To attract high-skilled foreign workers, Canada launched a special work permit program targeting H-1B visa holders in the United States, particularly nationals of India and China. The Tech Talent Strategy, introduced by Minister of Immigration, Refugees, and Citizenship Sean Fraser, aims to offer new opportunities for skilled professionals seeking career growth and stability. The program’s 10,000-application quota was reached in two days, highlighting the growing appeal of Canada as a destination for top global talent, including those experiencing challenges...

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In this News Update we discuss a consultation on the Credit Registration System Act; a revision of PSD2; and the AFM notice for non-compliance with remuneration rules. We further highlight some other financial regulatory publications issued since our last News Update. Consultation on the Credit Registration System Act On 21 June 2023, the Minister of Finance published the Credit Registration System Act (Wet stelsel kredietregistratie) and the accompanying Explanatory Memorandum for consultation. Market participants have until 3 September 2023 to give their...

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In this week’s Roar: words of caution for supply chains, decent retail numbers, a normal ocean marketplace, declining truck tonnage, and a possible step back for port labor. The industry is getting a warning that supply chains are in the crosshairs of another upheaval, with the threat of a UPS strike and the possibility of Yellow going bankrupt. If both of those things happen, the results to the supply chain and the economy could be troublesome. Logistics professionals are being urged...

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Ongoing market disruptions are changing the private equity (PE) landscape. Winning firms are increasingly relying on the outside‑in due diligence (OIDD) approach to help identify opportunities, mitigate risks, and increase returns—all of it with minimal up-front investment. According to the AlixPartners 8th Annual PE Leadership Survey, about half of industry leaders now expect deals to be fewer, take longer, and be harder to exit. The Objectives of OIDD OIDD provides rapid insights to (1) help PE firms mitigate risk and optimize the...

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On Tuesday, July 25, 2023, U.S. Citizenship and Immigration Services (USCIS) will be issuing a new version of Form I-9, Employment Eligibility Verification. Form I-9 with a version date of (Rev. 08/01/23) will be available for use beginning August 1, 2023. The prior version of Form I-9 (Rev. 10/21/19) continues to be effective through October 31, 2023. Starting on August 1, 2023, employers may download the new Form I-9 (Rev. 08/01/23) from the USCIS website at www.uscis.gov/i-9. Beginning November...

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Earlier this week, member countries’ representatives (Coreper) met in Brussels. On the agenda was the Cyber Resilience Act vote in the Council, which occurred on 19 July.  Member states have now agreed on a common position regarding the Cyber Resilience Act, which aims to establish cybersecurity requirements for products with digital components before they enter the market. The proposed legislation seeks to ensure that connected devices like home cameras, smart fridges, TVs, and toys are safe and protected against cyber threats in the EU. The idea for...

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The European Banking Authority published a report on money laundering and terrorist financing risks associated with EU payment institutions. The report finds that these risks may not be assessed and managed effectively by stakeholders. On 16 June 2023, the European Banking Authority (“EBA”) published a report on money laundering and terrorist financing risks associated with EU payment institutions. The report finds that these risks may not be assessed and managed effectively by stakeholders. 1. Background The EBA carried out an assessment of...

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