In a recent decision, the ECJ affirms the right to remain silent for individuals prosecuted for administrative offence of a criminal nature and denies to member states the possibility to impose sanctions for failure to cooperate to the investigation. Such protection is however not recognized to legal persons. Factual and procedural background The Italian market surveillance authority (the “Consob”) fined an individual a total amount of 300,000 EUR for administrative offences of insider dealing and unlawful disclosure of inside information. It...

Watch On-Demand Webinar: Navigating the Energy Market During COVID-19 "When we look at this past year with COVID-19, it made for a very interesting year. Some of the more pertinent areas that we've found have been across the area of impairment, modifications to contracts for both leases and debt, restructuring activities, disposals of assets and businesses going concern issues as well as accounting for the PPE loans that were a direct result of events from this year. Given our time today,...

On 22 January 2021 Parliament approved Bill 7637, which modified:  the Law of 5 April 1993 on the financial sector; and the Law of 6 April 2013 on dematerialised securities. The bill entered into force on 26 January 2021.  The bill introduces important modifications with respect to the direct issuance of dematerialised securities using distributed ledger technology (DLT). Further, it widens the central account keeper role by enabling any EU credit institution or investment firm to record and operate DLT issuances...

Building a culture of cybersecurity through informal advocates and the new role of the “BISO” is a cost-effective strategy for tightening your cyber defenses. Chief Information Security Officers (CISOs) are buffeted from all sides today. With the expansion of remote workforces, technology upgrades seemingly on a daily basis, and brazen cyber actors ranging from teens on Twitter to state-sponsored hackers, the task of keeping company systems secure is like trying to stand still in a hurricane. Adding to the CISO’s...

Key insights During the pandemic, there’s been an uptick in fraudulent unemployment claims. The CARES Act introduced changes to unemployment benefits to help those in need during the pandemic, and some criminals have found ways to capitalize on the situation. Consider steps you can take to help protect your organization and your personal identification information. Nationwide, state unemployment agencies have been inundated with fraudulent benefit claims during the pandemic. The CARES Act increased the unemployment benefit amount and expanded opportunities...

Carriers have a chance to break the cycle. Will they take it? For at least 30 years, the container shipping industry has been in a recurring boom-and-bust loop. During times of strong macroeconomic growth, shipping rates skyrocketed. Using these profits, container ship operators would invest in new, ever-larger vessels. With each boom comes a bust, and without fail, the economy would slide into a downturn, demand would plunge, rates would tumble, and operators would find themselves burdened with heavy debt 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 a selection of brief reports from articles contained in IPTI Xtracts which can be found on its website (www.ipti.org). UNITED STATES Empty Office Buildings Squeeze City Budgets as Property Values Fall At a meeting with Treasury Secretary Janet L. Yellen last month, Jeff Williams, the mayor of...