06 Nov
Brexit News, Member News

Vulcan Insight | Brexit talks “not a trajectory to a deal,” despite restarting

Following ten days of intensified talks on the EU-UK post-Brexit future relationship following their public fall-out a few weeks ago, Michel Barnier painted a gloomy picture of the current state play. While not yet speaking publicly about the developments of his talks with David Frost in the past week, the EU’s Chief Brexit negotiator this week updated EU ambassadors as well as the European Parliament’s Brexit Coordination Group on the state of play. In his only public comments since the...

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05 Nov
Member News

Troutman Pepper | LPACs move into the hot seat

"Advisory committees are becoming intertwined with fund operations", say Troutman Pepper partner Julia Corelli and associate Patrick Bianchi | With increasing regulatory scrutiny on fees and expenses, fund managers are turning to their limited partner advisory committees (LPACs) more as a body with approval rights than for oversight by significant limited partners (LPs). While managers seek greater transparency and protection from second-guessing with the benefit of hindsight, LPAC members’ increasing responsibilities raise concerns of time commitments, conflicts, compensation and liability. Compared...

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05 Nov
Chapter News, Financing for Development/UN SDG's

SDGs have never been so relevant for the EU say representatives of regions, cities and the European Commission

​​​​​​​​​​​​​​​On 21 October, the European Committee of the Regions, EUROCITIES, CEMR, PLATFORMA and Regions4 organised a workshop on the role of the SDGs in the crisis recovery. Estelle Göger, member of Cabinet of Commissioner for Economy, Paolo Gentiloni, represented the European Commission and intervened following a debate with speakers representing the diversity of local and regional authorities in the EU – regions, cities, big and small, south, north, East and West of the EU. While there is a real risk of...

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05 Nov
Chapter News

Autumn 2020 Economic Forecast: Rebound interrupted as resurgence of pandemic deepens uncertainty

The coronavirus pandemic represents a very large shock for the global and EU economies, with very severe economic and social consequences. Economic activity in Europe suffered a severe shock in the first half of the year and rebounded strongly in the third quarter as containment measures were gradually lifted. However, the resurgence of the pandemic in recent weeks is resulting in disruptions as national authorities introduce new public health measures to limit its spread. The epidemiological situation means that...

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05 Nov
Chapter News

Bridging the Digital Divide to Scale Up the COVID-19 Recovery

Digitalization has in the past few years enabled developing countries in particular to leapfrog on financial inclusion. Countries like Kenya, Ghana, Rwanda and Tanzania have made great advances in connecting their citizens to financial systems by leveraging on mobile phone technology. "Digitalization must be driven by the needs of the people and work for them." As the world has grappled with the COVID-19 pandemic, with closing of borders, curfews, lockdowns and other movement restrictions, digitalization has come to the rescue. Online...

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04 Nov
Chapter News

Main Results: Video conference of EU economics and finance ministers, 4 November 2020

Anti-money laundering and terrorism financing Ministers discussed the Council conclusions on anti-money laundering and terrorism financing, which aim to provide the Commission with guidance in advance of its legislative proposals in 2021 on a single rule book, EU-level supervision and a coordination and support mechanism for member states' financial intelligence units. During the discussion, ministers expressed broad support for the draft Council conclusions as prepared by Coreper and at expert level. In the draft conclusions, the Council outlines various areas in which the Commission should consider harmonising...

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04 Nov
Chapter News

Results of the September 2020 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD)

Easing of overall credit terms and conditions represented a partial reversal of the tightening recorded in the previous two survey rounds Increase in pressure, in particular from non-financial corporate counterparties, to obtain more favourable conditions Valuation disputes decreased for both securities financing and derivatives transactions Survey respondents reported an easing of credit terms and conditions over the June 2020 to August 2020 review period representing a partial reversal of the widespread tightening of credit terms and conditions observed in...

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04 Nov
Chapter News

Digital Europe: EU Council adopts new rules to modernise judicial cooperation in taking of evidence and service of documents

The Council today adopted two recast regulations, one on the taking of evidence and a second on the service of documents, to modernise cross-border exchanges between authorities through digitalisation. After reaching a political agreement with the European Parliament in June 2020, the text will now be submitted to the Parliament for its final adoption. The COVID-19 pandemic has highlighted the need for a modern and digital justice system. The regulations adopted today will allow for faster, more efficient cooperation between...

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04 Nov
COVID-19 News, Member News

CLA | SBA Begins Effort to Assess Economic Necessity for PPP Loans Over $2 Million

Key insights SBA Forms 3509 (for-profit) and 3510 (nonprofit) shed light on how the SBA is likely to assess economic necessity for borrowers with PPP loans of $2 million or more. The loan necessity forms do not introduce any new eligibility standards, but provide previously unknown details on factors to be addressed in the economic necessity assessment. If you are a borrower with a PPP loan of $2 million or more, now is the time to begin to assemble...

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03 Nov
Member News

Fees & Expenses Survey 2020: Who pays what? The tug of war between LPs and GPs

Troutman Pepper, an EACCNY member, recently published this report in association with PEF Services and Withum | This latest iteration of our biennial survey examines how funds are allocating fees and expenses between GPs and LPs. Originated in 2014, this 2020 report shows several emerging trends, including: Key findings from this year’s survey and trends over the years The ILPA effect Role of the LPAC Conflicts over co-investment Who pays for outsourcing costs Fund term extension issues DOWNLOAD REPORT Contacts: Julia Corelli, Partner | julia.corellitroutman.com Stephanie Pindyck Costantino, Partner | stephanie.costantinotroutman.com Genna...

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