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New Rules for Crypto-Assets in Europe. MiCA aims to create a harmonised regulatory framework for crypto-assets in the European Union, promote innovation, and foster crypto-asset use while ensuring financial stability of issuers and service providers. The regulation also addresses investor and consumer protection for the issuance, trading, and custody of crypto-assets and seeks to prevent market abuse on cryptocurrency exchanges. Read more.
White House and USTR Announce Changes to De Minimis Exception and Section 301 Tariffs. These are proposed changes to the de minimis duty exception standard and Section 301 tariffs on Chinese goods. These changes come on the heels of increasing pressure for the Biden administration to continue addressing Chinese trade concerns. Read more.
CJEU Decision in Illumina/Grail Case Restores Clarity on Article 22 ECMR Referrals for Merger Control. The Court of Justice of the European Union (CJEU) ruled that EU Member States may not use Article 22 of the European Commission Merger Regulation (ECMR) as a corrective mechanism for merger control cases where they lack jurisdiction. The judgment reinforces predictability and certainty in
the EU’s merger control framework, benefiting companies’ M&A practices. The judgment encourages EU Member States to strengthen their national competition laws, and some have already adopted national provisions allowing them to intervene in mergers that do not meet national thresholds, potentially softening the decision’s overall effect. Read more.
Compliments Greenberg Traurig
Recent Updates Impacting International Travelers. The Transportation Security Administration (TSA) is proposing to delay the enforcement of the REAL ID enforcement until at least 2027. The U.S. Department of State rolls out online passport renewal. ETIAS rollout currently scheduled for 2nd quarter of 2025. Read more.
Drafting Partnership Agreements: Ensuring You Get the Returns You Bargained For. PIP (partners' interests in the partnership) allocations are very commonly used in partnership agreements.1 For this reason, Investors and managers should understand the basics of PIP allocations and whether and when they should be used before entering into a partnership agreement. Read more.
Annual Limit Reached for All Immigrant Visa Categories for FY2024. On Monday, September 9, 2024, the U.S. Department of State (DOS), working in close collaboration with U.S. Citizenship and Immigration Services (USCIS), announced publicly that all available immigrant visas in the employment-based categories have now been issued for the 2024 fiscal year. Read more.
Compliments Cozen O'Connor
Inflation Reduction Act Prompts Taxpayer Questions about IRS Enforcement. One of the most impactful provisions in the new Inflation Reduction Act will grant $80 billion to the Internal Revenue Service over the decade – much of that earmarked for stepped-up enforcement. While both Treasury Secretary Janet Yellen and former IRS Commissioner Charles Rettig have said additional enforcement efforts will not target small businesses, many taxpayers may still be wondering how to prepare for the potential of additional IRS scrutiny. Read more.
Cybersecurity Trends: Protect your Organization as Threats Evolve. The 2024 Verizon Data Breach Investigations Report (DBIR) and the 2023 FBI’s Internet Crime Complaint Center (IC3) Internet Crime Report provide the latest comprehensive insights into cybersecurity threats and cybercrime trends, highlighting the evolving landscape of digital threats. Understanding the key findings from these reports is essential for businesses, financial institutions, organizations, government and their stakeholders to effectively plan for and respond to cyber threats. Read more.
Compliments Kaufman Rossin
Navigating Cross-Border Export Controls - Data Center Offshoring. As demand for cloud services, edge computing, and AI accelerates, the white paper warns the data center offshoring sector and C-suite management of rising complexities in cross-border trade - stringent regulations and geopolitical risks - that could drive costs up by as much as 15%, impacting efficiency and profitability. Read more.
Compliments Novus INK
Key EU Policy Initiatives Expected to Dominate the Next Five Years. The policy agenda will help companies to anticipate which new policy and legislative initiatives will follow in the medium term. Ultimately, once these policies materialize after the end of the EU-level negotiations, new compliance requirements would be kicking in, requiring an array of preparatory steps. Read more.
Compliments Squire Patton Boggs
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