In October 2023, the U.S. and EU failed to reach an agreement to replace the Section 232 steel and aluminum tariffs with a carbon-based tariff-system, which should have led to reinstatement of tariffs on the EU and retaliatory action on billions in U.S. exports. Background As part of an agreement to suspend the Section 232 steel and aluminum tariffs on the European Union in 2021, the U.S. and EU pledged to implement a carbon-based tariff system for those products by January...

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On October 30, 2023, President Biden issued a landmark executive order (EO) on artificial intelligence (AI) aimed at transforming the landscape of technology, labor, and immigration in the United States. This sweeping directive establishes new standards for AI safety and security, with a goal of protecting the privacy of U.S. residents, and promotes innovation and advancement of AI and emerging technologies. In particular, the executive order directs U.S. immigration agencies to expand the availability highly skilled immigrants and nonimmigrants...

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After years of disruptions from the pandemic, artificial intelligence, shifting regulations and changing employee preferences, are European workplaces finally reaching a consensus on the “new normal”? To investigate this question and other key issues facing employers, Littler surveyed 780 human resources (HR) professionals, in-house attorneys and business leaders from across Europe. The results, which inform Littler’s 2023 European Employer Survey Report, show the myriad ways in which employers are responding to changes in workplace management, policy and culture. Flexibility in Work...

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Every year, “Best Lawyers,” a peer reviewed legal publication, selects who they deem to be the best lawyers and the best law firms in the United States on the basis of carefully selected criteria.  Of course, we know that all of our lawyers are the “best lawyers,” and we are fortunate to be working with and continually learning from each other.  We take this opportunity to recognize our excellent and committed support staff, without whom the firm could not...

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In certain cases, a seller is subject to a separate disclosure duty even if the buyer has had the opportunity to take notice of a certain issue in a data room. This applies in any case if such issue may cause the buyer considerable financial loss and is not readily recognisable from the data provided. In particular, the buyer may usually expect to be informed by the seller if the seller is aware of the issue and can therefore...

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Following the lead of the European Central Bank last week, the Bank of England (BoE) kept the base interest rate at 5.25% as a result of a majority vote of six votes to three by the Monetary Policy Committee. The three minority voters wanted to raise rates again. This is the second month in a row that the Bank has held rates level, after 14 months of rises. UK Inflation to Fall Some other interesting economic projections released by the BoE included the...

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In this News Update we discuss some noteworthy proposals in the Financial Markets Amendment Act 2024, and EIOPA's Opinion on the supervision of captives of insurers and reinsurers. We further highlight some other financial regulatory publications issued since our last News Update. FINANCIAL MARKETS AMENDMENT ACT 2024 In early September 2023 the Minister of Finance filed the draft bill to amend various financial markets acts (the Bill) (Wijzigingswet financiële markten 2024) (in Dutch only). Although the majority of the proposed amendments are of a technical...

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Trade is still incredibly reliant on paper and that has remained unchanged for centuries. It’s estimated that there are an average of 28.5 billion trade documents1 printed and flown around the world every day. That’s a staggering number. As those involved in trade may have experienced, in many cases goods arrive at their destination before the documentation has. For example, while transit periods between Singapore and Bangladesh might take 5 days, the legal documentation that acts as proof of ownership of...

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