06 Mar
Chapter News, News, Uncategorized

Improving EU-U.S. Cooperation in Civil Society Support in Eastern Europe and the Western Balkans

By Rosa Balfour, Nicolas Bouchet, and Joerg Forbrig The European Union and the United States devote considerable funds and programs to supporting civil society in Eastern Europe and the Western Balkans – support that is being confronted with old and new challenges. Closing civic space is now entrenched in many countries and the means to undermine civic actors has become more sophisticated. The sustainability of civil society organizations (CSOs) remains a challenge. This requires the EU and the United States to work with...

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06 Mar
Chapter News, News

ECB and Bank of England activate currency swap arrangement for possible provision of euro to UK banks

● Bank of England will offer to lend euro to UK banks on a weekly basis ● Bank of England to obtain euro from the ECB in exchange for pound sterling ● Eurosystem would stand ready to lend pound sterling to euro area banks, if a need arises The European Central Bank (ECB) and the Bank of England have decided to activate a standing swap line through which the Bank of England will offer to lend euro to UK banks on a weekly...

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06 Mar
Brexit News, Member News

Hard Brexit – outsourcing as a way out?

By Kai-Michael Hingst & Karl-Alexander Neumann | Noerr The latest political developments have not reduced the likelihood of a “hard Brexit” on 29 March 2019. In this article, we sum up the regulatory consequences of a hard Brexit for cross-border banking and financial services and look at the possibility of outsourcing as an option. No more passporting after a hard Brexit A hard Brexit would clearly mean that regulated banking and financial services institutions no longer profit from the “European passport” in cross-border legal...

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06 Mar
Member News

India and Turkey to Lose GSP Eligibility

The Office of the United States Trade Representative (USTR) has announced that India and Turkey will be removed from the list of beneficiary developing countries eligible for duty-free entry under the Generalized System of Preferences (GSP). By law, the President must notify Congress at least 60 days prior to the termination of GSP eligibility and must also notify the involved countries. After the 60 day notification period, the termination of GSP eligibility is enacted by a Presidential Proclamation that...

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06 Mar
Member News

New EU Rules on Foreign Investments: All You Need to Know About the New Screening Mechanism

By Till Steinvorth | Orrick The Council of the European Union (EU) has adopted a new regulation “establishing a framework for the screening of foreign direct investments into the Union” (the Regulation). This is the first time the EU is equipping itself with a comprehensive framework to monitor investments into EU businesses by investors from outside the EU. The new rules create a cooperation mechanism where EU member states and the European Commission are able to exchange information and raise concerns. The...

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06 Mar
Brexit News, Chapter News

For European renewal. Speech by Emmanuel Macron

By Emmanuel Macron, President of the French Republic Citizens of Europe, If I am taking the liberty of addressing you directly, it is not only in the name of the history and values that unite us. It is because time is of the essence. In a few weeks’ time, the European elections will be decisive for the future of our continent. Never, since the Second World War, has Europe been as essential. Yet never has Europe been in so much danger. Brexit stands as...

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05 Mar
Member News

Is your leadership team truly diverse?

By Fred Crawford, Managing Director, Senior Vice Chair, New York | AlixPartners I was sitting as an invited guest recently at a board meeting of a multibillion-dollar company, as AlixPartners had been retained to assist them on an important issue. As I was listening and looking around at the board members, I could see the company had done a very good job of building a diverse membership.  With regards to ethnicity, gender, and age, the board was quite balanced. Yet, as I...

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05 Mar
Brexit News, Chapter News, News

EIOPA and its Members agree on No-deal Brexit Memoranda of Understanding with the Bank of England and the Financial Conduct Authority

The European Insurance and Occupational Pensions Authority (EIOPA) and all National Competent Authorities (NCAs) of the European Economic Area (EEA) with competencies in insurance have agreed Memoranda of Understanding (MoUs) with the Bank of England in its capacity as the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) of the United Kingdom (UK). The MoUs take effect should the UK leave the European Union (EU) without a withdrawal agreement, the so-called "No-deal" Brexit scenario. The following MoUs were agreed: A...

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04 Mar
Brexit News, Member News, Trade & TTIP Related

U.S. Trade Commission Extends Public Comment Period for Trade Agreement with U.K.

By Ronald A Oleynik | Jonathan M Epstein | Antonia I Tzinova | Daniel L Burkard | Hwajeong Kim HIGHLIGHTS: The U.S. Trade Representative (USTR), pursuant to Section 131 of the Trade Act of 1974, has requested the U.S. International Trade Commission (Commission) to obtain public comment pertaining to the possibility of a duty-free trade agreement with the United Kingdom covering a range of agricultural products. As a result of the U.S. federal government shutdown that lasted from Dec. 22, 2018, until...

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04 Mar
Member News

Bannockburn Global Forex Update: March 2019 FX Outlook

March 2019 FX OutlookThe dollar rose against most of the major and volatile emerging markets currencies, like the South African rand, Turkish lira, and the Brazilian real in February.  The gains were mostly by default as concerns about the strength of the US economy continued to linger.  The weakness abroad, especially in Europe, seemed more profound.  Trade tensions ebbed as investors correctly anticipated an extension of the US-Chinese trade freeze, while the beginning of the EU-Japan trade agreement coupled...

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