14 Apr
Chapter News

FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors: April 2021

The factors to consider on COVID-19 support measures, and a roadmap to address climate-related financial risks. This letter from the FSB Chair, Randal K. Quarles, to G20 Finance Ministers and Central Bank Governors ahead of their virtual meeting on 7 April notes that, while progress is moving at different speeds across jurisdictions, the vaccine rollout heralds an inflection point in the COVID-19 pandemic. While it is sensible to keep measures that support financial system stability and financing of the real...

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14 Apr
Chapter News

OECD | COVID-19 spending helped to lift foreign aid to an all-time high in 2020 but more effort needed

Foreign aid from official donors rose to an all-time high of USD 161.2 billion in 2020, up 3.5% in real terms from 2019, boosted by additional spending mobilised to help developing countries grappling with the COVID-19 crisis, according to preliminary data collected by the OECD. Within total Official Development Assistance (ODA) provided by members of the OECD’s Development Assistance Committee in 2020, initial estimates indicate that DAC countries spent USD 12 billion on COVID-19 related activities. Some of this was...

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13 Apr
Chapter News

FSB | Global Securities Financing Data Collection and Aggregation: Frequently Asked Questions

Securities financing transactions (SFTs) such as securities lending and repurchase agreements (repos) play a crucial role in supporting price discovery and secondary market liquidity for a wide variety of securities. However, such transactions can also be used to take on leverage and can lead to maturity and liquidity mismatched exposures. They therefore can pose risks to financial stability. The FSB published policy recommendations to address financial stability risks in SFTs in August 2013. In November 2015, the FSB developed standards and processes for...

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13 Apr
Member News

Stout | Auto Recall Accelerator: EV Battery Recall, What to Expect in Highway Safety, and EV Infrastructure Needs

Stout's Automotive Recall Accelerator brings together unique and important news, analysis, and insights related to automotive recall and vehicle safety for stakeholders across the industry. Recent Developments A vehicle manufacturer is recalling nearly 82,000 electric vehicles worldwide (4,700 in the U.S.) after fires were reported in vehicles that were parked and in operation. The fires were caused by electrical short circuits in fully charged lithium-ion batteries. No incidents have been reported in the U.S. to date. “An electrical short internally within...

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13 Apr
Member News

Trepp | European Market Update: UK Commercial Rent Regulations; CLO Manager Flexibility

This week, COVID restrictions in the UK have loosened once again, with the UK taking the next step in its "roadmap" out of lockdown. In England, hairdressers, gyms, non-essential retail, and outdoor dining are now open. In Wales, non-essential shops can now open and travel is allowed from England, but the re-opening date for outdoor dining has not yet been announced. Northern Ireland will be reviewing lockdown restrictions this week, and in Scotland, rules remain the same after their...

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13 Apr
Chapter News

ECB | How effective is the EU Money Market Fund Regulation? Lessons from the COVID‑19 turmoil

The turmoil seen in March 2020 highlighted key vulnerabilities in the money market fund (MMF) sector. This article assesses the effectiveness of the EU’s regulatory framework from a financial stability perspective and identifies three important lessons. First, investment in non-public debt assets exposes MMFs to liquidity risk, highlighting the need to limit investment in illiquid assets. Second, low-volatility net asset value (LVNAV) funds are particularly vulnerable to liquidity shocks, given that they invest in non-public debt assets while offering...

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12 Apr
Chapter News

Coronavirus Response: EU Commission proposes to exempt vital goods and services distributed by the EU from VAT in times of crisis

The European Commission has today proposed to exempt from Value Added Tax (VAT) goods and services made available by the European Commission, EU bodies and agencies to Member States and citizens during times of crisis. This responds to the experience gained  during the course of the Coronavirus pandemic. Among other things, it has shown that the VAT charged on some transactions ends up being a cost factor in procurement operations that strains limited budgets. Therefore, today's initiative will maximise the efficiency of...

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12 Apr
Member News, New York Related News

Marks Paneth | New York State Budget Changes: Tax Increases, SALT Cap Workaround & Additional COVID Relief

On April 6, 2021, the New York State Legislature and Governor Andrew Cuomo came to an agreement on the state’s operating budget for the fiscal year that began on April 1, 2021. Included in the budget legislation are the following law changes which will affect individuals and businesses in New York. Tax Rate Increases for New York’s Highest Earners: Until now, New York State’s highest tax rate on individuals was 8.82%. This rate applied to taxable incomes in excess of...

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12 Apr
Member News

GDLSK | Court declares Section 232 steel and aluminum “derivative” tariffs unlawful; refunds may be available

On April 5, 2021, the U.S. Court of International Trade issued an opinion declaring the Section 232 steel and aluminum “derivative” tariffs unlawful, and ordered the government to refund any duties to the plaintiff.  Prime Source Building Products v. United States, Slip Op. 21-36. The Section 232 “derivative” tariffs were imposed beginning January 24, 2020 on certain articles of steel and aluminum such as nails, tacks, stranded wire (of aluminum), and bumper stampings.  A complete list of affected products can be...

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12 Apr
Member News

MJV | What is the Product-Service System and what is its relationship to sustainability?

Have you considered rethinking your business model with a more sustainable mindset? In the ESG era, this is the mission of many managers. The Product-Service System represents a new way of relating to products. How about the fact that the energy efficiency of many processes domestic and industrial does not reach 50%? A large part of the resources we use ends up as garbage, without reuse. The key factor to this problem is in the way we deal with our...

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