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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28 Jun
Brexit News, Member News

EACCNY “Brexit, What’s Next?” Series | The UK and the Lugano Convention in the post-Brexit world

With the help of our members, this thought-leadership series focuses on explaining what businesses should expect from the new reality of Brexit – in essence, with “Brexit, What’s Next?”. Today, we present Colin Monaghan, Partner, and Louise Mitchell, Knowledge Lawyer, at MASON HAYES & CURRAN and based in Dublin, Ireland; along with Tunde Oyewole, Of Counsel, and Sarah Lajugie, Associate at ORRICK and based in Paris, France. They will address: “The UK and the Lugano Convention in the post-Brexit...

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28 Jun
Member News, New York Related News

Troutman Pepper | New York City Enacts Biometrics Law for Food and Drink Establishments, Entertainment Venues, and Retail Stores

New York City’s Biometric Identifier Information Law goes into effect July 9. The law applies to food and drink establishments, places of entertainment, and retail stores in New York City that collect, retain, convert, store, or share biometric identifier information (e.g., retina or iris scans, fingerprints, voiceprints, and hand scans) from customers. According to the law, affected businesses must post clear, conspicuous notices near all customer entrances to their facilities. The law gives aggrieved customers a private right of action, subject...

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28 Jun
Member News

Loyens & Loeff | Cross-border workers: COVID-19 agreements extended until 30 September 2021

Belgium has concluded so-called COVID-19 agreements with Germany, France, Luxembourg and the Netherlands on the tax impact of international travel restrictions and health instructions (“work at home”) for cross-border workers and their employers. These agreements have now been extended until (and included) 30 September 2021. COVID-19 Agreement with Germany The Belgian and German authorities concluded a COVID-19 Agreement on 6 May 2020. The initial period of application of this agreement ran from 11 March to 31 May 2020 and was already extended...

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28 Jun
Chapter News

VAT: New e-commerce rules in the EU will simplify life for traders and introduce more transparency for consumers

New Value-Added Tax (VAT) rules for online shopping enter into force later this week* as part of efforts to ensure a more level playing field for all businesses, to simplify cross-border e-commerce and to introduce greater transparency for EU shoppers when it comes to pricing and consumer choice. The EU's VAT system was last updated in 1993 and has not kept pace with the rise in cross-border e-commerce that has transformed the retail sector in recent years. The Coronavirus pandemic has...

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28 Jun
Brexit News, Chapter News

Data protection: EU Commission adopts adequacy decisions for the UK

The EU Commission has today adopted two adequacy decisions for the United Kingdom - one under the General Data Protection Regulation (GDPR) and the other for the Law Enforcement Directive. Personal data can now flow freely from the European Union to the United Kingdom where it benefits from an essentially equivalent level of protection to that guaranteed under EU law. The adequacy decisions also facilitate the correct implementation of the EU-UK Trade and Cooperation Agreement, which foresees the exchange of personal information,...

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25 Jun
Chapter News

US Federal Reserve Board releases results of annual bank stress tests

The results show that large banks continue to have strong capital levels and could continue lending to households and businesses during a severe recession. The Federal Reserve Board on Thursday released the results of its annual bank stress tests, which showed that large banks continue to have strong capital levels and could continue lending to households and businesses during a severe recession. "Over the past year, the Federal Reserve has run three stress tests with several different hypothetical recessions and all...

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25 Jun
Chapter News

Making digital transition work for all SMEs

The webinar looked at the state of digital transformation in European regions, taking stock of the latest research showing an increasing digital divide across European regions and urban-rural communities. Invited speakers shared their views on how public authorities at all levels can facilitate the digital transition of small and medium enterprises (SMEs), showcasing some best practices and collaboration initiatives from the European Entrepreneurial Regions. In the opening session, Mr Ivan Štefanec, Member of the European Parliament and President of SME Europe, identified three...

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