23 Jul
Member News

EY’s commitment to anti-racism in the US

We recognize that this is a moment of deep hurt and anguish for millions of Black people across the country. Systemic racism, discrimination and injustice is a human rights crisis. We vow to be a voice and force for change. EY is taking actions as a US firm to eradicate racism and discrimination against the Black community by leveraging our influence to drive strategic change in our firm, in the communities where we work, and through public policy. Understanding that...

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23 Jul
Brexit News, Member News

Arendt | Brexit uncertainty forces UK FCA to re-open the TPR

In light of the ongoing Brexit discussions, the UK Financial Conduct Authority (FCA) has decided to re-open the temporary permissions regime (TPR) as from 30 September 2020. As the FCA continues to plan for all possible Brexit scenarios, including a no-deal Brexit, it encourages firms and fund managers to prepare accordingly and apply for the TPR before the end of the transition period (31/12/2020). As a reminder, in December 2017 the UK Government announced the introduction of a temporary permissions regime...

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23 Jul
Chapter News, COVID-19 News

IMF Executive Board Approves a Temporary Increase in Annual Access Limits to Financial Support

Washington, DC | On July 13, the Executive Board of the International Monetary Fund (IMF) approved a temporary increase in the annual limits on overall access to resources in the General Resources Account and the Poverty Reduction and Growth Trust. The severe impact of the COVID-19 pandemic on global economic conditions has resulted in an unprecedented number of member countries seeking financial support from the IMF. As of July 13, 2020, 72 countries have already received financial assistance from the...

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22 Jul
Member News

EIB | How flexible European financing programmes help fight a crisis

When coronavirus struck, the European Commission joined with EU countries and European institutions to prepare a swift and massive package of relief for businesses devastated by the pandemic. One European programme was already at work, immediately delivering hundreds of millions of euros in financing for projects that aim to fight COVID-19. With the backing of the European Fund for Strategic Investments (EFSI), the European Investment Bank financed a €50 million deal in May to back COVID-19 trials of a treatment...

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22 Jul
Chapter News, COVID-19 News

REACT-EU: Council of the EU agrees on its partial negotiating position

The EU is providing additional funding and flexibility in the use of the structural funds to help member states' recovery efforts following the COVID-19 outbreak. EU ambassadors, meeting within the Committee of Permanent Representatives, today endorsed the Council's partial position on REACT-EU, the EU initiative with the biggest impact in the short to medium term, as well as on a series of amendments to long-term legislative proposals. We must ensure that European regions not only survive the crisis but emerge stronger...

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22 Jul
Chapter News

“Our Deal is a Symbol of a Strong and United Europe”

EU Leaders agreed a package of €1,824.3 billion combining the multiannual financial framework and the extraordinary recovery fund Next Generation EU that will help the EU to rebuild after the COVID-19 pandemic and will support investments in the green and digital transitions. We have reached a deal on the recovery package and the European budget. These were, of course, difficult negotiations in very difficult times for all Europeans. A marathon which ended in success for all 27 member states, but...

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22 Jul
Member News

RSM | Accounting for Changes to Lease Contracts

Accounting for COVID-19 related rent concessions and other modifications to lease contracts, from the lessee’s perspective Implementing IFRS 16 Leases was a substantial task for many preparers, and COVID-19 has brought a new and unexpected source of difficulty and complexity. The challenges posed by COVID-19 have resulted in a significant increase in the number of leases being re-negotiated or modified, usually where tenants can no longer operate, or have experienced a sudden drop in revenue.  As a result, the IASB has...

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22 Jul
Brexit News, Member News

Faegre Drinker | Further Details on the United Kingdom’s New Points-Based Immigration System

On Monday 13 July, the U.K. government published further details outlining their plan for a new immigration system which will amend the existing points-based immigration system. This system is to take effect from 1 January 2021. The 130-page document doesn’t contain a lot more detail than the proposals released earlier in the year, which we summarized in April. The new system will end free movement with the EU and represents a significant change to immigration in the U.K. The system will apply...

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21 Jul
COVID-19 News, Member News

HSBC | Navigator – Resilience: The Future of Business

This Navigator Survey by HSBC asked 2,600 companies in 14 countries and territories to share their insights into the first half of 2020 and the future of business in the face of uncertainty. A picture of challenge and change Businesses around the world, no matter their size, are facing the greatest challenge in a generation. Leaning on our global network and our local expertise, our research across 14 markets indicates how the COVID-19 pandemic has affected a variety of businesses and their...

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21 Jul
Member News

H&K | Foreign Investment in Distressed Debt—Achieving U.S. Tax Benefits While Avoiding Pitfalls

Taxation Partner Seth Entin wrote an article published in Bloomberg Tax discussing potential U.S. federal income tax opportunities and challenges for foreign investors in U.S. distressed debt. Foreign investors may earn interest income on debt issued by U.S. borrowers and may even gain from the sale or retirement of these debt instruments, free of U.S. federal income tax, as long as certain conditions are met. Mr. Entin's article outlines the rules favorable to investors and describes the potential pitfalls that could...

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