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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12 Apr
Member News

Europe’s Halfway Banking Reforms Have Run Out of Time

Previously published in Bloomberg Politics & Policy | Scandals and failures will continue to plague the sector until it completes the unified regulation it promised more than a decade ago, including deposit insurance similar to that of the U.S. Europe’s banking sector continues to be shaken by scandals and failures. German public prosecutors are facing demands to bring charges against the German banking arm of Greensill Capital. Germany's financial regulator, BaFin, has been humiliated by the 3.5 billion euro Wirecard scandal. Serious...

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08 Apr
Member News

Orrick | Supreme Court Narrows Reach of Telephone Consumer Protection Act

Last week, the U.S. Supreme Court issued a decision that, at least in the short run, is likely to dramatically reduce litigation under the Telephone Consumer Protection Act (“TCPA”). In Facebook, Inc. v. Duguid, the Court held that only a narrow set of telephone equipment meets the definition of “an automatic telephone dialing system” (“ATDS”) for purposes of the statute’s ban on making certain types of calls with an ATDS.  The TCPA’s prohibition on using an ATDS to call a cell...

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08 Apr
Chapter News

The European American Chamber of Commerce Welcomes Texas to its Growing Network

Erin McKelvey, Executive Director, EACCTX The European American Chamber of Commerce Welcomes Texas to its Growing Network Ruth Baron, President, EACCTX The European American Chamber of Commerce is delighted to announce the addition of Texas to our network. The EACC Texas Chapter was transitioned from the 41 yr. old French-American Chamber of Commerce DFW, whose Board agreed unanimously that including Europe as a whole is the Future especially when it comes to building fruitful Transatlantic Business connections. The newly formed EACC Texas brings an additional...

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08 Apr
Member News

Troutman Pepper | SEC Has Its Eye on SPACs

SPACs — short for “special purpose acquisition companies” — recently have drawn significant interest by companies and executives as a more seamless method to conduct an initial public offering. Often referred to as “blank check” companies, SPACs provide a vehicle by which companies may raise funds from public markets through initial public offerings (IPOs) that take a company from private to publicly listed. Unlike traditional IPOs, which often involve private companies that have developed over time, SPACs are shell...

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08 Apr
Chapter News

Speech | Navigating the Digital Transition, Maintaining a Stable Payment System

France Payments Forum – Les Rencontres Digitales Conference 2021 – Crypto-payments, 8 April 2021; Opening address by Denis Beau, First Deputy Governor | Introduction The health crisis that we have all been living through for a year now has affected people's day-to-day habits, changing not only how we consume but also how we like to pay. This has sped up the transition towards more digital approaches. This acceleration raises major challenges for Europe’s payment ecosystem, but also for payment regulators and supervisors....

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