by Giovanni Majnoni, Gabriele Bernardini, Andreas Dal Santo and Maurizio Trapanese | Andreas Dal Santo is Managing Director of Solidus Capital Group, a member of the EACCNY | This paper shows that the present European framework for bank crisis management in the Banking Union (BU) follows multiple criteria that, when applied in combination, can generate unintended consequences that undermine the effectiveness of the system, highlighting a case of fallacy of composition. The paper suggests that a piecemeal reform would not be...

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The ACM’s list of 2021 focus areas is out. Whereas the digital economy and the energy transition are repeats from last year, the effects of the COVID-19 crisis is a new, although somewhat unsurprising, designated focal point. In 2021, the ACM will launch a preliminary study into the effects of the COVID-19 pandemic on retail markets and set up best practices for closer collaborations in the healthcare sector. It will finalise its investigation into Apple’s app stores rules, and continue its investigation...

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Environmental, Social and Governance (ESG) factors are playing an increasingly important role in the evaluation of investments, suppliers and corporate performance across the globe, with a particular emphasis on the "E". This is a trend we expect to grow rapidly in the coming year. In the US, the new administration has already committed to sustainability, requiring action on emissions reductions and deep structural change from America's industrial and energy base. In Europe, the ESG ecosystem has been developing for a...

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Over 2,500 COVID-19–related employment lawsuits were filed in the United States in 2020. Ogletree Deakins’ Interactive COVID-19 Litigation Tracker highlights the industries impacted, locations, and types of claims in these matters. The healthcare industry is outpacing other industries by almost double for the most COVID-19–related employment litigation thus far. The hospitality, manufacturing, and retail industries have also been heavily impacted. These trends are not surprising, given that it is often difficult for employees in these frontline industries to socially distance themselves from...

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Key insights New legislation brought changes to the employee retention credit, including updates to the quarterly comparison dates you can use to qualify. Certain S corporation owners may claim the credit for their own wages, but there are restrictions. Review the interplay of ERC, PPP loans, Families First, WOTC and other wage-related credits to help protect yourself from issues related to double-dipping. The Consolidated Appropriations Act, 2021 (CAA 2021) broadened the applicability of the employee retention credit (ERC), bringing eligible employers greater...

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In 2020, the EIB Group supported 27 operations in Portugal for a total volume of more than €2.3 billion, an increase of 44% compared to 2019. Portugal was the 4th EU country benefiting the most from EU bank’s support as a percentage of GDP and it ranks 9th in absolute terms. 56% of total EIB Group lending activity in the country was for COVID-19-related projects. Portugal was the 4thlargest beneficiary of the EIB Group’s financial support for small and medium-sized...

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On February 8, in light of recent market volatility in the options and equities markets, the Division of Corporation Finance (Division) of the U.S. Securities and Exchange Commission (Commission) published guidance for issuers seeking to raise capital during times of extreme price volatility. While recognizing the importance of capital formation, even during times when an issuer’s own securities are experiencing extreme price volatility, the Division cautioned that such price volatility can create risks for both the issuer and its investors. The...

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The Court of Justice of the EU ("CJEU") has established in case law that a parent company can be held liable for its subsidiary's competition law infringements. This applies if the parent company exercises decisive control over the subsidiary regarding the relevant activities. The CJEU ruled in the Akzo case that there is a rebuttable presumption that a parent company exercises decisive influence when it directly or indirectly holds all or almost all of a subsidiary's share capital. To rebut the presumption,...

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Under the new U.S. administration, major changes are expected in the field of business immigration, which is the branch of U.S. immigration law regarding investor and employment-based visas. Although some of the most significant reforms, such as the introduction of a start-up visa or the removal of cap-numbers on H1-B specialty occupations visas, will need to be approved by the U.S. Congress, foreign companies, investors, and individuals with extraordinary abilities will already enjoy a friendlier environment in light of...

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The COVID-19 pandemic is one of the biggest global challenges of the last 50 years. The unprecedented global health crisis has caused significant economic challenges for both businesses and consumers. Technology and science is at the forefront of the medical response to combat the virus. Outside of the medical sector, the social distancing measures and lockdown restrictions have also accelerated a general market trend of digital innovation and digitalisation in society that many are calling the ‘new normal’. Technology is...

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