Economists and policymakers generally recognize that growth will be weaker than was anticipated at the end of last year. Price pressures are going to be stronger and last longer than previously projected. The supply shock has been exacerbated by Russia's invasion of Ukraine and the social restrictions in China stemming from Covid. With the major central bank meetings past, the highlight in the week ahead will be the flash PMI readings. The risks are on the downside.   And if those risks...

On 9 and 15 March 2022, the Council of the European Union adopted new restrictive measures against Russia and Belarus due to the ongoing conflict in Ukraine. On 9 and 15 March 2022, the Council of the European Union (the “Council”) adopted new restrictive measures against Russia and Belarus due to the ongoing conflict in Ukraine. These new restrictive measures complement those adopted up until 2 March 2022, which we discussed in a previous newsflash. Restrictive measures against individuals in Russia The...

“Non-Fungible Tokens” (“NFTs”) came on to the scene in 2014 and are a public digital record maintained on a blockchain (digital ledger that stores data) typically associated with a digital file.  Previously, blockchains were typically used in connection with cryptocurrency transactions, but they are now being used for NFTs; the new kid on the block in the cryptocurrency world.  However, NFTs are more like original paintings because they are unique and irreplaceable making NFTs non-fungible, such that an NFT...

A total of 78% of American companies anticipate new investments on Portuguese soil, according to the most recent study from the American Chamber of Commerce (AmCham) in Portugal. The pandemic, the rise in inflation and more recently the war in Ukraine have brought new challenges to the business fabric. Despite the current context, most US companies present in Portugal foresee an increase in business volume and even consider making new investments in 2022, according to a study from the American...

On March 7, 2022, the Financial Crimes Enforcement Network (FinCEN) issued an alert advising financial institutions to be vigilant against efforts to evade the expansive and unprecedented sanctions implemented by the United States and its allies in connection with Russia’s invasion of Ukraine.  According to FinCEN Acting Director Him Das, “n the face of mounting economic pressure on Russia, it is vitally important for U.S. financial institutions to be vigilant about potential Russian sanctions evasion, including by both state...

On 14 March 2022, the OECD published the commentary on the OECD “GloBE” Model Rules concerning the introduction of a minimum effective tax rate worldwide on large multinational enterprises. At the same time, it opened a four-week consultation period on the implementation of these rules. On 15 March 2022, the EU Council of Finance Ministers failed to reach a political agreement on the draft EU directive aimed at implementing these Pillar Two rules in a coordinated manner across the EU. A...

On March 9, 2022, the U.S. Securities and Exchange Commission (SEC) proposed new rules that would require current and periodic reporting of material cybersecurity incidents as well as more detailed disclosure of cybersecurity risk management, expertise, and governance. This alert summarizes the proposed changes, which are subject to public comment until the later of May 9, 2022 or 30 days after publication in the Federal Register. Form 8-K Reporting of Cybersecurity Incidents The proposed rules would amend Form 8-K to add...

On October 23, 2019, the Council of the European Union and the European Parliament voted to approve European directive n°2019/19371 on "the protection of persons who report breaches of Union law." In France, this directive is in the process of being implemented via two bills2 the French Parliament recently adopted. The purpose of these bills is to improve the status of whistleblowers as defined in French law under the Sapin II Act.3 These two bills are under consideration by the Constitutional Council,...