01 Jul
Chapter News

Joint ECB/ESRB report shows uneven impacts of climate change for the EU financial sector

Financial stability vulnerabilities from climate change concentrated in certain regions, sectors and firms, with evolution of risks conditional on effective and timely transition to low carbon economy Granular exposure mapping of climate hazards to financial risk reveals vulnerability to river flooding widespread across countries, compounded by wildfire, heat and water stress risk in some regions Transition risk resulting from financial market repricing has cross-sector impact and varies within sectors owing to differences in emissions efficiency Long-term scenario analyses...

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01 Jul
Member News

BBGFX | July 2021 FX Outlook

After falling in April and May, the US dollar rebounded in June, gaining against all the major currencies.  The move appeared to begin as a technical adjustment to positions after the two-month slide left the greenback over-extended.  However, it morphed into a powerful short squeeze after the Federal Reserve moved into a more hawkish direction. At the March FOMC meeting, the median view was for no hike until after 2023.  The June forecasts showed the median projection anticipates two hikes in 2023, and...

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30 Jun
Chapter News

Consumer protection: EU Commission revises EU rules on product safety and consumer credit

Today, the European Commission has proposed revisions of two sets of EU rules to enhance consumer rights in a world reshaped by digitalisation and the COVID-19 pandemic. The Commission is reinforcing its safety net for EU consumers, for example, by making sure that dangerous products are recalled from the market or that credit offers are presented to consumers in a clear way, easily readable on digital devices. The proposal updates both the existing General Product Safety Directive as well as the EU...

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30 Jun
Chapter News

OECD | Strengthening corporate governance should be a priority to boost economic recovery

The COVID-19 pandemic has exacerbated existing structural weaknesses in the corporate sector and capital markets. Without an effective policy response, the number of undercapitalised and underperforming firms will likely rise and remain high, while an increasing amount of productive resources will be tied up in non-viable companies, dragging down investment and economic growth, according to a new OECD report. The Future of Corporate Governance in Capital Markets Following the COVID-19 Crisis says that substantial financial resources will be needed for...

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30 Jun
Member News

CLA | VERY Important Considerations When Claiming the 2021 Q2 Employee Retention Credit

Key insights Review key rules related to the ERC prior to filing. Refunds will likely come faster on timely filed 941s; however, be careful not to use wages that you need for other programs, particularly PPP loan forgiveness. Review the interplay of ERC, PPP loans, Families First Coronavirus Response Act, WOTC, and other wage-related credits to help protect yourself from issues related to double-dipping. The Consolidated Appropriations Act, 2021 (CAA 2021) broadened the applicability of the employee retention credit (ERC), bringing...

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30 Jun
Member News

Steptoe | Tactics for Trolls: States Continue to Combat Bad Faith Demands

If you are aware of the existence of so-called "patent trolls," then you are likely aware that becoming the target of one can be a costly proposition. Even if your company has not yet been the target of one of these entities, a high likelihood exists that such a demand letter may arrive in your office eventually. The state of Washington is testing its legislature's efforts to combat the tactics of these trolls with the filing of a lawsuit...

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29 Jun
Chapter News

EU Commission proposes coordinated measures for the safe reopening of the cultural and creative sectors

Today, the Commission published EU guidelines to ensure the safe resumption of activities in the cultural and creative sectors across the EU. At a time when the epidemiological situation is improving and vaccination campaigns are speeding up, Member States are gradually reopening cultural venues and activities. Today's guidelines aim to provide a coordinated approach in line with the specific national, regional and local conditions. They are expected to guide the design and implementation of measures and protocols in EU countries to...

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29 Jun
Chapter News

Non-performing loans: provisional agreement on selling credit to third parties

EU ambassadors today confirmed a provisional agreement reached between the Council presidency and the Parliament on a new directive harmonising rules for credit servicers and credit purchasers of non-performing loans issued by credit institutions. The aim of the new rules is to support the development of the secondary market for non-performing loans in the EU in order to allow banks to clean their balance sheets of ‘bad loans’, while ensuring that the sale does not affect the rights of borrowers. Efficient lending opportunities...

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29 Jun
Chapter News

ECB | Financing a green and digital recovery

Speech by Christine Lagarde, President of the ECB, at the Brussels Economic Forum 2021 | Frankfurt am Main, 29 June 2021 | Thank you for inviting me to speak to you today. The economist Rudi Dornbusch once said that “in economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.” That describes the situation we face today very well. The pandemic has accelerated pre-existing trends at a pace we could never...

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29 Jun
Member News

Portolano Cavallo | The European Commission’s Guidelines on Article 17 of the Digital Single Market Copyright Directive: Navigating the Transposition of the “Value Gap”

This article is part of Portolano Cavallo’s “INFORM@Digital & IP” Newsletter. Click here to subscribe | On June 4, 2021, the European Commission issued a communication about Article 17 of Directive 2019/790 on Copyright in the Digital Single Market (the “DSM Directive”), providing non-binding guidelines to ensure its consistent transposition across Member States. Notably, these guidelines focus on cooperation between online content-sharing service providers (“OCSSPs”) and rightsholders, with a particular focus on balancing fundamental rights and the use of copyright exceptions and limitations. For...

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