This year, the Bureau of Economic Analysis (“BEA”) of the U.S. Department of Commerce is conducting a mandatory five-year survey on foreign investments in the United States for fiscal years ending in 2022. The survey covers financial and operating data of U.S. affiliates of foreign multinational enterprises. The survey is used to produce statistics on the scale and effects of foreign-owned business activities in the United States. Reporting on BEA’s direct investment surveys is mandatory under the International Investment and...

The EACC, in partnership with the International Property Tax Institute (IPTI), wants to keep its members up to date with the latest developments in property taxes in the USA and Europe. IPTI has put together below a selection of articles from IPTI Xtracts; more articles can be found on its website (www.ipti.org). UNITED STATES New York: NYC Faces ‘Doom Loop’ as Work from Home and Empty Offices Increase The COVID-19 pandemic has had a profound impact on the way we work, with...

On Wednesday earlier this week, Members of the European Parliament (MEPs) gathered in Strasbourg for this month’s plenary session, with the AI Act being very high on the agenda. From its initial proposal in April 2021 and following many months of negotiations between the two responsible parliamentary committees – the Committee on the Internal Market and Consumer Protection (IMCO) and the Committee on Civil Liberties, Justice and Home Affairs (LIBE) – the European Parliament’s plenary finally passed its version of the Artificial Intelligence Act (AI...

PHILADELPHIA – Stradley Ronon is pleased to announce that Partner Kenneth C. Wang is the recipient of a 2023 “Emerging Leaders” Award by The M&A Advisor, a leading professional development organization and information service for the mergers and acquisitions industry. Wang was chosen among hundreds of applicants for the award by an independent judging panel of peers. Working from the firm’s New York office, Wang uses his many years of experience in both private practice and in-house tax departments for...

On 1 June 2023, each of the European Supervisory Authorities (“ESAs”), namely the European Banking Authority (“EBA”), the European Insurance and Occupational Pensions Authority (“EIOPA”) and the European Securities and Markets Authority (“ESMA”), published a progress report on greenwashing in the financial sector (“Progress Report”). 1. Background The Progress Reports answer the “call for advice to the ESAs on greenwashing risks and the supervision of sustainable finance policies” issued by the European Commission in 2022, which asked the ESAs to provide...

In May, the average hourly price on the Iberian Electricity Market (Mibel) in Portugal was €76.1 per megawatt hour (MWh). About 67.4% of the 2,926 GWh (gigawatt-hours) of electricity generated in May in mainland Portugal came from renewable sources, according to data from the Portuguese Renewable Energy Association (APREN), released on Wednesday. “In mainland Portugal 2,926 GWh of electricity was generated in May 2023, of which 67.4% was of renewable origin,” APREN said in a statement, explaining that the 5.5% increase...

Regulators are increasingly taking enforcement action against crypto asset industry participants for violating anti-money laundering (AML) and sanctions laws. Regulators are concerned about the illicit use of crypto assets and are increasingly scrutinizing crypto asset companies. As we have previously discussed,1 companies in the crypto asset industry must be acutely aware of their AML and sanctions obligations or face the risk of an enforcement action by a federal or state regulator. As the chart below documents, federal and state regulators,...

While many experts have argued we haven’t been in an economic recession for the last 12-18 months, the transportation space may be in a different spot. Over the last few weeks, we’ve seen results from the publicly traded motor carriers with decreased revenues, earnings, or both. There have been statements referencing a softening economy, tough shipping environments, and even recession. This isn’t surprising as many would argue we’ve been experiencing one for a while now. Freight rates have fallen...