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EU Recovery Prospectus - Planned Facilitation of the Equity Issuance through an Abridged Securities Prospectus
Heuking Kühn Lüer Wojtek, August 2020

In order to tackle the effects of the Corona crisis, it is planned at EU level to temporarily facilitate the raising of equity capital for companies. This will enable certain issuers to publish a shortened prospectus with only 30 pages instead of a full prospectus to issue shares. Through this, issuers will have the option to issue shares at short notice, without bureaucracy and inexpensively, thereby improving the debt-to-equity ratio in their balance sheets...

Buchalter COVID-19 Client Alert: Doing Business with a Customer in Bankruptcy in the Time of COVID-19: Administrative Expense Claims—Take Them to the Bank or Throw Them in the Write-Off Bin?
Buchalter, August 2020

It is no secret that business bankruptcies are surging in the wake of the COVID-19 pandemic. In fact, chapter 11 filings increased 26% in the first half of 2020,[1] and some expect the number of cases to increase even more in the coming months.[2] From retailers to airlines to telecommunications companies, few sectors of the economy are immune. As a result, more and more businesses will face the prospect of one or more of their customers filing chapter 11...

DOE’s Recent RFI Specifies “Foreign Adversaries” – What Does it Mean?
Lowenstein Sandler LLP, July 2020

What You Need To Know: Recent events emphasize the effect of the U.S.-China relationship on imports, exports, and foreign investment. Companies should consider looking closely at whether and how their products or services could be considered a national security concern in a variety of regulatory capacities, including foreign investment, export controls, and even real estate...

China Announced the 2020 Negative Lists for Foreign Investment Access
Deacons, July 2020

On 23 June 2020, the Chinese government announced the Special Administrative Measures (Negative List) for Foreign Investment Access (2020 Edition) (2020 National Negative List) and the Special Administrative Measures (Negative List) for Foreign Investment Access in Pilot Free Trade Zones (2020 Edition) (2020 FTZ Negative List). The 2020 National Negative List and the 2020 FTZ Negative List (2020 Negative Lists) will come into force on 23 July 2020...

U.S. Companies Required to Report Foreign Investments: BEA’s Little-Known Reporting Requirements
Lowenstein Sandler LLP, July 2020

Many U.S. companies are unaware that a relatively unknown agency, the Bureau of Economic Analysis (BEA) at the Department of Commerce, administers mandatory reporting requirements that oblige ALL U.S. businesses to file reports identifying foreign direct investment (FDI).Reports are filed at the inception of the investment andthen every five years in a follow-up “benchmark survey.”Additionally, the BEA will contact certain companies tomake additional filings...

Underperforming real estate: Can REIT (funds) assist developers in the UAE?
Afridi & Angell, July 2020

During these unprecedented times, developers all over the world are actively looking for solutions to deal with underperforming real estate. For developers in the United Arab Emirates (UAE), real estate investment funds (otherwise known as REITs) may offer a solution to the problem. A REIT is a public or private investment fund which is established to invest a certain percentage (as stipulated by law) of its assets in real estate...

Of A$$holes, Art and Alternative Asset Classes
TSMP Law Corporation, July 2020

What lies in the new frontier of investment regulation? On May 26, the New York Times reported that the US Justice Department had dropped investigations into three US senators’ stock trades conducted shortly after they had been privately briefed on the novel coronavirus in January. The politicians had dumped millions of dollars of shares in Exxon Mobil, tech giants and real estate companies, some of which later lost value when markets plunged...

Opportunities for U. S. Venture Capital Funds and Start-Up Companies Operating Under New FIRRMA Regulations During COVID-19
Haynes and Boone, LLP, July 2020

The COVID-19 pandemic has lasted for over four months, and there is no sign that the number of new cases will decrease soon, though many states, companies and service providers are proceeding with the re-opening of business. The unexpected downturn in the economy caused by the pandemic has adversely affected VC financing opportunities for startups...

Mainland China Briefing: Regulators Issue Opinions on Providing Financial Support for the Development of Greater Bay Area
Deacons, June 2020

On 14 May 2020, the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission (CBIRC), the China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchange (SAFE) unveiled the Opinions on Providing Financial Support for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area (together the Opinions, available here in Chinese). The Opinions propose 26 measures to implement the following policy goals: 1...

China Alert: China's Relaxed Financial Sector May Aid Foreign Investors
Haynes and Boone, LLP, June 2020

While the world contends with the COVID-19 crisis and its economic and financial impact, China is quietly opening its doors to its financial sector, inviting more foreign financial institutions, banks, insurance providers and other financial service companies to set up shop in China. On March 27, the Chinese government granted approval for both The Goldman Sachs Group Inc...

Economic Substance Notification – Deadlines
Afridi & Angell, June 2020

The UAE has introduced Cabinet Resolution 31 of 2019 (as amended) (the Economic Substance Regulations) which apply to UAE onshore and free zone entities that undertake, and earn an income from, any of the Relevant Activities (listed below): Banking Business Insurance Business Investment Fund Management Business Shipping Business Holding Company Business Lease-Finance Business Distribution & Service Centre Business Headquarters Business Intellectual Property Business The Re

Agricultural and Livestock Service Issues Regulations to Adapt the Availability of its Services Regarding the Program of Exports of Origin During the Covid-19 Pandemic
Carey, June 2020

Considering the Covid-19 pandemic, the Agriculture and Livestock Service (Servicio Agrícola y Ganadero, "SAG") issued the Exempt Resolution No. 3,439, dated May 19, 2020 to update the Program of Exports of Origin. (View update here.) This Resolution was published in the Official Gazette on June 10, 2020...

Myanmar Investment Guide Synopsis
DFDL, June 2020

 Myanmar continues to generate intense investor interest in what remains one of the world’s largest frontier markets. Ever since 2011 when the country first opened its doors to foreign investment and participation, its economy has continued to surge with greater diversification of its markets and deepening sophistication of its consumer base...

U.S. Government Issues Updated Sanctions Warning
Lowenstein Sandler LLP, June 2020

On May 14, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the Department of State, and the U.S. Coast Guard issued a Sanctions Advisory for the Maritime Industry, Energy and Metals Sectors, and Related Communities, reflecting increased scrutiny and enforcement attention by U.S. government agencies on curbing illicit shipping practices...

The State Administration of Foreign Exchange Introduces Foreign Exchange Policies for New Forms of Trade
Deacons, June 2020

On 20 May 2020, the State Administration of Foreign Exchange of China issued the Circular on Supporting the Development of New Forms of Trade (Circular). The Circular summarised previous pilot experiences and, established foreign exchange (forex) policies that are meant to optimise new forms of trade[1]. The Circular has been implemented since the date of its promulgation...

Covid Programme - Commercial Rent Relief
Kocian Solc Balastik, June 2020

The state contribution for commercial rents to entrepreneurs with forcibly closed establishments is gaining more concrete outlines. If an entrepreneur negotiates a 30% discount on rent from his landlord, he will be able to apply for state support in the amount of 50% up to a ceiling of CZK 10 million for the period from April to June. However, the program has yet to be notified to the European Commission before it can be launched...

“Antivirus Programme” - An Instrument of Financial Assistance for Employers - New Forms of Support and Extended Deadlines (Update 03)
Kocian Solc Balastik, June 2020

Category B has been extended until the end of August 2020 and the government has approved a new form of support – Category C!   Are you considering how to maintain employment of your employees and minimize economic losses? Take a look at what financial instruments the state has prepared for entrepreneurs whose employees have been affected, directly or indirectly, by government measures taken to combat coronavirus...

Covid III Loan Programme for SMEs and Self Employed Entrepreneurs
Kocian Solc Balastik, June 2020

Covid III is starting and you need to act fast! At its meeting on 18 May 2020, the Government approved by Resolution No. 553 the Covid III guarantee program for self-employed persons and companies employing up to 500 employees. Immediately afterwards, the websites of Ceskomoravská zárucní a rozvojová banka, a.s. ("CMZRB") published the conditions of the program...

Compensation Bonus for Certain Shareholders in Limited Liability Companies (Update 03)
Kocian Solc Balastik, June 2020

On 2 June 2020 an amendment to the Compensation Bonus Act was published in the collection of laws, thanks to which, in addition to self-employed persons, some shareholder/members in limited liability companies will also receive this support. Financial offices should commence paying out the bonus to shareholders on the basis of submitted applications no later than 3 June 2020, i.e. the date of effectiveness of the legislative amendment...

Lex Voucher for Culture - An Alternative to Refunds for Cancelled Cultural Events
Kocian Solc Balastik, June 2020

On 19 May 2020, an Act On certain measures to mitigate the effects of the coronavirus epidemic known as SARS CoV-2 on cultural events (Act No 247/2020 Coll, the “Act” ), entered into force. Not only for the field of tourism, but also for the field of culture, the possibility of the organizer to issue a voucher for a cultural event instead of refunding the entrance ticket fee was introduced...

CEPA: Amendments to Agreement on Trade in Services Became Effective on 1 June 2020
Deacons, June 2020

The Amendments to the Agreement on Trade in Services of the Mainland and Hong Kong Closer Economic Partnership Arrangement (Amendment) which was signed on 21 November 2019 has come into force on 1 June 2020. Trade in Services is one of the four major areas covered by the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), under which Hong Kong service suppliers enjoy preferential treatment when entering certain service sectors in the Mainland...

Recent Measures Implemented in Abu Dhabi in Response to COVID-19
Afridi & Angell, June 2020

On 30 May 2020, the Abu Dhabi Media Office posted through Twitter that the Department of Government Support has eased restrictions on some activities and issued a set of guidelines for working from and visiting government entities in Abu Dhabi. The guidelines below come into effect from today, 1 June 2020, and are limited to individuals between the ages of 12 and 60...

Cram Down Financings in the Era of Covid-19
Afridi & Angell, June 2020

We are in unprecedented times. The Covid-19 pandemic has swept the globe like a tsunami and it continues to wreak havoc on countries, people and economies. The effects of the pandemic are evident now. For example, the US unemployment rate is presently at 14.7%. In the peak of the financial crisis of 2008, the unemployment rate was 10%...

Overseas Investment: Covid-19 - What Kind of State Are You In?
Shoosmiths LLP, May 2020

States’ responses to the global pandemic may, however well-intended, harm the interests of inward investors. Under international public law, those investors have rights and so a spate of investor-State arbitral claims may well be a legacy of the pandemic. Across the world, governments have responded to Covid-19 by introducing emergency measures, which have inhibited social interaction and hampered economic activity...

Antitrust Does Not Shelter in Place During a Pandemic, Part 2: Don’t Claim the Failing Firm Defense Unless You’re Really Failing
Lowenstein Sandler LLP, May 2020

The Federal Trade Commission (FTC) has reminded us that the “failing firm defense” is much harder to pull off than might be imagined, and that the antitrust agencies will closely analyze all “failing company” claims even during the coronavirus pandemic. In its May 27 blog post, "On “Failing” Firms — and Miraculous Recoveries,"the FTC emphasized that the defense is difficult to make and, even more to the point, often not true...



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