17 Jul
Chapter News

ECB Monetary policy decisions

At today’s meeting (July 16, 2020) the Governing Council of the ECB took the following monetary policy decisions: 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...

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17 Jul
COVID-19 News, Member News

Thompson Hine | Best Practices for Critical Workers Traveling to and from “Hot Spot” States

In the wake of the COVID-19 pandemic, many U.S. states and localities, such as New York, New Jersey, Connecticut and Louisiana, have adopted interstate travel restrictions to maintain lower levels of spread and contain the virus. Many of these travel restrictions take the form of mandatory 14-day quarantine requirements for people traveling to and from COVID-19 “hot spots” – states that have increasing cases or increasing positivity rates. These rules are being enforced in unique ways. For example, some states...

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17 Jul
Member News

Vulcan Insight | European Court of Justice Strikes Down Privacy Shield

In a landmark ruling, the European Court of Justice today struck down the 2016 EU-US Privacy Shield, a method of transferring data across the Atlantic, over concerns regarding the safety of European citizens’ data in the United States. The ruling cannot be appealed. The ECJ’s decision risks legal uncertainty for thousands of businesses in, or dependent on, the transatlantic data economy and could potentially lead to punitive tariffs from the Trump administration. Today’s ruling goes back to 2013, when Austrian privacy activist Max...

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16 Jul
COVID-19 News, New York Related News

Updated COVID-19 Guidance for the Small Business Community in NYC

A message from NYC Small Business Services, based in NYC | Dear small business partner, We know the past few months have been challenging, but it’s up to us to keep our city safe and healthy. This week Mayor de Blasio urged New Yorkers to continue to wear face coverings indoors regardless of social distancing measures put in place. More information about face covering guidance can be found here. Testing and Tracing Getting tested is safe and by getting tested, you are helping to keep your loved...

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16 Jul
Member News

Loyens & Loeff | European Commission recommends EU-wide State aid ban to companies linked to EU-blacklisted jurisdictions

On 14 July 2020, the European Commission recommended that EU 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 where it has been established that a company or its owners have been convicted of serious financial crimes, including, among others, financial fraud, corruption, non-payment of tax and social security obligations. It is up for the member states to implement this non-binding...

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16 Jul
Chapter News

ESMA responds to European Commission consultation on renewed sustainable finance strategy

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has submitted a response to the European Commission’s (EC) consultation on the renewed sustainable finance strategy. The response covers a broad range of topics from strengthening the foundations for sustainable finance, increasing opportunities for citizens, financial institutions and corporates to have a positive impact on sustainability, to managing and reducing risks relating to environmental, social and governance (ESG) factors. In ESMA’s view, the future strategy on sustainable finance should aim...

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16 Jul
Chapter News

Boosting the EU’s Green Recovery: EU invests over €2 billion in 140 key transport projects to jump-start the economy

The EU is supporting the economic recovery in all Member States by injecting almost €2.2 billion into 140 key transport projects. These projects will help build missing transport links across the continent, support sustainable transport and create jobs. The projects will receive funding through the Connecting Europe Facility (CEF), the EU's grant scheme supporting transport infrastructure. With this budget, the EU will deliver on its climate objectives set out in the European Green Deal. A very strong emphasis is on projects reinforcing railways,...

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16 Jul
Chapter News, COVID-19 News

The Next Phase of the Crisis: Further Action Needed for a Resilient Recovery By Kristalina Georgieva

When the Group of Twenty industrialized and emerging market economies (G-20) finance ministers and central bank governors last met in April, the world was in the midst of the Great Lockdown forced by the outbreak of COVID-19. As they meet virtually this week, many countries are gradually reopening, even as the pandemic remains with us. Clearly, we have entered a new phase of the crisis—one that will require further policy agility and action to secure a durable and shared recovery. I believe...

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16 Jul
Chapter News

The EU Court of Justice invalidates Decision 2016/1250 on the adequacy of the protection provided by the EU-US Data Protection Shield

However, it considers that Commission Decision 2010/87 on standard contractual clauses for the transfer of personal data to processors established in third countries is valid. Read the full press release here: The Court of Justice invalidates Decision 2016/1250 on the adequacy of the protection provided by the EU-US Data Protection Shield Compliments of the European Commission.

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16 Jul
Member News

NautaDutilh | What does the new Google decision by the Belgian DPA mean for other organisations?

On 14 July 2020, the Belgian DPA fined Google 600.000 EUR, by far the highest fine handed out to date in Belgium. The decision is interesting not just for Google (and Google users) but also for other organisations, due to the lessons it holds regarding international jurisdiction, special categories of personal data and the conditions for the right to erasure or "right to be forgotten". The facts are fairly simple: 12 results of a Google search for X, the CEO...

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