BY MICHAEL J. LOTITO AND ILYSE SCHUMAN ON JUNE 7, 2017 In a three-sentence press release, Labor Secretary Alexander Acosta announced the withdrawal of two Wage and Hour Administrator's Interpretations (AIs) on joint employment and independent contractors. While the AIs were not binding law, they did represent a significant shift in wage and hour law advocated by the prior administration, and served as the Wage and Hour Administration's (WHD) justification for taking certain enforcement actions. While the AIs' rescission is being...

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On June 17, Finland celebrates her 100th Birthday on the National Mall. The family-friendly Midsummer FinFun event is open and free for everybody. The Embassy of Finland in Washington, D.C., celebrates Finland's centennial throughout the year. One of the biggest events, the Midsummer FinFun, will take place on Saturday, June 17 on the National Mall. The prestigious location will allow for an unforgettable, family-friendly celebration. The day will be full of Finnish sports and other outdoor activities in the spirit of...

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The Luxembourg Act of 10 August 1915 on commercial companies (the "Act"), as amended by the Act of 10 August 2016, now provides that the debt-to-equity swap rules set out in Article 94-2 et seq. can be applied to any issuance of securities by a Luxembourg or foreign issuer. 1. Opt-in mechanism The rules laid down in Articles 84 to 94-8 of the Act mainly relate to the organization and powers of bondholders' meetings and representatives. Luxembourg and foreign issuers can now...

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The Kokesh decision has the potential to significantly limit the financial sanctions at issue in SEC enforcement actions, especially in the context of the SEC’s enforcement of the Foreign Corrupt Practices Act. For many years, the U.S. Securities and Exchange Commission (SEC) has sought both civil monetary penalties and disgorgement of unlawful gains from those alleged to have violated federal securities laws. While civil monetary penalties are subject to a five-year statute of limitations under the Supreme Court’s 2013 decision...

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The implementation of the OECD’s BEPS Project represents a fundamental change in taxation from the legalistic approach, under which tax minimisation is a generally accepted practice, to the fairness based approach where tax liability in each country should be a fair representation of the economic activities in that country. This shift will cause disagreement on what constitutes fair taxa- tion across countries and result in double taxation through concur- rent multinational audits on cross-country economic activities. Integrated technology solutions will...

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Thursday 1 June 2017 Dear relation, We are pleased to inform you, as a relation of our firm, about the changing of the guard taking place today at NautaDutilh. As our new board, Petra Zijp, Jaap Jan Trommel, and Chris Warner will succeed Erik Geerling and Gaike Dalenoord, who are returning to their law practices. Building on their efforts, we intend to continue to further optimise the services of our firm. We look forward to intensifying our relationship with you, in line...

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BREXIT Pressure mounts on May as polls tighten in final week of campaigning The huge Tory landslide predicted at the outset of the general election is at risk of falling apart, according to the latest opinion polls. With just over a week of campaigning remaining before the British public head to the polls, YouGov has the Tories just 3 points ahead and on verge of a hung parliament. When Prime Minister Theresa May last month called for a snap election, most surveys...

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The USD continued to edge lower in May, giving up the last of the gains made since the US election, but the pace of decline was relatively slow and USD losses did not break through key levels. Trump’s policies, particularly on tax, remain important for the USD in the longer term, but the focus in June is likely to be more on the current economic situation in the US and abroad as well as the Fed and ECB policy...

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BY ILYSE SCHUMAN AND MICHAEL J. LOTITO ON MAY 23, 2017 President Trump has released his proposed federal budget, setting out his priorities for the 2018 fiscal year, which begins October 1.1 As anticipated, the budget represents a marked shift in potential government spending; it proposes to eliminate roughly $3.6 trillion over the next decade. And, true to his campaign promise, the president seeks to designate funds ($1.6 billion) for commencement of the construction of a wall along the southern border. Of particular...

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