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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As the United Nations turns 75, it’s time to institutionalize cooperation with the private sector. H.E. Mr. Volkan Bozkir of Turkey will preside over the 75th session of the General Assembly, opening this week in New York. Public-private partnerships have long been a part of the United Nations’ work, but they have largely existed outside of the policy-making process, serving to implement the agenda driven by Member States. Though logical given the UN’s original mandate, the UN has vastly expanded its...

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Back in 2018, we asked Peter Carlsson, chief executive of Swedish battery innovator Northvolt, what he imagined Europe would look like in a decade or two. He told us he saw roads lined with cars and trucks that would no longer be burning fossil fuels. Northvolt has taken a crucial step into that future by building one of the world’s most advanced battery factories. “Renewable energy storage is the key to a carbon-neutral society, and batteries are the key to getting there,”...

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In what may have been his last outing as the Commissioner for Financial Services, Financial Stability and Capital Markets Union, Executive Vice-President Dombrovskis presented the Commission’s long-awaited Digital Finance package on Thursday. In his presentation of the European Commission’s plans for the future of the EU’s payments and FinTech industry, Executive Vice-President Dombrovskis left big shoes to fill for his successor designate Mairead McGuinness, whose job it will be to shepherd the proposals through the legislative machinery. As part of its...

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The coronavirus has a major impact on our economy and possibly also on your company. In the context of this pandemic, several companies are facing particularly difficult circumstances which can result in the difficult decision to dismiss certain employees. Here are some do's and don'ts that might be useful for your company in case of possible future redundancies. Alternatives to avoid (collective) dismissal? It is important not to launch the collective dismissal procedure too hastily. In practice, we often see that...

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