02 Nov
Chapter News

ECB | Banks need to be climate change proof

Banks must adapt the way they do business to account for climate-related and environmental risks. The ECB Blog takes a fresh look at their progress and the road ahead. This is the first post in a series of climate-related entries on the occasion of COP27. The economy needs stable banks, especially as it goes through the green transition. As supervisors, our role is to ensure that banks remain prudentially sound, now and long into the future. For this to happen,...

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02 Nov
Member News

Orrick | The Digital Markets Act (DMA): Entry Into Force Starts the Clock on the Application of Game-Changing Rules for Big Tech

The EU's Digital Markets Act (DMA) enters into force on 1 November 2022. It promises to be one of the most significant developments in the history of EU regulation, ushering in a new era for technology companies operating in the EU. In this communication we set out the background to the DMA, the companies whose services will be affected, the obligations that they will have, the consequences of non-compliance and the next steps in the DMA's application. What are the...

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01 Nov
Member News

Global Taxes LLC | IRS gets another “John Doe” summons in hunt for crypto tax cheats

The Internal Revenue Service has received another thumbs-up from a federal court in the agency’s new passion to root out cryptocurrency tax fraud. The U.S. District Court in the Central District of California authorized the IRS to serve a John Doe summons on Los Angeles-based OX Labs Inc., d/b/a SFOX and its subsidiaries. SFOX is a cryptocurrency prime dealer for professional traders and institutional investors and has more than 175,000 registered users. The IRS wants information about U.S. taxpayers who conducted...

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01 Nov
Chapter News

Digital Markets Act: rules for digital gatekeepers to ensure open markets enter into force

Tomorrow, the EU Digital Markets Act (DMA) will enter into force. The new Regulation will put an end to unfair practices by companies that act as gatekeepers in the online platform economy. It was proposed by the Commission in December 2020 and agreed by the European Parliament and the Council in record-time, in March 2022. The DMA defines when a large online platform qualifies as a “gatekeeper”. These are digital platforms that provide an important gateway between business users and...

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01 Nov
Member News

Wilson Sonsini | European Union Adopts Flagship Digital Services Act

On October 27, 2022, the Digital Services Act (DSA) was published in the Official Journal of the European Union, sweeping in a new era in the regulation of digital services. (See Wilson Sonsini’s DSA Fact Sheet.) The DSA applies to providers of digital services, including those based outside the EU that provide services to users in the region. At more than 100 pages, the legislation imposes a raft of obligations on these companies, with some of the most burdensome relating...

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31 Oct
Member News

Jaguar Freight | Weekly Roar: How Low Can We Go?

In this week’s Roar: lower rates putting the pinch on carriers, blank sailings on the rise, on-again off-again labor trouble on US rails and at the Port of Liverpool, and growing concerns over maritime cyber security. It’s no secret that rates for containers from Asia are tanking as many services on the transpacific continue to be canceled. But the question on a lot of minds is how low will they go before setting a new normal? Carriers who were...

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31 Oct
Chapter News

ECB | Results of the September 2022 Survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD)

Tighter credit terms and conditions offered by banks to counterparties, mainly attributed to deterioration in general market liquidity and functioning Higher maximum amount of funding but shorter maximum maturity against domestic government bonds Deterioration in liquidity conditions continued for most collateral types Higher initial margin requirements for most OTC derivative types, especially commodity derivatives On balance, overall credit terms and conditions tightened over the June-August 2022 review period across all counterparty types. Price terms tightened for all counterparty types,...

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28 Oct
Member News, Uncategorized

Loyens & Loeff | ESG litigation – the criminal angle of greenwashing?

In a market that is becoming more conscious of the environmental (and social) impact of corporate activities, businesses in a vast array of sectors are keen to capitalise on this new trend by actively promoting their 'green' credentials. This incentive can lead to an increased risk of 'greenwashing' claims, as echoed by the recent international press. The present article is the first of the series that we want to dedicate to ESG (litigation) issues. As a starter, we discuss the...

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28 Oct
Member News

Troutman Pepper | SEC Reiterates Auditor Responsibilities in Risk Assessment

Independent auditors have been placed on notice to tighten internal fraud investigations following an October 11 statement by the U.S. Securities and Exchange Commission’s (SEC) chief accountant, which can be found here. This statement follows several 2022 enforcement actions taken against auditors accused of ignoring red flags during audits, likely due to pressure from clients. Paul Munter, who heads the SEC’s Office of the Chief Accountant, referenced several “deeply concerning” reports that suggest auditors are not acting skeptical enough...

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28 Oct
Member News

Vulcan Insight | EU set to accelerate the rollout of instant payments in euro

On Wednesday, the European Commission unveiled a long-awaited legislative proposal to make instant payments in euro available to all citizens and businesses with a bank account in the EU and EEA countries. The move will allow people transfer money 24/7, 365 days of the year, within just 10 seconds. Announcing the new measure, Commissioner for Financial Services, Mairead McGuinness, said that the bill would have a “seismic” impact, arguing that it was “comparable to the move from mail to email”. According to the...

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