While stock exchanges worldwide have experienced dramatic downturns and the economy is apparently heading for a global recession, supervisory organs are taking measures to respond to the situation by means of financial market regulation ...
Like other taxpayers, landlords are currently exposed to various economic pressures. On one hand, they have to cover the expenses related to their property, but on the other hand they often do not receive rent from tenants who have had to restrict their operations because of the government measures against the coronavirus ...
Aid for self-employed persons and small and medium-sized enterprises (SMEs) affected by anti-coronavirus measures pursuant to the Czech Government’s 'COVID GUARANTEE' programme was exhausted in one day. On Monday, March 30, 2020, the terms and conditions of the follow-up COVID II program will be published, in which CZK 5 billion should be available. The rush of applications is expected, so action needs to be taken quickly and not delayed ...
What does "state of emergency" actually meanand what are the powers of the Government in the regard? Can someone claim damages incurred in relation to the state of emergency? State of Emergency With effect from 12 March 2020 at 2 pm, the Government of the Czech Republic (the “Government”) has declared a state of emergency for 30 days for the territory of the Czech Republic due to health threats related to the presence of coronavirus in the Czech Republic (Governme
By means of Resolution 4985 of 2020 issued on April 13th, ANI updated the measures that had originally been taken through Resolution 471 of 2020 to face the health emergency declared by the National Government amid COVID-19 pandemic ...
This is a summary in which we have briefly described the main regulations issued so far in Argentina during the COVID-19 health emergency that affect or are related to fintech and digital banking activities ...
In the face of the COVID-19 pandemic, Governor J.B. Pritzker has provided relief to Illinois consumers’ pocketbooks. On April 14, 2020, the Governor issued Executive Order in Response to COVID-19 No. 23 (“Executive Order 23”). The stated purpose of Executive Order 23 is to ensure that Illinois residents have funds for essential items such as food, medicine, housing, and transportation by temporarily suspending certain consumer debt collection measures ...
April 14, 2020, the SBA issued new guidance on the treatment of service partners for Payroll Protection Program (PPP) loans. The Interim Final Rule Paycheck Protection Program – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans clarifies that individuals treated as partners may not submit a separate PPP loan application as an "eligible self-employed individuals ...
Adopted as part of the measures supporting enterprises in the context of the Covid-19 crisis, the ordinance n° 2020-306 of March 25th, 2020 contains the following temporary provisions applicable to contractual deadlines: SUSPENSION OF THE CONTRACTUAL STIPULATIONS SANCTIONING THE NON-PERFORMANCE OF AN OBLIGATION According to Article 4 of the ordinance: “Penalty payments, penalty clauses, termination clauses and acceleration clauses, the purpose of which is to sanction the non-
Provincial health orders, guidance and physical distancing measures in response to COVID-19 have changed the way Canadians are working and studying. Organizations are suddenly more reliant on technical tools and approaches to doing business which have not all been fully vetted for privacy and security ...
Due to the worldwide COVID-19 pandemic, California has implemented eviction restrictions on all landlords. These restrictions have been issued in several forms, and have changed over the last few weeks. The purpose of this alert is to provide a brief overview of the current statewide rules regarding evictions as applied to senior communities. On March 16, 2020, Governor Gavin Newsom first issued an executive order authorizing local governments to halt evictions, among other things ...
What Is It? On April 9, the Federal Reserve Board revealed details about the previously announced Main Street Lending Program. Even larger than the Paycheck Protection Program, the Main Street Lending Program is geared toward mid-sized businesses. Its principal purpose is to get 4-year loans with deferred principal and interest payments to mid-sized businesses with up to 10,000 employees or less than $2.5 billion in revenue ...
On Friday, March 27, 2020, President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security Act, H.R. 748, ( CARES Act or Act), a $2 trillion stimulus bill the House passed by voice vote earlier the same day and the Senate passed on Wednesday, March 25, by a vote of 96-0. The CARES Act is the largest economic relief package in the history of the United States ...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, 2020, provides $2 trillion in relief funds for individuals and businesses, including $500 billion in direct aid for large companies and more than $300 billion for small companies. Businesses applying for and receiving funds under the CARES Act should be mindful of risks associated with stringent government oversight and inevitable investigations targeting waste, fraud, and abuse ...
On April 9, 2020, the Commission for the Financial Market ("CFM") issued Directive Nr. 1146 which, according to the situation associated with the outbreak of Covid-19 and the State of Constitutional Disaster Emergency, resolved the following: I. Establishing by 2020 the following deadlines for the submission of reports on the following regulations: General Rule Nr ...
On April 9, 2020, the National Consumer Service (SERNAC) published the "Interpretative Circular on the suspension of terms of legal, voluntary and satisfaction guarantees during the health crisis of COVID-19". The document seeks to provide a harmonious interpretation of Law No. 19,496, Consumer Protection Act (CPA) and its principles, in the light of the measures adopted as a result of COVID-19 that have affected compliance with obligations arising from consumer contracts ...
The alternative means for reporting the daily offer and the declaration of availability are modified. The definition of "Price Offer and Start-Stop Prices" in numeral 3.1 of the Operation Code, Resolution CREG 025 of 1995, is modified. The new definition is as follows: "Price Offer and Start-Stop PricesThe electronic transmission of data established by CND will be used as the main means for sending information on offers to CND ...
On March 20, 2020, through Decree 440 of 2020, the President of the Republic adopted various emergency measures on public procurement, which will be in force within the framework of the declaration of a State of Emergency due to the Covid-19 pandemic ...
As a result of the pandemic, many planned and existing contracts have been paralysed. The uncertain situation forces the parties to cease performing contracts or at least poses barriers to performance. In this situation, can they change the contract? Will they have to pay contractual penalties and damages? The Anti-Crisis Act comes to their aid ...
Law Decree n. 23 of 8 April 2020 (the “Liquidity Decree”) has introduced significant changes to the socalled “golden power rules” and to the disclosure duty of relevant shareholdings in listed companies. These rules are aimed at discouraging “predatory purchases” of Italian strategic and listed companies in times when their share price may be particularly depressed due to the COVID-19 emergency ...
