10 Mar
Chapter News, News

EU MEPs put an end to opaque card payment fees

The fees that banks charge retailers to process shoppers’ payments will be capped, under uniform EU-wide rules, further to a vote in Parliament on Tuesday. The cap, which will apply to both cross-border and domestic card-based payments, should result in lower costs for card users. "This legislation, combined with the upcoming Payment Services Directive, will establish a level playing field for payments across Europe. It should enhance fee transparency, stimulate competition and enable both retailers and users to choose...

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09 Mar
Member News, News

Connecticut Office Seeks Refinancing

Hines, Warren Private Clients, and Willett Companies are shopping for an $85 million floating-rate mortgage on their Class A office building 33 Benedict Place, which is located in downtown Greenwich, Connecticut. The new loan on the 119,344 square-foot space is intended to be used to payoff the current $70 million interest-only mortgage. The group of owners purchased the building from Unilever in 2005 for $87.5 million, and marketed the location for sale at around $140 million ($1,094 per square-foot) this past October without...

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09 Mar
Member News, News

Goldberg Segalla Accelerates Growth on Both Sides of the Atlantic

EACCNY member Goldberg Segalla is pleased to announce it has made significant moves that enhance the services it offers to its international client base and take its reach throughout the U.S. and across the globe to a new level. On March 9, Goldberg Segalla opened the doors of its North Carolina office. Led by nationally recognized insurance litigator David L. Brown, this team of seven lawyers brings a wealth of experience and extends Goldberg Segalla's footprint into several key jurisdictions in...

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06 Mar
Member News, News

ICAV legislation enacted

Ireland has been promising for some time to introduce a new type of corporate fund structure known as the "ICAV" which will not be required to be incorporated under the Irish Companies Acts and will not be a public limited company ("plc"). ICAVs will be available as UCITS and as AIFs, will offer a more administratively efficient structure for corporate fund vehicles (benefitting from the disapplication of company law provisions designed for trading companies), and will be structured so that...

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05 Mar
Chapter News, News

2015 Trade Policy Agenda, Office of The US Trade Representative

"The Obama Administration's trade policy is firmly anchored in Middle Class economics. We are seeking to grow our economy, support good-paying jobs, and strengthen the middle class. The Obama Administration is working to set a new standard, insisting that our values undergird our trade policy today and in the future, promoting strong labor and environmental standards that protect our workers, oceans, and forests." In a report released this week, USTR emphasizes that President Obama's trade policy seeks to promote economic growth,...

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05 Mar
Member News, News, Uncategorized

EACCNY MEMBER INSIGHTS: E&Y on Global Hospitality: Top Thoughts for 2015

The global hospitality industry entered 2014 on an upward growth trajectory; a greater sense of optimism was palpable across most regions, as accelerating capital markets, favorable supply and demand balances, and strong investor appetites fueled higher transaction volumes and strengthened lodging fundamentals. Robust investor interest worldwide was reflected in the year’s key industry trends: •  More lodging projects broke ground as traditional lenders eased restrictions on construction loan originations. •  Accelerating cross-border capital flows intensified competition among domestic and international investor groups...

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05 Mar
Chapter News, News

The Euro Area – Where Do We Stand?

Speech given by Dr. Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank | Money Marketeers in New York | Wednesday, 4 March 2015 Ladies and gentlemen, Thank you for inviting me to speak at a Money Marketeers event today. I would like to give you a brief overview of the current situation in Germany and the euro area. I am particularly looking forward to discussing these issues with you and hearing your perspective. Mutual exchange is essential in a globalised world where...

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04 Mar
Member News

SEC Targeting Broad Employee Confidentiality Clauses

The Securities and Exchange Commission (SEC) has recently contacted a number of companies seeking every confidentiality agreement, nondisclosure agreement, settlement agreement, and severance agreement the companies entered into with employees since the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) went into effect. According to a February 25, 2015 Wall Street Journal article, the SEC is also seeking documents related to corporate training on confidentiality, as well as “all documents that refer or relate to whistleblowing” and a list...

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03 Mar
Chapter News, News

Trade Pacts Will Strengthen Our National Security

The disturbing news from the Pacific is that China continues to beef up construction in disputed territory and spread its brand of “state capitalism.” At the same time, our allies question whether the United States is truly committed to being a world leader. In Europe, Russia continues its belligerence, and Europe is unable to respond effectively because of its dependence on Russian energy. These are just two examples of why we need to strengthen our trade agenda. We need to...

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03 Mar
Member News, News

Post AIFMD – Is Europe Worth it?

The introduction of the Alternative Investment Fund Managers Directive has brought with it many challenges for managers of non-EU alternative investment funds (AIFs) wishing to market their funds to EU investors. Currently, and at the earliest until late summer 2015, non-EU AIFs can only be actively marketed within the EU using national private placement regimes (NPPRs). Until at least 2018, non-EU managers of AIFs can market their funds to professional investors using the NPPR applicable to each individual member state. AIFMs...

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