On August 23, 2023, the Office of Management and Budget (OMB) published its final guidance implementing the Build America, Buy America (BABA) preference, which requires that all of the iron, steel, manufactured products, and construction materials used in infrastructure projects receiving federal financial assistance be "produced in the United States." Here are the most significant takeaways between the initial April 2022 guidance and final August 2023 guidance: The final guidance provides a new definition of "manufactured products," which provides that...

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The current Payment Services Directive 2 (PSD2), which was adopted in 2015, sets out the rules applicable to the EU retail payments industry. Since then, significant developments have taken place in the payments industry. The most notable of these include the increased use of contactless and instant payments, the introduction of major new players into the market, and the increasing prevalence of fraud. Given the ever-evolving nature of the payments industry, the European Commission undertook a review of PSD2 in...

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The business landscape has evolved with an increased focus on corporate responsibility, encompassing Environmental, Social, and Governance (ESG) considerations. Companies — from large multinationals to small privately owned businesses — are incorporating ESG and sustainability practices in their strategy as it becomes increasingly important for consumers. Simultaneously, there has been increased emphasis on tax transparency and accountability for companies both domestically and abroad. Recognizing the interconnectedness of these issues, many companies are now actively integrating ESG principles into their...

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The Trepp CMBS Special Servicing Rate rose 5 basis points in August to 6.67% — the seventh consecutive increase. Six months ago, the rate was 5.18%, and one year ago, the rate was 4.92%. As has been typical of this year, the office sector led property types with the highest monthly increase, up 39 basis points. While most other property types had negligible changes, the multifamily rate rose by 32 basis points and the retail rate fell by 80 basis points. The largest loan to...

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On 12 September 2023, the European Commission proposed a Council Directive on Business in Europe: Framework for Income Taxation (BEFIT). The BEFIT proposal was announced earlier and contains a common corporate income tax framework for groups active in the EU. BEFIT lays down rules for calculating an aggregated tax base for members of a BEFIT group and the allocation of the tax base between (eligible) BEFIT group members. The proposal is strongly connected to the Pillar 2 Directive as well...

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Employers in Germany are having an increasingly difficult time retaining skilled employees and filling open positions. This Insight provides some suggestions to help promote employee retention and attract new workers. In Germany there are currently more job vacancies than ever before. The shortage of skilled workers has arguably become the biggest brake on the economy. This is reason enough to take a look at possible solutions from an employment law perspective. In the first of a two-part series, we...

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On September 6, 2023, the European Commission (EC) returned from its summer break with full force and announced the designation of six tech companies as so-called “gatekeepers” under the EU’s Digital Markets Act (DMA) and published a Q&A document. The six companies are predominantly American, with one Asian company represented and no European: Alphabet, Amazon, Apple, Meta, Microsoft, and TikTok-owner ByteDance. Booking.com, a European travel booking platform, previously stated that the impact of COVID-19 meant it did not meet the...

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