04 Apr
Member News

US-based Frozen Seafood Importer and Distributor Receives USD 1.5 Million in Trade Financing from Tradewind Finance

A Miami-based importer and distributor of frozen seafood received a USD 1.5 million credit facility from Tradewind Finance. With the facility, the company will support its domestic sales growth with large American customers. The seafood importer, which primarily sells octopus, had started diversifying its product offerings by adding frozen tuna and salmon, and it needed a financial partner that could support its increased business other than the self-financing methods it already had in place. The company planned on continuing to...

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04 Apr
Chapter News

Remarks by President Charles Michel after the EU-China summit via videoconference

Good afternoon. We have just concluded our EU-China summit. Today's summit is not business as usual, because this is a war-time summit. We are living through the gravest security crisis in Europe since World War Two. Putin's war in Ukraine continues to kill women and children and destroy entire cities, and this is a blatant violation of international law. The European Union's top priority is to stop the war as soon as possible and to protect the Ukrainian people. In...

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04 Apr
Chapter News

FSB | FinTech and Market Structure in the COVID-19 Pandemic: Implications for financial stability

The COVID-19 pandemic has accelerated the trend toward digitalisation of retail financial services. This report examines whether the COVID-19 pandemic changed the ways in which individuals and firms engage with innovative financial service providers and traditional financial incumbents. Its main finding is that the pandemic has accelerated the trend toward digitalisation of retail financial services. Comprehensive data on market shares of FinTechs, BigTechs and incumbent financial institutions in retail digital services are scarce. However, available proxies and insights from market participants...

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04 Apr
Member News

Act now to prevent a new sovereign debt crisis in the developing world

This article was first published in the Financial Times here and was re-published with the permission of William Rhodes | By William Rhodes and John Lipsky | The writers are co-chairs of the Sovereign Debt Working Group of the Bretton Woods Committee | The economic impact of Russia’s invasion of Ukraine will be felt most in low-income countries Since late February, the world’s attention has been focused on Russia’s brutal invasion of Ukraine. However, some of the most damaging economic and...

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04 Apr
Member News

Wilson Sonsini | Political Agreement on a New Framework for EU-U.S. Personal Data Transfers

On March 25, 2022, the U.S. and EU announced that they reached a political agreement in principle on a new "Trans-Atlantic Data Privacy Framework" (the Framework). This would be the third framework for EU-U.S. personal data transfers, after the invalidation of the Privacy Shield in 2020 and of its predecessor, the Safe Harbor, in 2015. The new Framework is yet to be set out in legal documents, which will need to be negotiated and adopted. Timing for the adoption...

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01 Apr
Chapter News

ECB Speech | A digital euro that serves the needs of the public: striking the right balance

Introductory statement by Fabio Panetta, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament | Thank you for inviting me to update you on the digital euro project and the progress made since we last met in November. We have previously discussed the broad policy objectives associated with a digital euro. Today, I would first like to highlight some important features which, by making a digital euro attractive to citizens...

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01 Apr
Member News

Vulcan Insight | Tentative agreement on new EU-US data sharing pact

In the margins of US President Joe Biden’s visit to Brussels last week, he and European Commission President Ursula von der Leyen announced a somewhat surprising agreement on a revamped transatlantic data sharing agreement “in principle”. The agreement comes after the European Court of Justice struck down the original 2013 Safe Harbor and 2020 Privacy Shield agreements. The EU’s highest Court repeatedly struck down the transatlantic agreements over concerns that European citizen’s private data would not be safe from the...

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01 Apr
Member News

EIB | Ukraine support package: €668 million disbursed

The EIB Group joins other EU institutions in denouncing Russia's military invasion of Ukraine. Within days from the invasion the EIB, in cooperation with the European Commission, prepared an emergency solidarity package for Ukraine. The package included €668 million in immediate assistance for the Ukrainian authorities. It was fast-tracked and fully disbursed within a month. The Bank is working on other support measures, including committing an additional €1.3 billion for infrastructure projects. In addition to the €668 million package, the...

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01 Apr
Member News

Cozen O’Connor | USCIS Announces New Action Plan to Reduce Backlogs

On Tuesday, March 29, 2022, USCIS announced an action plan aimed to increase efficiency and reduce burdens to the legal immigration system. USCIS indicated three main goals within this new plan, including: Set new agency-wide backlog reduction goals; Expand premium processing to additional form types; and Work to improve timely access to employment authorization documents (EADs). Due to the COVID-19 pandemic and resource constraints resulting from the prior administration, USCIS inherited a significant number of pending cases and increased processing...

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31 Mar
Member News

Troutman Pepper | SEC Seeks to Enhance Disclosures and Provide Additional Investor Protections Related to SPACS

Citing the “unprecedented surge” in the number of initial public offerings by special purpose acquisition companies (SPACs) over the past two years, the SEC has proposed new rules that would require enhanced disclosures and provide additional investor protections in initial public offerings by SPACs and in “de-SPAC” transactions. To date, the SEC has relied on the comment process and staff guidance to shape SPAC-related disclosures in registration statements and proxy statements. The proposed rules would represent the most significant...

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