By Luca Gambini and Daniel Joseph Guiliano of Portolano Cavallo Studio Legale The Italian Government has recently enacted a new set of rules relating to “annual financial statements, consolidated financial statements and related reports of certain types of undertakings” by means of Legislative Decree no. 139 of August 18, 2015 (the “Decree”), implementing Directive no. 2013/34/EU (the “Directive”). The measures set out under the Decree concern the following three areas: A. The introduction of a report on payments to the Italian government applicable...

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In the wake of the Paris terrorist attacks, the U.S. House of Representatives passed a bill on Tuesday, December 8, 2015, to tighten security measures and impose new restrictions on the Visa Waiver Program (VWP). The VWP permits citizens of 38 designated countries, mostly in Europe, to travel to the United States for business or tourism for 90 days or less without a visa. The bill, which passed in the House by a vote of 407 to 19, would prohibit...

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With the new year less than one month away, the compliance countdown for new laws has begun. Limited time remains in 2015 for employers to ensure policies and practices are developed or revised to meet 2016 obligations. Time is of the essence, particularly as key management personnel are more likely to be absent this time of year because of upcoming holidays and planned vacations. Companies must make the most of what remains of 2015 to ensure they are prepared when...

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According to an article from Commercial Real Estate Direct, Metropolitan Life Insurance Co. has provided a loan for 255 Greenwich St. for $145 million. The loan will defease an $85 million mortgage that makes up 5.04% of MSC 2006-IQ12. With a scheduled maturity date in October 2016, the loan is currently in prepayment lockout until July of next year. Formerly known as 75 Park Place until the name was changed to 255 Greenwich St. three years ago, the building is a 14-story, 623,748 square-foot office located next to the...

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An article from Pennsylvania newspaper Centre Daily Times recently reported that the Office Depot in State College, Pennsylvania will be closing. The location backs the $2.4 million Office Depot-State College loan, which makes up 0.21% of the remaining collateral behind MSC 2007-T25. Office Depot is the sole tenant in the 32,150 square-foot property. The loan matures January 2017 and the Office Depot lease ends in March 2016. © Compliments of Trepp, LLC - A member of the EACCNY  

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On October 21, 2015, New York State Governor Andrew Cuomo signed into law a number of bills intended to advance women’s equality in the workplace. The bills address pay equality, sexual harassment, discrimination on the basis of sex, family status discrimination, and pregnancy discrimination. Employers should familiarize themselves with these bills before they become effective on January 19, 2016. Moreover, employers should review their relevant employment policies and pay practices to ensure compliance and decrease their risk of exposure....

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The European Court of Justice recently rendered an important judgment on jurisdiction over claims of Dutch companies against directors residing outside the Netherlands. The main issue was whether the Dutch courts had jurisdiction over such claims or whether such jurisdiction was limited to the courts of the EU member state in which the director resided, in this case Germany. Facts/background In the proceedings leading to this judgment, a German former director of a Dutch BV and of its three German subsidiaries...

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On 1 November 2015 the Accounting Directive Implementation Act entered into effect. This legislation implements Directive 2013/34/EU in Dutch law. The most important changes under this Act are higher thresholds for determining the "size" of legal entities (and hence the applicable rules regarding annual accounts) and shorter deadlines for the filing of annual accounts and annual reports. Thresholds for "size" of legal entities The size of a legal entity in terms of (a) the value of its assets according to its...

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A Guide for International Students and Professionals The Institute of International Education (IIE) has just published the 2016 edition of its annual print directory Funding for United States Study: A Guide for International Students and Professionals, the print companion to IIE's online search engine www.fundingusstudy.org. With over 800 grant and scholarship listings, Funding for United States Study is the most comprehensive directory on finding funding for study in the United States, making it an invaluable resource for advisers and international students worldwide. Funding for...

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1.   U.S. Tightens Eligibility for Visa Waiver Program In the wake of the terror attacks in Paris, the White House announced immediate changes to the Visa Waiver Program (VWP), which permits visa-free travel to the U.S. for citizens of 38 program partner countries around the world. Most notably, the U.S. will bar from the VWP anyone who has traveled to a country that State Department officials consider a “terrorist safe haven”, such as Iraq, Syria, Pakistan, Lebanon or Libya. Citizens...

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