Five years after the European Commission first proposed its framework on public country-by-country reporting (pCBCR) to oblige large multinational companies to publicly disclose where they make their profits and where they pay their taxes, the EU’s co-legislators reached a final agreement on Tuesday evening (1 June). The transparency requirement is set to enter into force in early 2023.  After having been blocked by several countries in the Council since 2016, the current Portuguese Presidency of the Council of the EU,...

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Companies should check their merger information for accuracy, truthfulness and completeness before handing it over to the European Commission: providing incorrect or misleading information can lead to significant fines and even to the merger clearance decision being revoked. Chemicals company Sigma-Aldrich was fined EUR 7.5 million for having provided incorrect or misleading information on three separate occasions during the Commission’s review of its acquisition by Merck. This is the third fine imposed for providing incorrect or misleading merger information since...

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Political agreement with the European Parliament on the proposed directive on the disclosure of income tax information by certain undertakings and branches. On 1 June 2021, the Council of the European Union (the “Council”) reached a political agreement with the European Parliament on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the public country-by-country reporting (“CbCR”) directive. According to the press releases of the Council and of the EU Parliament, the agreed...

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Do you want a simple way to keep current on important privacy changes? Avoid sleepless nights wondering whether you missed a privacy speed bump or pothole between annual updates? Worry no longer. Troutman Pepper is pleased to offer More Privacy, Please — a monthly newsletter recapping significant industry and legal developments, as well as trends in the areas of cybersecurity, information governance, and privacy. U.S. LAWS AND REGULATION U.S. Treasury Proposes Cryptocurrency Reporting Requirements. On May 20, the U.S. Department of the...

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Poverty reduction and climate action now go hand-in-hand, because low-income countries are among the most vulnerable to global warming and the least able to adapt. An EIB tool for assessing the climate change risks developing countries face helps show where assistance is most needed As the EU climate bank and a major provider of development finance around the world, understanding climate risk is a core part of the EIB’s business. We track the carbon footprint of our projects and target...

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