26 Oct
Member News

The Gig is Up: In a Rising Gig Economy, Employer & Employee Perspectives on Worker Classification

Worker classification is a hot-button issue these days, with high stakes for employers and workers.  In September, the US Department of Labor (DOL) proposed a new rule clarifying the test for independent contractor status, which would enable companies to more easily classify workers as independent contractors by emphasizing two “core” factors: the worker’s degree of control over the work; and their opportunity for profit and loss based on their initiative and/or investments. By contrast, in 2019, California passed A.B....

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23 Oct
Member News

Thompson Hine | SEC Adopts New Rule for Fund of Funds Arrangements

Key Notes: New rule will provide consistent framework for fund of fund arrangements. Reliance on the new rule will require compliance with certain conditions. Existing fund of funds exemptive orders will be rescinded. On October 7, the Securities and Exchange Commission (SEC) adopted Rule 12d1-4 (Rule), which establishes a comprehensive regulatory framework for fund of funds arrangements. Prior to its adoption, fund managers navigated a complex and sometimes inconsistent regime of rules and exemptions to engage in fund of funds...

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23 Oct
COVID-19 News, Member News

CLA | COVID-19 Guidance from CFOs Who Did It Right

Key insights CFOs who maintained adequate cash reserves or had access to cash wisely positioned their companies to deal with the immediate shortage. Successful leaders found ways to increase revenue and decrease operating costs. Once their company was stabilized, these CFOs began strategic planning with key stakeholders. As COVID-19 spread in the United States, many small to mid-market companies were able to weather the storm — or even grow — during the crisis. Successful companies focused on liquidity, then stabilization,...

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23 Oct
Chapter News

BIS | Focus on the future of banking supervision in a changing world

At the 21st International Conference of Banking Supervisors, senior banking supervisors and central bankers discussed issues related to the future of banking supervision in a changing world. Discussions covered the digitalisation of finance and the evolution of banking models, operational resilience, climate-related financial risks and remote working arrangements. This was the first time the Basel Committee has worked with a host country to offer a completely virtual conference. The 21st International Conference of Banking Supervisors (ICBS), hosted virtually by...

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23 Oct
Chapter News

Central banks and BIS publish first central bank digital currency (CBDC) report laying out key requirements

Released on October 09, 2020 | Seven central banks and the BIS release a report assessing the feasibility of publicly available Central Bank Digital Currencies (CBDCs) in helping central banks deliver their public policy objectives. Report outlines foundational principles and core features of a CBDC, but does not give an opinion on whether to issue. Central banks to continue investigating CBDC feasibility without committing to issuance. A group of seven central banks together with the Bank for International Settlements (BIS)...

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23 Oct
Brexit News, Member News

Vulcan Insight | Brexit negotiations re-start after week of political theatre

“I have concluded that we should get ready for January 1 with arrangements that are like Australia’s based on simple principles of global free trade” – Prime Minister Boris Johnson’s statement following last week’s European Council summit kicked off what can only be described as a week of very public back and forth posturing leaving us wondering whether the post-Brexit trade talks had in fact, failed. The walkout came late on Friday afternoon, after the UK Government took issue with...

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23 Oct
Chapter News

ECB enhances internal whistleblowing framework

Enhanced rules and new internal tool to enable staff to speak up in confidence Secure online platform allows for anonymous reporting Dedicated rules and processes protect whistleblowers from retaliation The European Central Bank (ECB) has today announced an enhanced internal whistleblowing framework to protect the integrity of the institution. It encompasses a new internal tool for simple and secure reporting of potential breaches of professional duties, inappropriate behaviour or other irregularities, and the possibility for whistleblowers and witnesses to...

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22 Oct
Chapter News

OECD | Making tax dispute resolution more effective: New peer review assessments for Czech Republic, Denmark, Finland, Korea, Norway, Poland, Singapore and Spain

Under BEPS Action 14, jurisdictions have committed to implement a minimum standard to improve the resolution of tax-related disputes between jurisdictions. Despite the significant disruption caused by the COVID-19 pandemic and the necessity to hold all meetings virtually, work has continued with the release today of the stage 2 peer review monitoring reports for Czech Republic, Denmark, Finland, Korea, Norway, Poland, Singapore and Spain. These reports evaluate the progress made by these eight jurisdictions in batch 3, in implementing any recommendations resulting from jurisdictions' stage 1 peer review reports....

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22 Oct
Chapter News

European Commission announces support for the Venture Centre of Excellence programme

The European Commission announces a €150m financial contribution to the Venture Centre of Excellence (VCOE) programme, at the HTID® event in Paris The contribution from the European Commission is an anchor investment in the VCoE with additional contributions expected from private investors predominately in the Pharma and Med-tech industry, Co-developed by EIT Health and the European Investment Fund, the VCoE is expected to catalyse over €2bn into the European Life Sciences industry. The VCOE programme will start operations...

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22 Oct
Member News

H&K | A Closer Look at ISDA’s New 2020 IBOR Fallbacks Protocol and Amendments to 2006 Definitions

Which would provide parties with uniform way to address existing and new derivatives contracts after discontinuation of Libor. The International Swaps and Derivatives Association Inc. (ISDA) has published its 2020 IBOR Fallbacks Protocol and related Amendments to the 2006 ISDA Definitions to address discontinuation of the U.S. dollar (USD) Libor and other interbank offered rates (IBORs) in the global derivatives market. USD Libor is anticipated to be discontinued at the end of 2021. Existing derivatives transactions will require a...

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