14 Aug
Member News

PwC | The UN Secretary-General releases early Report on promotion of inclusive and effective international tax cooperation

On 8 August 2023, the UN Secretary-General published an advance unedited version of a report (‘Report’) analyzing options/next steps around UN international tax cooperation. The Report follows the approval and adoption of the draft resolution from certain African countries in late 2022. The official version will be released before the next session of the UN General Assembly in September, during and after which discussions will occur on what parts of the Report to adopt. The options – which are...

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14 Aug
Member News

Fenwick | SEC Proposes Rules on the Use of AI by Registered Investment Advisers and Broker-Dealers

In light of concerns associated with artificial intelligence (AI) and AI-adjacent technologies such as machine learning in the field of investment advisory, the Securities and Exchange Commission (SEC) proposed new rules on July 26, 2023 under the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 that, if enacted, would require broker-dealers and investment advisers to take steps to address conflicts of interest associated with their use of predictive data analytics and similar technologies.  The proposed rules...

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03 Aug
Member News

ING | Posting 2Q2023 net result of €2,155 million with strong income growth and low risk costs

Profit before tax increases significantly to €3,035 million in 2Q2023; CET1 ratio rises to 14.9% • Good interest income after a long period of negative rates • Operating expenses excluding regulatory costs slightly lower quarter-on-quarte • Low risk costs, reflecting strong asset quality • Growth of 227,000 primary customers and an increase in net core deposits of €17 billion • Four-quarter rolling RoE increased to 11.7%; ING will pay an interim cash dividend of €0.35 per ordinary share CEO statement “The second quarter of 2023 was...

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03 Aug
Member News

Jaguar Freight | In this week’s Roar: another big win for labor relations, slow times in Europe, sinking shipper sentiment, downsizing at Maersk, and reimagining sustainable supply chains.

Although last week brought the usual hodgepodge of one step forward, one step back in logistics news, there is one very big positive. UPS and the International Brotherhood of Teamsters have come to a tentative agreement on a five-year contract. It provides workplace security for existing workers along with better pay, and an allowance for more full-time jobs, leaving both sides feeling they’ve reached a win-win agreement. Shippers everywhere were bracing for the worst, for fear of a strike which...

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02 Aug
Member News

EACCNY Member ACG turns 21 years old!

Please join us to celebrate the 21st Anniversary of EACCNY member ACG Resources. ACG is a boutique, family-owned full service Talent Acquisition firm providing Executive Search, Recruitment, Interim Management and Temporary Staffing services to a broad range of industries. The firm has the capability to provide services across and down the organizational chart on a global basis. A major portion of its business has been in providing services to international companies seeking local recruitment services. As a family-owned business with over...

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02 Aug
Member News

Ogletree Deakins | U.S. H-1B Cap Lottery, Round Two: Selection Results Have Been Released

On the heels of a surprise announcement, U.S. Citizenship and Immigration Services (USCIS) has conducted a second round of H-1B cap lottery selections. This move was much-anticipated by employers and foreign national workers alike. Quick Hits The new selections were taken from the existing pool of H-1B registrations entered in March 2023. Employers may want to check their USCIS accounts for new selection notices. The filing window for the second round of selections will be open from August 2, 2023,...

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31 Jul
Chapter News

ESMA performs an analysis of the cross-border investment activity of firms

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, and national competent authorities (NCAs) completed an analysis of the cross-border provision of investment services during 2022. The increase in the cross-border provision of financial services has benefits for consumers and firms, as it fosters competition, expands the offer available to consumers and the market for firms. However, it also requires that NCAs intensify their efforts and focus more on the supervision of cross-border activities and...

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31 Jul
Member News

BNY Mellon | Greater integration in collateral management

Initially published in Securities Finance Times, Issue 332, 25 July 2023 | Brian Ruane, senior executive vice president, global head of clearance and collateral management at BNY Mellon, recently met with Justin Lawson to discuss the firm’s growing collateral business, connecting to new pools of collateral and how to integrate the voice of the client. What are some of the major trends you are seeing in collateral management? Collateral management is an integral part of our clients’ funding, trading and business models...

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31 Jul
Member News

Fenwick | New Official Guidance on Voluntary Self-Disclosure of Trade Control Violations

On July 26, 2023, the U.S. Department of Commerce, Bureau of Industry and Security (BIS), the U.S. Department of the Treasury Office of Foreign Asset Control (OFAC) and the U.S. Department of Justice (DOJ) released joint compliance guidance discussing the Voluntary Self-Disclosure (VSD) policies of the respective agencies. The purpose of the guidance is to highlight recent updates to the VSD policies; emphasize the importance of compliance with sanctions, export controls and other laws related to national security; and...

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28 Jul
Chapter News

FSB | Final Reflections on the LIBOR Transition

In 2013, the Financial Stability Board (FSB) established the Official Sector Steering Group (OSSG) with the view of promoting the effective collaboration of the global official sector towards the end goal of successful transition to robust benchmarks, including the transition away from LIBOR. After a decade of preparation, the LIBOR transition has entered its final stage. The end of June 2023 marked the final major milestone in the LIBOR transition with the end of the remaining USD LIBOR panel. Only...

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