Member News

Brexit News, Member News

Faegre Drinker | Further Details on the United Kingdom’s New Points-Based Immigration System

On Monday 13 July, the U.K. government published further details outlining their plan for a new immigration system which will amend the existing points-based immigration system. This system is to take effect from 1 January 2021. The 130-page document doesn’t contain a lot more detail than the proposals released earlier in the year, which we summarized in April. The new system will end free movement with the EU and represents a significant change to immigration in the U.K. The system will apply...

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COVID-19 News, Member News

HSBC | Navigator – Resilience: The Future of Business

This Navigator Survey by HSBC asked 2,600 companies in 14 countries and territories to share their insights into the first half of 2020 and the future of business in the face of uncertainty. A picture of challenge and change Businesses around the world, no matter their size, are facing the greatest challenge in a generation. Leaning on our global network and our local expertise, our research across 14 markets indicates how the COVID-19 pandemic has affected a variety of businesses and their...

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Member News

H&K | Foreign Investment in Distressed Debt—Achieving U.S. Tax Benefits While Avoiding Pitfalls

Taxation Partner Seth Entin wrote an article published in Bloomberg Tax discussing potential U.S. federal income tax opportunities and challenges for foreign investors in U.S. distressed debt. Foreign investors may earn interest income on debt issued by U.S. borrowers and may even gain from the sale or retirement of these debt instruments, free of U.S. federal income tax, as long as certain conditions are met. Mr. Entin's article outlines the rules favorable to investors and describes the potential pitfalls that could...

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Member News

Vulcan Insight | EU Leaders Agree to Historic €1.82 Trillion Budget and Recovery Deal

Following 90 hours of tense negotiations, white smoke finally rose over the glass façade of the European Council’s Europa building as President Charles Michel tweeted one word to the world: “Deal!” In the end, it took the longest EU Summit on record to reach an agreement on the Commission’s blueprint for the €750 billion coronavirus Recovery Fund and the bloc’s €1.074 billion multiannual financial framework (MFF). Before the Summit had begun Austrian Chancellor accused southern EU members of being “states that...

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Member News

CMS appoints new Chair of CMS Council

CMS, the leading global law firm, has announced that Heike Wagner has been appointed as Chair of the CMS Council, effective 1 October 2020. She will be replacing Robert Bosman, who has held this position since 2007. The CMS Council is the highest decision-making body within CMS. Pierre-Sébastien Thill, CMS Chairman, commented, “During his 13-year tenure of the CMS Council, Robert has been a highly popular, diligent and inclusive Chair, supporting the strategy and the goals of CMS and contributing...

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Member News

EIB approves € 16.6 billion for COVID-19 health response and economic resilience, climate, clean transport, energy and housing

€ 10.2 billion for COVID-19 public health and business financing € 5.2 billion for new private sector financing schemes € 2 billon for energy and energy efficiency investment around the world Millions of commuters to benefit from € 1.9 billion urban transport funding in Europe, Asia and Africa The European Investment Bank (EIB) today approved € 16.6 billion of new financing for projects across Europe and around the world. This includes more than € 10 billion of COVID-19-related investment...

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Member News

IPTI | Update on Property Tax Issues: July 2020

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: Another Coronavirus Casualty: NYC Property Tax Reform The dwindling momentum for NYC property tax reform is being exacerbated by the coronavirus crisis and adjacent economic...

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Member News

Tradewind Finance Leverages International Capabilities to Fund Consultancy Firm in Hong Kong in Local Currency, HKD

Hong Kong (July 16, 2020) - Tradewind Finance, in a deal debuting their funding capabilities for another local currency, has provided a factoring facility in HKD for a consultancy firm based in Hong Kong that provides financial advisory services to global banks and other financial institutions located in the region. The deal adds HKD to the roster of currencies in which Tradewind structures their cash flow arrangements, including USD, EUR, GBP, and HUF. When traditional lenders refused to finance them or...

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Member News

Faegre Drinker | EU Court Issues Landmark Ruling on Transfer of Personal Data Outside European Economic Area

On July 16, the highest court in the European Union (EU), the Court of Justice of the European Union (CJEU), issued a landmark judgment in the case of Data Protection Commissioner v Facebook Ireland Limited, Maximillian Schrems (Case C-311/18) (Schrems II). The decision upholds the validity of Standard Contractual Clauses (SCCs) for transfers of personal data outside the European Economic Area, while imposing significant obligations on the parties to such SCCs. However, the CJEU has invalidated EU-U.S. Privacy Shield, which is...

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Member News

New Forecasting Model by RavenPack Analyzes News to Predict the Winner of the 2020 US Presidential Election

An alternative to polls, this new approach uses sentiment analysis and media attention to forecast election results. NEW YORK, NY - July 14, 2020 - RavenPack, a leading big data analytics provider, has launched a free and publicly available website, offering projections and analysis on the upcoming U.S. presidential election. RavenPack’s forecasting model combines three key inputs: The level of media attention received by a presidential candidate, which has been found to be highly correlated with election success The sentiment for...

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