08 Jul
Member News, News

Tax Alert Legislative proposal on Dutch implementation of ATAD 2 (anti-hybrid rules)

On 2 July 2019, the Dutch State Secretary of Finance has published a legislative proposal to implement the EU Anti-Tax Avoidance Directive 2 ("ATAD 2") into Dutch domestic legislation (the "Bill"). ATAD 2 provides for minimum standards to neutralize hybrid mismatches and was adopted on 29 May 2017 (see also our Tax Alert of 1 March 2017). ATAD 2 should be implemented by all EU member states into domestic law no later than 31 December 2019 (thus becoming effective as...

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08 Jul
Member News, News

The technology imperative: Shifting to disruption speed

Is the Corporate Services industry ready for digital disruption? Our latest Vistra 2020 study suggests not. In Vistra's research, almost eight in 10 (78%) respondents indicated that disruption would be a largely positive development for their business, while one in three thought it would only have a minimal impact on the industry. When we asked which technologies they were experimenting with, one of the top responses was “none of the above”. Some might argue that Polaroid, Blockbuster and Kodak were also...

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08 Jul
Member News, News

The Luxembourg UBO Register: the end of the transition period is fast approaching

The Luxembourg UBO Register: the end of the transition period is fast approaching (31 August 2019) Compliments of NautaDutilh - a Member of the EACCNY Monday 8 July 2019 In the firms newsletter from 24 January 2019, we informed you of the Act of 13 January 2019 establishing a Luxembourg register of ultimate beneficial owners ("UBO Register Act").  The UBO Register Act, which entered into force on 1st March 2019, provides for a six-month transition period to submit information to the UBO Register....

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03 Jul
Member News

USTR Adds To List Of EU Products Being Considered For Sec. 301 Tariffs

On July 2, 2019, the U.S. Trade Representative (“USTR”) announced that additional products of the European Union (“EU”) are being considered for inclusion in the list of products that may be subject to additional, Sec. 301, tariffs of up to 100%. The list of 89 additional tariff subheadings are valued at approximately $4 billion in import trade value, and includes products such as cheeses, pasta, meats, olives, fruit, waffles, certain condiments and seasonings, whiskies and certain metals. If the USTR...

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03 Jul
Member News

New legislation to reverse Italy’s brain drain

On May 1, 2019, decree-law no. 34 of April 30, 2019 with several measures intended to encourage economic growth entered into force in Italy (“Law”). Among several tax provisions, the Law has introduced a tax reduction for employees and self-employees returning to Italy after not being resident in Italy for the previous two years who undertake to remain in the country for the next two years. The aim of this provision is to make it easier for employers to...

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03 Jul
Chapter News

MEPs elect David Sassoli as Parliament President

Italian S&D member David Sassoli was elected as European Parliament president on 3 July following two rounds of voting. Sassoli, 63, received 345 votes out of 667 votes cast in the second ballot. He is a former TV journalist and has been an MEP since 2009. In his statement before the start of the election procedure, Sassolis spoke of Parliament's responsability towards all the new voters that took part in the last European elections in May: “They have given us a...

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03 Jul
Chapter News

Parliament starts new term with seven political groups

As the new European Parliament meets for the first time 2 July, MEPs have formed seven political groups. Read on to find out more. Ever since the results of the European elections have been in, newly-elected MEPs have been organising themselves into political groups, which bring together representatives from different EU countries based on their political affinities. According to Parliament rules, a political group must be composed of at least 25 MEPs from at least one-quarter of member states (at the moment...

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03 Jul
Member News, Starting a Business

Legal Considerations for Establishing Operations in the United States

By James D. Rosener, Partner | Pepper Hamilton The business climate in the United States, though subject to business cycles, is the largest, most dynamic and durable in the world. The freedom to compete gives would-be entrants the greatest opportunity to succeed and entrenched players the greatest risk of failure. Central to the business climate is the virtual absence of political risk and the stability and predictability of the legal system. Although stories of runaway punitive damage verdicts give many business...

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02 Jul
Chapter News

European Council appoints new EU leaders

The European Council elected today Charles Michel as President of the European Council. The President of the European Council is elected for the period from 1 December 2019 until 31 May 2022. The mandate of two and a half years of the President of the European Council is renewable once. The European Council also welcomed the decision of the Heads of State or Government of the Member States whose currency is the euro to appoint Charles Michel as President of the Euro Summit,...

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02 Jul
Member News

Bannockburn Global Forex Update: July 2019 FX Outlook

July 2019 FX OutlookJune was a cruel month for the US dollar. It fell against all the world’s currencies as investors became convinced that the Federal Reserve would soon embark on an aggressive easing course that will see 75 basis points of rate cuts this year.  Most of the major central banks have an easing bias, but it is the greenback that has seen its interest rate support weaken.  However, at this juncture, it is difficult to envision investors pricing in...

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