James D. Rosener, a partner with Pepper Hamilton, head of the firm's International Practice Group and managing partner of the New York office, has been named as President of the Corporate Law and Mergers and Acquisitions Commission of the Union Internationale des Avocats / International Association of Lawyers (UIA). The UIA boasts more than two million members from over 120 countries. The organization is open to lawyers around the globe and its members include legal professionals, judges, law students and teachers. Part of...

Read more

As expected, the Federal Communications Commission (FCC) has handed down sweeping new privacy and security rules for Internet service providers (ISPs). On Thursday, October 27, 2016, a sharply divided commission voted to enact these new rules, which impose strict new requirements for ISPs' collection, use, sharing, and protection of their customers' information, including information ISPs receive about their customers' geolocation and online activities. Consequently, ISPs will soon be subject to heightened notice and consent requirements for activities such as behavioral...

Read more

U.S. Citizenship and Immigration Services (USCIS) will accept new H-1B petitions subject to the annual quota for fiscal year 2018 (FY2018) starting in April of 2017 (April 1, 2017 falls on a Saturday, so USCIS will accept cap-subject petitions for the year starting on the following business day, Monday, April 3, 2017). Employers may want to begin identifying current and future employees who may require new H-1B visas to work in the United States. Individuals currently holding F-1 student...

Read more

Tax Rulings and state aid: an update On 19 September 2016, the Commission opened another in-depth investigation in a tax-related matter, namely into Luxembourg's tax treatment of the GDT Suez Group (now Engie). The Commission is concerned that several tax rulings may have given GDF Suez an unfair advantage over other companies, in breach of EU state aid rules. The tax rulings appear to treat the same financial transaction between companies of GDF Suez in an inconsistent way, both as...

Read more

2015 was another record year, with the deal value of the European investment market reaching an unprecedented high of almost EUR 250bn. Highest growth was in Germany, where deal values were almost EUR 55bn. At around 30%, Europe's share of the global real estate investment market remained broadly unchanged. As the present year progresses, we see the greatest migration to Europe for a century across a fragile Schengen zone, interest rate rises in the US, a US presidential election with...

Read more

The Act of 10 August 2016 (the "Act"), modernising the Luxembourg Companies Act of 10 August 1915 as amended, introduces a formal legal basis for both the redemption of shares and the issuance of redeemable shares by a SARL. The Act also amends certain provisions regarding the redemption of shares by an SA. The amended rules will facilitate the implementation of management incentive plans and the buy-back of shares by listed companies. Redemption of a SARL's shares The issuance of redeemable...

Read more

Serving on a board of trustees is both an honor and a responsibility. As a trustee, you are a link between your institution and students, faculty, staff, the public and other constituencies that support it and are served by it. You are a steward of mission, reputation and resources. In fulfilling your responsibilities, you will contribute your talent, expertise and dedication. To expand your understanding of a board’s purposes and composition, and your duties as a trustee, consult our Higher Education...

Read more

On 5 October 2015, the OECD issued final reports for the 15 BEPS (Base Erosion and Profit Shifting) actions that are fundamentally changing the course of corporate international taxation. Businesses with international operations must address these challenges head-on and act quickly to ensure they are not caught out by new rules coming into effect from 2017. To help businesses, BDO has developed a range of innovative tools to help clients through every step of the new corporate international tax landscape. In our...

Read more

Bank share prices rose for the week as a second round of bank earnings reports lifted investors’ spirits. Bank of America is among the banks that boosted attitudes, with non-interest income bolstering total revenues. Shares of regional banks led the way, rising 4.1% for the week. Share prices of the largest banks also increased, gaining 2.1% for the week. The gains came as the broader market rose by a more modest 0.4% and surprisingly, bond yields fell slightly as the yield...

Read more

On October 13, 2016, the Commodity Futures Trading Commission (the “CFTC”) approved an Order delaying for one year the reduction of the threshold for determining whether an entity constitutes a “swap dealer” for purposes of the U.S. Commodity Exchange Act.  Currently, persons are not considered to be swap dealers unless their swap dealing activity in aggregate gross notional amount measured over the prior 12-month period exceeds a de minimis threshold of $8 billion.  This threshold had been scheduled to...

Read more