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Member News
Member News
23
Jul
We recognize that this is a moment of deep hurt and anguish for millions of Black people across the country. Systemic racism, discrimination and injustice is a human rights crisis. We vow to be a voice and force for change.
EY is taking actions as a US firm to eradicate racism and discrimination against the Black community by leveraging our influence to drive strategic change in our firm, in the communities where we work, and through public policy. Understanding that...
23
Jul
In light of the ongoing Brexit discussions, the UK Financial Conduct Authority (FCA) has decided to re-open the temporary permissions regime (TPR) as from 30 September 2020. As the FCA continues to plan for all possible Brexit scenarios, including a no-deal Brexit, it encourages firms and fund managers to prepare accordingly and apply for the TPR before the end of the transition period (31/12/2020).
As a reminder, in December 2017 the UK Government announced the introduction of a temporary permissions regime...
22
Jul
When coronavirus struck, the European Commission joined with EU countries and European institutions to prepare a swift and massive package of relief for businesses devastated by the pandemic. One European programme was already at work, immediately delivering hundreds of millions of euros in financing for projects that aim to fight COVID-19.
With the backing of the European Fund for Strategic Investments (EFSI), the European Investment Bank financed a €50 million deal in May to back COVID-19 trials of a treatment...
22
Jul
Accounting for COVID-19 related rent concessions and other modifications to lease contracts, from the lessee’s perspective
Implementing IFRS 16 Leases was a substantial task for many preparers, and COVID-19 has brought a new and unexpected source of difficulty and complexity.
The challenges posed by COVID-19 have resulted in a significant increase in the number of leases being re-negotiated or modified, usually where tenants can no longer operate, or have experienced a sudden drop in revenue. As a result, the IASB has...
22
Jul
On Monday 13 July, the U.K. government published further details outlining their plan for a new immigration system which will amend the existing points-based immigration system. This system is to take effect from 1 January 2021. The 130-page document doesn’t contain a lot more detail than the proposals released earlier in the year, which we summarized in April. The new system will end free movement with the EU and represents a significant change to immigration in the U.K. The system will apply...
21
Jul
This Navigator Survey by HSBC asked 2,600 companies in 14 countries and territories to share their insights into the first half of 2020 and the future of business in the face of uncertainty.
A picture of challenge and change
Businesses around the world, no matter their size, are facing the greatest challenge in a generation.
Leaning on our global network and our local expertise, our research across 14 markets indicates how the COVID-19 pandemic has affected a variety of businesses and their...
21
Jul
Taxation Partner Seth Entin wrote an article published in Bloomberg Tax discussing potential U.S. federal income tax opportunities and challenges for foreign investors in U.S. distressed debt. Foreign investors may earn interest income on debt issued by U.S. borrowers and may even gain from the sale or retirement of these debt instruments, free of U.S. federal income tax, as long as certain conditions are met. Mr. Entin's article outlines the rules favorable to investors and describes the potential pitfalls that could...
21
Jul
Following 90 hours of tense negotiations, white smoke finally rose over the glass façade of the European Council’s Europa building as President Charles Michel tweeted one word to the world: “Deal!”
In the end, it took the longest EU Summit on record to reach an agreement on the Commission’s blueprint for the €750 billion coronavirus Recovery Fund and the bloc’s €1.074 billion multiannual financial framework (MFF).
Before the Summit had begun Austrian Chancellor accused southern EU members of being “states that...
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