03 Aug
Member News

BBGFX | August 2020 FX Outlook

The dollar's losses accelerated in July, and further declines are likely even if there is short-lived bounce to correct the over-extended technical condition.  We have been arguing for a year that the third significant dollar rally since the end of Bretton Woods was over, but the disruption of the global capital markets in March gave the old bull market one more push.  In the four-day window between March 19 (for the Canadian and Australian dollars and the Norwegian krone)...

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03 Aug
Member News

WSGR | Initial Reaction of European Data Protection Regulators to Schrems 2.0 Judgment

Over the last few days, the European Data Protection Board (EDPB), the European Data Protection Supervisor (EDPS) and various Supervisory Authorities (SAs) across Europe issued statements addressing the decision of the European Court of Justice (ECJ) to invalidate the EU-U.S. Privacy Shield framework (Schrems 2.0). Below we summarize some of the main reactions. The EDPB is working on a set of FAQs that will hopefully provide some level of clarification on key issues that companies now face. The EDPB is...

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03 Aug
Chapter News

OECD | Donors agree on aid treatment of debt relief

 Members of the OECD Development Assistance Committee (DAC), comprised of 29 donor countries and the EU, have agreed on a method for reporting debt relief as official development assistance (ODA). The agreement follows calls by developing countries and civil society for expanded international debt relief efforts. Creditors within the Paris Club, a forum of official creditors for negotiating debt restructuring, had asked as well for the system to encourage the forgiveness and rescheduling of debt. The new agreement paves the way for...

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03 Aug
Chapter News

EU Member States’ compliance with EU law in 2019: more work needed

The Annual Report on Monitoring the Application of EU Law sets out how the Commission monitored and enforced EU law in 2019, and the performance of Member States  in various policy areas. The effective enforcement of EU law matters to citizens as it upholds the rights and benefits that they derive from EU law, which otherwise they would be denied. It also matters to businesses in order ensure a level-playing field across the internal market. While the number of open infringement cases remained...

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31 Jul
COVID-19 News, Member News

Faegre Drinker | Summary of Executive Actions Impacting Business Immigration

Since April 2020, several executive actions have been issued, and subsequently amended, that have had a significant impact on business immigration. This alert serves to inform clients of the updates to the ongoing U.S. visa system and travel restrictions in response to the global coronavirus pandemic. Since implementation of the restrictions, the Trump administration has issued additional guidance on certain exceptions for eligible persons to obtain a visa or enter the United States. Proclamation 10014 — Suspension of Immigrant Visas Proclamation 10014...

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31 Jul
Chapter News

IMF | Transparency Makes Central Banks More Effective and Trusted

The role and mandates of central banks have become broader and more complex since the 2008 global financial crisis. The unconventional nature and growing scale of interventions (as seen again during the COVID-19 pandemic) have brought on much higher scrutiny. More transparency and accountability are required to maintain public support, safeguard independence, and enhance policy effectiveness. The IMF has developed a Central Bank Transparency Code to help member countries answer these demands and increase trust and support. It aims to facilitate more effective...

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31 Jul
Brexit News, Member News

Vulcan Insight | With time running out, UK slowly starts engaging on Brexit Negotiations

As Brexit chief negotiators meet in London for their third round of restricted high-level discussions on the future EU-UK relationship, the UK Government is beginning to show signs of engagement, according to EU Trade Commissioner Phil Hogan. After leaving the EU’s political and decision-making sphere at the end of January, and ahead of its final departure from the Single Market, the EU and UK have been engaged in tense negotiations over their future social, economic and security relationship from 1...

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30 Jul
Member News

Safeguard Global | Introducing Global Fluency

A framework for achieving and sustaining success in today’s ever-changing economy You know how important a global mindset is for achieving success in today’s economy—and you're not alone. 80% of HR and payroll leaders we recently surveyed believe that the ability to operate in different countries is vital to their company’s success. But  remaining competitive in the long term requires the ability to analyze your global growth stability, readiness and proficiency. Where does your organization stand? To help you find out, we’ve created a...

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30 Jul
Member News

Marks Paneth | Tax Considerations in a Section 1031 Exchange that Includes a Personal property Component

The Tax Cuts and Jobs Act (TCJA) repealed like-kind exchanges (Section 1031) for all other types of property that are not real property. This means like-kind exchanges of personal or intangible property such as machinery, equipment, vehicles, aircraft, boats, artwork, collectibles, patents and other intellectual property generally no longer qualify for non-recognition of gain or loss. Because of this change, the exchange of personal property of like-kind is now considered a taxable event.  The IRS recently released proposed regulations defining...

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30 Jul
Chapter News

Declaration by the High Representative Josep Borrell on behalf of the EU: European Union response to promote international security and stability in cyberspace

The European Union and its member states have repeatedly signalled their concern and denounced malicious behaviour in cyberspace. Such behaviour is unacceptable as it undermines international security and stability and the benefits provided by the Internet and the use of Information and Communication Technologies (ICTs). We strongly promote a global, open, stable, peaceful and secure cyberspace where human rights and fundamental freedoms and the rule of law fully apply, supporting the acceleration of social, political and economic development. In order...

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