The Consolidated Appropriations Act of 2022 (Omnibus Spending Bill), signed by President Biden on March 15, contains, among other initiatives, the Adjustable Interest Rate (LIBOR) Act. The LIBOR Act solves the legal uncertainty regarding how “Tough Legacy” contracts — contracts that reference the London Interbank Offered Rate (LIBOR) as a benchmark rate and that do not contain either a specified replacement rate or a replacement mechanism — should be treated after USD LIBOR ceases publication on June 30, 2023. Congress...

Read more

The GDPR's entry into force in May 2018 has not marked the end for new data protection and cybersecurity initiatives. On the contrary, new laws and regulations at national and EU level continue to be introduced. The European Commission has recently adopted its 'Strategy for Data', which aims to propose new legislation, the latest being the Data Act and Data Governance Act. The EU's focus seems to have gotten broader than just 'personal data' as it focuses on data in...

Read more

Meet our women in leadership at NautaDutilh New York! We are pleased to announce our first ever three women partner leadership team at NautaDutilh NY, with the arrival of our newly appointed partner, Marieke Faber. This is the first time in the history of our New York office that we have three women partners leading the charge! “Gender equity is a priority for our corporate social responsibility goals. This new trio in New York is a proud moment and symbol of...

Read more

On April 12, 2022, U.S. Customs and Border Protection (CBP) posted an announcement of its intention to issue “Known Importer Letters” in advance of the June 21st effective date of the rebuttable presumption under the Uyghur Forced Labor Prevention Act (UFLPA). Under the UFLPA, CBP will presume that goods were imported in violation of the forced labor statute if they were mined, produced, or manufactured wholly or in part in China’s Xinjiang Uyghur Autonomous Region (“XUAR”) or by an entity...

Read more

Central bankers face some difficult choices when deciding how to wrangle rising costs. For the past four decades, Americans have enjoyed consistent inflation that has hovered near the Federal Reserve’s target of 2%. Now a combination of factors is upsetting the status quo. In February, the key U.S. inflation measure, the Consumer Price Index (“CPI”), showed that prices for goods and services rose 7.9% compared to a year ago, the highest level since January 1982. On a monthly basis, prices for...

Read more

Business succession planning can be complex and challenging. Explore all your options before deciding how to leave your company. Key insights Start succession planning as soon as possible to allow for unforeseen challenges and limitations of potential successors. For owners who want to retire, there are generally six options for transitioning your business, including to family, employees, competitors, or third parties. All transition options have pros and cons. Work with a financial professional to find the one that’s right for...

Read more

Aviation recommitted to its plan of reducing carbon emissions last year. It had first set itself a target in 2008 of halving the industry’s global emissions from the 2005 figure of 650 million tons by 2050. With the recommitment at the 2021 IATA Annual General Meeting, the goal is now aligned with the Paris Agreement of net-zero carbon emissions by 2050 to limit the increase in global temperature to less than 1.5°C by 2100. In 2019, the global aviation industry...

Read more