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IP Filing Deadlines Extended Under CARES Act
Dykema, April 2020

Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the United States Patent and Trademark Office (USPTO) Director may modify certain patent and trademark-related deadlines where the COVID-19 outbreak has either prejudiced applicants’ rights or interfered with the filing of a document or fee payment. The Acting Register of the Copyright Office is also granted expanded authority under the CARES Act for modifying certain copyright-related deadlines...

New Compliance Measures for Legal Entities Related to the Criminal Offense of Fraudulent Obtaining of Benefits by COVID-19
Carey, April 2020

On April 6, 2020, Law No. 21,227 came into force, allowing access to unemployment insurance benefits under Law No. 19,728, in exceptional circumstances. This law, in its Article 14, Title III "Final Provisions", provides for a new criminal offense consisting of fraudulently obtaining supplements, benefits and / or profits due to the pandemic caused by Covid-19...

COVID-19 Advice: Post-Default Enforcement Against Equity Collateral
Haynes and Boone, LLP, April 2020

The pledge of equity interests of a privately held company as collateral is a common occurrence in a wide variety of financing structures. What is not as common perhaps is for secured creditors to analyze, at the initial stages of a transaction, the road maps that may serve to mitigate any meaningful delays or diminution in the value of such collateral in a foreclosure scenario...

Merger Control During the Epidemic
Wardynski & Partners, April 2020

In light of the difficulties associated with the coronavirus epidemic, and joining the global trend under the hashtag #flattenthecurve, competition authorities around the world, including Poland, are introducing, more or less officially, extraordinary operating procedures to avoid spreading the coronavirus. This can have amajor impact on proceedings before these authorities, including filing and consideration of applications seeking approval of concentrations...

Cooperation Between Competitors During the Crisis
Wardynski & Partners, April 2020

One method companies have of dealing with the crisis is to cooperate with their rivals. But before entering into such cooperation, it is worth examining whether it constitutes aconspiracy subject to sanctions from the national competition authority, the European Commission or other antitrust bodies...

President of UOKiK at War with Price-Gougers
Wardynski & Partners, April 2020

The president of the Office of Competition and Consumer Protection (UOKiK) has declared war on sellers unfairly raising prices of products during the COVID-19 pandemic. One of the instruments proposed by the regulator in combating this pathology is establishment by the Ministry of Development of maximum prices and margins on products essential from the perspective of consumers’ interests (a change included in the recent amendment to the Anti-Crisis Act)...

Anti-Crisis Shield and UOKiK Proposals for (Temporary) Tough Times
Wardynski & Partners, April 2020

The amendment to the Anti-Crisis Act includes proposals drafted by the Office of Competition and Consumer Protection (UOKiK), intended to increase the financial security of households, ensure access to vital goods and services, and combat price speculation and unjustified increases...

Corona and the Adoption of Annual and Consolidated Financial Statements, in Particular Relating to the Supervisory Board's Financial Statement Meeting
Heuking Khn Ler Wojtek, April 2020

Current status: March 31, 2020 Increasingly far-reaching restrictions with respect to the COVID-19 virus also bring to light the issue of timely drafting, auditing, adoption, and publication of annual and consolidated financial statements, in particular for listed companies. This against the background that capital market-oriented companies, i.e...

CARES Act Relief Checklist: Considerations in Deciding What Relief is Right for Your Business
Haynes and Boone, LLP, April 2020

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) offers relief to businesses affected by COVID-19 through various programs, including forgivable loans and federal income tax credits. However, the CARES Act prevents businesses from claiming certain benefits that are considered duplicative...

New Measures Implemented by the UAE Authorities in Response to COVID-19
Afridi & Angell, April 2020

This supplements our inBrief dated 3 April 2020, which reported on measures implemented by the UAE authorities in response to COVID-19 up to 9:00 a.m. that day. Many new measures have been introduced since then. We now report on new measures taken up to 9:00 a.m. on Monday 6 April 2020...

The European Commission Strengthens the Temporary Framework on State Aid
Gianni, Origoni, Grippo, Cappelli & Partners, April 2020

The new measures adopted by the European Commission Last Friday, the European Commission (“Commission”) has adopted an amendment to existing State aid rules to widen the perimeter of the national measures which can be authorized based on the exceptional legal framework to cope with the current crisis. a. In particular, the Commission considered the following measures:a. More support for research and development related to the current health crisis...

Panama Creates a Beneficial Owner Registry
Morgan & Morgan, April 2020

By Law 129 of 17 March 2020 (hereinafter, the “Law”) the Republic of Panama established the regulatory framework for a restricted database named “Sistema Privado y Único de Registro de Beneficiarios Finales de Personas Jurídicas” (in English, Private and Unique System of Beneficial Owners of Legal Persons and hereinafter, the “Registry”) to collect certain basic information of the beneficial owner(s) of trusts and legal entities incorpora

COVID-19: Guarantees for Bank Loans and Loan Interest Bonifications as Financial Aid to SMEs Extraordinary Measures in Financial Market Supervision
Cechova & Partners, April 2020

Guarantees for bank loans and loan interest bonifications were introduced as afinancial aid to small and medium-sized enterprises (“SMEs”) to be provided by the state under Act on certain extraordinary measures in the area of finance in relation to the spread of dangerous contagious human disease COVID-19 that was adopted by the National Council of the Slovak Republic on 2 April 2020 (the “Act”)...

SEC Issues Sweeping Proposal to Simplify Private Securities Offerings Regulation
Waller, April 2020

On March 4, 2020, the Securities and Exchange Commission (SEC) issued a massive, 341-page release proposing “a set of amendments that would harmonize, simplify, and improve the exempt offering framework to promote capital formation and expand investment opportunities while preserving and enhancing important investor protections...

SBA Issues Further Guidance Concerning the Paycheck Protection Program
Waller, April 2020

While most of the PPP under the CARES Act remains substantially unchanged by the SBA’s guidance issued late on April 2, there is one material alteration that will affect all borrowers under the program. Under the CARES Act, loan proceeds under the PPP could be used for payroll costs, mortgage interest, rent, utilities and interest payments on other debt obligations. While those use of proceeds have not changed, the guidance placed a limitation on them...

COVID-19 Extensions for Trademark Office
Spilman Thomas & Battle, PLLC, April 2020

In response to the COVID-19 pandemic, the Director of the U.S. Patent and Trademark Office authorized relief for trademark applicants, registrants, and parties to Trademark Trial and Appeals Board ("TTAB") proceedings. The Notice of Waiver provides a 30-day extension of time from the initial date it was due, for deadlines falling between March 27, 2020 and April 30, 2020. The filing must include a statement that the delay in filing or payment was due to the COVID-19 outbreak...

Government Issues Relief for Directors and Companies from Insolvency Provisions in the Companies Act 1993
MinterEllisonRuddWatts, April 2020

MinterEllisonRuddWatts welcomes the announcement made by the Government today of a number of measures to support businesses during the uncertainty created by COVID-19. The reforms provide flexibility in the application of certain directors' duties in the Companies Act 1993 and implement an accelerated mechanism for companies to request a moratorium on the payment of debts...

Corporate Governance and Insolvency Law Amid the Coronavirus Crisis
Fischer Behar Chen Well Orion & Co., April 2020

Dear Clients and Colleagues, Among its other consequences, the ongoing global outbreak of Novel Coronavirus 2019 (COVID-19) has resulted in an economic crisis. In this legal update we present insolvency law issues which may arise during the crisis and we also propose practical solutions for dealing with challenges that companies may face. 1...

Can Qualified Small Businesses Get a PPP Loan under the CARES Act?
Hanson Bridgett LLP, April 2020

Like most industries, tech startups have been deeply impacted by the COVID-19 pandemic. As they scramble to adapt to a rapidly changing climate, tech leaders are asking if, and to what extent, their businesses can benefit from the $2 trillion stimulus package known as the CARES Act...

Superintendence of Environment and the Environmental Assessment Service Extend Term Suspension Measures in the Context of COVID-19
Carey, April 2020

I. Superintendence of Environment orders the extension of the terms suspension in sanctioning proceedings and other actions. On March 30, 2020 the Superintendence of Environment (“SMA”) issued Exempt Resolution No. 548 (“Res. 548”), which extended the term suspension measures ordered by means of Exempt Resolution No...

New Law Modifies 30-Days Payment System
Carey, April 2020

On April 3rd, 2020, a new Law that amends Law No. 19,983, which regulates the transfer and grants direct enforceability to the copy of invoices, on certain aspects that were recently amended by Law No. 21,131 on 30-days payment, was enacted . The most relevant modifications introduced by this Law aim to benefit small sized businesses (micro, small and medium sized businesses as per defined in Law No...

CARES Act Offers Liquidity to Eligible Businesses and Mid-Sized Companies (500 - 10,000 employees)
Dykema, April 2020

Insight on Eligibility and Requirements for Obtaining Financial Assistance For Mid-Sized Companies and Eligible Businesses (other than Air Carriers and Businesses Critical to MaintainingNational Security) The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) provides for various loans, loan guaranties and other forms of financial assistance to U.S. businesses both small and large and in specific industries and sectors...

SBA Issues Interim Final Rule for the Paycheck Protection Program
Dykema, April 2020

On April 2, 2020, the U.S. Small Business Administration (SBA) issued an interim final rule, providing additional guidance on the Paycheck Protection Program (PPP). Click here to read the full text of the Interim Final Rule. Here are some of the highlights of new and/or clarified information from the previous guidance issued by Treasury and SBA and the text of the CARES Act: Eligibility Only U.S...

Treasury Issues New Paycheck Protection Program Application Forms for Borrowers and Lenders
Dykema, April 2020

On April 2, 2020, the U.S. Department of the Treasury issued afinal borrower applicationand provided lenders with therequired datathe federal government will collect electronically to guarantee the loans. The lender application form requires the lender to certify they have gathered the requisite information from the applicant, as outlined in the updated borrower application form...

Further Measures Implemented by the UAE Authorities in Response to COVID-19
Afridi & Angell, April 2020

The UAE continues to implement new measures on a daily basis to curb the spread of COVID-19. Those measures are being adopted, announced and implemented at a very rapid pace. For ease of reference, we present here a summary of the key measures that have been implemented by various UAE authorities between 18 March 2020 and the time of this inBrief, 9:00 a.m. on Friday, 3 April 2020...

 

 

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