11 Feb
Member News, Uncategorized

Recent lifting of the EU nuclear-related sanctions against Iran: some business restrictions still apply!

Further to the verification by the International Atomic Energy Agency (IAEA) that Iran has implemented the agreed nuclear-related measures as set out in the Joint Comprehensive Plan of Action (JCPOA), the Council of the European Union terminated all EU nuclear-related economic and financial sanctions on 16 January 2016 (I). This statement does not however mean that all business restrictions sanctions have ceased to apply to Iran. Some proliferation-related sanctions and restrictions against Iran will indeed still be applicable while...

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10 Feb
Member News, Uncategorized

DS-Concept Provides $1 Million Export Factoring Facility to Sporting Goods Manufacturer in Pakistan

DS-Concept Factoring, a member of the EACCNY and a global commercial finance company specializing in international non-recourse factoring, has provided a $1 million export accounts receivable facility to a sporting goods and accessories manufacturer in Pakistan. The client, exporting to Europe and North America, is implementing this facility to support the increased demand for open account payment terms from their overseas buyers. With the export factoring facility in place, the client anticipates an annual factored volume of $8MM-$10MM. “We are excited to announce another...

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01 Feb
Member News, Uncategorized

Ogletree Deakins Elects New Managing Shareholder

C. Matthew Keen has been elected Managing Shareholder of Ogletree, Deakins, Nash, Smoak & Stewart, P.C. (Ogletree Deakins), effective February 1, 2016. Keen was elected during the firm’s annual Shareholders Meeting and succeeds Kim F. Ebert, who has served in the role since 2010. Ebert will return to his full-time practice in the firm’s Indianapolis office. Keen joined Ogletree Deakins' Raleigh, North Carolina office in 1987 and has spent his entire career with the firm. He has held a number...

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27 Jan
Uncategorized

IMF Completes Ninth Review of Cyprus’ EFF and Approves €126.3 Million Disbursement

The Executive Board of the International Monetary Fund (IMF) today completed the ninth review of Cyprus’s economic adjustment program supported by the Extended Fund Facility (EFF) arrangement. The completion of the review would make SDR 99 million (about €126.3 million) available to disbursement, which brings total disbursements under the program to SDR 792 million (about €1 billion). One more review remains to be completed. The three-year EFF was approved on May 15, 2013 (see Press Release No. 13/175). Cyprus’s economic program...

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21 Jan
Member News, Uncategorized

The Netherlands implements OECD BEPS Country-by-Country Reporting

The Netherlands implements OECD BEPS Country-by-Country Reporting as well as the amendments to the EU Parent-Subsidiary Directive As from 1 January 2016, new rules have become effective in the Netherlands that require multinational enterprises ("MNEs") to comply with new transfer pricing documentation requirements, including the obligation to prepare a Country-by-Country Report ("CbC Report"), a Master File and a Local File. These rules essentially implement Action 13 of the OECD BEPS project into Dutch tax law. The new rules require taxpayers to...

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12 Jan
Member News, Uncategorized

Long Island Office Loan Receives Appraisal Reduction Increase

According to January remittance data, the $43.8 million One Old Country Road loan recently received an appraisal reduction increase from $23.3 million to $43.3 million. Comprising 25.37% of BACM 2005-6, the note is scheduled to mature next month. One Old Country Road is backed by a 320,408 square-foot suburban office in Carle Place, NY which was foreclosed on July 2011. The loan was transferred to special servicing in November 2010 for imminent default after the borrower was 60+ days late on...

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08 Dec
Chapter News, Uncategorized

Antitrust: Commission opens formal investigation in the biofuels sector concerning ethanol benchmarks

The European Commission has opened a formal antitrust investigation to scrutinise whether three ethanol producers have, in breach of EU antitrust rules, manipulated ethanol benchmarks published by a price reporting agency. The companies concerned are Abengoa S.A. of Spain, Alcogroup SA of Belgium and Lantmännen ek för of Sweden, together with their relevant subsidiaries. They produce, distribute and trade ethanol. Commissioner Margrethe Vestager, in charge of competition policy, stated:"Competitive biofuels markets are crucial to promote cleaner transport and to cut greenhouse...

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08 Oct
Member News, Uncategorized

Littler Global Enters Europe with Expansion Into Germany

Germany’s Leading Labor and Employment Firm, Vangard, Joins Littler’s Global Platform Littler, the world’s largest employment and labor law practice representing management, has added Vangard, a leading labor and employment law boutique in Germany, to its global platform. The combination closely follows the opening of Littler’s first Canadian office in Toronto in August and marks the first entry into Europe for Littler Global, which has expanded rapidly in recent years through a strategy that includes combining with leading firms in...

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29 Sep
Chapter News, Uncategorized

Get ready for the European cybersecurity month and find out ways to use internet in a safer way

The European cybersecurity month, the EU's campaign to promote cybersecurity, is launched today in Brussels. More than 100 events and activities in 25 countries are organised to provide users with advice and to share good practices. Vice-President Ansip, in charge of the Digital Single Market, said: "Trust and security are key components of the Digital Single Market. We cannot get the best out of the opportunities offered by digital tools and online networks if we do not trust them. Raising awareness of the...

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23 Sep
Uncategorized

President’s introductory remarks at the regular ECON hearing

Introductory statement by Mario Draghi, President of the ECB, Brussels, 23 September 2015 Mr Chairman, Honourable Members of the Economic and Monetary Affairs Committee, Ladies and gentlemen, During the summer break, our Union faced exceptional challenges. First, there was the long and complicated discussion on the new adjustment programme for Greece. And now, in an area very much outside the ECB’s competence, there is the challenge of harbouring a large number of refugees that had to leave their homes behind. Both these events –...

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