On 10 August 2016, the Luxembourg court of appeal overturned the decision of the Luxembourg lower administrative tribunal regarding the VAT treatment of fund investment management services supplied by a Luxembourg based asset manager to an Irish SICAV and entirely delegated to a US service provider. Arendt & Medernach's intervention for the asset manager concerned (i) the right of VAT deduction of the Luxembourg asset manager and by extension, (ii) the VAT exemption applicable on the delegated services. Regarding the...

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The Treasury Department issued proposed regulations to Section 2704 of the Internal Revenue Code on August 4, 2016 that will likely increase the value of intra-family transfers of equity interests in a family controlled business entity for gift, estate, and generation-skipping transfer (GST) tax purposes, and also increase the number of valuation disputes between taxpayers and the government. The proposed regulations are controversial and, if adopted, could have a significant impact on the business succession plans of many family...

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The Pirelli Scorpion K gravel tyres stood up to the fastest stages on the World Rally Championship on Rally Finland. Although the stages around host city Jyväskylä are not as rough as those on many other WRC events, they are extremely fast; this year’s event was the quickest in WRC history, beating the previous record set in Finland in 2015. Good grip and stability from the tyres are crucial, and at these speeds and on the many big jumps that make...

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EY announces that the team from Society Consulting, a US-based market-leading analytics and big data consulting firm in Seattle, Washington, has joined Ernst & Young LLP in the US. Society Consulting is known for aggregating, organizing and visualizing companies’ data to improve the customer experience for its clients across a variety of media channels, and creating scalable, actionable analytics solutions that span all customer touch points. Its services include web development, dynamic content strategy, content management, personalization, segmentation and campaign...

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In June 2015 the European Securities and Markets Authority (“ESMA”) published guidelines on Alternative Performance Measures (“APMs”) (05/10/2015│ESMA/2015/1415en, the “Guidelines”). The Guidelines replace the previous CESR guidelines of October 2005 and apply to relevant disclosures made on or after 3 July 2016. APMs can be useful to issuers and investors because they can provide additional insight into an issuer’s financial performance, financial position and/or cash flow. However, problems may arise when APMs are presented inconsistently, defined inadequately or obscure financial...

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Nearly $1.3 billion in CMBS loans were transferred to special servicing in July. Whether a CMBS loans go unpaid after their maturity date, falls into financial distress, or is subject to a bankruptcy filing from the borrower, chances are they’ll end up in the hands of a special servicer. Trepp has published an infographic that highlights the top 10 loans to be transferred to special servicing. The infographic also features statistical breakdowns for a number of criteria, including property type...

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Research in the Arctic region is essential for the study of climate change and many other challenges facing the world today. Many universities and research institutions are interested in exploring the Arctic, but only a few of them have the resources to access the Arctic Ocean. Now Arctia, a Finnish icebreaker operator, wants to invite institutes, universities and other bodies from all over the world to join an icebreaker-assisted expedition to the Arctic. The Arctic 100 Expedition is a part...

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The European Investors' Association says the merger will significantly reduce competition. Retail investors have come out against the proposed merger of Deutsche Boerse AG and the London Stock Exchange Group plc, citing decreased competition. The European Investors' Association, a retail investor lobby group, have written a letter to European Competition Commissioner Margrethe Vestager calling for her to not approve the merger. European Investors' chairman Paul Koster wrote that the association is "highly concerned" about the implications of the merger, especially given...

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The U.S. Department of Labor’s (DOL) electronic permanent labor certification system (PERM) as we know it has been in existence for the past 10 years. This year, the Office of Foreign Labor Certification (OFLC) is expected to publish new regulations aiming to modernize the current PERM program to better meet the needs and practices of employers. The OFLC has expressed a desire to see the final regulation published before the end of President Barack Obama’s term, meaning action on...

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Essilor International joins the Business Call to Action with a commitment to expand access to vision care in developing countries New York, 1 August 2016 – Essilor International, the world’s leading ophthalmic optics company with a mission to improve lives by improving sight, has joined the Business Call to Action (BCtA) with a pledge to create 40,000 primary eye care workers in underserved regions by 2020. The company expects its broadening inclusive business models to improve health outcomes, productivity and...

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