Both Nasdaq and the NYSE have issued guidance clarifying that no stockholder approval is required for equity plan amendments permitting increased share withholding. Earlier this year, the Financial Accounting Standards Board (FASB) issued new guidance (ASU 2016-09) regarding equity-based compensation. Among other things, this guidance will enable employers to increase share withholding on equity awards. Now Nasdaq and the NYSE have clarified that equity plan amendments implementing this increased share withholding will not require stockholder approval. Under current accounting standards, an...

EU data protection law places formal requirements on flows of personal data about EU residents beyond the EU’s borders. The concern is laudable: to assure that the principles of data protection available in the EU, in effect, travel with the data.  The laws rely on a variety of defined legal mechanisms to extend that protection.  Recent concerns, particularly about surveillance practices of the US government, have resulted in continuing legal uncertainty about the validity of two primary mechanisms for...

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...