20 Jun
Chapter News

ECB Speech | Isabel Schnabel: The risks of stubborn inflation

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Euro50 Group conference on “New challenges for the Economic and Monetary Union in the post-crisis environment” | Luxembourg, 19 June 2023 | The ECB has taken forceful action in response to the unprecedented surge in euro area inflation. We have embarked on the fastest tightening cycle in our history, raising our key policy rate – the deposit facility rate – from -0.5% to 3.5%, and started...

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20 Jun
Chapter News

Fair and simple taxation: better withholding tax procedures will boost cross-border investment and help fight tax abuse

The European Commission has today proposed new rules to make withholding tax procedures in the EU more efficient and secure for investors, financial intermediaries (e.g. banks) and Member State tax administrations. This initiative – a key element of the Communication on Business Taxation for the 21st Century, and the Commission's 2020 Action Plan on the Capital Markets Union – will promote fairer taxation, fight tax fraud, and support cross-border investment throughout the EU. The term “withholding tax” refers, for example, to...

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16 Jun
Member News

Vulcan Insight | European Parliament adopts its position on the AI Act

On Wednesday earlier this week, Members of the European Parliament (MEPs) gathered in Strasbourg for this month’s plenary session, with the AI Act being very high on the agenda. From its initial proposal in April 2021 and following many months of negotiations between the two responsible parliamentary committees – the Committee on the Internal Market and Consumer Protection (IMCO) and the Committee on Civil Liberties, Justice and Home Affairs (LIBE) – the European Parliament’s plenary finally passed its version of the Artificial Intelligence Act (AI...

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16 Jun
Member News

Stradley Ronon Partner Wins ‘Emerging Leaders’ Award From The M&A Advisor

PHILADELPHIA – Stradley Ronon is pleased to announce that Partner Kenneth C. Wang is the recipient of a 2023 “Emerging Leaders” Award by The M&A Advisor, a leading professional development organization and information service for the mergers and acquisitions industry. Wang was chosen among hundreds of applicants for the award by an independent judging panel of peers. Working from the firm’s New York office, Wang uses his many years of experience in both private practice and in-house tax departments for...

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16 Jun
Chapter News

FTC | Privacy and security of genetic information: Putting DNA companies to the test

Some secrets are so secret that no one knows about them. Until recently that described the secrets locked within our DNA. But a key to consumer confidence in the burgeoning genetic testing marketplace is the extent to which people can depend on a company’s promise that “Your secret’s safe with us.” In its first case focused on the privacy and security of genetic information, the FTC alleges that San Francisco-based Vitagene, Inc. – now known as 1Health.io – failed...

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15 Jun
Member News

Arendt | ESG in the banking and insurance sectors: ESA progress reports on greenwashing

On 1 June 2023, each of the European Supervisory Authorities (“ESAs”), namely the European Banking Authority (“EBA”), the European Insurance and Occupational Pensions Authority (“EIOPA”) and the European Securities and Markets Authority (“ESMA”), published a progress report on greenwashing in the financial sector (“Progress Report”). 1. Background The Progress Reports answer the “call for advice to the ESAs on greenwashing risks and the supervision of sustainable finance policies” issued by the European Commission in 2022, which asked the ESAs to provide...

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15 Jun
Member News

AICEP Portugal Global | More than two-thirds of electricity from renewable sources in May

In May, the average hourly price on the Iberian Electricity Market (Mibel) in Portugal was €76.1 per megawatt hour (MWh). About 67.4% of the 2,926 GWh (gigawatt-hours) of electricity generated in May in mainland Portugal came from renewable sources, according to data from the Portuguese Renewable Energy Association (APREN), released on Wednesday. “In mainland Portugal 2,926 GWh of electricity was generated in May 2023, of which 67.4% was of renewable origin,” APREN said in a statement, explaining that the 5.5% increase...

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15 Jun
Chapter News

ECB Press Conference | Christine Lagarde, Luis de Guindos: Monetary policy statement

Frankfurt am Main, 15 June 2023 | Good afternoon, the Vice-President and I welcome you to our press conference. Inflation has been coming down but is projected to remain too high for too long. We are determined to ensure that inflation returns to our two per cent medium-term target in a timely manner. The Governing Council therefore today decided to raise the three key ECB interest rates by 25 basis points. The rate increase today reflects our updated assessment of the inflation...

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15 Jun
Chapter News

ECB Press Release | Monetary policy decisions, 15 June 2023

Inflation has been coming down but is projected to remain too high for too long. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. It therefore today decided to raise the three key ECB interest rates by 25 basis points. The rate increase today reflects the Governing Council’s updated assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission. According to the June...

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14 Jun
Member News

Wilson Sonsini | Beware: Increasingly Aggressive Enforcement Actions in the Crypto Asset Industry Put Companies on Notice

Regulators are increasingly taking enforcement action against crypto asset industry participants for violating anti-money laundering (AML) and sanctions laws. Regulators are concerned about the illicit use of crypto assets and are increasingly scrutinizing crypto asset companies. As we have previously discussed,1 companies in the crypto asset industry must be acutely aware of their AML and sanctions obligations or face the risk of an enforcement action by a federal or state regulator. As the chart below documents, federal and state regulators,...

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