Previously published in the South China Morning Post | The growing housing crisis threatens to spread like previous financial contagions and damage economies across the globe Policymakers need to let poor performers suffer the consequences of bad bets while looking after solvent banks and enacting land and property reforms History has shown that financial crises are often the story of either a housing bust or stock market collapse – or both. Think of the crash of 1929 that started as...

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Key insights Significant provisions in the Inflation Reduction Act take aim at lowering the cost of health insurance and prescription drugs and offer billions in clean energy tax incentives. The most significant tax increases are primarily aimed at the largest corporations and publicly traded companies. The bill includes the appropriation of additional funding for the IRS to enhance enforcement activities, operations support, and business system modernization. The vast majority of proposed tax increases on individuals were not included in...

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A TPRM platform is critical for today’s businesses. Still, hurdles during implementation can turn into major stumbling blocks. Here’s what to know. Managing your third-party relationships has never been more important than it is now. With more organizations expanding their vendor databases to address the unsettled global supply chain, the risk of exposure to financial and legal compliance issues and violations is rising. A third-party risk management (“TPRM”) platform can mitigate that risk — and even prevent issues before they occur....

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It is highly likely, and hardly a surprise, that in the near future the U.S. Securities and Exchange Commission ("SEC") will increase the number of enforcement actions it brings against crypto industry participants. It is widely known in the crypto industry that the SEC's Division of Enforcement has been investigating a number of high-profile crypto industry participants for some time,2 and at least some of those investigations likely will lead to enforcement actions relatively soon. The recent insider-trading case3...

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The EACC, in partnership with the International Property Tax Institute (IPTI), wants to keep its members up to date with the latest developments in property taxes in the USA and Europe. IPTI has put together below a selection of articles from IPTI Xtracts; more articles can be found on its website (www.ipti.org). United States California: L.A. County property valued at $1.89 trillion for 2022 Los Angeles County Assessor Jeff Prang certified the 2022 Assessment Roll, reflecting economic growth for the 12th consecutive...

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As a follow-up to Commission Delegated Directive (EU) 2021/1269 of 21 April 2021 regarding the integration of sustainability factors into product governance obligations (“CR 2021/1269”), discussed in our newsflash of 8 July 2022, the Grand Ducal Regulation of 27 July 2022 (the “GD Regulation”) was published on 4 August 2022 in the Official Journal of the Grand Duchy of Luxembourg. Background and aim of the GD regulation As a reminder, CR 2021/1269 requires Member States: to adopt and publish, by 21...

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If you owe enough in delinquent American federal taxes, the U.S. government can take your passport. The Internal Revenue Service certifies “seriously delinquent” tax debt to the U.S. State Department. This is an individual's unpaid, legally enforceable federal tax debt, including interest and penalties, that totals more than $55,000 (that amount is adjusted yearly for inflation). The State Department generally will not issue a passport to you after receiving certification from the IRS, denying your passport application or revoking your current passport....

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Editor's Note: In the U.S. laws and regulation space, federal lawmakers continued to push the American Data Privacy and Protection Act forward, and the FTC pledged to enforce the law against the illegal use of highly sensitive data, including health data. Meanwhile, the California Privacy Protection Agency commenced official rulemaking. In U.S. litigation, courts continued to see BIPA litigation, including a claim against an educational institution and a claim against Clearview AI. In international regulation and enforcement, the European...

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By the Act of 19 June 2022, Belgium transposed the Directive (EU) 2019/790 into Belgian law, hereby ushering in a number of changes. It entered into force on 1 August 2022. Member States initially had until 7 June 2021 for the transposition. The aim of the Directive is to ensure the EU to keep a leading position in the global digital economy by promoting innovation, creativity, investment and production of new content. Here are some of the key innovations of...

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Yesterday, the Senate passed the Inflation Reduction Act of 2022 (IRA) (H.R. 5376) on a party-line vote with Vice President Kamala Harris breaking the 50-50 tie on President Biden and Congressional Democrats signature domestic policy legislation focused on energy, climate, health care, and tax provisions. The House of Representatives is expected to take up and pass the IRA without changes on Friday where it will then head to President Biden for his signature. The IRA was unveiled on July 27...

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