The European banking sector has been characterised by low profitability and overcapacity. Consolidation in the banking sector is expected to improve the sustainability of banks’ business models and enhance the overall financial soundness of the European banking system. In weighing benefits against risks, the task for the supervisors is to make sure that the business combinations resulting from consolidations comply with prudential requirements and ensure effective risk management. On 1 July 2020, ECB Banking Supervision published a guide on the supervisory approach...

On August 3, 2020, U.S. Citizenship and Immigration Services (USCIS) published a final rule updating filing fees for immigration and naturalization applications. The new fees will be required starting October 2, 2020. Especially notable for employment-based applications is that there will be different filing fees for H, L and O petitions, even though they are all filed using Form I-129. Immigration Benefit/Form Number Old Fee New Fee Percent Change I-129 (H-1B)* $460 $555 21% I-129 (L-1)* $460 $805 75% I-129 (O-1) $460 $705 53% I-131 (Application for Travel Document) $575 $590 3% I-140 (Immigrant Petition for Alien Worker) $700 $555 -21% I-485 (Application to Adjust Status) $1,140 $1,130 -1% I-539 (Application to Extend/Change Nonimmigrant Status) $370 $390 8% I-765 (Application for Employment Authorization) $410 $550 34% N-400 (Application...

The Houthoff Financial Regulatory team closely monitors developments on the financial markets and within financial supervision. On 1 July 2020, the Dutch Ministry of Finance launched the consultation of the Amending Decree Financial Markets 2021 (Wijzigingsbesluit financiële markten 2021, "Amending Decree"). The Amending Decree will amend the Decree on Conduct of Business Supervision of Financial Undertakings Wft (Besluit Gedragstoezicht financiële ondernemingen Wft, "BGfo"), the Decree on Prudential Rules Wft (Besluit prudentiële regels Wft, "Bpr") and some other decrees relating to the financial...

We are pleased to announce today that AlixPartners has acquired Freeh Group International Solutions, LLC (FGIS). Effective immediately, Louie Freeh will step down as Senior Managing Partner of Freeh Sporkin & Sullivan and will no longer practice law. As a Vice Chairman and Managing Director at AlixPartners, Louie will focus solely on investigations and risk consulting. FGIS’ team of 24 professionals will join our firm, including Jim Bucknam, who will be a Managing Director. AlixPartners will also add a...

The dollar's losses accelerated in July, and further declines are likely even if there is short-lived bounce to correct the over-extended technical condition.  We have been arguing for a year that the third significant dollar rally since the end of Bretton Woods was over, but the disruption of the global capital markets in March gave the old bull market one more push.  In the four-day window between March 19 (for the Canadian and Australian dollars and the Norwegian krone)...

Over the last few days, the European Data Protection Board (EDPB), the European Data Protection Supervisor (EDPS) and various Supervisory Authorities (SAs) across Europe issued statements addressing the decision of the European Court of Justice (ECJ) to invalidate the EU-U.S. Privacy Shield framework (Schrems 2.0). Below we summarize some of the main reactions. The EDPB is working on a set of FAQs that will hopefully provide some level of clarification on key issues that companies now face. The EDPB is...