10 Sep
Chapter News, COVID-19 News

Disinformation: EU assesses the Code of Practice and publishes platform reports on coronavirus related disinformation

Today, the Commission presents the assessment of the implementation and effectiveness of the Code of Practice on Disinformation. The assessment shows that the Code has proven a very valuable instrument, the first one of its kind worldwide, and has provided a framework for a structured dialogue between relevant stakeholders to ensure greater transparency of platforms' policies against disinformation within the EU. At the same time, the assessment highlights certain shortcomings mainly due to the Code's self-regulatory nature. Věra Jourová, Vice President for Values and...

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10 Sep
Member News

BBGFX | ECB and Beyond

Overview: A strong recovery in US stocks, a softer dollar, and higher gold and oil prices may signal the end of the brief though dramatic correction, but the market is in a bit of a holding pattern ahead of the ECB meeting.  Most of the major equity markets in the Asia Pacific region stabilized, except for Hong Kong and China.  Indonesia's plan to reimpose social distancing protocols saw the Jakarta Composite slump 5% before circuit breakers kicked in.  European...

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10 Sep
Chapter News

ECB | Monetary policy decisions

At today’s meeting the Governing Council of the ECB took the following monetary policy decisions: (1) The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below,...

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09 Sep
Chapter News

Investors see lower net returns form potential closet index funds

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes a Working Paper on Closet Indexing Indicators and Investor Outcomes.  The study finds that investors can expect lower net returns from closet indexers than from a genuinely actively managed fund portfolio. A summary of this study was also included in the Trends, Risks and Vulnerabilities report published on 2 September. Closet indexing refers to the situation in which asset managers claim to manage their funds in an active manner while...

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09 Sep
Chapter News

EU Commission unveils its first Strategic Foresight Report: charting the course towards a more resilient Europe

Today, the European Commission adopted its first-ever Strategic Foresight Report, aiming to identify emerging challenges and opportunities to better steer the European Union's strategic choices. Strategic foresight will inform major policy initiatives. It will support the Commission in designing future-proof policies and legislation that serves both the current needs and longer-term aspirations of European citizens. The 2020 Report presents the rationale for using foresight in EU policy-making, and introduces a comprehensive concept of EU resilience. European Commission President Ursula von der...

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09 Sep
Chapter News

Press statement by President von der Leyen on the composition of the College

Good morning, Yesterday I interviewed the candidates put forward by the Irish government for the post of Commissioner, Ms Mairead McGuinness and Mr Andrew McDowell. Both candidates showed great commitment to the European Union and to the job of Commissioner – excellent candidates. They also both clearly have significant experience of EU matters, of course from different perspectives. Following these interviews, I have decided to propose to the Council and the European Parliament the appointment of Ms McGuinness to the post of...

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09 Sep
COVID-19 News, Member News

Loyens & Loeff | Cross-border workers: COVID-19 agreements extended in Belgium

Belgium has concluded agreements with Germany, France, Luxembourg and the Netherlands on the tax impact of international travel restrictions and health instructions (‘work at home’) for cross-border workers and their employers. In force until 31 August 2020, these agreements have now been extended up to (and included) 31 December 2020. Click here to read the article Cross-border workers & COVID-19 This article is also available in French COVID-19 Agreement with Germany The Belgian and German authorities concluded a COVID-19 Agreement on 6 May 2020. The...

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09 Sep
Member News

Osborne Clarke | Distributed workforces: navigating the labor and compliance challenges

Businesses are increasingly willing to take on workers wherever they are in the world, but with a variance in tax and labor laws, businesses need to consider the different models that are available. We regularly advise businesses that have identified a new region or country with a talent pool or customer base they want to take advantage of. There are usually a number of ways for them to have people on the ground in that new region or country.  The...

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08 Sep
Member News

GOP | Italian Tax Authorities clarify the tax treatment of perpetual, subordinated and equity-accounted bonds

With Ruling no. 291 of 31 August 2020 (“Ruling”), the Italian Tax Authorities (“ITA”) confirm  that perpetual, equity-accounted and subordinated bonds qualify as debentures similar to bonds (titoli similari alle obbligazioni) for Italian tax purposes. The Ruling concerns financial instruments with the following features: they are perpetual instruments, as the issuer shall reimburse the capital only in the event of the winding-up (or other similar events) of the issuer; the early repayment may be made by the issuer at its...

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08 Sep
Member News

Faegre Drinker | Business Email Compromise Scams: What You Should Know and What You Can Do To Be Prepared

Business Email Compromise (BEC) scams have become increasingly commonplace and financially destructive. According to the Federal Bureau of Investigation (FBI), 2019 was the worst year on record for BEC scams — both in terms of the number of attacks and the financial losses incurred because of the scams. 2020 figures to be even worse, as businesses have increasingly been victimized by attackers seeking to exploit companies whose employees are working remotely due to the COVID-19 pandemic. As the risk...

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