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Member News
Member News
19
Jan
In this News Update, we inform you on the obligation to report incidents immediately, analyse some EU anti-money laundering developments, and update you on the secondary legislation associated with the Taxonomy Regulation. Finally, we highlight some other important financial regulatory publications.
AFM – call for reporting incidents immediately
The Dutch Authority for the Financial Markets ("AFM") recently called on the companies under its supervision to report incidents immediately. Due to the coronavirus outbreak and the increase in working from home, integrity and information...
14
Jan
With the end of the transition period as of 1 January 2021, the UK officially became a third country with respect to the EU, meaning that the EU VAT Directive has ceased to apply to it.
It is therefore important to review the VAT treatment of cross-border transactions with the UK. Below you will find a brief summary of the main changes in this regard.
1) Supply of goods
Note that Northern Ireland is still considered part of the EU for supplies...
14
Jan
With short-term freight snags, limitations against EU regulators, U.K. lockdowns, an avg. of 30 vessels at anchor waiting at the Ports of LA/ Long Beach all last week, increasing supply chain debt, decreasing blanked sailings, and a tight air cargo market 2021 is already off to a rocky start for supply chain all over the globe.
It’s been over a week since public officials finalized the Brexit trade deal otherwise known as the European Union-United Kingdom Trade and Cooperation Agreement. Because of...
14
Jan
Justices Considered Whether Certain Court-Imposed Monetary Remedies Are Legal
On Wednesday, January 13, 2021, the U.S. Supreme Court heard arguments in the much-anticipated case of AMG v. FTC, which challenges the Federal Trade Commission's (FTC's) authority to obtain monetary relief in court under Section 13(b) of the FTC Act. The Court's decision is likely to have a significant impact on the relief the FTC is able to obtain in federal court proceedings.
Petitioners AMG seek to overturn the Ninth Circuit's award of monetary relief...
14
Jan
Osborne Clarke just published the latest edition of their Regulatory Outlook.
In this edition, they focus on the EU-UK Trade and Cooperation Agreement. The new relationship between the EU and the UK changes the regulatory and compliance landscape for businesses trading across those markets. Some of these changes have an immediate impact and may require businesses to take action now. More broadly, for many, the cumulative impact of having to comply with diverging regulatory regimes will be additional friction, inconvenience...
13
Jan
The Association of Accidental Americans (AAA) filed, on 22 December 2020, two simultaneous complaints in Luxembourg and Belgium, demanding an immediate halt to the transfer of European citizens’ personal data to the United States.
Under the U.S. Foreign Account Tax Compliant Act (FATCA) of 2010, financial institutions all over the world are required to send the U.S. administration the tax data of all customers considered to be « U.S. Persons ». These include « Accidental Americans, » or people with...
13
Jan
While a halt in state income tax payments can trigger a residency audit in many states, New York City is one of the few municipalities to aggressively pursue them. With office buildings across the city dark for most of 2020 and employees flocking to other states or second homes, many taxpayers are left wondering where their 2020 resident state and local tax (SALT) obligations lie.
This issue is often the blurriest for New York State residents, who still reside in...
13
Jan
On Monday, January 11, Treasury and the IRS released final regulations under section 4960. Section 4960, enacted as part of the Tax Cuts and Jobs Act (TCJA), imposes an excise tax on remuneration in excess of $1 million and any excess parachute payment paid by an applicable tax-exempt organization (ATEO) to any covered employee. The excise tax and the final regulations can affect not only ATEOs, but also certain entities that are treated as related to those organizations.
In June...
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