The Luxembourg supervisory authority for the financial sector, the CSSF, issued on 29 September 2020 a new circular regarding the ESMA Guidelines on liquidity stress testing in UCITS and AIFs, that entered into force on 30 September 2020. With this Circular, the CSSF confirms that, as national competent authority, it applies the ESMA Guidelines and has integrated them into its administrative and regulatory approach. Liquidity Stress Testing: the CSSF applies the ESMA Guidelines The Luxembourg supervisory authority for the financial sector...

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Article written by Lisa Patti, Founder & CEO of AccentC3 | Recently I had the opportunity to be a part of a diverse panel of professionals to discuss The Unconscious Bias of Voice and Accent with the EACCNY. The topic was one that has interested me for quite a long time since I work with a global clientele. Is there an unconscious bias when it comes to accents and voice? Which leads to our next question, “is there a voice...

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The government and Google Portugal signed a memorandum of understanding aimed at fostering economic recovery and accelerating the country's digital transition. Portugal’s government and Google Portugal on Tuesday signed a memorandum of understanding aimed at fostering economic recovery and accelerating the country’s digital transition, with digital skills and employability the main areas envisaged in the document. “Google Portugal today reinforced its commitment to the Government and the Portuguese to support the digital transition and offer the tools and training that will...

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Key Notes: New DoDGARs final rules are effective October 19, 2020. In general, the final rules seek to update, standardize, and clarify the DoDGARs for the benefit of both DoD administrators and award recipients. The final rules are intended to implement government-wide guidance on administrative requirements, cost principles, and audit requirements. Background Over the past few years, the federal government, through the U.S. Office of Management and Budget (“OMB”), has significantly rewritten its guidance concerning grants and cooperative agreements (referred to as...

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There has never been any doubt that the task of shifting the loans market away from LIBOR onto alternative “risk-free” benchmark rates (“RFRs”) is a monumental one.  However, over the past month we have seen a number of the pieces of the transition jigsaw start to fall into place and momentum is building apace.  In particular, the Working Group on Sterling Risk-Free Reference Rates (the “Sterling Working Group”) has published a number of key statements and recommendations, and the...

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On the eve of the U.S. government’s new fiscal year, immigration developments continue to cascade. The U.S. Department of State published its October Visa Bulletin, which showed notable advancements for most employment-based visa categories. U.S. Citizenship and Immigration Services confirmed it will use the “Dates for Filing” chart, which will allow certain applicants to apply for their green cards earlier in the process. For FY 2021, the State Department anticipates record-breaking employment-based visa numbers. At the same time, the U.S....

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On 29 September, European Investment Bank (EIB) Vice-President Ambroise Fayolle took part in the launch of the European Raw Materials Alliance. The creation of this industry-driven alliance is part of the European Commission’s Action Plan on Critical Raw Materials to reduce Europe’s dependency for non-energy raw materials used in industrial value chains through exploration, resource efficiency and improved recycling, and was presented on 3 September 2020. The European Raw Materials Alliance, open to relevant stakeholders, will identify barriers, opportunities and investment cases and aims...

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On September 7, 2020, the European Data Protection Board (EDPB) published draft guidelines (Guidelines) intended to clarify the roles of the parties processing personal data and when they are operating as controllers, joint controllers, or processors under the EU General Data Protection Regulation (GDPR). The concepts of controller, joint controller, and processor are critical under EU data protection law, as they define the roles and responsibilities of the parties. The Guidelines confirm the EU courts' broad interpretation of joint controllers...

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