11 Dec
Brexit News, Member News

Arendt | Regulatory certainty for the investment fund industry in view of the forthcoming end of the transitional period under Brexit

In view of the departure of the United Kingdom from the EU on 1 February 2020 and the forthcoming end of the transitional period on 31 December 2020, the CSSF stated its expectations and rendered some clarifications through a press release published on 7 December 2020. 1) Termination of passporting rights The CSSF reminds market participants that passporting rights will be terminated as of 31 December 2020 at midnight and therefore be lost as of 1 January 2021. Passporting rights are...

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10 Dec
Chapter News, Trade & TTIP Related

A New EU-US Agenda for Global Change

“In a changing global landscape, I believe it is time for a new transatlantic agenda fit for today’s world. And I believe it is Europe who should take the initiative.” President Ursula von der Leyen, November 2020 Following the election of President Biden and Vice-President Harris by the people of the United States of America, combined with a more assertive and capable European Union, and a new geopolitical and economic reality, the European Commission and the High Representative are putting...

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10 Dec
Member News

aicep | Portugal Open for Business: A New Campaign to Meet New Business Opportunities & Partnerships

Portugal Open for Business is a campaign developed by aicep Portugal Global focused on promoting strong Portuguese companies established in the United States and Canada that stand out in the areas of innovation, healthcare and technology. In addition to its privileged geographical position, Portugal ranks exceptionally well in the competitiveness, digitalization and knowledge indexes establishing the Atlantic bridge between North America and Europe. The Portugal Open for Business campaign aims to promote and facilitate business connections between North America and...

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10 Dec
Member News

ACG Resources | Why Good Employees Leave

Attrition is a major concern for business leaders, and it’s not one which can be easily resolved. When a good employee leaves your organization, you’re not only facing the immediate costs of hiring and training a new employee, the bottom line is also impacted by the internal knowledge that key employees take with them. There are ways to mitigate these costs and risks – such as having a recruitment strategy and talent pipeline in place for backfilling roles and...

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10 Dec
Brexit News, Chapter News

Relations with the UK: EU Commission proposes targeted contingency measures to prepare for possible “no-deal” scenario

While the Commission will continue to do its utmost to reach a mutually beneficial agreement with the UK, there is now significant uncertainty whether a deal will be in place on 1 January 2021. The European Commission has today put forward a set of targeted contingency measures ensuring basic reciprocal air and road connectivity between the EU and the UK, as well as allowing for the possibility of reciprocal fishing access by EU and UK vessels to each other's waters. The...

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10 Dec
Chapter News

Green Deal: Sustainable batteries for a circular and climate neutral economy

Today, the European Commission proposes to modernise EU legislation on batteries, delivering its first initiative among the actions announced in the new Circular Economy Action Plan. Batteries that are more sustainable throughout their life cycle are key for the goals of the European Green Deal and contribute to the zero pollution ambition set in it. They promote competitive sustainability and are necessary for green transport, clean energy and to achieve climate neutrality by 2050. The proposal addresses the social, economic and environmental...

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10 Dec
Member News

Steptoe | Council of the EU Calls for Due Diligence Rules Along Global Supply Chains

On December 1, 2020 the Council of the EU adopted conclusions calling on the Commission to launch an Action Plan by 2021 focusing on shaping global supply chains sustainably, promoting human rights, social and environmental due diligence standards and transparency. In April 2020, the Commission already announced its intention to develop a legislative proposal and published a study on due diligence requirements through the supply chain (see our previous client alert). The Action Plan should include a call for a proposal from the...

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09 Dec
Member News

CEA Legal | Fashion law highlights in our practice

Fashion Law is a growing and emerging legal category that encompasses several other and more traditional legal specialties. Intellectual Property Fashion companies protect their brands by filing for state or federal trademark registration. After filing for federal registration, the fashion company owns the exclusive right to use the trademark in the U.S. and the right to use the official registered trademark symbol ®. If a fashion company believes that its designs are being copied, to prevail in court, the fashion company would...

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09 Dec
COVID-19 News, Member News

Troutman Pepper | Changes to Target’s Business Prompted by COVID-19 Pandemic Breached Ordinary Course Covenant, Permitting Buyer to Escape Deal

Who Needs to Know Companies and individuals negotiating contracts governed by Delaware law. Why It Matters In a recent decision, the Delaware Court of Chancery permitted a buyer to escape its obligation to acquire a target from a seller under the parties’ purchase agreement because the target had made extensive changes to its business as a result of the COVID-19 pandemic in violation of the agreement’s ordinary course of business covenant. The court’s holding reaffirms that standard ordinary course of business covenants...

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09 Dec
Brexit News, Member News

Orrick | Brexit: the Italian legal framework on UK financial entities operating in Italy after the end of the transition period (December 31st, 2020)

Banks From January 1st, 2021, UK banks will qualify as non-EU banks and relative provisions will apply. Accordingly, UK banks shall be authorized by the Bank of Italy to operate in Italy, through a branch or on a cross-border basis. In addition, UK banks may also be authorized to provide investment services (Bank of Italy having consulted Consob): towards retail and professional on request clients, only if a branch is established; towards eligible counterparties and per se professional clients, also on a cross border basis. If...

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