On August 8, 2020, the President of the United States issued a Presidential Memorandum directing the Secretary of the Treasury to use his authority pursuant to section 7508A of the Internal Revenue Code to defer the withholding, deposit, and payment of certain payroll tax obligations for the remainder of 2020. In Notice 2020-65, the IRS provides guidance implementing the payroll tax deferral. What wages are eligible? Eligibility is subject to income limits ...
The Securities and Futures Commission (SFC) has recently released its consultation conclusions on the proposed enhancements to the open-ended fund companies (OFC) regime. Highlights include: Removal of investment restrictions for private OFCs; Expansion of entities eligible to act as custodian of private OFCs; and Confirmation of the SFC’s intention to provide for a statutory mechanism to re-domicile overseas corporate funds to Hong Kong as OFCs ...
Key Points New California law prohibits residential evictions based on the non-payment of rent and other fees due between Mar. 1, 2020, and Jan. 31, 2021, if failure to pay is due to COVID-19 related distress. California courts may not issue summonses in any residential unlawful detainer actions based on non-payment until Oct. 5, 2020. New Order from the Centers for Disease Control and Prevention halts evictions for tenants who meet specific requirements through Dec. 31, 2020 ...
Since the COVID-19 outbreak, the Shepherd and Wedderburn private client team has been hard at work helping clients update their Wills and Powers of Attorney. While we all hope that the worst of this global pandemic is now behind us, recent weeks have brought various localised lockdowns and the expectation of a potential second wave, which may well coincide with the annual flu season ...
Following President Trump’s Aug. 8 presidential memorandum directing the Treasury Secretary to defer the withholding and payment of certain employee payroll taxes, the Internal Revenue Service released Notice 2020-65 on Aug. 28 The two-page notice gives necessary but sparse guidance on implementing the Presidential Memorandum ...
Law 58/2020 came into force on 1 September 2020 and it implements into Portuguese law: Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for money laundering or terrorist financing, commonly known as the 5th Anti-Money Laundering Directive; and Directive (EU) 2018/1673 of the European Parliament and the Council of 23 October 2018 on combating money laundering by criminal l
Bursa Malaysia seeks Feedback on Proposed Reduction in Public Spread On 23 July 2020 Bursa Malaysia Berhad ("Bursa") released Consultation Paper No. 2/2020 Proposed Amendments to the Main Market and ACE Market Listing Requirements in relation to Public Security Holdings Spread ("Consultation Paper") ...
The Philippine Stock Exchange (PSE) has issued Memorandum Circular 2020-00761 on August 3, 2020 and this sets out the Guidelines on Minimum Public Ownership Requirement for Initial and Backdoor Listings (2020 MPO Guidelines) ...
All Virginia employers subject to the jurisdiction of the Virginia Occupational Safety and Health ("VOSH") Program (i.e., practically all employers in Virginia) must comply with new workplace safety standards related to COVID-19. Known as the Emergency Temporary Standard ("Standard"), the new regulation requires employers to: 1 ...
The Department of Labor has updated its list of FAQs about the Families First Coronavirus Response Act (“FFCRA”) to address when employees would be eligible for Emergency FMLA leave when the employee’s child’s school is operating on a remote or hybrid learning schedule ...
Key Points On Aug. 31, 2020, the California Assembly passed Assembly Bill 1281 (AB 1281). AB 1281, if signed, will guarantee that certain California Consumer Privacy Act (CCPA) exemptions will be extended beyond their initial deadline, December 2020. Importantly, AB 1281 will give covered businesses at least another year before they need to comply with CCPA’s provisions when collecting and using employee data or business-to-business related personal information ...
Key Points Employers can, but are not required to, delay withholding and paying the employee portion of Social Security taxes for certain employees until Jan. 1, 2021. The deferral only applies to Social Security taxes due from Sept. 1, 2020, to Dec. 31, 2020, by employees who earn less than $4,000 in a bi-weekly pay period. From Jan. 1, 2021 through Apr ...
The global COVID-19 pandemic has devastated the hospitality industry. Hotel occupancy rates have fallen greatly in many markets, with employee layoffs and property closures affecting even the largest and otherwise best performing hotels. It is uncertain when the industry will recover. Many hotel properties will require a chapter 11 bankruptcy case to successfully reorganize their debt obligations and operations and preserve the value of the business ...
On Aug. 28, 2020, the U.S. Department of Treasury and the Internal Revenue Service (IRS) issued Notice 2020-65 (the Notice). The Notice implements President Donald Trump’s Aug. 8, 2020 directive (the Directive) to defer withholding, deposit, and payment of the 6.2 percent employee share of Social Security tax and railroad retirement equivalent tax on certain wages and compensation paid to employees ...
BAG dated February 13, 2020 - 6 AZR 146/19 ("Air Berlin") In the context of collective redundancies, the term "company" is a legal term under European Union (EU) law and, with regard to the responsible employment agency, it focus particularly on the local effects of the intended dismissals. In the EU legal system, the term "company" is to be interpreted autonomously, uniformly and detached from the national understanding of the term ...
Regional Court of Nuremberg, decision of June 18, 2020 - 1 TaBV 33/19 The Regional Labor Court (Landesarbeitsgericht - LAG) of Nuremberg had to rule on a motion by a works council, in which the latter demanded that the discussions held with it be conducted only in German. At the same time, it demanded that all communication between the branch management and the employees be conducted in German. The Regional Court rejected both motions of the works council ...
Following the August 8, 2020 Presidential Memorandum directing the Treasury Secretary to defer the withholding, deposit, and payment of certain payroll taxes, the Internal Revenue Service released Notice 2020-65 late Friday, August 28. The brief notice gives necessary but sparse guidance on implementing the Presidential Memorandum. We expect (and hope for) further guidance soon ...
Banks have played a crucial role these last few months as the COVID-19 pandemic has swept across the world. Through Paycheck Protection Program loans, payment deferments, and other initiatives, banks have provided significant assistance to people and businesses of all types. The banking industry has worked incredibly hard, and bankers across the country should be proud ...
Note on Circular Letter No. 002/DCC/2020 With the approval of Notice No. 2/2020, of January 2020 (“Notice 2/2020”), the National Bank of Angola (“BNA”) introduced greater flexibility in the foreign exchange sector, as it eliminated prior licensing and delegated the validation of the operations to the commercial banks. With the publication of the Circular Letter No ...
On August 27, Michigan Governor Gretchen Whitmer released Executive Order 2020-172, entitled “Protecting workers who stay home, stay safe when they or their close contacts are sick,” which replaces Executive Order 2020-166. The new executive order is nearly identical to the one it replaces, with two important differences ...
On August 26, 2020, the Securities and Exchange Commission (SEC) adopted long anticipated amendments to the “accredited investor” definition. The SEC said that the amendments are intended to update and improve the definition to identify more effectively investors that have sufficient knowledge and expertise to participate in securities offerings that are not registered under the Securities Act of 1933 ...
The installation of CCTV cameras is a highly emotive and controversial issue in many countries. Hong Kong’s data privacy law does not contain any specific provisions regarding the use of CCTV, although the Privacy Commissioner (PC) has issued guidance on CCTV surveillance and the use of drones ...
Note on Circular Letter No. 002/DCC/2020 With the approval of Notice No. 2/2020, of January 2020 (“Notice 2/2020”), the National Bank of Angola (“BNA”) introduced a greater flexibility in the foreign exchange sector, as it eliminated prior licensing and delegated on commercial banks the validation of the operations. With the publication of the Circular Letter No ...
Key Points On August 26, 2020, the Securities and Exchange Commission (SEC) adopted amendments that broaden the qualifying pool of individuals and entities known as “accredited investors.” The amendments expand the definition based on defined measures of professional knowledge, experience, or certifications, in addition to the existing tests for income or net worth ...
Key Points On August 26, 2020, the Securities and Exchange Commission (SEC) adopted amendments that broaden the qualifying pool of individuals and entities known as “accredited investors.” The amendments expand the definition based on defined measures of professional knowledge, experience, or certifications, in addition to the existing tests for income or net worth ...
