08 Jul
Chapter News

Teleworking is Not Working for the Poor, the Young, and the Women

The COVID-19 pandemic is devastating labor markets across the world. Tens of millions of workers lost their jobs, millions more out of the labor force altogether, and many occupations face an uncertain future. Social distancing measures threaten jobs requiring physical presence at the workplace or face-to-face interactions. Those unable to work remotely, unless deemed essential, face a significantly higher risk of reductions in hours or pay, temporary furloughs, or permanent layoffs. What types of jobs and workers are most at...

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08 Jul
Member News

Stibbe: COVID-19 Update and Guidelines published on the Dutch implementation of DAC6

The EU Mandatory Disclosure Directive (“DAC6”), introducing a reporting requirement for intermediaries and/or taxpayers of certain cross-border arrangements that are perceived to be aggressive, is effective as of 1 July in the Netherlands. By his letter of 26 June 2020, the Dutch State Secretary of Finance granted deferral of the Dutch reporting deadlines until 1 January 2021. The same week, the Dutch State Secretary of Finance published its Guidelines on reportable cross-border arrangements by a Decree dated 24 June...

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07 Jul
Member News

BBGFX: July 2020 FX Outlook

Many major and emerging central banks took action in June, but outside of possible technical adjustments will continue with the current supportive stance in July.  The policy focus will shift back to fiscal initiatives.  The highlights will be the EU Summit on July 12, which is considering the EC's 750 bln euro package of grants and loans, and the US decision regarding the $600 a week extra unemployment insurance (expiring at the end of July) and another large budget...

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07 Jul
Chapter News

EACCNY #COVID19 Impact Stories from Our Members – Enterprise Estonia

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 James S. York, Director of US Business & Innovation, Enterprise Estonia a Member of the EACCNY. The questions we asked our members for this series are: 1) What are some challenges you, personally...

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07 Jul
Chapter News

Protecting European Consumers: follow-up action on dangerous product alerts increased significantly in 2019

Today, the European Commission published its latest report on the Commission's system to prevent or restrict the selling of dangerous products on the market, the so-called ‘Rapid Alert System'. The report shows that the number of actions taken by authorities following an alert is growing year on year, reaching 4,477 in 2019 compared to 4050 in 2018. Didier Reynders, Commissioner for Justice, said: “The Rapid Alert System is available 24 hours, 7 days a week, keeping information flowing and our single market safe. As...

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07 Jul
Chapter News

Summer 2020 Economic Forecast: An even deeper recession with wider divergences

The EU economy will experience a deep recession this year due to the coronavirus pandemic, despite the swift and comprehensive policy response at both EU and national levels. Because the lifting of lockdown measures is proceeding at a more gradual pace than assumed in our Spring Forecast, the impact on economic activity in 2020 will be more significant than anticipated. The Summer 2020 Economic Forecast projects that the euro area economy will contract by 8.7% in 2020 and grow by 6.1% in...

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07 Jul
COVID-19 News, Member News

H&K: New Employer Obligations in the Age of COVID-19: Safety Policies, PPE, and Deep Cleaning

Employment Attorneys David Santeusanio, Howard Sokol and Matthew Sloane co-authored an article in the Employee Relations Law Journal addressing practical considerations and obligations for employers when establishing safety plans to reopen the workplace. COVID-19 has altered the reality of workplace safety and corresponding industry standards. Employers face dramatically different workplace challenges and resulting new obligations regarding safety precautions and worker protections. Throughout the pandemic, federal agencies such as the Occupational Safety and Health Administration (“OSHA”) and the Centers for Disease Control and...

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07 Jul
Member News

Loyens&Loeff: EU Parliament adopts Taxonomy Regulation

In recent years the European Union has paid increasing attention to sustainability in its policy- making particularly in the financial sector. In March 2018 the European Commission published its Action Plan on Financing for Sustainable Growth. The Action Plan has three main objectives: to redirect capital flows towards sustainable investment in order to achieve sustainable and inclusive growth; to manage financial risks arising from climate change, resource depletion, environmental degradation and social issues; and to promote transparency and long-term sustainability in financial and...

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07 Jul
Member News

Houthoff: News Update Financial Regulatory

Recent developments in financial supervision EBA - DISCUSSION PAPER ON FURTHER ENHANCING SUPERVISORY POWERS OF COMPETENT AUTHORITIES On 26 June 2020, the European Banking Authority ("EBA") published a discussion paper exploring ways to enhance the Bank Recovery and Resolution Directive ("BRRD") framework on early intervention measures. This seeks to further enhance the crisis management tools available for competent authorities in addition to the supervisory powers laid down in the Capital Requirements Directive ("CRD") and in the Single Supervisory Mechanism Regulation ("SSMR"). The BRRD introduced...

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06 Jul
Chapter News

“Climate transition, transformation and convergence: Europe’s path towards robust resilience” – Speech of President Charles Michel

Speech by President Charles Michel | First of all, I would like to thank you for inviting me to speak at this 20th edition of your economic forum. This year, by way of exception, the forum will be conducted virtually. And it is the exceptional nature of this COVID-19 crisis that I wish to address first, setting the context for the action we are endeavouring to take at EU level. It is a simple yet astonishing fact: leaders throughout the world – regardless...

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