Political agreement with the European Parliament on the proposed directive on the disclosure of income tax information by certain undertakings and branches. On 1 June 2021, the Council of the European Union (the “Council”) reached a political agreement with the European Parliament on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the public country-by-country reporting (“CbCR”) directive. According to the press releases of the Council and of the EU Parliament, the agreed...

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Do you want a simple way to keep current on important privacy changes? Avoid sleepless nights wondering whether you missed a privacy speed bump or pothole between annual updates? Worry no longer. Troutman Pepper is pleased to offer More Privacy, Please — a monthly newsletter recapping significant industry and legal developments, as well as trends in the areas of cybersecurity, information governance, and privacy. U.S. LAWS AND REGULATION U.S. Treasury Proposes Cryptocurrency Reporting Requirements. On May 20, the U.S. Department of the...

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Poverty reduction and climate action now go hand-in-hand, because low-income countries are among the most vulnerable to global warming and the least able to adapt. An EIB tool for assessing the climate change risks developing countries face helps show where assistance is most needed As the EU climate bank and a major provider of development finance around the world, understanding climate risk is a core part of the EIB’s business. We track the carbon footprint of our projects and target...

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This article is part of Portolano Cavallo’s “INFORM@Digital&IP” Newsletter. Click here to subscribe. | The European Union (“EU”) has taken on the ambitious and innovative—as well as delicate—challenge of regulating the use of artificial intelligence (“AI”). The European Commission published recently—on April 21, to be exact—its proposed regulation on a European approach to artificial intelligence (the “AI Regulation” or “Draft”). This is actually the first worldwide attempt to regulate AI at a systematic level and this point has been reached only after...

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In this News Update, we discuss the EBA's consultation on a central AML/CFT database and its report on the results of the first EU-wide pilot exercise on climate risk. We also look at the EIOPA's discussion paper on blockchain and smart contracts in insurance, and developments on the Securitisation Regulation. Finally, we highlight some other financial regulatory publications. EBA – CONSULTATION ON PROPOSALS FOR A CENTRAL AML/CFT DATABASE The European Banking Authority ("EBA") launched a public consultation on the draft Regulatory...

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This week’s newsletter provides an overview of notable changes in Canadian and American immigration over the month of May, including all measures directly related to the COVID-19 pandemic. Here is the latest news as of June 1, 2021. CANADA Canada-U.S. border closure extended until at least June 21st, 2021 Canada’s international and U.S. border restrictions have been extended for another month for all non-essential travel, until at least June 21st, 2021. Essential travel remains exempt, including travel for trade shipments, essential workers,...

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The $6 trillion FY 2022 Budget Request released by President Joe Biden on May 28, 2021, calls for tax changes that impact individuals and corporations. Many of the changes were proposed earlier this year in various plans, including the Made in America Tax Plan, the American Families Plan and the American Jobs Plan. It is important to note that a president’s budget request is exactly that – a request that Congress will evaluate as implementing legislation is considered. The president’s proposals will...

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Who Needs to Know Employers. Why It Matters On March 25 and April 15, Troutman Pepper reported on the 100% federally funded COBRA premium subsidy included in the American Rescue Plan Act (ARPA), noting the need for additional guidance on a number of issues. On May 18, the Internal Revenue Service (IRS) issued Notice 2021-31, in the form of 86 FAQs, providing much needed guidance on the implementation and administration of the COBRA premium subsidy and refundable premium assistance tax credit. On March...

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The US dollar, which confounded most observers by appreciating in the first quarter, has fallen broadly in April and May.  The drivers, ironically, are the same:  US rates and relative economic strength.  Treasury yields rose sharply in Q1, and this helped the greenback recover from the accelerated slide in November and December 2020. However, they fell in April and did not get much traction in May.  Spikes higher in yields, such as in response to the surprising acceleration of...

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On 5 May 2021, the European Commission ("the Commission") published its proposed Regulation ("the Proposal") to address potential distortive effects of foreign subsidies in the Single Market. The Proposal, which has adopted the white paper published in June 2020, enables the Commission to investigate whether non-EU countries provide subsidies to companies active in the EU and intervene if the subsidy distorts the internal market. Specifically, the Commission will be able to conduct investigations on its own initiative and relevant mergers and...

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