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) ...
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 ...
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 ...
Key Points A new FDA rule clarifies when food manufacturers may label fermented or hydrolyzed foods as gluten-free. Manufacturers making gluten-free claims must maintain records showing that the foods or food ingredients used in the foods are gluten-free prior to fermentation or hydrolysis. A product marked as gluten-free may be deemed misbranded under the Food, Drug, and Cosmetics Act if its manufacturer does not maintain supporting documentation to the satisfaction of the FDA ...
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 ...
When crafting a liquidation or “pass-through” agreement for a subcontractor claim against the government, the key provision from the prime contractor’s perspective is a release from any liability for the subcontractor’s claim with the exception of amounts recovered from the government related to that claim ...
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 ...
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 ...
In Yves Choueifaty v. Attorney General of Canada 1 , the Federal Court of Canada has issued a significant decision concerning the assessment of patent-eligible subject matter, including the approach to be used for such assessment during the examination of Canadian patent applications ...
On August 27, HUD announced that it is extending its Covid-related foreclosure and eviction moratoriums for FHA insured loans set to expire on August 31, until December 31, 2020, and issued a Mortgagee Letter implementing the extensions. On the same day, the Federal Housing Finance Agency announced that the single-family foreclosure and eviction moratoriums for Freddie Mac and Fannie Mae, also set to expire on August 31, will be extended until December 31, 2020 ...
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 ...
On August 26, the United States Circuit Court of Appeals for the Fourth Circuit held that a Virginia School Board’s restroom policy constituted sex-based discrimination in violation of the Equal Protection Clause, and transgender people constitute a quasi-suspect class, entitling them to greater constitutional protections. Moreover, the court also held that the restroom policy violated Title IX, because it discriminated on the basis of sex in a public school setting ...
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 ...
The Department of Justice is stepping up its scrutiny of health-care fraud, especially in testing laboratories, during the Covid-19 pandemic. Former federal prosecutor Jason Mehta, a partner with Bradley, says now is not the time to tout profits over patient care and offers insights on compliance. In the midst of a global pandemic, much attention and praise is rightfully being showered on health-care providers ...
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 ...
On 31 July 2020, the China Securities Regulatory Commission (CSRC) issued consultation papers on Measures for the Supervision and Administration of Public-offered Securities Investment Fund Managers (the Measures, available here in Chinese)and the Provisions on Issues concerning the Implementation of the Measures for the Supervision and Administration of Public-offered Securities Investment Fund Managers (the Implementation Provisions, available here in Chinese) ...
In June, the European Commission has published the "White Paper on levelling the playing field as regards foreign subsidies". For the first time that the European Commission has brought together State aid and investment control as well as trade defence instruments. Companies coming from third countries can expect costly and lengthy examination procedures in M&A transactions, but also new hurdles for other activities in the internal market ...
The summer holidays have already begun in most of the federal states or are about to begin. Due to the Corona pandemic, most holiday plans could not be realized during the Easter holidays. Although the travel warnings for most countries in the EU were lifted in time for the summer holidays, it is still not possible to enjoy "normal" holidays this year ...
Due to the Corona pandemic and the associated economic effects, numerous companies were forced to announce short-time work over the past few months. This raises the question for employers to what extent it is still possible to hire during short-time work and what effects this has on short-time working compensation. NEW HIRES DURING SHORT-TIME WORK First of all, a distinction must be made between new hires before and after the introduction of short-time work ...
The Ninth Circuit recently ruled against the government on jurisdictional grounds in the False Claims Act (FCA) qui tam case, United States v. United States ex rel. Thrower, No. 18-16408, 2020 U.S. App. LEXIS 24621 (9th Cir. Aug. 4, 2020), holding that a district court’s denial of a government motion to dismiss an FCA action is not immediately appealable under the collateral order doctrine and dismissing the government’s appeal ...
The Federal Ministry of Transport and Digital Infrastructure (BMVI) is providing EUR 50 million annually until 2023 to promote computer games in order to strengthen Germany as a location for developers. In the first phase,de minimis funding will be provided with grants of up to EUR 200,000. In a second phase larger-scale funding will also be possible ...
