On June 26, 2023, the International Sustainability Standards Board (ISSB) published its first two sustainability disclosure standards, International Financial Reporting Standards (IFRS S1) – General Requirement for Disclosure of Sustainability-related Financial Information, and (IFRS S2) – Climate-related Disclosures. Access to the two new standards is free, although users are required to create an account to download them. These standards create a global baseline for sustainability-related financial reporting and climate-related disclosures.1 On July 10, 2023, the IFRS Foundation announced that it...

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On August 25, the National Labor Relations Board’s (NLRB) majority issued a historic decision in Cemex Construction Materials Pacific, LLC, 372 NLRB No. 130, on when an employer must recognize and bargain with a union. This decision is a modified version of the long ago abandoned 1949 Joy Silk doctrine, which required an employer to recognize and bargain with a union if there was evidence a majority of employees wanted the union to represent them, unless the employer had good faith doubt...

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At the start of 2023, the vast majority of financial institutions adopted CECL (Current Expected Credit Loss). The impact of adoption varied for institutions based on asset size as well as the makeup of the loan portfolio. Although there are conclusions you can reach by evaluating the data, it cannot be understated that these two factors have a significant impact on the ultimate allowance level an institution recorded. The following data was generated using call report data from banks...

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On Aug. 18, 2023, the U.S. Department of Commerce (Commerce) announced its final determinations regarding the circumvention inquiries of the antidumping (AD) and countervailing duty (CVD) orders on solar cells and modules from the People’s Republic of China (China). As a result of Commerce’s “country-wide” circumvention findings as relates to Cambodia, Malaysia, Thailand, and Vietnam, solar cells and modules imported to the United States from those four countries will be subject to AD/CVD duties as of June 6, 2024, after...

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The Partners of Arendt are delighted to announce that Stefan Staedter has been appointed the new Head of the New York office, effective 1 September 2023. Stefan Staedter will strengthen services to our clients in New York and North America. He will also promote Arendt’s entire value chain, which encompasses the Luxembourg Legal & Tax, Regulatory & Consulting and Investor Services aspects. Stefan will be responsible for overseeing all operations with the six-member team who work on site in New York. About...

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Sika’s innovative reCO2ver® technology is now receiving targeted support as part of a climate protection program. The technology involves a novel concrete recycling process that allows old concrete to be entirely reused while facilitating the sequestration of CO2. To support the use of the technology, Switzerland’s Climate Cent Foundation is guaranteeing the purchase of CO2 certificates from the program for an initial amount of CHF 10 million. Almost 40% of global CO2 emissions are attributable to the construction and building sector. Around 30...

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A Federal Court ruled that works that are entirely created by artificial intelligence (“AI”) systems cannot receive a copyright under United States law. Contrary to how this decision has been reported in news summaries, the case was decided on a relatively narrow issue, and kept the door open for future decisions to expand on this new area of the law. The plaintiff used an AI system called the “Creativity Machine” to generate a piece of visual art called “A Recent Entrance...

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Treasury and the IRS on August 25 released proposed regulations on information reporting (Forms 1099, etc.) and calculation of gain or loss for digital assets. The 2021 Infrastructure Investment and Jobs Act expanded the rules regarding how digital assets should be reported by brokers. The proposed regulations provide guidance for how brokers and payors are to comply and provide rules to determine the amount realized for purposes of computing gain or loss upon the sale, exchange, or other disposition of digital...

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On August 1, 2023, the U.S. Citizenship and Immigration Services (USCIS) released a revised version of the Form I-9, Employment Eligibility Verification, which may be used now but must be used for all new hires and rehires starting November 1, 2023. The new form is a major change from the last iteration in that it has returned to a one-page version, which had been used from 1986 until 2013. This one-page version, however, has two Supplements, A and B....

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