Loyens & Loeff - February brought the following interesting data protection developments: Update home market: The Netherlands, Belgium, Luxembourg Update on data transfers outside of the EEA (Privacy Shield, Model clauses) 1. Update home market  Please find a brief summary of the relevant developments in three of our home markets these being The Netherlands, Belgium and Luxembourg. 1.1. Netherlands Education Executive Agency permitted to obtain travel data of students On February 5, 2018, the Dutch Central Board of Appeal (Centrale Raad van Beroep, CRB) ruled that travel data indeed...

Read more

Ernst & Young - EY today announced that it is the first organization to achieve the highest recognition in both delivery and capability in implementing robotic process automation (RPA) at scale and speed from Blue Prism, a leading RPA software provider. This recognition means EY is the first organization to build out Blue Prism’s transformational automation capabilities at scale using the company’s Robotic Operating Model (ROM). The Platinum-level Blue Prism Delivery Provider Certification sets stringent quality standards in delivery of transformational...

Read more

Ernst & Young - 2017 saw a 57% year-on-year rise in renewables deal value to US$42.8b globally Renewable energy deal value went up 71% in the US compared with 2016 Investors continue to look to yield investments for long-term stable returns Global power and utilities transactions reached an eight-year peak in both value (US$200.2b) and volume (516 deals) in 2017, according to the EY report Power transactions and trends: 2017 review and 2018 outlook. Transmission and distribution (T&D) together with integrated...

Read more

Ernst & Young - Making capital allocation decisions in light of US tax reform The recent Tax Cuts and Jobs Act (the Act) will have immediate and long-term implications on capital structure, capital allocation and performance measurement and forecasting. These implications are primarily driven by a much lower nominal corporate tax rate, changes to credits and deductions for businesses and individuals, and a modified territorial system for overseas earnings. In this article we explore the questions finance executives should be asking...

Read more

Cozen O'Connor - On February 12, the president released his highly-anticipated infrastructure proposal, a “Legislative Outline for Rebuilding Infrastructure in America.” Unlike prior federal infrastructure development strategies, which rarely discussed the need for maritime infrastructure investment, the proposal places maritime infrastructure on equal footing with other surface transportation modes in terms of potential funding opportunities. As explained below, the outline contains proposals that would create three new major programs, expand the availability of existing programs, and apply reforms aimed at improving...

Read more

Ogletree Deakins - The final version of the bill ratifying the Macron ordinances (Article 3 Ter) provides employers the option of unilaterally deciding, after having consulted the representative bodies concerned, to reduce the duration of current employee representative mandates if they expire between January 1, 2018, and December 31, 2019. The reduction cannot exceed one year. The first draft of the ordinance had restricted this option to mandates expiring in 2018, thus limiting the time during which an employer could establish...

Read more

Stibbe - On 1 February 2018, the European Court of Justice dismissed the appeals by several freight forwarders for their participation in various infringements in the sector for international air freight forwarding services. Freight forwarding services involve a number of services relating to international logistics, such as packaging, transportation, warehousing, handling and customs and fiscal formalities. In 2012, the European Commission fined several freight forwarders for collusion relating to four pricing mechanisms. These pricing mechanisms primarily related to various surcharges charged...

Read more

The Deal - In late January, three giant corporations — Amazon, Berkshire Hathaway and JPMorgan Chase — announced they would form a new and independent healthcare alliance to service their hundreds of thousands of employees. It was widely seen as reflective of mounting frustration over the ever-rising costs and inefficiencies of healthcare in the US. A move of this kind could also create opportunities for healthcare services-related deals, said John Jones, a Philadelphia-based partner and chair of the health care transactions,...

Read more

Loyens & Loeff - On 1 March 2018, the Belgian Constitutional Court annulled the Belgian fairness tax. The Court however limited the retroactive effect of the annulment, unless in the specific situation of the redistribution of a dividend. Background The fairness tax is a separate tax of 5,15% on distributed profits which have not been effectively taxed as a result of the notional interest deduction and/or tax losses carried forward. On 31 January 2014 a request for annulment was introduced before...

Read more

Bannockburn Global Forex - March 2018 FX outlook   February saw the USD stabilize after 3 months of weakness. Having fallen around 7% from the beginning of November to the end of January, the dollar index made small net gains in February after making a new low mid-month. However, the big market moves during the month were not really in FX but in bonds and equities. US 10 year bond yields continued to rise early in the month and nearly reached...

Read more