In a blow to transatlantic trade this week, the United States announced it will maintain a 15% tariff on aircraft and 25% tariff on other European goods, despite efforts by the European Union to resolve a long-running dispute over state aid subsidies. The US will not, however, impose a threatened increase in tariffs on new European products, ahead of expected EU retaliatory tariffs on American goods this Autumn. Following a landmark ruling by the World Trade Organisation (WTO) in October 2019, certain...

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MSLP Facilities for For-Profit Businesses Since mid-July, the Boston Fed has updated the business MSLP FAQs twice (releases on July 15 and July 31) with additional details and clarifications. Significant changes and additions to the existing FAQs for MSLP facilities to for-profit Eligible Borrowers include: A new FAQ was added confirming that when a Borrower is acquired or merged into another business, the acquiring or resulting entity must also comply with the certifications and covenants applicable to such Borrower’s Main...

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In a substantial August 5, 2020, release, the U.S. Securities and Exchange Commission proposed changes to the existing disclosure framework for mutual funds and ETFs, that, if adopted, would represent a comprehensive refinement to the current framework. The proposal follows the SEC’s 2018 release seeking industry comments on the current disclosure framework, which received comment from notable industry participants and retail investors who were invited to submit a short “feedback flier” questionnaire. Improvement of the Main Street or retail...

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Despite the stereotypes, having a career and being an engaged member of your family are absolutely possible. As with all important things in life, you have to learn how to balance and prioritize your responsibilities. Remote working, or working from home, is a great way to start bringing your career closer to your family and make it easier for you to stay near your kids. Of course, setting up your office at home presents a whole new set of...

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On August 3, 2020, President Donald Trump signed an executive order and released a related fact sheet in furtherance of the White House’s continued efforts to ensure that federal agencies focus on using United States labor in their federal contracts. This new executive order, which is arguably in furtherance of the previous Buy American Hire American executive orders, requires federal agencies to review their contracts and subcontracts from fiscal years 2018 and 2019 to assess whether their contractors used temporary foreign labor to perform the...

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With the resurgence of COVID-19 infections across the United States, employers are facing growing pressure to ascertain whether their employees have contracted the virus. Temperature checks and symptoms screening, while helpful, will not identify employees who are asymptomatic and potentially contagious. This gap is critical because studies show that up to 45% of people infected with the virus do not show any symptoms.1 As a result, COVID-19 testing can be essential to remaining operational or reopening after a workplace outbreak. The Equal Employment...

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What has long been one of the last “sovereign” bastions of Council decision making, EU tax policy may soon be subject to the EU’s “ordinary legislative procedure” – something long called for by Parliamentarians. When the Commission adopted its Action Plan on fighting tax evasion and making tax simple and easy, the proposals were mainly overshadowed by the European Court of Justice’s landmark Apple ruling. In just a few words of a side paragraph, however, the Commission proposed one of the...

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The European Union approved under EU rules for state aid Portugal's plans to create a new national development bank to promote the growth of the Portuguese economy. The European Commission on Tuesday said that it had approved the creation of the new Banco Português de Fomento (BPF), which was decided by Portugal’s government in June. According to a statement from the European Union executive, it approved under EU rules for state aid Portugal’s plans to create a new national development bank...

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On July 24, 2020, the Federal Deposit Insurance Corporation (FDIC) released a final rule to revise and codify into the agency’s regulations the FDIC’s Statement of Policy (SOP) on Section 19 of the Federal Deposit Insurance Act. Section 19 generally prohibits any person from participating in banking who has been convicted of a crime “involving dishonesty, breach of trust, or money laundering, or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for any such...

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