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Recognizing that the measure would turn industry in many countries into potential targets of the EU’s trade measures, the US has urged the EU not to unilaterally take the measure, concerned that its lack of international support risked undermining efforts to persuade emerging economies to put forward new climate targets. Download PDF. Members of the European Parliament (“MEPs”) will gather virtually and in person in Brussels. This paper. But calls for “building back better” by just pushing the reset button will not change the game. The EU wishes to onshore more of its financial services currently located in London partly to reduce the stability risk of having a major part of its financial services sector located outside its borders and partly to make a reality of its capital markets vision. These make the extremely poor, virtually all of whom live in developing countries in Africa, Asia and Latin America, much more vulnerable to the losses and damage that climate change results in. Not to be outdone, the UK announced a plan to reach 78% reduction by 2035 (and including emissions from international aviation and shipping), building on the 68% reduction by 2030 target it will need to meet to comply with its Sixth Carbon Budget. There is concern, in particular, that uncertainty for investors is presented by the absence of a definition “national security”, potentially allowing the UK Government considerable discretion in the application of the new NS&I regime. The UK also recognizes that – even should equivalence ultimately be granted – some of the damage already done is irreversible and is thinking about how and where the UK can stretch its competitive advantage in the sector. It will include a list of prohibited AI practices that contravene the EU values, such as AI systems that are designed to have persons behave or “take a decision to their detriment,” or AI systems used for general purpose social scoring. Global Policy Watch Barbara Adams was trained as an economist in the UK and served as Executive Director of the Manitoba Council for International Affairs from 1977–1979 in Canada. COVID-19 is a global wake-up call for enhanced international cooperation and solidarity. For instance, for UDAP violations, the FTC will likely rely on § 19(a)(2) of the Act. The Bank of England was also cautious about attempts to impose new capital safeguards on banks to protect against climate change risks, arguing instead that the focus should be on using policy to drive improved disclosure to promote progress. The bill adopts senses of Congress including the need for U.S. leadership in international standards-setting bodies for critical technologies; securing supply chains and networks; and using sanctions when necessary to respond to unfair practices by China. Several interesting votes and debates are scheduled to take place. Corona-virus to hit the Global South even harder. In addition, § 19(a)(2) requires the FTC to prove that “a reasonable man would have known under the circumstances” that the challenged conduct “was dishonest or fraudulent” in order to obtain relief. The Parliament and Council will have another round of negotiations on April 20, 2021. With the EU-UK Trade and Cooperation Agreement signed and Brexit now becoming an increasingly settled fact, the areas of potential divergence between the UK and the EU are becoming clearer. Under the NS&I Law, transactions subject to mandatory filing obligations and completed without clearance will be deemed void, ushering in a suspensory review regime in the UK for qualifying transactions for the first time. How central and local officials implement these guidelines—e.g., via their own plans (some of them also called 14th five-year plans), policies, measures, and programs—will determine the actual opportunities and risks for foreign and domestic companies in the market. Download PDF. In response to EU concerns that the UK’s well-respected independent regulator may come under political and economic pressure to lower standards to seek competitive advantage, the FCA has stressed that its objective is to undertake a genuine cost: benefit legislative analysis. We need structural changes in societies and economies that ensure the primacy of … On Thursday, the plenary is scheduled to adopt the Regulation on Addressing the Dissemination of Terrorist Content Online. Global Policy Watch Key Public Policy Developments Around the World From Covington & Burling LLP Chaired by Mark Carney, the former Governor of the Bank of England, the Alliance includes 160 companies with a net worth of $70 trillion from 23 countries and including the 43 members of the Net Zero Banking Alliance. They have indicated a willingness to examine the wider capital markets framework. The integrated circuits industry is one of seven frontier fields targeted in the FYP for substantial investment through national key science and technology projects. The appointment of Mr. Hsu as Acting Comptroller also would affect the governance of the Federal Deposit Insurance Corporation (“FDIC”), which is managed by a Board of Directors. 37 Full PDFs related to this paper. But a review of the Markets in Financial Instruments Directive (MiFID) also appears in scope. The UK’s Five-Eyes partners all have well-established regimes for the review of foreign investment – several of which have been recently updated. Revising policies and changing service delivery to reflect the latest science and public health practice is critical for the HIV response. Our growing network of journalists in Africa, Asia, Geneva and New York connect the dots between regional realities and the big global debates, with evidence-based, open access news and analysis. The adoption of the NS&I Law brings the UK in line with many other countries that have enhanced their powers to scrutinise foreign investment during the past two years and particularly over the last year, influenced by COVID-19 and other global trade and supply concerns. About our Team. Although the five-year plan’s guidance is high-level, it is an important signal to central government ministries and local governments about where the government wants them to focus their efforts. Wherever possible the UK will avoid making changes where the costs of implementation have already been incurred and seek to avoid, or at least reduce the expense of requiring companies to comply with two regulatory/ reporting regimes. Global News is the news and current affairs division of the Canadian Global Television Network.The network is owned by Corus Entertainment, which oversees all of the network's national news programming as well as local news on its 21 owned-and-operated stations.. Corus also operates several talk radio stations under the "Global News Radio" brand. We expect that the MEPs of JURI will likely focus their attention on having Commissioner Breton share more details on any open norms the proposal may have. But in the absence of such a scheme, the CBAM is a recognition of the need to protect the EU’s own carbon-heavy industry from competition from companies that may seek less regulated environments. The bill establishes several Department of State programs including a partnership to assist foreign countries with expanding Internet access reliably and securely ($500 million); a network to develop high-quality infrastructure in the Indo-Pacific region ($75 million); and authorization for U.S. embassies to support U.S. companies with supply chain management issues related to China ($90 million). 2002). Home > Policy Watch. In December 2020, the European Commission presented a proposal for a new Regulation on Batteries and Waste Batteries. Covington published a blog post on these developments, here. During Mr. Brooks’ tenure, the OCC encouraged cryptocurrency activities by national banks and federal savings associations (collectively, “banks”). It was launched in 2015 in order to follow negotiations at the United Nations towards the Third International Conference on Financing for Development in Addis Ababa, Ethiopia and the Post-2015 Summit of the United Nations in New York, as well as their implementation and follow-up processes. G20 Growth Targets: Help or Hubris? And Nikhil Rathi, CEO of the FCA has suggested Brexit could be used to tighten individual protections in areas including making online publishers liable for the content of advertisements under the financial promotions regime and expanding compensation for victims of scams. This paper. Congress did not appropriate any amounts for these programs, however, and the Endless Frontier Act is now being eyed as a vehicle for funding these programs. The UK has indicated it will be consulting on changes to MiFID II rules to assess whether the costs imposed by the rules have (or have not) achieved the benefits sought and – for example – whether potential efficiency gains could be made by improving the alignment of prospectus documentation requirements with the actual transaction undertaken. Networking. However, the fact that some jurisdictions are further advanced in setting their green finance policies risks a degree of tension with the potential global norms being developed by the International Financial Reporting Standards Foundation – the EU’s announcement of its own taxonomy for green investment labels this week is a case in point. 205 E 42nd St. | 20th Floor | New York, NY 10017 | USA. A short summary of this paper. Some had hoped that the post-Brexit MoU reached between the EU and the UK at the end of March would bring with it an EU decision to reciprocate the UK position on equivalence, thus granting UK-based financial service firms the capacity to continue trading with EU customers as they had done before the UK left the EU. Global Policy Watch Financing for Sustainable Development Report 2021: The yawning gap between development finance needs and political ambition Published on Tue, 2021-04-06 14:14 In the end, the creation of a Joint UK-EU Financial Regulatory Forum to discuss rulemaking for the sector, one of the few solid elements of the MoU, fell far short of the legally binding co-operation arrangements for which the UK had hoped. He expanded on the criteria likely to be used to make that assessment during the course of his evidence to the Treasury Committee on the Future of Financial Services on 26 April. For instance, in a 2002 case involving the FTC’s § 13(b) authority to seek consumer redress, the Seventh Circuit wrote that “the court’s authority to order restitution to the victims [using § 13(b) authority] … is not and cannot be questioned.”  See FTC v. Think Achievement Corp., 312 F.3d 259, 262 (7th Cir. Multilateral solidarity is gaining traction as the slogan for mobilizing support for international cooperation and for the UN. The proposal includes a host of product sustainability and safety requirements, conformity assessments and end-of-life management obligations for the producers of all types of batteries. Some EU Member States would prefer an international cap-and-trade carbon market compatible with its own system. On Thursday, MEPs of the Committee on Legal Affairs (“JURI”) will have an exchange of views with Thierry Breton on the European Commission’s legislative proposal on Artificial Intelligence, due to be presented the day before. After the Endless Frontier Act was introduced, the White House praised the bill as “one more encouraging sign of the bipartisan support for investing in America’s competitiveness” and lauded its “commitment to making a bold investment in American innovation” and “focus on strengthening American supply chains.”  On April 29, 2021, President Biden stated in his address to a joint session of Congress that the country now spends less than half of what it used to on R&D, “China and other countries are closing in fast,” and the United States has “to develop and dominate the products and technologies of the future.”. Treasury Secretary Yellen to Appoint Acting Comptroller of the Currency, UK National Security & Investment Law is Approved by Parliament, National Security and Investment Bill was published in November 2020, European Union began cooperating in the review of foreign direct investment (“FDI”) in October 2020, Congress Readies Landmark Legislation on Technological Leadership, Innovation, and Global Competitiveness, Climate Change – A Week Full of Initiatives, Supreme Court Ruling Complicates FTC’s Ability to Obtain Consumer Redress, AMG Capital Management v. Federal Trade Commission, China’s 14th Five-Year Plan (2021-2025): Spotlight on Semiconductors, The Week Ahead in the European Parliament – Friday, April 23, 2021, The European Commission’s Planned Role to Implement its Proposed Sustainable Batteries Regulation, The Week Ahead in the European Parliament – Friday, April 16, 2021. key semiconductor equipment and materials (e.g., high-purity targets, insulated gate bipolar transistors (IGBT), and micro-electromechanical systems (MEMS); wide-gap semiconductors (e.g., silicon carbide, gallium nitride). The EU views equivalence as the methodology by which third countries gain access to the EU: withholding equivalence effectively creates facts on the ground as financial services companies move into the EU in order to be able to continue to serve EU customers – once companies have moved into the EU, decamping back to the UK is less likely. In the short term, this decision may also prompt the Consumer Financial Protection Bureau (“CFPB”) to be more assertive in areas where the two agencies share jurisdiction, such as regulating the debt collection industry. This change in approach has led to concern from the UK’s business and investment and innovation communities, as well as politicians, that the NS&I law will act to deter investment in the UK. 18 July, 2017 in Global Economics › Global Policy Watch Trump stimulus in jeopardy, but global fiscal policy being eased; 26 April, 2017 in Global Economics › Global Policy Watch Global fiscal policy likely to be eased slightly this year and next; 13 July, 2016 in Global Economics › Global Policy Watch Brexit vote clouds the outlook for trade agreements that incite, solicit or contribute to terrorist offenses. Although a common set of global green investment standards would be unlikely to become operational before in 2022, it would represent a major step forward in both encouraging companies to consider their investment profile and in avoiding the damage that allegations of ‘greenwashing’ cause to the sector. To achieve this, the UK would also levy EU tariffs on goods from third countries that are “at risk” of going from Great Britain to Northern Ireland, but are sold in the EU. The year 2005 marks the 35th anniversary of the non-implementation of the target calling for rich countries to devote 0.7 % of their GNP as Official Development Assistance (ODA). Investment-related concerns feature across a range of UK Government policies and priorities, not least the UK’s Integrated Review of foreign and defence policy (published in March 2021) having highlighting a number of tense relationships with countries from which investment may attract greater scrutiny. Global Policy Watch UN Monitor #02 Measuring the SDGs: Who controls the process, who owns the results? COVID-19 is a global wake-up call for enhanced international cooperation and solidarity. As Acting Comptroller, Mr. Hsu would serve on the FDIC Board of Directors alongside Chairman Jelena McWilliams, Director Marty Gruenberg, and Acting CFPB Director Dave Uejio. It was under this authority that then-Treasury Secretary Steven Mnuchin appointed first Brian Brooks and then Blake Paulson to serve as Acting Comptrollers in May 2020 and January 2021, respectively. The Senate Commerce, Science, and Transportation Committee is expected to consider and vote on the Endless Frontier Act as soon as next week. Download Full PDF Package. This includes reports, white papers, published strategies and more, covering all economic sectors and top industries facing cybersecurity challenges. The EU Climate Law is intended to codify the EU’s ambition to become the first climate neutral continent by 2050. 37 Full PDFs related to this paper. Global Policy Watch Key Public Policy Developments Around the World From Covington & Burling LLP READ PAPER. A one-stop shop for quality ne However, perhaps the most important undertaking is that – in response to concerns that some financial service companies claim to be ‘Paris compliant’ without having taken any concrete measures in that regards – the Alliance members will seek to prevent banks from “greenwashing” their commitments. 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