Update on Property Tax Issues: IPTI  The EACC in partnership with the International Property Tax Institute (IPTI) wants to keep our members up to date with the latest developments in property taxes both in the USA and Europe. IPTI has put together a selection of reports from articles contained in IPTI Xtracts. This report covers Denmark, Greece, Ukraine, the United Kingdom, and the United States with a focus on New York. New York City and State – NOT-FOR-PROFIT EXEMPTIONS: For over two...

The concept of distressed investing in Europe is not new. We have operated in an environment of extreme financial volatility from a debt market perspective since the early 1980s. Yet the last six to eight years have proven more complex for investors. The sheer scale of the economic crisis, unprecedented quantitative easing, and a period of interest rate depression may not be witnessed again for generations. We now find ourselves in the midst of continuing global economic uncertainty, Eurozone and sovereign...

DS-Concept, a global commercial finance company specializing in non-recourse factoring and trade finance, has provided a Hong Kong based apparel exporter with a $5 million export factoring facility.  The client, who exports to brands such as Coach, John Lewis and Ted Baker, was seeking a flexible, reliable and long-term financing partner to create liquidity and accelerate cash flow without increasing liabilities.  With DS-Concept’s export facility and support, the client forecasts $18MM-$20MM in annual factored volume. The DS-Concept Group maintains a network of offices...

Article 32-3 (5bis) of the Act of 10 August 2016 (the "Act") modernising the Luxembourg Companies Act of 10 August 1915, as amended, introduces the possibility for an SA to grant shares free of charge to, amongst others, employees and certain executives. The new rules will facilitate the set-up and implementation of management incentive plans. The articles of association of an SA may now authorize the board of directors to award shares to employees and certain executives, amongst others. Such...

GRANITO is pleased to announce the expansion of its department handling business and legal matters requiring the expertise of GRANITO's Spanish lawyers with the addition to its team of American tri-lingual Thomas Conners. Conners' experience centers in transatlantic and transamerican literature, Spanish culture and the study of developing contemporary markets. Conners has been actively involved in projects developed by GRANITO in connection with the acknowledgement in Italy of pharmaceuticals and environmental quality systems and certifications issued by the Agència de...

Pepper Hamilton is  pleased to announce that four attorneys have been elected to the partnership and two have been elected of counsel, effective January 1, 2017.   Those elected as partners are:   Abigail A. Hazlett - Philadelphia, White Collar Litigation and Investigations Abigail A. Hazlett is a member of the White Collar Litigation and Investigations Practice Group in the Philadelphia office. She focuses her practice in white collar defense, representing companies in a variety of state and federal criminal and civil actions, and...

The most divisive US election in modern history and the uncertainty that it created across the world is over. Now, leaders should turn to the challenge of securing sustainable economic growth, writes William R. Rhodes. Major decisions have been set aside for too long by the governments of the US, the European Union, Japan and China. A host of economic policy actions are now essential and none is more important than countering a mounting trade protectionist threat. World trade growth is...

On 21st November 2016, the European Securities and Markets Authorities updated its Questions & Answers on the application of the UCITS Directive (the “Updated Q&A”).  Article 56(2)(c) and Article 55(1) of the UCITS Directive set out two limits whereby (i) a UCITS may not acquire more than 25% of the units issued by a target fund (control limit) and (ii) a UCITS may not invest that more than 10% of its assets in a target fund (concentration limit), knowing that...