23 november 2015

EUGeneral Data Protection Regulation Discussion BroadcastThe Assistant European Data Protection Supervisor and the Rapporteur for the Data Protection Regulation have discussed the General Data Protection Regulation (GDPR). They noted that the timeline that had been set for the end of 2015 was nearing, but there was optimism that there could be political agreement in this time. There are still some core compromises needed: for example, in relation to the requirement for a mandatory data protection officer, the question of consent and other grounds for processing data (in particular legitimate interests for processing), but the position is moving toward a consensus. All parties foresee that the implementation period will be two years once the regulation is finalised.EU Agency for Fundamental Rights Report on SurveillanceThe EU Agency for Fundamental Rights (FRA) has published its report focussing on the legal framework governing surveillance by intelligence powers. The report also … [Read more...] about EU Weekly Data Privacy Alert – 23 November 2015

HMB Tip of the Month:  While some roadblocks may slow down the incentive negotiation process, such as the temporary ban in Illinois on certain incentive programs, taxpayers need to remain diligent and patient when navigating these roadblocks.  Taxpayers who are otherwise eligible for these incentive programs, may need to put its expansion or other plans on hold and be willing to compromise with the state's economic development authorities in order to take advantage of these programs.  Interesting UpdatesAll- The practice of states offering tax incentives to companies has expanded since the end of the last century according to the Council for Community & Economic Research's November 13 report entitled "State of State Business Incentives." The report stated that in 1999, there were 940 state incentive programs targeted to businesses. By 2015, the number had more than doubled to 1,934 programs.In between those years, the report noted, was the Great Recession, which it … [Read more...] about November 2015 Tax Credits and Incentives Update

1. New laws or regulationsState level: No developments.Local level (Beijing & Shanghai): No developments.Communist Party Rules: No developments.2. Upcoming laws or regulationsNo developments.3. Government Action(1) On November 3, 2015, Li Chongxi (“Li”), the former Chairman of Sichuan Provincial Committee of Chinese People’s Political Consultative Conference (“CPPCC”), was sentenced by the Intermediate People’s Court of Nanchang City, Jiangxi Province to 12 years’ imprisonment with confiscation of personal property of 1 million RMB (USD 156,200) for taking bribes.The court found that while holding office, Li provided illegal assistance to entities and individuals such as Chengdu Construction Engineering Group Corporation and Sichuan Gardener Real Estate Development Co., Ltd. etc. by abusing his power. He and his wife accepted cash in Renminbi and US dollar from the mentioned bribe-givers at an aggregate amount exceeding RMB 11 million (USD … [Read more...] about Monthly China Anti-Bribery Update Report — November 2015

Both Congress and the Obama administration had a busy October, with several energy and climate related happenings set to occur before year’s end.In his final major effort prior to retiring, Speaker of the House John Boehner (R-OH) reached a bipartisan agreement, the Bipartisan Budget Act of 2015, with other House and Senate leaders and the White House on a two-year, $80 billion budget deal that suspended the federal debt limit until March 2017 and raised spending caps for defense and non-defense programs. To pay for some of the additional spending, the measure allowed the federal government to sell more than 8 percent of the Strategic Petroleum Reserve, or 58 million gallons of oil, between 2018 and 2025. Some policy riders, such as those blocking Environmental Protection Agency ozone and Waters of the United States rules, may complicate the measure when it comes time to address funding specifics. Negotiations continue in both chambers on a best path forward for any possible end … [Read more...] about November 2015 Energy Technology Connections

November’s Highlight In November there were a significant number of disciplinary actions across the exchanges related to pre-arranged trading, including the execution of block trades. The exchanges clearly continue to focus on these types of violations and market participants should be conscious of the rules for pre-arranged trading and the entry of block trades. The fines for these violations can be significant and can include suspensions. For example, this month an entity was fined $70,000 for the actions its traders took to enter buy and sell orders opposite one another to transfer positions, a violation of Rule 4.02(c). On NYMEX, an entity executed numerous improper block trades, a violation of Rule 526, and was fined $50,000.On a related note, CME recently issued a new webcast on EFRPs, transactions that have recently been heavily scrutinized by the exchanges. The new webcast is available here. CME Group Rule Changes and Other Advisory Notices MARKET REGULATION … [Read more...] about Monthly Futures Exchange Issuance Report: November 2015