The Digital Operational Resilience Act (“DORA”) is part of the Digital finance package adopted in 2020 by the EU Commission to further enable and support the potential of digital finance in terms of innovation and competition, while mitigating the risks arising from it. DORA enters into force on 16 January 2023. The designated European Supervisory Authorities are currently developing technical standards with which financial entities must comply, whilst national competent authorities will oversee compliance and enforce the regime as required....

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"We recovered earlier than we anticipated," stressed the chairman of the entity responsible for promoting Portugal as a tourist destination. Portugal was presented on Wednesday at the Madrid tourism fair (FITUR), one of the largest in the world, with the expectation of repeating this year the growth of the sector above what had been forecast for 2022 and to capture more tourists from Spain. Last year is already “the best ever from a revenue point of view” for Portuguese tourism, with...

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Background The Foreign Investment in Real Property Tax Act of 1980, as amended (FIRPTA), imposes tax on gain realized on disposition by nonresident alien individuals or foreign corporations (non-U.S. persons) of a U.S. real property interest (USRPI) by treating such gain as effectively connected with the conduct of a U.S. trade or business by such non-U.S. persons (effectively connected income, or ECI). The FIRPTA tax is enforced by requiring the purchaser (or other transferee) of a USRPI from a foreign...

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Editor's Note: In regulatory news, the Colorado AG published a second version of its proposed regulations. In U.S. litigation, Meta and TikTok both faced further litigation, and an Illinois court ruled that J&M Plating must provide data policies at the time of collection. Additionally, VPPA litigation continued with new suits against The Atlantic and MGM's Online Gaming website. In international news, the EU signed off on an adequacy decision for the EU-U.S. transfer of data, and the OECD signed...

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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  Lower Commercial Property Taxes: One Benefit of a Rocky Market Lower commercial property taxes are a silver lining in an otherwise rocky market. The commercial real estate market...

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The past two years created a significant shift in working conditions, and with that, a new avenue of employment arrangements. The normalization of flexible working paired with talent scarcity created an ideal environment for its rise. To help set up a global workforce, many service providers—referred to as Employers of Record (EORs)—are offering to hire talent across borders for companies. They take care of labor and employment laws, social security, and tax in each desired country. Choosing from different EOR...

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Dear Littler: Considering the recent passage of the federal Speak Out Act limiting the use of pre-dispute nondisclosure and non-disparagement clauses involving sexual assault and sexual harassment claims, what impact will this have on our template releases, separation agreements, and litigation settlement agreements? How do you recommend we revise those documents? —Revising Releases Dear Revising, This is a great question, and one that employers across the country are dealing with after President Biden signed the Speak Out Act last week. The statute...

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The Canadian M&A landscape is one of reserved optimism as 2022 comes to a close and we look ahead to a new year. Despite the uncertainty in the marketplace, Canada remains home to attractive assets and dynamic dealmakers. We expect M&A transactions in 2023 to see impressive activity in sectors such as technology and software, renewable and alternate sources of energy (particularly wind, solar, hydrogen and energy storage), battery metals in the mining sector, healthcare and agribusiness. Canada's mid-market remains...

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Sika posts sales of CHF 10.49 billion in 2022 Sales growth of 15.8% in local currencies (+13.4% in CHF) Further growth platforms secured with acquisitions of Sable Marco (Canada) and UGL (USA) Closing of MBCC acquisition targeted for first half of 2023 New plants opened in Tanzania, Ivory Coast, Bolivia, USA, and China Record EBIT and an EBIT margin of 15% anticipated for the 2022 fiscal year Confirmation of 2023 strategic targets for sustainable, profitable growth Sika performed well...

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