cases goods arrive at their destination before the documentation has. For example, while transit periods between Singapore and Bangladesh might take 5 days, the legal documentation that acts as proof of ownership of...

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Nomination Deadline: November 16, 2023IIE's Emergency Student Fund provides grants to international undergraduate and graduate students in the U.S. when natural disasters, war, or other crises threaten their education. We are issuing a call for IIENetwork member institutions (including institutions that join IIENetwork by the ESF deadline) to nominate up to five international students from Israel, Gaza, and the West Bank financially impacted by the ongoing conflict.This effort will provide one-time grants of between $2,000 and $3,000 to selected students...

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On October 30, 2023, President Biden announced a sweeping new Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence (EO). The EO signals an “all-hands-on-deck” approach, with roles for agencies across the federal government, proposed requirements and/or guidance that will apply both to companies that offer artificial intelligence (AI)-related services and those that consume such services, and still-unfolding implications for the legal operation of such businesses. Highlights of the EO for providers and consumers of AI products and services...

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This newsflash summarises three of the most important OECD and EU tax developments released in October 2023. 1. OECD multilateral convention implementing Pillar 2 subject to tax rule open for signature On 3 October 2023, the OECD/G20 Inclusive Framework on BEPS announced it had concluded negotiations on a multilateral convention (“MLC”) implementing the Pillar 2 subject to tax rule (“STTR”). The STTR is part of the 2-Pillar solution to address tax challenges from the digitalisation of the economy and complements the...

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Reflective of the Government’s increasing focus on cybersecurity, on October 3, 2023, the Federal Acquisition Regulation Council (FAR Council) released two new proposed rules that will have major impacts on federal contractors. These rules implement the May 2021 Executive Order on Improving the Nation’s Cybersecurity.1 One rule applies to any federal contractor that uses information and communications technology (ICT) systems in the performance of a federal contract, sets forth cybersecurity incident reporting requirements, and imposes a software bill of...

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In this week’s Roar: net zero emissions by 2050, the container market, diesel prices trending up, West Coast ports doing better, and a supply chain warning system. The shipping industry has a goal to reach net zero emissions by 2050, but there are questions as to whether this is achievable. A lot of things need to change or be improved, including new technologies in ship design, like smaller engines and improved hull shape — or perhaps lower-cost solutions like wind power, waste heat...

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Today, sustainable procurement is more important than ever due to increasing climate, environmental and social concerns. What was once a voluntary tool which was considered to have marginal additionality, has now become the key driver for tackling climate change and achieving just transition goals. In 2023, the Multilateral Development Banks (MDBs) Heads of Procurement, including the EIB, created a Working Group on Sustainable Public Procurement. This group aims to prompt and accelerate environmental, social, economic, and borrower institutional sustainability outcomes in the projects...

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