The Covid-19 outbreak is not only a huge challenge for health care, but also has enormous consequences for the economy. Different sectors (such as the hospitality, tourism and transport sectors and many others) will not be able to overcome the difficult times that we are currently facing without public support. Many Member States have already adopted exceptional aid measures and many more will follow, but public support for undertakings must still comply with the EU State aid rules ...
Effective June 24, 2020, a new executive order from President Donald Trump will go into effect, limiting the entry of certain categories of foreign nationals to the U.S. through December 31, 2020 ostensibly to protect the U.S. labor market as it recovers from COVID-19. The order focuses on suspending and limiting entry of foreign nationals who are currently outside of the U.S ...
The U.S. Copyright Office has issued a final regulation (37 CFR §202.4) permitting a single, “group” registration for “Short Online Literary Works.” To be eligible, each of the works included in the registration “must be published as part of a website or online platform, including online newspapers, social media websites, and social networking platforms ...
Five months into its Covid-19 pandemic period, Hong Kong seems to have settled into a new “normal” mode of operating, while many other regions still face devastating challenges and live in fear of a “second peak”. Remote regulatory inspections The SFC is busy again conducting routine inspections, even though they are not actually “knocking at your door” this time round ...
In response to the financial impact of COVID-19 on local governments within the State of Ohio (State), the Ohio Office of the Treasurer has introduced the COVID-19 Response Initiative (Initiative). The purpose of the Initiative is to provide liquidity to local governments by accelerating fiscal year cash flows and easing revenue shortfalls as a result of COVID-19 ...
Key Points IRS guidance expands the definition of “qualified individual” for receiving a tax-favored coronavirus-related distribution (“CRD”) from a retirement plan and other plan changes under the CARES Act. The guidance confirms that plan changes under the CARES Act are optional, including the loan repayment delay, and provides a safe harbor method for implementing the loan repayment delay ...
Key Points Title VII prohibits discrimination based on sexual orientation and gender identity. The holding does not change currently-existing legal obligations for California employers as discrimination based on sexual orientation and gender identity is prohibited under the FEHA. California employers should ensure they are complying with FEHA’s posting and training requirements. On Monday, June 15, 2020, the U.S. Supreme Court published a long-awaited opinion, Bostock v ...
Key Points Before undertaking a stock option repricing program, consider the tax impact on employees holding incentive stock options (ISOs) Additionally, consider the corporate and securities laws that govern repricing programs Introduction Stock options are a vital form of compensation at a wide range of privately-held companies.1 Stock options are intended to motivate employees to drive stockholder value and are used as an employee retention tool ...
On June 16, 2020, the Securities and Exchange Commission announced a Temporary Conditional Exemption for municipal advisors (MAs), which provides an exemption from certain broker registration requirements under Section 15 of the Securities Exchange Act of 1934. This order is in response to the disruption in the municipal securities markets resulting from the COVID-19 pandemic ...
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 ...
Following up on Dykema’s alert from June 18, 2020, President Trump signed a Proclamation that extends his April 22, 2020, 60-day ban on immigrant workers entering the United States until December 31, 2020. In addition, it also added those with H-1B, H-2B, L-1 and J-1 visas and any foreign national accompanying them to this ban. The Proclamation states this was done to address, in part, high unemployment levels due to the coronavirus pandemic ...
On June 20th., it was published Law N°21.240, bill which was approved last Wednesday 17th by the Congress. The New Law increases sanctions for the infringement of quarantines and sets forth responsibility for Employees and Legal Entities. Article 318 of the Criminal Code punishes anyone who “jeopardizes public health by the infringement of hygienic and sanitary norms properly published by the authority, in the context of a catastrophe, pandemic or contagion ...
Does the State plan to keep special support measures in the field of taxation for taxpayers after the end of emergency situation? Yes, on 10 June 2020 the Law on Overcoming the Consequences of the Spread of Covid-19 Infection came into force, by which, inter alia, the following measures are maintained ...
To implement the changes to the PPP program contained in the recently enacted PPP Flexibility Act, Treasury has issued a new Interim Final Rule (IFR). It has also issued a revised forgiveness application form, worksheet and instructions, and a new expedited (EZ) forgiveness application form and instructions that can be used by certain borrowers. Links to those documents can be found below ...
Key Points IRS proposed new regulations for like-kind exchanges under section 1031. The guidance provides the definition of real property and treatment of incidental personal property in the section 1031 context. On June 11, 2020, the IRS released proposed regulations for like-kind exchanges under Internal Revenue Code (the "Code") section 1031 to incorporate the Tax Cuts and Jobs Act ("TCJA") changes ...
Several reports, including one by the U.S. Chamber of Commerce, indicate President Trump may issue a Proclamation limiting or prohibiting the entry into the United States of foreign nationals holding H-1B, H-2B, L-1 and J-1 visas. H-1Bs are used to employ foreign nationals in specialty occupations (those positions normally requiring at least a Bachelor’s Degree or its equivalent for entry into the field). H-2Bs are for temporary, non-agricultural workers ...
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
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 ...
Is the operation of PPP projects suspended? No. The State of National Emergency (in force from March 15 to June 30, 2020) has not affected the operation of PPP projects related to the provision of public and/or essential goods and services. Currently, it is also permitted to perform activities included in Phases 1 and 2 of the "Economic Reactivation Plan"(“Plan”) approved by the Central Government. See Exhibit I ...
Analysis of the changes to the special legal rules onthe credit and financing moratorium. Through Decree-Law 26/2020 of 16 June (“DL 26/2020”), the Government has approved, a set of amendments to the special rules onthe moratorium on financing approved by Decree-Law 10-J/2020 of26March ...
The National Energy Commission (“NEC”) issued on May 29, 2020 the Exempt Resolution No. 176 (“NEC ER 176”) that determines the scope on the exclusive business purpose and separate accountings of energy distribution companies, for the provision of the energy distribution public service according to what was set in Law No. 21,194. The NEC ER 176 was published in the Official Gazette on June 9, 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 ...
According to the announcements of the authority in recent days, the new instructions for movement permits (hereinafter “Instructions”) were published on June 12, which will be effective as of Monday, June 15 at 05:00 am. The main modifications introduced by this new version of the instructions are the following: 1. Types of collective permits ...
