This is a briefing on the issuances as of August 1, 2020 on the following matters in relation to the COVID-19 pandemic: A. General Community Quarantine (GCQ) over Metro Manila Again Extended until August 15, 2020 B. Department of Trade and Industry (DTI) Allows More Business Establishments to Operate During GCQ from August 1, 2020 A ...
The Insurance Commission (“IC”) of the Philippines has issued a circular letter dated June 14, 2020 on the adoption of a regulatory sandbox framework for the experimentation and testing of insurance technology innovations (IC Circular Letter No. 2020-73 (“ICL 2020-73”): “Guidelines on the Adoption of a Regulatory Sandbox Framework for Insurance Technology (InsurTech) Innovations).” The full text of Circular Letter No ...
On July 28, the Federal Reserve announced that many of its emergency lending facilities, including the Main Street Lending Program’s New Loan Facility, Priority Loan Facility, Expanded Loan Facility, Nonprofit Organization New Loan Facility and Nonprofit Organization Expanded Loan Facility, are being extended to December 31, 2020. The facilities were previously scheduled to be available until on or about September 30, 2020 ...
Key Points The California Supreme Court clarified the so-called California Rule on public employee’s "vested rights" to pension benefits, holding that detrimental financial changes to employee pension benefits do not invariably require that offsetting comparable new advantages be provided. And it set a legal framework for analyzing that issue ...
The Federal Reserve ’s Main Street Lending Program has recently been expanded to add two potential loan options, which will enable nonprofit organizations such as educational institutions, social service organizations and hospitals to receive financial support in addition to the previously announced programs benefiting for-profit entities ...
On July 24, 2020, the California Department of Public Health issued a new guidance document for all employers within California, entitled “COVID-19 Employer Playbook For a Safe Reopening ...
Retired Navy SEALs apparently have a persistence that other taxpayers may not have. Case in point (literally)—Noell Industries, Inc. v. Idaho State Tax Commission, decided on May 22, 2020, by the Idaho Supreme Court ...
On July 29, 2020, Governor Whitmer issued Executive Order Nos. 2020-160 and 2020-161. Executive Order 2020-160 replaces the prior executive orders that address stay home, stay safe restrictions in Michigan. In general, this Order moves the State to a more uniform approach to business operations and restrictions ...
For a long time, we have heard in different social media, for various reasons, some more positive than others, information related to Turnkey Contracts and the State indebtedness resulting from the Partial Payment Accounts (in Spanish, “Cuentas de Pago Parcial”) and Certificates of No Objection (in Spanish, “Certificados de No Objeción”) ...
This article first appeared on the website of the Corporate and M&A Law Committee of the Legal Practice Division of the International Bar Association (here), and is reproduced by kind permission of the International Bar Association, London, UK. © International Bar Association. The Covid-19 pandemic has pushed countries across the world into an unprecedented humanitarian and economic crisis ...
Extension on short-selling banThe Securities Commission Malaysia (“SCM”) and Bursa Malaysia Securities Berhad (“Bursa Malaysia”) announced a further extension, until 31 December 2020, of the existing suspension for the suspension of all short selling, other than permitted short selling, on the stock exchange of Bursa Malaysia. The scope of the ban remains the same ...
Tax and Revenue Income tax The following technical guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website: Garis Panduan Mengenai Duti Setem ke atas Suratcara Pindah Milik Saham bagi Saham dalam Syarikat yang Tidak Tersenarai di Bursa Malaysia Berhad (available in Malay language only) — issued on 23 June 2020 to replace Technical Guideline dated 6 November 2019;Garis Panduan Permohonan untuk Kelulusan Ketua Pengarah Hasil Dal
This is a briefing on the issuances as of July 29, 2020 on the following matters in relation to the COVID-19 pandemic: A. Intellectual Property Office (IPOPHL) Further Extends until August 4 the Deadline for Filings and Payments Due for the Period of July 20-30, 2020 B. Securities and Exchange Commission (SEC) Discourages Physical Filing of Mandatory Disclosure Form (MDF) which is Due on July 31, 2020 C ...
Published in CEE Legal Matters “In terms of national politics, when it comes to Latvia, the word of the day is ‘stability,'“ says Raimonds Slaidins, Senior Partner at Ellex Klavins in Riga ...
Key Points Small employers (with fewer than 500 employees) and governmental employers who are required to provide employees with paid sick and expanded family leave related to COVID-19 are required to report the amounts paid on Form W-2. IRS guidance provides information about how to report paid leave on employees’ Forms W-2 ...
Key Points If finalized as proposed, a Department of Labor (DOL) proposed rule would require plan fiduciaries to select investments based solely on pecuniary factors. The proposed rule would also tighten conditions for treating environmental, social, and corporate governance (ESG) factors as pecuniary factors plan fiduciaries may consider in selecting investments ...
On July 23, SBA announced that lenders may begin submitting PPP loan forgiveness requests to SBA on August 10. To assist lenders, SBA issued a Procedural Notice with new guidance regarding lenders’ reviews of forgiveness applications. The Notice may be found here: https://www.sba.gov/sites/default/files/2020-07/5000-20038.pdf The Notice reaffirmed forgiveness guidance and rules previously issued ...
Key Points New proposal would allow investment advisors to provide advice to ERISA retirement plan participants for a fee, despite potential conflicts of interest. Reinstates five-part test from 1975 for determining when an investment advisor provides investment advice as a fiduciary to a plan participant. The U.S ...
The Federal Reserve has announced that the Main Street Lending Program will now be available to non-profits such as educational institutions, hospitals, and social service organizations, and has issued a set of Frequently Asked Questions regarding the new Nonprofit Organization New Loan Facility and Nonprofit Organization Expanded Loan Facility ...
Since the outbreak of the COVID-19 pandemic, local municipalities and state governments throughout the country have implemented stay-at-home orders and mandated closures of businesses and restaurants to lower the spread of the disease. California, after having permitted much of the state to reopen businesses, has seen a recent spike in COVID-19 cases and on July 13th implemented a new statewide order to curb the increase, reimposing certain business closures ...
On July 23, 2020, Arizona Governor Doug Ducey, Superintendent of Public Instruction Kathy Hoffman and Arizona Department of Health Services Director, Dr. Cara Christ held a news conference to discuss certain executive orders of the Governor regarding re-opening of Arizona businesses and public district and charter schools in Arizona ...
California’s cannabis-related businesses will face a dual battle in complying with Proposition 65 requiring businesses to warn the public about cancer-causing chemicals present in products they purchase, writes Buchalter’s Anne Marie Ellis. Businesses are going to have to change their labeling and packaging to list marijuana smoke as a reproductive toxicant and cancer causing agent ...
The Food and Drug Administration (“FDA”) issued its Development and Licensure of Vaccines to Prevent COVID-19: Guidance for Industry on June 30, 2020. This nonbinding guidance is intended to remain in effect for the duration of the COVID-19 public health emergency declared by the Secretary of Health and Human Services. The guidance advises vaccine development and licensure following the standard trial progression but on an accelerated timeline ...
Companies subject to product liability lawsuits – and their counsel – know the importance of promptly examining whether the company is subject to general personal jurisdiction or specific personal jurisdiction of the forum court. A court with general personal jurisdiction over a defendant can hear any and all claims against that defendant. After the United States Supreme Court’s decisions in Daimler AG v. Bauman, 134 S. Ct 746 (2014) and BSNF Railway Co. v ...
In an effort to attract more foreign talent to work in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), the Ministry of Finance and State Administration of Taxation jointly issued a Notice on 14 March 2019, granting Individual Income Tax (IIT) subsidy to overseas (including Hong Kong, Macau and Taiwan) high-end talent and talent in short supply working in the GBA (Circular 31) ...
