30 Jul
Brexit News, Member News

Vulcan Insight | European Commission pauses legal action against UK over Protocol

The European Commission confirmed this week that it would freeze two lawsuits against the United Kingdom in order to “continue constructive discussions” with Westminster over trade arrangements in Northern Ireland. A Commission spokesperson said in a statement that “in order to provide the necessary space to reflect on these issues and find durable solutions to the implementation of the Protocol, we have decided, at this stage, not to move to the next stage of the infringement procedure”. The proceedings were launched...

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29 Jul
Member News

Orrick | FinCEN Pursues Its Next Steps, Posting its Priorities and Pondering a No-Action Process

The Financial Crimes Enforcement Network (FinCEN) has completed two of its early benchmark obligations arising out of the recently passed Anti-Money Laundering Act of 2020 (the “AML Act”), which we previously wrote about here.  First, FinCEN published its first-ever government-wide list of Anti-Money Laundering and Countering the Finance of Terrorism (AML/CFT) priorities.  Second, FinCEN published its report on the potential for a FinCEN no-action letter process. Below are some key takeaways from these publications, and here is a deeper analysis of the issues. Priorities: The AML...

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29 Jul
Chapter News

IMF | Making The Digital Money Revolution Work for All

History moves in uneven steps. Just as the telegraph erased time and distance in the 19th century, today’s innovations in digital money may bring significant changes in the way we lead our lives. The shift to electronic payments and social interactions brought on by the pandemic may cause similarly rapid and widespread transformations. 'The challenges are significant, and so is the potential reward. But policy action must begin immediately.' But we must look beyond the dazzle of technology and the alluring image...

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29 Jul
Chapter News

New OECD data highlights the importance of the international tax reform discussions

New data, released today, underlines the importance of the two-pillar plan being advanced by over 130 members of the OECD/G20 Inclusive Framework on BEPS to reform international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate. The data, released in the OECD's annual Corporate Tax Statistics publication, shows the importance of the corporate tax as a source of government revenues, while also pointing to evidence of continuing base erosion and profit shifting behaviours. Under the two-pillar solution to...

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28 Jul
Chapter News

IMF | Boosting the Economy: The Impact of US Government Spending Plans

Despite the tragic loss of life and immense challenges brought on by the pandemic, the US economy is making a remarkable recovery. The Biden administration’s proposed spending plans will add momentum, raising GDP by more than 5 percent from 2022 to 2024, and will create a lasting impact by increasing productivity and labor force participation. The economic impact of the American Jobs Plan (AJP) and American Families Plan (AFP) was the focus of the IMF’s annual economic and policy review...

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28 Jul
Member News

Ogletree Deakins | EEO-1 Filing Platform: More Changes for Acquisitions, Spinoffs, and Mergers

The U.S. Equal Employment Opportunity Commission (EEOC) recently announced that it is loosening the requirement on companies to provide notice to the federal agency of acquisitions, mergers, and spinoffs. By way of background, in addition to requiring the submission and certification of two years of EEO-1 reports, the EEOC had created a new filing platform for the 2019 and 2020 EEO-1 filings, which are due by August 23, 2021. The transition to the new platform and the requirement to...

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28 Jul
Member News

CLA | Cybersecurity Compliance — Are You Accidentally Breaking the Law?

Originally appeared in the Boston Business Journal, July 26, 2021 | Key insights Hackers continue to exploit weaknesses in cybersecurity systems and practices. The cost of a data breach can be in the millions of dollars, and take close to a year to detect and rectify the situation. Pre- and post-breach cyber regulations have been specifically developed for some industries and states. Take steps now to develop a strong, compliant cybersecurity program for your organization. When a business suffers a cyber...

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27 Jul
Chapter News

Recovery fund: ministers welcome assessment of four more national plans

Economy and finance ministers today welcomed the assessment of national recovery and resilience plans for Croatia, Cyprus, Lithuania and Slovenia. The Council will adopt its implementing decisions on the approval of these plans by written procedure shortly after the informal ministers’ meeting held today. Following the formal adoption of the decisions, this second batch of member states will be able to use the facility’s funds to foster their economic recovery from the COVID-19 pandemic. All four member states requested pre-financing from their allocated...

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27 Jul
Chapter News

EU invests €122 million in innovative projects to decarbonise the economy

For the first time since the creation of the Innovation Fund, the European Union is investing €118 million into 32 small innovative projects located in 14 EU Member States, Iceland and Norway. The grants will support projects aiming to bring low-carbon technologies to the market in energy intensive industries, hydrogen, energy storage and renewable energy. In addition to these grants, 15 projects located in 10 EU Member States and Norway will benefit from project development assistance worth up to €4.4...

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27 Jul
Chapter News

ECB | After the crisis: Economic lessons from the pandemic

Blog post by Fabio Panetta, Member of the Executive Board of the ECB | 27 July 2021 | With the complete reopening of the economy in sight, what Europe needs to emerge stronger from the pandemic will change. We will have to shift from offsetting lost income to adding new income, and from preserving productive capacity to reallocating capital and labour towards sectors with more favourable opportunities. Whether we will succeed depends on how we reform the way in which the...

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