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Member News
Member News
10
Jul
The Italian government has approved Law Decree No. 34 of May 19, 2020 (“Decreto Rilancio”), which includes several measures aimed at providing additional support to businesses impacted by the COVID-19 emergency. Below is an overview of said measures.
A. Reduction of IRAP (Regional Tax on Production Activities)
Section 24 of the Decreto Rilancio sets forth an exemption for companies and self-employed workers with revenues not exceeding EUR250 million in the last financial year from payment of (1) the balance of IRAP for the current tax period until December...
10
Jul
Paschal Donohoe is celebrating his victory after beating his rival candidates from Spain and Luxembourg to preside over the Eurogroup, a grouping of finance ministers from the eurozone.
The three horse race became a two-horse race after Pierre Gramegna, the Luxembourg candidate, withdrew after the first round of votes. In the second and final round of online votes cast in a secret ballot, Donohoe beat Spain’s Calviño.
Taking to twitter, Donohoe said his “immediate priority” is to facilitate agreement on the...
09
Jul
Remote Working can be a Double-Edged Sword of Opportunity, Emissions
The COVID-19 pandemic is having a profound impact not just on the way we live, but also on the way we work. Around the world, employees are working from home, fundamentally changing a professional standard of physically reporting to an office location, which has been the norm for decades. This seemingly simple shift can pose a potential threat to our environment, but also provides an opportunity to create an even...
09
Jul
On June 29, 2020, the U.S. Department of Labor (DOL) announced a new proposed class exemption to certain prohibited transaction restrictions in the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the Internal Revenue Code of 1986, as amended (the Code), entitled “Improving Investment Advice for Workers & Retirees.” The proposed exemption is intended to help workers and retirees by preserving the wide availability of investment advice arrangements and products for retirement investors. The proposed exemption...
09
Jul
In this Client Advisory, we answer some frequently asked questions (FAQs) about the Bayh-Dole Act or Patent and Trademark Law Amendments Act (Bayh-Dole).
What is Bayh-Dole?
Bayh-Dole refers to a law (spearheaded by Senators Birch Bayh of Indiana and Bob Dole of Kansas) passed in 1980 that allowed small businesses and non-profit institutions to elect to take title to federally funded inventions under certain terms and conditions. It was enacted to provide incentives to promote commercialization of federally funded inventions.
If my...
08
Jul
Opening Remarks from William R. Rhodes on June 30th |
Thanks to John Baskett and 1LoD for the invite to say a few words about the importance of Conduct and Culture for banks and the financial sector in general.
As many of you know, the G30 spent almost a decade working on elements of bank governance, conduct, and culture. We issued four reports on aspects of governance: on governance as a whole; on the role of boards and their relationship of...
08
Jul
The Italian Data Protection Authority (“Garante per la protezione dei dati personali” or “Garante”) recently announced that it levied a €600,000 fine on an Italian major banking institution for several violations of the Italian Personal Data Protection Code in its pre-General Data Protection Regulation (“GDPR”) form.
The sanction was imposed following a data breach that took place between April 2016 and July 2017 that the banking institution notified to the Garante at the end of July 2017. As a result of the breach,...
08
Jul
The Office of the United States Trade Representative (“USTR”) is considering a modification to the list of products from the European Union (“EU”) and United Kingdom (“UK”) subject to Section 301 tariffs and an increase of the additional duties up to 100%. The tariffs were initially imposed on October 18, 2019 in response to a World Trade Organization (“WTO”) ruling that the U.S. may levy up to $7.5 billion annually in countermeasures for EU subsidies provided to aircraft manufacturer...
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