15 Jul
Chapter News

ECB’s July 2020 Euro Area Bank Lending Survey Results

Credit standards for loans to firms remain favourable, supported by fiscal and monetary measures Surge in firms’ demand for loans continues to reflect emergency liquidity needs Credit standards for loans to households tighten further Credit standards – i.e. banks’ internal guidelines or loan approval criteria – remained broadly unchanged for loans to enterprises (see Chart 1), while tightening further for loans to households for house purchase, consumer credit and other lending to households in the second quarter of 2020, according to the July 2020...

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14 Jul
Member News

Troutman Pepper | Revised Summary of CARES Act and FFCRA Tax Credit and Payroll Tax Relief

This is an update to our “Summary of CARES Act and FFCRA Tax Credit and Payroll Tax Relief” chart published on May 21, 2020, that summarizes the payroll and tax credit programs under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Families First Coronavirus Response Act (FFCRA). Subsequent to the publication, the President signed into law the Paycheck Protection Program Flexibility Act of 2020, and government agencies have continued issuing guidance on program eligibility and...

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14 Jul
Chapter News

EACCNY #COVID19 Impact Stories from Our Members – Global Commerce Education

Together with our members we are creating a Video series of first-hand accounts of the Pandemic’s impact, both personally & professionally. We invite you to join us today for a first-hand look at the impact of the global shutdown following the Coronavirus (COVID-19) outbreak – Today we are featuring Sophie Lechner, Founder & CEO of Global Commerce Education a Member of the EACCNY. The questions we asked our members for this series are: 1) What are some challenges you, personally and...

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14 Jul
Member News

MHC | Platform to Business Regulation Comes into Effect – But What Does it Mean for eCommerce?

The Platform to Business Regulation (2019/1150) (‘P2B Regulation’) addresses the perceived imbalance between online platform providers and traders, as well as between online search engines and corporate websites by promoting fairness and transparency for business users. This new regulation came into effect on 12 July 2020. Platform providers and search engines must now comply with the new P2B Regulation obligations, and traders should check out how the Regulation will benefit them in their dealings with platforms and search engines. Which...

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14 Jul
Chapter News, COVID-19 News

Coronavirus Response: EU Commission welcomes ‘Best Practices’ to provide relief for consumers and businesses

The European Commission has welcomed a list of ‘best practices' agreed by the financial sector, and consumer and business organisations, to help further mitigate the impact of the coronavirus pandemic. It sets out concretely how different market participants can support citizens and businesses throughout the crisis. Today's ‘best practices' cover several issues, including: Payment moratoria for consumer and business loans, and for insurance contributions: these measures can help those facing financial difficulties by deferring payments; Enabling safer cashless payments while ensuring cash...

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14 Jul
Chapter News, COVID-19 News

State Aid: EU Commission recommends not granting financial support to companies with links to tax havens

The European Commission has today recommended that Member States do not grant financial support to companies with links to countries that are on the EU's list of non-cooperative tax jurisdictions. Restrictions should also apply to companies that have been convicted of serious financial crimes, including, among others, financial fraud, corruption, non-payment of tax and social security obligations. The aim of today's recommendation is to provide guidance to Member States on how to set conditions to financial support that prevent the...

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14 Jul
Member News

Grassi | Managing Your Trust & Estate Strategies During the COVID-19 Crisis

Q&A with Lisa Rispoli, Trust & Estate Services Leader As you respond to the immediate impact of the COVID-19 pandemic on your business and finances, your trust and estate plans may be the farthest thing from your mind. Lisa Rispoli, CPA, AEP, TEP, Grassi's Trust & Estate Services Leader, explains why this economic environment may actually be the best time for you to execute gifting strategies to achieve greater tax savings and preserve more wealth for your loved ones. Q. Is...

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14 Jul
Member News, Trade & TTIP Related

GDLSK | Additional 25% Section 301 Duties on French Handbags and Cosmetics in Retaliation for Digital Services Tax

On July 10, 2020, the Office of the United States Trade Representative (“USTR”) announced an additional 25% Section 301 duties on various handbag and cosmetic products from France effective January 6, 2021. These retaliatory duties will be imposed in response to France’s planned Digital Services Tax (“DST”), which the USTR determined is discriminatory and unreasonably burdens U.S. technology companies. Implementation of the additional duties will be delayed for 180 days to allow for further negotiations between the two countries that may resolve this...

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13 Jul
Chapter News

European Council President Charles Michel presents his proposal for the MFF and the recovery package

Statement by President Charles Michel | Brussels One week from today, the 27 Leaders will come together here in Brussels.  It will be our first physical meeting since the beginning of the crisis. As you know, last May, on the request of the European Council, the Commission presented a package that combines the MFF and the recovery instrument Next Generation EU. On June 19th, leaders had a first discussion on this proposal. These discussions revealed strong opposition to the package. As a...

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13 Jul
Chapter News

ESMA issues second report on sanctions under MiFID II

The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, has published today its second report on sanctions and measures imposed under the Markets in Financial Instruments Directive (MiFID II) by National Competent Authorities (NCAs). Overall, in 15 (out of 30) EEA Member States, NCAs imposed a total of 371 sanctions and measures in 2019 of an aggregated value of about €1.8 million. The Report provides an overview of the applicable legal framework and the sanctions and measures imposed by NCAs under...

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