13 May
Chapter News

State aid: EU Commission will phase out State aid COVID Temporary Framework

The European Commission will phase out the State aid COVID Temporary Framework, adopted on 19 March 2020 and last amended on 18 November 2021, enabling Member States to remedy a serious disturbance in the economy in the context of the coronavirus pandemic. The State aid COVID Temporary Framework will not be extended beyond the current expiry date, which is 30 June 2022 for most of the tools provided. The existing phase-out and transition plan will not change, including the...

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13 May
Member News

NautaDutilh | CSSF Circular 22/810 – Pre-marketing and Cross-border Marketing Notification Procedures in Luxembourg

On 12 May 2022, the CSSF published Circular 22/810 on the procedures to be followed by Luxembourg-based undertakings for collective investment in transferable securities (UCITS) and investment fund managers in order to notify pre-marketing or cross-border marketing of units or the discontinuation of such activities. The circular follows the introduction of an additional notification procedure for the discontinuation of cross-border marketing of sub-funds of UCITS and alternative investment funds (AIFs) and new requirements for alternative investment fund managers (AIFMs)...

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13 May
Member News

Vulcan Insight | Northern Ireland Protocol dispute heats up again

With the renewed threat of the UK Government legislating domestically to undermine the Northern Ireland Protocol of the EU-UK Withdrawal Agreement, the EU and the UK Government accused each other of “showing flexibility” and undermining the province’s economic and political cohesion.  In their first talks since the Sinn Féin’s win in the Northern Ireland Assembly elections and Tuesday’s Queen’s Speech which didn’t include the rumoured legislation on Northern Ireland, European Commission Vice-President Maroš Šefčovič warned over his continued “serious concern...

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13 May
Chapter News

U.S. FED | Plans for Reducing the Size of the Federal Reserve’s Balance Sheet

Consistent with the Principles for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in January 2022, all Committee participants agreed to the following plans for significantly reducing the Federal Reserve's securities holdings. The Committee intends to reduce the Federal Reserve's securities holdings over time in a predictable manner primarily by adjusting the amounts reinvested of principal payments received from securities held in the System Open Market Account (SOMA). Beginning on June 1, principal payments from...

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12 May
Member News

ACG Resources | The Four Essential Types of Modern Employee

The modern workplace is made up of diverse groups of people from a variety of backgrounds who possess an eclectic mix of skills and interests. Gone are the days when everyone in an office tended to look and sound the same. Today, you will find a variety of people sharing a workspace, each with their own unique blend of experiences and beliefs. In response to this new landscape, the archetype of the “modern employee” has evolved significantly. There are...

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12 May
Member News

CLA | FTC GLBA Safeguards Rule Compliance — Review How You’re Protecting Customer Data

Key insights Don’t gloss over the Federal Trade Commission’s updated Safeguards Rule just because you’re not a bank or credit union. Under GLBA, “financial institutions” is defined in broad context — and it can impact organizations across many industries. Check your data handling practices ahead of the December deadline, to help keep customer information confidential and secure and get in compliance. Protecting customers’ personal information isn’t just good business, it’s often a requirement. Now, an updated rule may mean some...

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12 May
Chapter News

U.S. FED | Speech by Governor Waller on monetary policy in 2021

Reflections on Monetary Policy in 2021 | Speech by Governor Christopher J. Waller at the 2022 Hoover Institution Monetary Conference, Stanford, California | I want to thank the organizers for inviting me to speak here today. The discussion has focused on the following question: "How did the Fed get so far behind the curve?" My response is to relate how my view of the economy changed over the course of 2021 and how that evolving view shaped my policy position....

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12 May
Chapter News

Speech by President von der Leyen at the EP Plenary on the social and economic consequences for the EU of the Russian war in Ukraine – reinforcing the EU’s capacity to act

"Check against delivery" Madam President, dear Roberta, Honourable Members, Next week, we will mark Europe Day. The 72nd birthday of our Union. This Europe Day will be all about the Union of the future – how we make it stronger, more resilient, closer to its people. But the answer to all of these questions, we cannot give alone. The answer is also given in Ukraine. It is given in Kharkiv, where Ukrainian first responders venture into the combat zone to help those...

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11 May
Chapter News

Corporate taxation: EU Commission proposes tax incentive for equity to help companies grow, become stronger and more resilient

The European Commission has today proposed a debt-equity bias reduction allowance, or DEBRA, to help businesses access the financing they need and to become more resilient. This measure will support businesses by introducing an allowance that will grant to equity the same tax treatment as debt. The proposal stipulates that increases in a taxpayer's equity from one tax year to the next will be deductible from its taxable base, similarly to what happens to debt. This initiative is part of...

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11 May
Chapter News

Consumer protection: EU Commission adopts stronger consumer rules for online financial services

Today, the European Commission has adopted a reform of the current EU rules on Distance Marketing of Consumer Financial Services, which govern financial services sold at a distance. The Proposal will strengthen consumer rights and foster the cross-border provision of financial services in the single market. This market has significantly evolved in light of the overall digitalisation of the sector and the new types of financial services that have been developed since the rules were first introduced in 2002....

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