07 Jan
Member News

aicep | Andorra removed from Portugal’s tax haven list

The Portuguese government decided to remove Andorra from the list of countries and territories that Portugal classifies as tax havens. Andorra was removed from the list of countries and territories that Portugal classifies as tax havens at the beginning of this year, according to an order published in the country’s state journal on the last day of 2020. The Portuguese government’s decision came after it received a formal request from the Principality to revise its place on the list and was...

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07 Jan
Chapter News

CFTC & ESMA sign enhanced MOU related to certain recognized central couterparties

The Commodity Futures Trading Commission (CFTC) and the European Securities and Markets Authority (ESMA) today announced the signing of a new Memorandum of Understanding (MOU) regarding cooperation and the exchange of information with respect to certain registered derivatives clearing organizations established in the United States that are central counterparties (CCPs) recognized by ESMA under the European Market Infrastructure Regulation (EMIR). Through the MOU, ESMA and the CFTC express their desire for enhanced cooperation as to the larger U.S. CCPs operating in the European Union...

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07 Jan
Brexit News, Chapter News

Brexit deal: how new EU-UK relations will affect you

EU-UK relations are changing following Brexit and the deal reached at the end of 2020. Find out what this means for you. The UK left the EU on 31 January 2020. There was a transition period during which the UK remained part of the Single market and Customs Union to allow for negotiations on the future relations. Following intense negotiations, an agreement on future EU-UK relations was concluded end of December 2020. Although it will be provisionally applied, it will still...

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07 Jan
Chapter News

European Innovation Council Fund: first equity investments of €178 million in breakthrough innovations

The Commission has announced today the first round of direct equity investment through the new European Innovation Council (EIC) Fund. 42 highly innovative start-ups and small and medium-sized businesses (SMEs) will together receive equity financing of around €178 million to develop and scale up breakthrough innovations in health, circular economy, advanced manufacturing and other areas. Among them, the French company CorWave is the first EU company in which the EIC Fund is investing. Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth said: “Europe...

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07 Jan
Chapter News, COVID-19 News

European Commission authorises second safe and effective vaccine against COVID-19

Today, the European Commission has granted a conditional marketing authorisation (CMA) for the COVID‑19 vaccine developed by Moderna, the second COVID-19 vaccine authorised in the EU. This authorisation follows a positive scientific recommendation based on a thorough assessment of the safety, effectiveness and quality of the vaccine by the European Medicines Agency (EMA) and is endorsed by the Member States. The President of the European Commission, Ursula von der Leyen, said: “We are providing more COVID-19 vaccines for Europeans. With the Moderna...

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06 Jan
COVID-19 News, Member News

Steptoe | World Bank COVID-19 Emergency Financing: Seizing Opportunities While Avoiding Pitfalls

As part of its leading role in providing global relief to address the COVID-19 crisis, the World Bank has committed significant financing to its member countries to respond to the pandemic and support economic growth. Recognizing the urgent need for these resources, the World Bank is relying on emergency guidelines that relax and expedite its traditional procurement oversight. However, companies interested in bidding in World Bank-financed projects should still expect the World Bank’s standards of conduct to apply, and...

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06 Jan
COVID-19 News, Member News

CLA Connect | COVID Relief Bill: Five Things to Consider Now

Key insights If you believe you may be eligible for the next round of PPP, begin preparing now. Take a fresh look at the employee retention credit: it’s been expanded. Consider whether a retroactive capture of WOTC applies to your organization. The newly passed COVID-19 relief bill is packed full of changes to 2020 economic relief legislation, new benefit options, and more. Most of our clients are asking, “Where should I begin?” The five highlights below can help you get started: 1. The Paycheck...

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06 Jan
Chapter News

ECB | Developments in the tourism sector during the COVID-19 pandemic

A salient feature of the coronavirus (COVID-19) pandemic has been the sharp and deep decline in mobility, which has caused a slump in tourism, trade in travel services and consumption by non-residents. Lockdowns and social distancing measures led to strong declines in otherwise stable services consumption. This box takes stock of developments in the tourism sector, discusses how the impact of these developments on consumption has varied across countries and reviews the near-term prospects for a recovery in tourism and...

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06 Jan
COVID-19 News, Member News

Arendt | OECD releases helpful new guidance on transfer pricing during the pandemic

On 18 December 2020, the OECD published its much-anticipated "Guidance on the transfer pricing implications of the COVID-19 Pandemic."  It is clear that government restrictions and trading difficulties have created an environment in which existing transfer pricing policies will not always be appropriate. The OECD has done well to reach rapid consensus among its members on four key transfer pricing topics, namely: comparability analysis, losses and the allocation of COVID-19-specific costs, government assistance programmes and advance pricing agreements (APAs). It...

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06 Jan
Brexit News, Member News

Stibbe | Never fear, a post-Brexit competition law checklist is here

On 1 January 2021, the United Kingdom completes the process of separating from the European Union. However, the split between the UK and EU regimes will be a gradual process rather than a swift surgical cut, due to the treatment of ongoing cases and various substantive connections. Nevertheless, now is the time for companies to incorporate any (potential) additional merger filing obligations and antitrust implications into their daily routines. It is also advisable to double-check whether current agreements may...

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