As part of its review of the future of the China 301 tariffs, the Office of the U.S. Trade Representative (“USTR”) is soliciting public comments as to the effectiveness of these tariffs (or other actions that could be taken) and the corresponding effects on the U.S. economy.  In a prior action, the USTR sought input from the domestic industry as to whether the 301 action should remain in effect. In connection with this stage of its review, the USTR will...

Read more

The EU's Digital Markets Act (DMA) enters into force on 1 November 2022. It promises to be one of the most significant developments in the history of EU regulation, ushering in a new era for technology companies operating in the EU. In this communication we set out the background to the DMA, the companies whose services will be affected, the obligations that they will have, the consequences of non-compliance and the next steps in the DMA's application. What are the...

Read more

The Internal Revenue Service has received another thumbs-up from a federal court in the agency’s new passion to root out cryptocurrency tax fraud. The U.S. District Court in the Central District of California authorized the IRS to serve a John Doe summons on Los Angeles-based OX Labs Inc., d/b/a SFOX and its subsidiaries. SFOX is a cryptocurrency prime dealer for professional traders and institutional investors and has more than 175,000 registered users. The IRS wants information about U.S. taxpayers who conducted...

Read more

On October 27, 2022, the Digital Services Act (DSA) was published in the Official Journal of the European Union, sweeping in a new era in the regulation of digital services. (See Wilson Sonsini’s DSA Fact Sheet.) The DSA applies to providers of digital services, including those based outside the EU that provide services to users in the region. At more than 100 pages, the legislation imposes a raft of obligations on these companies, with some of the most burdensome relating...

Read more

In this week’s Roar: lower rates putting the pinch on carriers, blank sailings on the rise, on-again off-again labor trouble on US rails and at the Port of Liverpool, and growing concerns over maritime cyber security. It’s no secret that rates for containers from Asia are tanking as many services on the transpacific continue to be canceled. But the question on a lot of minds is how low will they go before setting a new normal? Carriers who were...

Read more

Independent auditors have been placed on notice to tighten internal fraud investigations following an October 11 statement by the U.S. Securities and Exchange Commission’s (SEC) chief accountant, which can be found here. This statement follows several 2022 enforcement actions taken against auditors accused of ignoring red flags during audits, likely due to pressure from clients. Paul Munter, who heads the SEC’s Office of the Chief Accountant, referenced several “deeply concerning” reports that suggest auditors are not acting skeptical enough...

Read more

On Wednesday, the European Commission unveiled a long-awaited legislative proposal to make instant payments in euro available to all citizens and businesses with a bank account in the EU and EEA countries. The move will allow people transfer money 24/7, 365 days of the year, within just 10 seconds. Announcing the new measure, Commissioner for Financial Services, Mairead McGuinness, said that the bill would have a “seismic” impact, arguing that it was “comparable to the move from mail to email”. According to the...

Read more

On 28 September 2022, the European Central Bank (“ECB”) launched a public consultation on its draft Guide on qualifying holding procedures (the “Draft Guide”). Although the ECB has exclusive competence to assess acquisitions and increases of qualifying holdings in all credit institutions established in Member States that participate in the Single Supervisory Mechanism, the national competent authorities (“NCAs”) serve as entry points for receiving the relevant notifications and making related proposals. The Draft Guide is intended as a user-friendly handbook. It...

Read more

The Employment Permits Bill 2022 was published on 4 October 2022. The Department of Enterprise, Trade and Employment has stated that the purpose of the legislation is to make the system more responsive to Ireland’s evolving labour market. We review the key aspects of the new legislation. Despite COVID-19 and travel restrictions, there has been a steady rise in demand for employment permits in Ireland, with organisations increasingly struggling to hire suitably skilled people within the EU. Consolidation This legislation will consolidate...

Read more