Member News

02 Sep
Member News

Troutman Pepper | Schrems Strikes Again: Battery of New Data Privacy Complaints Raise Compliance Questions for EU-U.S. Data Transfers

Barely one month after the Court of Justice of the European Union (CJEU) issued its Schrems II decision striking down the EU-U.S. Privacy Shield Framework (Privacy Shield), Austrian privacy activist Max Schrems has filed 101 complaints with 30 different EU regulatory bodies alleging that dozens of well-known companies in e-commerce, telecommunications, banking, higher education, and other industries are improperly continuing to transmit data to U.S. companies like Google and Facebook in violation of the Schrems II decision and EU data privacy laws. The complaints represent an...

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01 Sep
Member News

Houthoff Financial Regulatory Update | Consultation joint guidelines for assessing suitability and other publications by the EBA and the ESMA

Since Houthoff published their last News Update, European supervisory authorities, the European Banking Authority ("EBA") and the European Supervisory Market Authority ("ESMA"), have issued a few consultation papers, guidelines and other information. Due to the summer holiday period, this News Update does not contain any relevant news updates from the Dutch and other European supervisory authorities and legislatures. Below we take a closer look at the consultation to revise the EBA and the ESMA's joint guidelines for assessing the...

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31 Aug
COVID-19 News, Member News

BPBCPA | Top Ten Business Income Tax Planning Ideas During the Age of COVID-19

Executive Summary Three deeply experienced tax professionals based in BPBCPA's New York City office share useful tax planning ideas for business owners. By leveraging these strategies, companies can improve their cash position and create refund opportunities. While technically focused, this white paper offers practice advice for business owners and in-house accounting staff. Reconsidering the approach to inventory, tax planning, equipment, stock and debt, and foreign operations, can unlock cash flow and positively impact a company’s financial position. Access the full whitepaper here: Top...

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31 Aug
Member News

BBGFX | Sentiment is Fickle

The sentiment is a fickle lover.  It blows hot and cold quickly, though not entirely without reason. For traders, it is often the deus ex machina. Sentiment had swung so hard against the dollar that astute observers and the leading financial press warned that its role in the world economy was in jeopardy. The greenback recovered from the initial slide on the Federal Reserve's confirmation that it was adopting an average inflation target.  Those upticks were cited by some pundits as evidence...

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28 Aug
Member News

Troutman Pepper | SEC Amends “Accredited Investor” Definition

On August 26, the U.S. Securities and Exchange Commission (SEC) adopted amendments expanding the definition of “accredited investor” to allow additional categories of investors to invest in unregistered private offerings. The new definition moves beyond the long-standing reference to wealth and income to determine whether individuals may be deemed accredited investors. In addition, the definition adds several new categories of entities that now qualify as institutional accredited investors. According to the SEC, “the amendments update and improve the definition...

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28 Aug
COVID-19 News, Member News

Littler | Reopening and Rehiring During the COVID-19 Pandemic – Critical Employee Benefits and Executive Compensation Considerations

As many employers are on the way to normalizing their business practices and re-engaging their employees, they should not overlook the many potential pitfalls in the administration of their retirement, health and welfare plans and their executive compensation arrangements. The risks of missteps are high, and include loss of tax-qualification of retirement plans, penalty taxes in connection with the Affordable Care Act’s (ACA) employer mandate rules, other IRS penalties, employee lawsuits and Department of Labor enforcement actions. The following...

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27 Aug
Member News, Trade & TTIP Related

GDLSK | US-EU Trade Update

US and EU Agree to Reduce Tariffs on Certain Products and the EU Asks the US to Withdraw Tariffs in Connection with the Large Civil Aircraft Dispute. On August 21, 2020, the Office of the United States Trade Representative (USTR) issued a Joint Statement with the European Union Trade Commission to announce the first tariff reductions between the US and EU in over 20 years. The tariff reductions will be retroactive to August 1, 2020.  The US will reduce tariff rates by...

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27 Aug
Member News

H&K | New PPP Interim Final Rule Addresses Loan Forgiveness Requirements

Provisions Added Regarding Treatment of Owner-Employees and Limitations on Eligibility of Non-Payroll Costs Highlights A new Interim Final Rule (IFR) from the U.S. Small Business Administration (SBA) provides that certain owner-employees with less than a 5 percent ownership stake are not subject to the owner-employee compensation rule of the Paycheck Protection Program (PPP) limiting loan forgiveness for owner compensation. The IFR also provides that loan forgiveness may not include 1) amounts attributable to tenant, subtenant or household expenses, 2) most...

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26 Aug
Member News

Marks Paneth | CARES ACT – Tax Update: RMD Rollbacks Must Be Completed by August 31, 2020

The CARES Act enabled any taxpayer with a Required Minimum Distribution (RMD) due in 2020 from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA, to skip those RMDs this year. This includes anyone who turned age 70 1/2 in 2019 and would have had to take the first RMD by April 1, 2020. This waiver does not apply to defined-benefit plans. The IRS allows anyone who already took an RMD in 2020 from these...

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25 Aug
Member News

AlixPartners | 5 Considerations For Enhancing SEC Disclosures Amid Crisis

Previously published on Law360 | The continuing economic and stock market tumult is prompting new behaviors from companies and regulatory bodies alike. As second-quarter earnings season wraps up, public companies have new guidelines from the U.S. Securities and Exchange Commission around how much information to disclose to stakeholders in their quarterly and annual forward-looking statements. Through these new guidelines, the SEC, by its own admission, has taken on a larger role in trying to use the power of disclosure to support broad economic...

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