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To Be or Not to Be (An Independent Contractor): DOL Seeks to Clarify Independent Contractor Test in Landmark Proposed Rule
Dykema, September 2020

  On September 22, 2020, the U.S. Department of Labor (DOL) released its first-ever proposed rule outlining a test for when a worker is an employee or independent contractor under the Fair Labor Standards Act (FLSA).  In its proposed rule, the DOL has created a new framework for the well-established “economic reality” independent contractor test...

Startup Financing
Morgan & Morgan, September 2020

A company’s need for substantial amounts of capital is intensified when looking to grow quickly, or develop an innovative product that will disrupt the market in a meaningful way. This is true to any company, and is especially true to innovative and disruptive startups, which aim at creating new markets, revolutionizing existing ones and prevailing over traditional market participants...

Real Estate Privatization - Regulations by The Secretariat for the Coordination and Governance of the Federal Government's Assets
Veirano Advogados, September 2020

  In order to follow its task of reducing bureaucratization of the sale process of federal real estate properties, the Secretariat for the Coordination and Governance of the Federal Government’s Assets (SCGPU) edited three ordinances intended to regulate instruments brought by Law no. 14...

FMA Releases Supervision Insight Report
MinterEllisonRuddWatts, September 2020

The Financial Markets Authority (FMA) has published their findings on their monitoring of financial market participants' governance and culture. The report identifies a number of significant breaches of the rules and sets out a number of regulator expectations for governance and conduct frameworks. The FMA's media release and report are both available online...

SEC Adopts Significant Amendments to Regulation S-K and Accredited Investor and Qualified Institutional Buyer Definitions
Waller, September 2020

The U.S. Securities and Exchange Commission (SEC) has adopted several significant amendments affecting disclosure requirements under Items 101, 103 and 105 of Regulation S-K and also expanded the definitions of “Accredited Investor” and “Qualified Institutional Buyer” under Rule 501(a) and Rule 144A, respectively. As SEC Chairman, Jay Clayton, announced in the press release, Items 101, 103 and 105 have not undergone significant revisions in over 30 years...

First Draft Bill Implementing EU Directive 2019/1023 on Preventive Restructuring Frameworks and Improving the Instruments Introduced by ESUG in 2012, with a Focus on Self-Administration
Heuking Kühn Lüer Wojtek, September 2020

BUSINESS STABILIZATION AND RESTRUCTURING ACT (STARUG) On 18 September 2020, the German Federal Department of Justice published a first draft bill for the implementation of the EU Directive 2019/1023 on preventive restructuring frameworks of 20 June 2019 (the „Draft Bill“)...

DOJ Clarifies Guidelines on Settling Cases Based on Ability to Pay
Waller, September 2020

In early September, the Department of Justice issued additional guidance that the Commercial Litigation Branch can consider when settling cases for less than the full amount of the claim based on the defendant’s inability to pay. Under its statutory authority, the Civil Division has the ability to settle claims for less when an entity offers the maximum amount that it is able to pay and the federal government is acting as plaintiff...

Ohio Passes Law Providing COVID-19 Liability Shield for Individuals, Businesses, and Health Care Providers
Dinsmore & Shohl LLP, September 2020

On Sept. 14, 2020, Ohio Governor Mike DeWine signed into law a bill, which provides significant protections against tort claims arising from COVID-19 to all entities, including individuals, businesses, health care providers, property owners, government entities, churches, and schools. Amended Sub...

The Freezing of Customer Bank Accounts for Money Laundering Reasons
Deacons, September 2020

There a number of reasons why Hong Kong banks freeze a customer’s bank account but this article is limited to exploring why Hong Kong banks may be required to do so for money laundering reasons. The money laundering offence in Hong Kong law The offence of “money laundering” is prosecuted in Hong Kong under section 25(1) of the Organized and Serious Crimes Ordinance, Cap. 455 (“OSCO”)...

DOL Issues Revised FFCRA Regulations in Response to Court Ruling
Dinsmore & Shohl LLP, September 2020

On Sept. 11, 2020, the U.S. Department of Labor (DOL) announced revisions to the regulations implementing the Families First Coronavirus Response Act (FFCRA), following the New York federal court’s decision that invalidated some of the prior regulations as either inconsistent with the text of the FFCRA or insufficiently explained by the DOL in its original regulations...

Low Federal Interest Rate Provides Unique Gifting Opportunity Through GRATs
Dinsmore & Shohl LLP, September 2020

For the last several months, local and national economies have struggled due to the COVID-19 pandemic. To mitigate the downturn, the federal government reduced interest rates to near zero. This reduced rate has created a unique estate planning opportunity for individuals who hold assets they expect will appreciate, who wish to make lifetime gifts to their lineal descendants, and who wish to make such gifts without incurring annual or lifetime gift tax liability...

Governor Wolf’s COVID-19 Orders Fall Under Constitutional Challenge
Spilman Thomas & Battle, PLLC, September 2020

Since March, Pennsylvania Governor Tom Wolf and his administration have responded to the COVID-19 pandemic by imposing some of the strictest limitations in the country on the Commonwealth’s residents and businesses...

New Zealand to Lead the World in Climate-Related Financial Disclosure
MinterEllisonRuddWatts, September 2020

Yesterday, Climate Change Minister James Shaw announced the proposed climate-related financial disclosure regime. The regime will make New Zealand the first country in the world to require the financial sector to report on climate risks.“Today is another step on the journey this Government is taking towards a low carbon future for Aotearoa New Zealand and a cleaner, safer planet for future generations,”Minister Shaw said. The media release is available online...

Bill on Stamp Duty
Makarim & Taira S., September 2020

In the first week of September 2020, the House of Representative passed the Bill on Stamp Duty and now it is waiting for approval by a plenary meeting of the House. The Bill is expected come into effect on 1 January 2021 given the time needed to issue the implementing regulation and for public awareness. The Bill will only recognize a single stamp duty, Rp10,000 unlike the current law which recognizes two stamp duties (Rp3,000 and Rp6,000)...

Buchalter COVID-19 Client Alert: Entrapment-by-Estoppel: A Potential Future Defense for Lenders in PPP Fraud Cases
Buchalter, September 2020

By: Joshua M. Robbins, Michael C. Flynn, and Robert S. Gillison The past decade has taught lenders much about regulatory enforcement risk.  In the fallout of the 2008 financial crisis and collapse of the housing and related markets, the Department of Justice and other agencies aggressively stepped up investigations of lenders seen as complicit in the misconduct of borrowers and others...

Arrangement for Mutual Service of Judicial Documents in Civil and Commercial Cases between the HKSAR and Macao SAR
Deacons, September 2020

An official channel has been established between Hong Kong and Macao, with effect from 1 August 2020, whereby the Courts of Hong Kong and Macao may entrust each other with the service of judicial documents in civil and commercial proceedings. The Rules of High Court and Rules of District Court have been amended to give effect to the Arrangement...

Section 30A(6) of the Bankruptcy Ordinance (Cap.6): Care to be Exercised by Creditors when Making Objections to Automatic Discharge from Bankruptcy
Deacons, September 2020

In the recent case of Re Shum Tung Lam formerly known as Shum Wan Man [2020] HKCFI 1720, the Court of First Instance was asked to clarify the requirements under section 30A(6) of the Bankruptcy Ordinance (Cap. 6) (BO) which governs objections made by creditors or trustees to the automatic discharge of a bankrupt from bankruptcy...

Bayanihan 2 Increases the Compulsory Merger Notification Threshold to Php50 Billion and Suspends the PCC’s Power to Review Non-Notifiable Transactions motu proprio
SyCip Salazar Hernandez & Gatmaitan, September 2020

 On September 11, 2020, the Philippine President signed into law Republic Act No. 11494, otherwise known as the “Bayanihan to Recover as One Act” (Bayanihan 2). It is intended to, among other things, accelerate the recovery of the Philippine economy from the downturn caused by the COVID-19 pandemic. Bayanihan 2 will become effective immediately upon its publication in a newspaper of general circulation or in the Official Gazette...

Hotel Bankruptcies: 8 Key Issues for Hospitality Advisors
Buchalter, September 2020

The COVID-19 pandemic has forced many hospitality professionals and their clients to confront bankruptcy, insolvency, and loan workout issues for the first time since the Great Recession.  Chapter 11 presents a host of unique issues for hotels and other hospitality businesses...

The Quetzal will Soar its Flight: The public + The private: the winning alliance By Ignacio Grazioso
QIL+4 ABOGADOS, September 2020

Ten years ago, the PPP Law was approved, the regulatory framework that seeks to make the Public Private Partnerships (“PPPs”) viable as a solution to the country's infrastructure deficit. For reasons beyond legal and economic facts, Guatemala has not yet seen its first PPP project born. However, the planets seem to be aligning to propitiate the possible detonation of investment in infrastructure and we see reasons for optimism on the horizon...

Disability and Remote Work
QIL+4 ABOGADOS, September 2020

Teleworking is a work tool that opens a world of possibilities for the reinsertion of sectors of the population that have not had free access to work opportunities. It is a feasible option to provide job opportunities to people for whom moving outside their homes is a limitation; limitations that could occur not only to people with family responsibilities – child and elderly care – or students, but also to people with disabilities...

Telework in Guatemala
QIL+4 ABOGADOS, September 2020

Although in Guatemala there is no legal frame for “Telework”, it could be said that it is a way in which services are provided in a location other than the employer's office or headquarters. What makes this modality so attractive? What is the key to make it work? The key is in TECHNOLOGY, in the innovative and efficient use of tools that allow us to be connected without being anchored to a specific place...

Reserve Bank Recommences IPSA Review
MinterEllisonRuddWatts, September 2020

Yesterday, the Reserve Bank of New Zealand (Reserve Bank) announced that it would recommence its review of the Insurance (Prudential Supervision) Act 2010 (IPSA). The review has been paused since April 2018. A policy paper outlining the resumption of the review will be published in October. See here for links to the Reserve Bank’s update and review webpage...

Individual Chapter 11 Cases Under New Subchapter V
Bradley Arant Boult Cummings LLP, September 2020

IN BRIEF The current economic decline caused by the COVID-19 pandemic will result in a surge of debtors in need of bankruptcy protection. Subchapter V to the rescue! Despite some burdens on debtors, the advantages to individuals under Subchapter V will make it substantially easier for individuals to confirm Chapter 11 plans...

Everybody in the Pool! – The SEC Expands the Definition of Accredited Investor
Dinsmore & Shohl LLP, September 2020

The Securities and Exchange Commission (SEC) recently adopted a new amendment that adds additional categories of persons eligible to meet the accredited investor definition, expanding the pool of capital available to the private capital markets. Background Under the Securities Act of 1933 (Act”), offerings for the sale of securities must be registered with the SEC...

 

 

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