02 Aug
Member News

Thompson Hine | CFIUS Releases 2020 Annual Report on Foreign Investment in the United States

The Committee on Foreign Investment in the United States (CFIUS or the “Committee”), an inter-agency committee headed by the Department of the Treasury, has released its 2020 Annual Report to Congress (Report). CFIUS is authorized to review transactions that could result in the control of U.S. businesses by foreign persons or companies, as well as non-controlling investments by foreign persons or companies in certain U.S. businesses which are involved in critical technology, critical infrastructure, or the gathering of sensitive personal data,...

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30 Jul
Member News, Trade & TTIP Related

GDLSK | CBP proposal to change non-preferential origin rules for goods imported from Canada or Mexico – comment period expires August 5, 2021

CBP has published a proposal that, if adopted, would significantly change its rules for determining the origin of goods imported from Canada or Mexico for non-preferential purposes (i.e., not for USMCA eligibility). For purposes of determining USMCA eligibility, CBP applies the originating status rules set forth in General Note 11 of the tariff schedule.  For purposes of country of origin marking of goods imported from Canada or Mexico, CBP has in the past applied the “NAFTA marking rules” set forth...

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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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