![European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources](https://eaccny.com/wp-content/uploads/2020/06/eaccny-logo.png){kind=logo}
Member News
Member News
07
Jul
Many major and emerging central banks took action in June, but outside of possible technical adjustments will continue with the current supportive stance in July. The policy focus will shift back to fiscal initiatives. The highlights will be the EU Summit on July 12, which is considering the EC's 750 bln euro package of grants and loans, and the US decision regarding the $600 a week extra unemployment insurance (expiring at the end of July) and another large budget...
07
Jul
Employment Attorneys David Santeusanio, Howard Sokol and Matthew Sloane co-authored an article in the Employee Relations Law Journal addressing practical considerations and obligations for employers when establishing safety plans to reopen the workplace. COVID-19 has altered the reality of workplace safety and corresponding industry standards. Employers face dramatically different workplace challenges and resulting new obligations regarding safety precautions and worker protections. Throughout the pandemic, federal agencies such as the Occupational Safety and Health Administration (“OSHA”) and the Centers for Disease Control and...
07
Jul
In recent years the European Union has paid increasing attention to sustainability in its policy- making particularly in the financial sector.
In March 2018 the European Commission published its Action Plan on Financing for Sustainable Growth. The Action Plan has three main objectives:
to redirect capital flows towards sustainable investment in order to achieve sustainable and inclusive growth;
to manage financial risks arising from climate change, resource depletion, environmental degradation and social issues; and
to promote transparency and long-term sustainability in financial and...
07
Jul
Recent developments in financial supervision
EBA - DISCUSSION PAPER ON FURTHER ENHANCING SUPERVISORY POWERS OF COMPETENT AUTHORITIES
On 26 June 2020, the European Banking Authority ("EBA") published a discussion paper exploring ways to enhance the Bank Recovery and Resolution Directive ("BRRD") framework on early intervention measures. This seeks to further enhance the crisis management tools available for competent authorities in addition to the supervisory powers laid down in the Capital Requirements Directive ("CRD") and in the Single Supervisory Mechanism Regulation ("SSMR").
The BRRD introduced...
06
Jul
With less than 6 months until the United Kingdom is due to leave the European Union’s economic remit, “serious divergences” between the two parties remain.
Spurred on by the limited progress so far and Prime Minister Boris Johnson’s official confirmation that the UK would, in fact, not request an extension to the transition period beyond the end of the year, chief negotiators Michel Barnier and David Frost agreed at the beginning of June to “intensify” negotiations, in person, on a...
06
Jul
On 2 July 2020, the Court of Justice of the European Union (“CJEU”) ruled in the case of BlackRock Investment Management (UK) Ltd (C-231/19) that a “single supply” of management services, provided by a third-party supplier via a software platform for the benefit of a fund management company managing both special investment funds and other funds, does not fall within the VAT exemption provision.
Background
BlackRock Investment Management (UK) Ltd (“BlackRock”) was a company responsible for the management of funds: mainly...
02
Jul
Previously published in Medium |
The quarter with the worst economy since 1929 and the best-performing markets since 1998.
Image courtesy of Medium; Source: IMF
The worsening forecasts of the International Monetary Fund, the statements by the Chairman of the Federal Reserve, Jerome Powell should leave no illusion on the depth of the recession.
Wall Street ignores the economy
The contrast could not be more striking between Wall Street and Main Street. The real economy succumbs to bankruptcies and unemployment. The United States will probably...
02
Jul
In a recent article, we discussed the exploitation by hackers of the current COVID-19 crisis by using techniques such as phishing and malware technology, in order to conduct cyber-attacks on businesses and their workers.
Only recently, a group of hackers-for-hire called Dark Basin was exposed for targeting thousands of businesses and individuals with a view to obtaining private data. Similarly, the vehicle manufacturing company Honda recently reported a cyber-attack. Honda maintains that the attack did not involve a data breach but affected its...