April 23, 2020 | 1. INTRODUCTION This news update is a follow-up to our news update of 25 March 2020 regarding the first reactions of the European competition agencies to the coronavirus (COVID-19) outbreak. The competition agencies acknowledge the effects of the coronavirus outbreak on businesses. They emphasised that they will not intervene if companies temporarily cooperate, if these forms of cooperation are necessary to ensure the supply and fair distribution of scarce products to consumers. The authorities however also warned that competition...

April 22, 2020 | Carbon Neutrality, 100% of electricity from renewables and CO2 reduction. These are a few of the targets that Pirelli has set itself to contribute to the protection of planet Earth. The 50th anniversary of Earth Day, the day established in 1970 by the United Nations for the world to celebrate the environment and the protection of planet Earth, falls at a critical moment, one in which the world has stopped, blocked by the Covid-19 pandemic. With human...

April 15, 2020 | On April 10, 2020, the president issued a new memorandum, Memorandum on Visa Sanctions, focused on immigration compliance measures and enforcement. This new memorandum instructs the secretary of homeland security to notify the secretary of state if any government of a foreign country “denies or unreasonably delays the acceptance of aliens who are citizens, subjects, nationals, or residents of that country after being asked to accept those aliens, and if such denial or delay is impeding operations...

On April 19, 2020, President Trump issued an Executive Order allowing importers “suffering significant financial hardship because of COVID-19” a 90-day extension to pay certain U.S. Customs duties. The Order applies to goods entered in March or April of 2020. No interest will accrue on the postponed payments during the 90-day period. The changes do not allow for the return of any deposits that have already been paid.  There are some limitations on eligibility for this relief. Entries containing goods subject to...

From new regulations to record-breaking fines, several developments from last year's financial crime compliance landscape are changing the way business gets done in 2020. Here, in part 1 of a 2-part series, FTI Consulting looks at what compliance professionals should know and how they can respond.  The global financial industry experienced several disrupting events in 2019. The political and economic fallout from Brexit and the uncertainty stemming from the U.S.-China trade wars are two examples. Now, as the first quarter of...

April 2020 | The Toy Association has earned a top spot on The Nonprofit Times’ 2020 Best Nonprofits To Work For list for the third consecutive year. The Toy Association ranked No. 23 on the overall list, which distinguishes the top 50 nonprofits in the U.S. based on surveys with employees, managers, and outside vendors of participating organizations. The Toy Association received top scores across The Nonprofit Times’ eight criteria: leadership and planning; culture and communications; role satisfaction; work environment; relationship with...

April 9, 2020 | $2.3 trillion in liquidity provided to support economy. The Federal Reserve made history on Thursday by moving aggressively to provide up to $2.3 trillion in liquidity commitments to support the economy. This policy intends to bolster households, small and medium-sized firms, and the ability of state and local governments to float debt to ensure critical services during the pandemic. But the liquidity commitment put forward by the Fed strongly suggests that this is the latest in a series...

April 15, 2020 | CAA Clarificaitons on the impact of a hard Brexit on the rules governing investments and deposits of tied assets of insurance undertakings. In two information notices dated April 2 and April 8, 2020, the Commissariat Aux Assurances (“CAA”) clarified the impact of a hard Brexit and the related loss of the UK’s status as a member of the European Economic Area on the application of the rules governing: • the investment of the assets underlying unit-linked life-insurance contracts (Note d’information 20/11...