23 Jun
Member News

Faegre Drinker | CBP and DHS Issue Guidance on Implementation of the Uyghur Forced Labor Prevention Act

The week of June 12, 2022, the Department of Homeland Security (DHS) and U.S. Customs and Border Protection (CBP) released two important guidance documents to prepare the public for the implementation of the Uyghur Forced Labor Prevention Act (UFLPA) on June 21, 2022. (For more information, see our previous client alert on the UFLPA.) In brief, the UFLPA requires CBP to apply a rebuttable presumption that any imported goods mined, produced or manufactured wholly or in part in China’s...

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23 Jun
Member News

Houthoff | PSD2 review and other legislative changes

In this News Update, we discuss the European Commission's consultations on the PSD2 review, open finance and data sharing; the bill amending the Trust Offices Supervision Act 2018 concerning measures to prohibit trust services in cases involving high integrity risks; and the consultation on the Recovery and Resolution Insurers Amendment Act. We further highlight some other financial regulatory publications issued since our last News Update was published. European Commission | Consultations on the PSD2 review, open finance and data sharing On...

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23 Jun
Chapter News

IMF | From 1980s Debt Crisis to Crypto Era, Financial Stability Monitoring is Always Evolving

The IMF’s Global Financial Stability Report, introduced in 2002, was a step toward a more comprehensive assessment of risks in financial markets and cross-border capital flows. Twenty years ago, the IMF released its inaugural Global Financial Stability Report to strengthen surveillance of financial markets after a series of crises in emerging market economies and the dot-com bust. This semiannual publication by the Monetary and Capital Markets Department has since evolved through years of seismic shifts in the global...

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22 Jun
Member News

Rand Insurance Insights – Summer 2022

Summer Business Activities That May Require Liability Coverage The summer is a wonderful time to be outside enjoying the weather and possibly taking some well deserved time off.  Many businesses open their doors and engage in fun activities that include water sports, barbeques and more. Accidents happen anytime, anywhere, and no matter what type of business you’re running. With that, we’d like to emphasize the need and importance of having liability insurance for summertime business and activities.  You should consider having, or at...

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22 Jun
Chapter News

The battle of narratives around the food crisis

Russia’s war against Ukraine threatens to create a global wave of hunger. We must urgently enable Ukraine to export its grains through the Black Sea. We also see a “battle of narratives” around Russian grains and fertilizer exports. While our sanctions do not target these exports, we are ready to work with the UN and our partners to prevent any unwanted impact on global food security. "The war of aggression against Ukraine puts the world in danger of a famine...

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22 Jun
Member News

EIB and European Commission sign an Agreement to enable further investments worldwide

On 10 May 2022, the European Commission and the European Investment Bank (EIB) signed an ambitious Guarantee Agreement through which the European Commission will support up to €26.7 billion of EIB financial operations to enable crucial public investments in sectors like clean energy, digital and transport infrastructure, health and education over the next seven years, rolling out Global Gateway worldwide. Commissioner for Neighbourhood and Enlargement, Olivér Várhelyi, said: “Today’s landmark guarantee agreement with the European Investment Bank will enable to finance the...

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22 Jun
Chapter News

ECB | Frank Elderson: Good, bad and hopeful news: the latest on the supervision of climate risks

Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, 10th Annual Conference on Bank Steering & Bank Management at the Frankfurt School of Finance & Management | I understand that today’s audience includes managers and experts from banks and banking associations, supervisors, academics and students. So this is an ideal platform for exchanging views on the financial sector’s role in addressing the risks of the ongoing climate...

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21 Jun
Brexit News, Member News

A&L Goodbody | Bordering on the insurmountable: NI protocol hangs in the balance

This article was first published in the Sunday Business Post, Sunday 12 June 2022 | Tensions rise as many believe legislation being prepared by Britain to unilaterally scrap parts of the Northern Ireland protocol will cause more problems than it solves. “Please don’t go there,” was the message Simon Coveney told reporters that he wanted to send to the British government last week. The Minister for Foreign Affairs was referring to a bill which will reportedly pave the way for the British...

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21 Jun
Chapter News

EU Consumer protection: TikTok commits to align with EU rules to better protect consumers

Following dialogues with the Commission and the network of national consumer protection (CPC) authorities, TikTok has committed to align its practices with the EU rules on advertising and consumer protection, namely, the Unfair commercial practices Directive, the Consumer rights Directive and the Unfair contract terms Directive.  This dialogue first originated from a complaint of the European Consumer Organisation (BEUC). In February 2021, BEUC raised the alarm regarding certain problematic practices of TikTok allegedly breaching EU consumer rules. For instance,...

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21 Jun
Chapter News

Speech by Commissioner Simson at the Three Seas Business Forum: ‘Building a Balanced and Resilient Energy Sector in the Three Seas Region’

"Check against delivery" Good morning everybody. It's great to be here in Riga today. We are going through an energy crisis that threatens our climate goals and energy security and independence all in one. The ripple effects of the Russian aggression in Ukraine have kick started a huge change in our geopolitical environment. In recent days and weeks, Russia has again and again demonstrated that it is an unreliable supplier who uses energy as a political weapon – trying to single out...

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