The EACC, in partnership with the International Property Tax Institute (IPTI), wants to keep its members up to date with the latest developments in property taxes in the USA and Europe. IPTI has put together a selection of brief reports from articles contained in IPTI Xtracts which can be found on its website (www.ipti.org). USA New York: For those hurting before COVID, property tax relief can’t come soon enough J. Crew, JC Penney, Pier 1 Imports, GNC, Brooks Brothers, Lord and Taylor,...

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What is a digital marketplace? And how does it work? Find out how the platforms can help provide better services, more efficiently Digital marketplaces, such as Amazon.com or Booking.com, are expanding to new markets in industries such as energy or freight forwarding. Europe aims to take a bigger role in this area of business by setting up its own digital marketplaces. But what are digital marketplaces and how do they work. We asked Darragh Mac Neill and Salvatore Scagliarini, senior industry...

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The Court of Rome (Decision issued on April 8, 2020) recently issued a decision on the business judgment rule topic, which has been dealt with several times by Italian courts over the years. The recent decision is interesting because (i) it summarizes Italian case-law principles on the abovementioned topic and (ii) based on such principles, it concludes that even organizational decisions made by directors can trigger their liability. 1. The case at stake A newly established company controlled by the Italian foundation for doctors’ and...

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Project Finance Lender Can Claim Directly Against State Under Investment Treaty A recent decision of an arbitral tribunal constituted under the auspices of the International Centre for Settlement of Investment Disputes (ICSID) has opened the door for potential direct claims by project finance lenders against states in circumstances in which the projects they finance are adversely affected by state measures. In a decision rendered on August 20, 2020, the tribunal in Portigon AG v. Kingdom of Spain (ICSID Case No. ARB/17/15) held...

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One year after assuming her role, European Commission President Ursula von der Leyen today delivered her maiden State of the European Union address to the European Parliament’s Brussels plenary. Speaking for over an hour, President von der Leyen presented her vision for revitalising the EU’s economy in a sustainable, green and more innovative way. Building on her former experience as German Defence Minister, President von der Leyen also spoke passionately about her vision for a more geo-politically impactful European Union that stands up...

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Previously published in FTI Journal | The California Consumer Privacy Act (CCPA) is paving the way for an era of similar laws in states across the country. Rather than trying to adapt incrementally, companies should position themselves now for general compliance. Data equals dollars in today’s digital age with personal information as the hot commodity. However, headline topping cybersecurity breaches have made consumers skittish about how companies handle the data they share online. Rising demand for greater protection of personal information...

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On Monday September 7, 2020, the European Data Protection Board (EDPB) issued draft Guidelines 8/2020 on the targeting of social media users (the "Draft Guidelines"). The Draft Guidelines have far-reaching implications for social media platforms, advertisers, and adtech companies, as they will result in a clarification of the roles and responsibilities of the key stakeholders, and establish rules for consent. The Draft Guidelines are open for public consultation until October 19, 2020. Interested companies can submit their comments to the EDPB. Summary The Draft Guidelines...

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In response to inquiries from the financial industry as to how to assess risks of potential illegal activity with respect to beneficial owners who are “politically exposed persons” (PEPs) overseas, federal bank regulators issued a “Joint Statement on Bank Secrecy Act Due Diligence Requirements for Customers Who May Be Considered Politically Exposed Persons” on August 21, 2020. Specifically, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), the National Credit...

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