19 Jul
Member News

Faegre Drinker | Ransomware Payments Become an Even Riskier Choice Amidst the Ever-Growing Sanctions List

In February 2022, Executive Order 14024 highlighted that Russia’s invasion of Ukraine threatened not only Ukraine but also the national security and foreign policy of the United States. Pursuant to this executive order, and in the face of national security concerns, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) has instituted extensive sanctions, including both economic and trade sanctions. Also, in response to the national security concerns, the Cybersecurity and Infrastructure Security Agency (CISA) issued a...

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18 Jul
Chapter News

EU digital diplomacy: Council agrees a more concerted European approach to the challenges posed by new digital technologies

The Council today approved conclusions on EU digital diplomacy. Digital technologies have brought new opportunities and risks into the lives of EU citizens and people around the globe. They have also become key competitive parameters that can shift the geopolitical balance of power. The EU has a growing web of digital alliances and partnerships around the world. It is increasingly investing in digital infrastructure and, under the Global Gateway strategy, in supporting partners in defining their regulatory approach to technology...

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18 Jul
Member News

IPTI | Update on U.S. & EU Property Tax Issues: July 2022

The EACC, in partnership with the International Property Tax Institute (IPTI), wants to keep its members up to date with the latest developments in property taxes in the USA and Europe. IPTI has put together below a selection of articles from IPTI Xtracts; more articles can be found on its website (www.ipti.org). United States New York: The dubious value of ‘value capture’ financing Gov. Hochul’s Penn Station Area Civic and Land Use Improvement Project is speeding toward a vote this summer. But...

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18 Jul
Chapter News

Statement by EU Commissioner Simson on the start of electricity trade between Ukraine and the EU

The European Network of Transmission System Operators for Electricity announced today that electricity trade between Ukraine and the EU will start this week, on 30 June. I welcome this development that follows the successful emergency synchronisation of the Ukrainian and Moldovan grids with the European Continental Grid in March. This is the next step in integrating the energy systems of these two countries with Europe and has a special significance now that they have received EU candidate country status. Gradually...

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18 Jul
Chapter News

Implementation of EU sanctions against Russia: EU Commission adopts proposal for “maintenance and alignment” package

The European Commission has today adopted a joint (High Representative-Commission) proposal for a new package of measures to maintain and strengthen the effectiveness of the EU's six wide-ranging and unprecedented packages of sanctions against Russia. Today's “maintenance and alignment” package clarifies a number of provisions to strengthen legal certainty for operators and enforcement by Member States. It also further aligns the EU's sanctions with those of our allies and partners, in particular in the G7. Importantly, the package reiterates the...

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18 Jul
Member News

Vulcan Insight | EU Commission set to publish emergency gas use plan

The European Commission next week will publish an EU-wide emergency plan to reduce gas use this winter. The initiative comes in light of the Russia’s significantly reduced gas deliveries, as well as the increasing likelihood that Gazprom will not restore deliveries after the planned maintenance period of the Nord-Stream 1 pipeline.  Among others, the plan to reduce gas usage includes recommendations for limit heating in public buildings and offices to only 19°C and cooling to 25°C, as well as measures...

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15 Jul
Member News

Littler | Impacts of the Dobbs Decision on Employer Benefit Plans

As predicted, the United States Supreme Court issued its final decision in Dobbs v. Jackson Women’s Health Organization overturning the landmark 1973 case Roe v. Wade, which held the U.S. Constitution protected the right of women to terminate a pregnancy prior to the date of viability. The June 24, 2022, Supreme Court decision holds there is no such Constitutional right, and gives the power to regulate the legality of abortions back to the individual states 50 years after Roe....

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15 Jul
Member News

Arendt | ESG in the banking sector – Integrating sustainability into the MiFID II framework

Two major delegated acts will come into force that amend the MiFID II framework in order to integrate sustainability risks and factors into banks’ organisational requirements, rules of conduct and product governance obligations. In the coming weeks and months, two major delegated acts will come into force that amend the MiFID II framework in order to integrate sustainability risks and factors into banks’ organisational requirements, rules of conduct and product governance obligations. I. Legal requirements Banks will have to abide by...

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14 Jul
Chapter News

OECD | International tax reform: Multilateral Convention to implement Pillar One on track for delivery by mid-2023

Implementation of the international tax reform agreement to ensure multinational enterprises pay a fair share of tax wherever they operate is progressing, according to an OECD report delivered to G20 finance ministers and central bank governors ahead of their meeting in Indonesia later this week. According to the OECD Secretary-General Tax Report, Members of the OECD/G20 Inclusive Framework on BEPS have concentrated on the practical implementation of the landmark agreement to reform international tax arrangements reached by over 135 countries...

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14 Jul
Member News

Mason Hayes & Curran | EU Common Charger to Become a Reality

Cutting down on electronic waste and reducing hassle for consumers are the aims of the EU’s proposed switch to a single charger for small electronic devices. The USB-C will become the standard port for all phones, headphones, tablets, cameras and portable speakers chargeable via a wired cable by late 2024 or early 2025. This will eliminate the need for consumers to have different chargers for different devices. The rules will also harmonise charging speed of new devices and introduce...

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