Blog Category: Insights

OneLife’s International Investment Forum, crossing borders for clients and investments!

Brussels.  18 October.  11th edition of OneLife’s International Investment Forum.

The Investment Forum is OneLife’s annual event, providing a forum for networking, exchange and debate on the main topics and trends affecting life assurance across Europe.  In the morning, workshops on cross-border solutions and non-traditional assets; in the afternoon, a focus on traditional Investments led by our fund house partners.  And all on the theme of Crossing borders for clients and investments!

This year’s Forum welcomed over 500 participants to the Brussels Kart Expo, with close to 50 exhibiting investment houses (both traditional and non-traditional players), an array of speakers from across the industry as well as OneLife’s own teams of experts … Visitors interacted digitally as well as face to face with the aid of the Poken device, allowing the exchange of contact details, download of fund documentation and voting on the quality of the workshops and conferences, all through a simple touch of the Poken!

About the OneLife Investment Forum

Antonio Corpas, CEO OneLife, gives his view on the Forum: “The Forum, now in its 11th year, owes its success to being ‘open’.  Open to exchange, open to what’s affecting our industry, open to change.   How we adapt and work with our partners in an evolving world is key …”.  The Forum was created for its Belgian partners, a market where OneLife leads, and in the past 2 years has been extended to international markets in line with the company’s growth strategy resulting in participants from over 10 countries in attendance! The Forum provides the opportunity for an entire day of meeting, networking and exchange on the important issues facing the financial services sector and insurance today. With OneLife’s distribution partners on the one hand and our investment partners on the other, we consider: What are the changes affecting our industry?  How do we confront them?  What are the opportunities they offer?

Cross-border wealth planning

Following an opening address by Antonio Corpas, OneLife CEO, the Forum kicked off with a number of morning workshops presenting the benefits of using Luxembourg life assurance as a cross-border wealth planning solution.  With its flexibility, high levels of investor protection and portability across borders, a life assurance policy is an effective way to protect, preserve and transfer wealth through the generations.  With the increasing mobility of HNWIs and their families, the complexity of international tax and the diversity of assets available, finding the right wealth planning solution isn’t always easy.  OneLife’s experts, hand in hand with speakers from international legal firms, asset managers and non-traditional assets specialists, covered a variety of subjects ranging from the opportunity provided by real estate investments, wealth planning solutions with special focus on UK-Spain and France-Belgium-Portugal and the pan-European marketplace for debt.

Traditional Investments

In the afternoon, over 40 fund houses had the opportunity to present their fund strategies, asset allocation models, performance and points of innovation across many industry sectors to Forum participants.  With active debate and exchange as an integral part of the workshops, understanding the diversity and opportunity offered by investment funds is key to success in managing client portfolios.  OneLife’s approach of gathering the top international fund houses for an afternoon of thought leadership provides investors with a unique perspective into the world of investment and its latest trends and techniques.  External funds can be held as underlying investments in life assurance policies, investments which help to preserve and grow wealth over the long-term.

Non-Traditional Investments

This year, OneLife invited 8 non-traditional asset managers to attend the Forum.  It was the opportunity to present the increasing appeal of non-traditional asset classes such as Private Equity, Real Estate investments, Financial Holdings and Securitisation. Investing in just non-traditional investments or combining them with more traditional ones like Equities, Bonds, Money Markets and Unquoted Assets can help give higher levels of return to portfolios and opens up a wide range of new asset class opportunities to the investor.   Investing in non-traditional assets is possible using a Luxembourg life assurance policy.  OneLife’s own dedicated team of non-traditional experts are market leaders and can help throughout the entire process of onboarding this asset type into an insurance policy.  Find out more! => #Success in #Investments.

Towards the future of distribution …

The OneLife debate focussed this year on The Future of Distribution – the challenges and opportunities facing the financial services industry as it shapes up to increasing regulation, the digital (r)evolution and the emergence of new players from new industries like FinTech. 

What do these changes mean for the business and servicing model going forward and what are the keys to success in this environment?

Moderated by Antonio Corpas, CEO OneLife, three speakers debated the future of distribution bringing insight from their own unique perspectives:

  • Neil Browning, Executive Director – Saxo Bank

Neil is in charge of relationship management and digital sales for EMEA at Saxo Bank.  With 20 years in the finance industry, Saxo Bank is one of the first financial institutions to develop an online trading platform providing ordinary investors with the same tools and market access as professionals.

  • Jean-François Chatelain, Founding Partner – Family Partners

Jean-François is the co-founder of Family Partners, a French multi-family office created in 2011 and dedicated to the support of wealth families.  He has extensive experience with UHNWI on the international scene.

  • Marc Gouden, Partner – Philippe & Partners

Marc has been with Partner at Philippe & Partners law firm since 2005 in charge of providing legal advice, assistance in contract negotiation as well as litigation services in international business law and has a special focus on the insurance sector.

On the subject of regulation, despite the burden it brings, opportunity is never far behind.  Marc Gouden for example sees increased professionalism resulting from more regulation coupled with less litigation due to better informed files and express investor consent.The views of our speakers on the impact of the digital transformation were mixed with Saxo Bank’s technologically sophisticated trading platform offering new services to investors.  Whilst in the Family Office world, the reliance on paper-based documentation and services is still the norm.

Speakers agreed that new FinTech players have the potential to bring new services to the wealth management industry and that a balance of traditional and non-traditional solutions would create valuable partnerships for both clients and intermediaries alike.

Thanks to all participants who came to this year’s OneLife International Investment Forum – and we look forward to next year!

Experience the OneLife International Investment Forum first-hand: watch => our video and see the => pictures!

Want to know more about Investments?  Download our #Success in #Investments => e-book and  => Checklist.  And find out how Non-Traditional Assets (NTA) can help you make the most of your investments!

 

The Van Dewael family opts for Securitisation

The Van Dewael family has worked hard for decades and now they are ready to venture into less traditional investments with their savings, such as FinTech companies. To do so, their wealth manager has advised that they take out a life assurance contract and use a Securitisation vehicle to efficiently structure their investments for cross-border portability.

With this fully customised solution, Geert and Inge can invest in both unquoted assets and more traditional assets.

It is also flexible such that Geert and Inge can use it as an integrated succession planning and investment tool. Beyond this, if the couple decide to relocate for their retirement, the life assurance contract can be customised for tax benefits. This comes into play when the beneficiaries receive their inheritance, allowing them to benefit from any inheritance tax reliefs related to the life assurance contract.

OneLife has over 25 years’ experience in providing Luxembourg life assurance solutions which stand the test of time.  Whether it be inheritance planning, cross-border portability or dedicated investments, our team of experts is there to find the best solution for you and your family’s situation. 

To learn more about the investment solution for the Van Dewael family, download our e-book => here and check out our Investments Checklist = > here!

 

Meet the Van Dewael Family

Geert and Inge take a special interest in FinTech companies and would like to invest part of their savings to support the growth of these firms. Ideally, the investments would generate enough return for them to retire and leave a healthy inheritance for their children.

Their wealth manager advised them to take out a Luxembourg life assurance contract and to use a Securitisation vehicle to efficiently structure their investments. This gives them full control to customise the solution to their needs and also the possibility to multiply invested assets while segregating risk. Throughout the contract, Geert and Inge would not only be tax compliant in all the relevant jurisdictions but their children would also benefit from a tax efficient wealth transfer.

Choosing Securitisation as an option brings the possibility of highly-tailored investments combined with a wide range of yield, risk and maturity permutations.   The Luxembourg regulatory framework offers a flexible and diverse approach to the structuring of these vehicles which means that the investor can target distinct transactions whilst segregating risks on the assets.  What might seem complex at the outset can be made simple.

Interested in finding out what the solution for the Van Dewael family is?  Download our e-book = > here!

Diverse investment options for international wealth

Usually, High-Net-Worth Individuals (HNWIs) lead international lifestyles and as such, diverse investment options are needed to manage and grow their international wealth.

Investing in non-traditional assets opens new avenues for wealth creation by allowing investments in Private Equity, Real Estate and Securitisation, among others. Wrapping your head around the wide range of options available can be tricky and like the name suggests, there is nothing typical about non-traditional assets.

These assets are less affected by market fluctuations and changes to interest rates, unlike other investment options such as equities and bonds. Non-traditional asset classes, that are long-term by nature, can offer stability to investment portfolios and above average returns with relatively lower levels of risk.

In low-interest rate environments, returns can be hard to come by and lacklustre at best.  Thinking non-traditional investments opens the door to more diverse portfolios and new asset types.  Like Private Equity, Real Estate and/or Securitisation Vehicles.  These more specialised types of investments give access to multiple industry sectors which are often innovating in their fields, like Start-up and FinTech companies.  The opportunity for investors to finance some of these fast-growing sectors, follow their passions and invest in opportunities across borders is an exciting prospect.  Especially when combined with the peace of mind and security that a Luxembourg life assurance policy brings.

Click  => here to learn more about investing in non-traditional assets.

What is IDD

What is IDD?

As you are aware, the Insurance Distribution Directive comes into effect on 1 October 2018. In order to support your preparations, OneLife is making available to you various documents and procedures to help you gain a clear understanding of the new regulatory framework.

What is IDD?

Please find below a short video presenting the main features.

The main objectives of IDD are to:

  • Improve regulation of the retail insurance market and create more opportunities for cross-border activities;
  • Create the necessary conditions for fair competition between distributors of insurance products;
  • Strengthen consumer protection, notably regarding the distribution of insurance-based investment products (IBIPs).

What are the consequences for clients?

IDD requires distributors to provide clear and transparent information to enable clients to make informed decisions.

The main difference is that such information is now a formal requirement, to be provided via pre-contractual documentation incorporating a document designed to obtain all of the information about the client and to establish their profile and associated PRIIPs KID, in addition to all related charges (definition and nature of such charges). Once the information has been obtained, the client may decide whether or not to enter into the contract. This document will be made available to you in the very near future, should you wish to use it.

Following the signature of the contract and throughout its lifetime, distributors are obliged to monitor the evolution of all IBIP contracts and to verify that they remain suitable vis-à-vis the profile established during the pre-contractual phase. This process must be documented for the different transactions and subsequently annually, via an appropriate report.

IDD requires distributors to be able to substantiate all advice given to clients throughout the lifetime of their contracts.

Implementation of the Insurance Distribution Directive

What are the consequences for our partners?

Unlike the Insurance Mediation Directive, IDD concerns both Intermediaries and Insurance Companies.

Accordingly, business relationship agreements will be amended and must highlight the new obligations and duties incumbent on Intermediaries and Insurance Companies.

Distributors shall be required to act in the best interests of clients in an honest, impartial and professional manner.

This definition entails:

  1. A strengthening of obligations regarding advice (Articles 20 and 30 of the Directive). For all products, distributors shall be required to establish their clients’ needs and requirements, extending right up to personalised recommendations for IBIPs. The objective of such recommendations is to offer a product that meets the previously established needs and demands, and which shall be arrived at by creating an investment profile incorporating a client suitability test and provision for periodic reassessment throughout the lifetime of the selected product. Documenting such assessments enables distributors to demonstrate that they are acting in clients’ best interests.
  2. Transparent information (Articles 17, 18, 19, 20 and 29 of the Directive) regarding remuneration. Distributors must inform the client about all charges associated with the contract by setting out the nature of the charges and how they are calculated. Distributors and insurance companies must also avoid any situation that may undermine the quality of the service provided to the client. In other words, a parallel procedure covering the prevention, detection and management of conflicts of interest must be implemented by distributors and insurance companies. Should any such situation arise within the context of their activities, it must be notified to the insurance company without delay in order to try to find a solution. Should the situation persist, it shall only be disclosed to the client in the last resort, to enable the client to make an informed decision.
  3. There is a new aspect vis-à-vis product governance and oversight (Article 25 of the Directive), allocating new roles to the various parties involved in the insurance universe: OneLife plays the role of Manufacturer of the products made available to its partners, who in turn play the role of Distributor.

Insurance Distribution Directive 201697EU (IDD)

Within the framework of this role as Manufacturer, a product creation policy and distribution strategy will be introduced, incorporating definition of the target market and a range of distribution channels which will be different for each product. All of this information will be forwarded to partners via the PDAs (Product Distribution Arrangements), which will be available in the very near future via Youroffice.

For their part, distributors must:

  • Communicate their distribution strategy to the manufacturer, to ensure that it is suitable for the manufacturer’s target market;
  • Monitor the products, in order to verify that they remain suitable vis-à-vis the realities in the market place.

All of these new obligations will be incorporated within the new agreement which you will receive in the not too distant future.

In summary, the following changes:

  • A model pre-contractual information form, available for your use;
  • Revised general terms and conditions;
  • Amended transaction documents, to enable you to document advice given prior to transactions;
  • The PDAs, to help you understand our target markets;
  • A new agreement meeting the requirements of IDD;
  • A new Appendix 1, covering remuneration that meets all of these new requirements

We will notify you as soon as these new documents are available on our systems.

Please do not hesitate to contact us should you require any further information.

Author : Nora Belarbi

 

Introduction to non-traditional investments

In the world of a High-Net-Worth Individual (HNWI), there are many things that can be complicated -wealth and succession planning, managing tax across multiple jurisdictions and navigating a cross-border lifestyle, to name a few. However, investing in non-traditional assets doesn’t have to be complex, despite sounding it!

With the OneLife solution, non-traditional assets can be integrated into your life assurance contract – covering investments within Private Equity, Real Estate, Securitisation, Financial Holdings, as well as managing the transfer of wealth between generations. 

*SIF = Specialised Investment Fund

RAIF = Reserved Alternative Investment Fund

SCS = Sociétés en commandite simple / Common Limited Partnerships
SCA = Sociétés en commandite par actions / Corporate Partnerships Limited by Shares

S.àr.l. = Société à responsabilité limitée / Private Limited Companies
S.A. = Société anonyme / Public companies limited by shares

With the high levels of customisation and flexibility that a Luxembourg life assurance policy provides, at OneLife we work with you to find the investment solution which best suits you.  The one that helps you to unlock potential for growth and diversify your portfolio – all within the safe and secure framework of Luxembourg life assurance. 


Non-traditional investments may also be combined with traditional ones, giving you the opportunity to take advantage of a wide range of asset classes.  And if you decide to relocate one or even several times, the portability of your policy makes it possible to meet all cross-border requirements.  So if you want to pass on wealth to the next generation just as you want to, make it grow while keeping it safe, live a mobile lifestyle – a life assurance policy from OneLife is the ideal solution!

Interesting in learning more about investing in non-traditional assets? Check out this => link!

#Success in #Investments

Think you know everything there is to know about life assurance?  Think again! 

Life assurance is a great succession planning solution and is flexible enough to be portable across borders.  But that’s not all.  A OneLife assurance policy also offers the opportunity to build your personalised investment plan.  It can cover investments into traditional assets like Equities, Bonds, Money Markets, Unquoted Assets and also non-traditional assets like Private Equity, Real Estate, Securitisation Vehicles, Holding Companies … making it an attractive solution to help you manage your wealth, make it grow and pass it on to the next generation with complete peace of mind.

It sounds complex but we make it simple!  To find out how to navigate your way around investment jargon and what it really means, check out our #Investments Jargon Buster! 

Take a look at how other HNWs are making use of non-traditional assets.  Like the Van Dewael family who are using their life assurance policy to invest in Start-up and FinTech companies.  André and Martine Leroux hoping to relocate to sunnier climes by investing in high-yield assets.  And the García family, planning for their future by investing in real estate. 

Just some of the families who are using non-traditional assets to follow their interests and realise their dreams.

To find out how life assurance can help out a family, click through to our SlideShare = > here!

VAT New features and key points

Whenever people speak to you about VAT, perhaps you find the topic daunting, and wish to change the subject to something more congenial.

You are right – in some respects, yet mistaken in others!

Like life assurance, VAT is seen as a complex subject that the layman has great difficulty in grasping. We are dimly aware that we pay VAT often and for just about everything. We have to admit that we don’t always know why we must pay this tax, and yet we pay it… Rightly or wrongly!

What is VAT?

VAT is a tax, Value Added Tax (TVA – Taxe sur la Valeur Ajoutée), a French invention introduced by that country’s legislation in 1954, and harmonised across Europe in 1967.

What is VAT for?

The French have a widely-used expression: “In France, we don’t have oil, but we do have ideas!“. It arose because State budgets are always under heavy pressure (except for Germany), and the French discovered this as an almost painless way of drawing large amounts of tax revenue into the public purse.

Tax revenues are of two types: direct taxation such as personal income tax (impôt sur le revenu des personnes physiques – IRPP) or corporate tax (impôt sur les sociétés – IS), and indirect taxation such as VAT or the tax on petroleum products, for example.

In France, in 2015, direct taxation (personal and corporate tax as previously mentioned) accounted for 25% (€69.5 bn) and 12% (€33.1 bn) respectively of tax revenues whereas VAT garnered tax revenues of €142.6 bn, equivalent to 51% of the total! And it all operates without your being aware of the fact.

It was this that persuaded the other European States to introduce a system on similar lines.

In Luxembourg, VAT was introduced in 1970 via the early VAT directives, while Belgium devoted an entire legislative code to the matter.

How does VAT work?

Value Added Tax is charged on value added. Let’s take the example of an everyday product, your morning coffee.

The coffee producer produces its coffee at a cost of €10, and sells it to a wholesaler for €20 net of tax (Hors Taxes – HT). The producer’s margin is therefore €10.

With VAT included (Toutes Taxes Comprises – TTC) and applying the French VAT rate of 20%, the sale price will be €20 * 1.2 = €24, with €4 including VAT collected by the producer and paid by the wholesaler.

The wholesaler sells the coffee on to a retailer for €30 net of tax, making a gross margin of €10. The wholesaler’s sale price is €30 * 1.2 = €36. Thus, he collects €6 in VAT after paying €4 in VAT to the producer.

He must therefore declare €6 in VAT collected less €4 in VAT paid = €2. Those €2 payable to the tax authorities represent 20% of the wholesaler’s value added of €10. Proved!

The system works all the way along the links in the production chain up to your purchase of coffee capsules. You are therefore the final payer of all the VAT paid by the professionals who process the product and for whom the tax is virtually painless. All they have to pay is the excess of VAT collected over the deductible VAT paid on the purchases they make.

What is VAT chargeable on?

On almost all products and services in your everyday life: your morning coffee, the purchase of the car or bicycle that takes you to work in the morning, or what you pay at the supermarket or cinema. VAT reaches everywhere and, paradoxically, you have become so used to it that you are no longer aware that it’s there.

What is the position for insurance?

Insurance activities are taxable services which very largely benefit from a number of exemptions. This lessens the cost to policyholders, once again making the insurance policy an invaluable component of wealth and inheritance planning.

In the normal course, the products and services supplied by OneLife should be included among taxable services. However, Article 44 of the Luxembourg VAT Act specifically exempts “insurance transactions (…), including the provision of services connected with such transactions by insurance brokers or agents”.

Thus, the services both of OneLife and of OneLife’s authorised broking partners are exempt. This is unfortunately not always the case for every insurance-related transaction. We shall review the matter in detail.

VAT and insurance – exempt transactions

In the same way as for the transactions of OneLife and its authorised broking intermediaries, other transactions are exempt and are included among the exemptions under the Luxembourg VAT Act, namely the following:

  1. Trade in financial instruments
  2. Deposits in cash by custodian banks (but not deposits of financial instruments)
  3. Management of Collective Internal Funds, a new feature in 2017 marking good news for policyholders in reducing the fees paid by policyholders and improving the performance of these internal funds.

Unfortunately, however, not all transactions connected with insurance policies are covered by exemption.

VAT and insurance – transactions chargeable to VAT (=> “Vattable”)

  1. Deposits of financial instruments by custodian banks, although such deposits enjoy a preferential rate known as the “parking rate”;
  2. Management of financial instruments;
  3. Management of dedicated Internal Funds and Specialised Insurance Funds;
  4. Distribution of insurance products by intermediaries who do not have broker authorisation.

Thus, managing a dedicated Internal Fund is a taxable service, and VAT is assessed directly on the value of the Internal Fund.

Fortunately, the exemptions applying to most insurance transactions make this investment class far outweigh other wealth planning tools, particularly banking instruments.

And besides, VAT rates should be compared in order to be convinced of the competitive advantage of Luxembourg life assurance compared with its Belgian, French, Finnish, Danish or Swedish counterparts.

VAT rates applicable in Europe

In France, the standard rate of VAT is 20%, as against 21% in Belgium, 24% in Finland and 25% in Denmark and Sweden.

In Luxembourg, the standard rate of VAT is 17%, the lowest in the entire European Union! This is another incentive for life assurance policyholders to invest in a OneLife Luxembourg policy rather than in the policies of their own countries, in addition to the security, transparency and incomparable investment opportunities of the Luxembourg life assurance policy.

OneLife stands ready, alongside its partners and clients, to deal with any VAT-related queries concerning life assurance, or indeed any other queries.

Author:   Jean-Nicolas Grandhaye

 

OneLife - Unit-linked life assurance contracts and non-traditional assets

Unit-linked life assurance contracts and non-traditional assets

Did you know that Luxembourg unit-linked life assurance policies give access to a world of investment opportunities? 

Which means that you can create your own personalised investment plan based on both Traditional and Non-Traditional Assets.  From UCITS funds, through alternative investments to Private Equity, Real Estate and Securitisation. 

Non-Traditional assets allow you to diversify your portfolio, minimise risk and invest for higher return. 

You can choose sectors and assets which interest you the most so that you follow your passions and stay connected with the latest fast-growing companies.  All in one life assurance policy from OneLife – flexible, secure, personal!

 

To find out more about the benefits of Non-Traditional Assets, => check out our video!

 

 

The British Expat and the offshore bond

In the wake of Brexit, there is a growing trend of British expats rushing to secure residency outside of Britain.  This, it seems, is not limited to the British pensioner retiring to sunnier climes.  Rather, under 55’s and millennials are opting for greater access to the continent; along with a better lifestyle, lower cost of living and greater financial freedom.   

Regardless of age or motivations, efficient cross-border planning is key to a successful move.  Furthermore, the globally mobile need their investments to be portable and tax efficient whilst also ensuring their estate plans go unhindered.

One investment in particular stands out as offering all of these features yet is free of convoluted planning and burdensome administration – the offshore bond.

 

The offshore bond

The offshore bond is an investment wrapper that affords the policyholder a diverse range of investment options, along with built-in flexibility to adapt to changes in individual circumstances, such as country of residence and attitudes to risk. 

The bond is widely recognised globally – unlike other wealth structures such as trusts – and the law and regulations in comparison are relatively straightforward, making it an effective portable wealth solution.

 

 

The benefits

There are also a number of tax advantages, most notably the bond is non-income producing.  As a result, it benefits from a gross roll up of the investment with a deferral of tax until surrender (or other chargeable event) – at which time the bond is subject to the income tax rules of the policyholder’s country of residence.  This unique feature can give the policyholder unprecedented flexibility and control over when and where they pay tax on the bond.  Switches can be made to the underlying funds without a capital gains tax charge.  Therefore, the bond not only benefits from income tax deferral but also is not subject to Capital Gains Tax (CGT).

The bond is also an effective estate-planning tool.  Dependent on the policy-holder’s country of residence, it may be possible to make assignments by way of a gift, hold the bond in a trust, or take out a capital redemption bond that can be passed on to a future generation.

 

Moving overseas

This succession and wealth planning vehicle is also a useful tool when moving overseas, for instance, to Spain, where a large community of British nationals live in mainly the seaside areas. As in the UK, Spain has in place a specific tax, legal and regulatory framework around the bond, which is fully complied with, both by the Insurers and the investors in order to ensure that the product is compliant, efficient and in line with the objectives agreed upon at the outset of the planning.

In this sense, it is worth mentioning that many British expats living in Spain have had some issues with their offshore bonds during their time there and that local courts have ruled on these products on several occasions in favour of the investors’ claims. For instance, one of the latest cases has involved an offshore insurer who was not duly authorised to distribute its products within Spanish territory and to Spanish residents (which includes British expats living in Spain).

At OneLife, we understand that offshore bonds must be fully compliant with the different markets in which our clients live.  For this reason we work with locally qualified lawyers to tailor our bond to ensure compliance with the regulations in the relevant jurisdictions. In the case of UK expats moving overseas, this is no exception as OneLife offers the most suitable and compliant solution on a case-by-case basis and notably by taking into account the criteria of residence and nationality. In addition, OneLife makes available to its British expat clientele a full range of services which includes a local Sales team, tax and legal specialists and English-speaking Customer Services representatives.

 

 

Moving back to the UK

If after a period of time, a British expat decides to return to the UK, the bond will benefit from an annual 5% withdrawal on a tax-deferred basis, and time apportionment relief on surrender.  This relief ensures that on surrender, the bond is only subject to UK income tax in proportion to the days of UK residence during the life of the bond.

We offer legal expertise, tailored bonds and additional support when the client moves, to ensure the bond remains compliant across borders.

 

For more information about this topic, please contact our experts.

 Stacy Lake