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Member News

Member News

Trepp | European Market Update: UK Commercial Rent Regulations; CLO Manager Flexibility

This week, COVID restrictions in the UK have loosened once again, with the UK taking the next step in its "roadmap" out of lockdown. In England, hairdressers, gyms, non-essential retail, and outdoor dining are now open. In Wales, non-essential shops can now open and travel is allowed from England, but the re-opening date for outdoor dining has not yet been announced. Northern Ireland will be reviewing lockdown restrictions this week, and in Scotland, rules remain the same after their...
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Marks Paneth | New York State Budget Changes: Tax Increases, SALT Cap Workaround & Additional COVID Relief

On April 6, 2021, the New York State Legislature and Governor Andrew Cuomo came to an agreement on the state’s operating budget for the fiscal year that began on April 1, 2021. Included in the budget legislation are the following law changes which will affect individuals and businesses in New York. Tax Rate Increases for New York’s Highest Earners: Until now, New York State’s highest tax rate on individuals was 8.82%. This rate applied to taxable incomes in excess of...
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GDLSK | Court declares Section 232 steel and aluminum “derivative” tariffs unlawful; refunds may be available

On April 5, 2021, the U.S. Court of International Trade issued an opinion declaring the Section 232 steel and aluminum “derivative” tariffs unlawful, and ordered the government to refund any duties to the plaintiff.  Prime Source Building Products v. United States, Slip Op. 21-36. The Section 232 “derivative” tariffs were imposed beginning January 24, 2020 on certain articles of steel and aluminum such as nails, tacks, stranded wire (of aluminum), and bumper stampings.  A complete list of affected products can be...
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MJV | What is the Product-Service System and what is its relationship to sustainability?

Have you considered rethinking your business model with a more sustainable mindset? In the ESG era, this is the mission of many managers. The Product-Service System represents a new way of relating to products. How about the fact that the energy efficiency of many processes domestic and industrial does not reach 50%? A large part of the resources we use ends up as garbage, without reuse. The key factor to this problem is in the way we deal with our...
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Europe’s Halfway Banking Reforms Have Run Out of Time

Previously published in Bloomberg Politics & Policy | Scandals and failures will continue to plague the sector until it completes the unified regulation it promised more than a decade ago, including deposit insurance similar to that of the U.S. Europe’s banking sector continues to be shaken by scandals and failures. German public prosecutors are facing demands to bring charges against the German banking arm of Greensill Capital. Germany's financial regulator, BaFin, has been humiliated by the 3.5 billion euro Wirecard scandal. Serious...
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Orrick | Supreme Court Narrows Reach of Telephone Consumer Protection Act

Last week, the U.S. Supreme Court issued a decision that, at least in the short run, is likely to dramatically reduce litigation under the Telephone Consumer Protection Act (“TCPA”). In Facebook, Inc. v. Duguid, the Court held that only a narrow set of telephone equipment meets the definition of “an automatic telephone dialing system” (“ATDS”) for purposes of the statute’s ban on making certain types of calls with an ATDS.  The TCPA’s prohibition on using an ATDS to call a cell...
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Troutman Pepper | SEC Has Its Eye on SPACs

SPACs — short for “special purpose acquisition companies” — recently have drawn significant interest by companies and executives as a more seamless method to conduct an initial public offering. Often referred to as “blank check” companies, SPACs provide a vehicle by which companies may raise funds from public markets through initial public offerings (IPOs) that take a company from private to publicly listed. Unlike traditional IPOs, which often involve private companies that have developed over time, SPACs are shell...
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NautaDutilh | Belgium Employment – Are you ready for a Covid-19 inspection?

The Social Inspectorate is responsible for monitoring compliance with the rules on teleworking enacted to combat the spread of Covid-19. Criminal or administrative fines may be imposed for noncompliance with these rules. In the event of a Covid-19 inspection by the Social Inspectorate, the following information/documents should be made available. 1.    Covid-19 risk analysis Although teleworking is mandatory, measures should still be taken to protect employees who cannot telework due to the nature of their position or for business continuity reasons....

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