20 May
Chapter News, News, Trade & TTIP Related, Uncategorized

Extra-EU trade in goods by invoicing currency – Euro was the most used currency for EU exports and US dollars for EU imports in 2018

Brussels, 20 May 2019 Goods imported and exported by the European Union (EU) can be invoiced in a range of currencies. In 2018, the euro was the most used currency for EU exports with a share of 48% of the total value of goods exported to non-EU countries and a share of 35% invoiced in US dollars. The picture was reversed for imports, with 56% of imports paid in US dollars and around a third in euros (35%). For total trade...

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20 May
Member News

Huawei trouble lifting safe haven status in USD

Overview: The U.S. Dollar has managed to maintain its gains of an overall average of 0.5% thus far this May, according to the Bloomberg Dollar Spot Index.Fluctuations in the FX market have not been totally unfavorable to the greenback, which has found its way back as a result of growing uncertainty over trade with developments that affected main communications company Huawei. The trade war targeting the company adds on to fear about the global supply chain being affected along with...

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20 May
Member News

Update on Property Tax Issues: May 2019

The EACC, in partnership with the International Property Tax Institute (IPTI), wants to keep its members up to date with the latest developments in property taxes in the USA and Europe. IPTI has put together a selection of brief reports from articles contained in IPTI Xtracts which can be found on its website (www.ipti.org).   USA California: Protect Prop 13 protections for property owners In November 2020, California voters and taxpayers will have the opportunity to weigh in on one of the most...

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17 May
Member News

USTR Issues Proposed List 4 Extending Sec. 301 Tariffs To “Essentially all” Remaining Chinese Imports

On May 13, 2019, the U.S. Trade Representative (“USTR”) issued a proposed List 4 which threatens to impose additional tariffs of up to 25% on “essentially all” Chinese products imported into the U.S. that were not covered by previous section 301 pronouncements. Pharmaceuticals, certain chemicals made into prescription pharmaceuticals, rare earth minerals and critical minerals are excluded from this latest action. The remaining product categories cover 3,805 full and partial tariff subheadings. The list includes toys, apparel, shoes, food and...

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17 May
Member News

The Weekly Vulcan View | Analysis of Latest EU Developments May 13 – 17

Key Events This Week Polls predict decimation of Tories in European elections Latest polling puts Nigel Farage’s Brexit Party ahead of the pack in the race for the European elections. Polls suggest that the Brexit Party commands between 30% and 34% of the prospective vote for the upcoming European elections, taking place on 23 May. Polls show the Labour party holding 21% of the prospective vote and the Conservatives languishing on just 12%. This would mean the Conservatives would fall to their...

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15 May
Member News

EU Regulator Issues New Rules on Use of Technology in Banking and Fintech

On February 25, 2019, the European Banking Authority (EBA) published its final Guidelines on outsourcing (Guidelines) to ensure that sound risk management measures are adopted by banking, financial, and payment institutions (Institutions). These Guidelines will become effective September 30, 2019 and specifically highlight FinTech and data protection issues. This not only reveals some potential regulatory challenges that EU players will have to face going forward, but also relates to the broader interest in IT outsourcing also echoed by US regulators. Outsourcing...

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15 May
Member News

Toy Community Says Trump’s Tariffs Will Hurt American Families, Jobs, & Businesses

The Toy Association – the not-for-profit trade association representing the toy, game, and youth entertainment product businesses that drive the annual $28 billion American toy market and are leaders around the world – announced today that the Trump administration’s proposed 25 percent tariffs on $300 billion in Chinese imports, including children’s toys, would irreparably harm American families, jobs, and businesses. "The return of a dark tariff cloud threatening the toy and retail communities would sharply increase the cost of toys...

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15 May
Chapter News, News

Banking Union: Council adopts measures to reduce risk in the banking system

Press Release, 6/14/2019 The EU is putting in place a new framework which will strengthen the banking union and reduce risks in the financial system. The Council today adopted a comprehensive legislative package which will reduce risks in the banking sector and further reinforce banks' ability to withstand potential shocks. The package contains amendments to the capital requirement legislation (regulation 575/2013 and directive 2013/36/EU) which reinforce the capital and liquidity positions of banks, and strengthens the framework for the recovery and...

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15 May
Chapter News, News, Uncategorized

Capital markets union: Council adopts updated rules for financial derivative products and clearing

Press Release, 5/14/2019 The EU will soon have in place simplified rules for non-financial counterparties, small financial counterparties and pension funds using financial derivative products. The Council today adopted a regulation improving the existing regulatory framework applying to the over-the-counter (OTC) derivative market. The European Market Infrastructure Regulation (EMIR), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems encountered in the functioning of the OTC derivatives market during the 2007-2008 financial crisis. The...

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15 May
Member News

European framework regulation on foreign direct investment now in force – Foreign investors must prepare in particular for further delays in screening

By Dr. Max Helleberg & Dr. Bärbel Sachs | Noerr LLP As previously reported, the European Union has adopted a framework regulation for the screening of foreign direct investments into the Union. It entered into force on 11 April 2019. However, the Regulation will not apply until 11 October 2020. Unusually for an EU Regulation, it merely provides a legal framework to be completed by the Member States. The decision on whether to set up a screening mechanism or to...

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