On March 25, 2020, the SEC issued an order granting temporary relief from the filing deadlines for certain SEC filings due between March 1, 2020, and July 1, 2020. This order supersedes the SEC’s March 4 order ...
The General Meeting during the State of Emergency? Can it take place? And can it be convened? Do crisis measures contain an exception for meetings of the statutory organs of the company (e.g ...
The current uncertainty in the world economy and the losses in the national stock market, generates concern about possible damage to the economy, derived from the pandemic caused by the virus COVID-19 ...
On March 24, Juan Carlos Jiménez Rojas, General Director of the Mexican Banking Association (Asociación de Bancos de México) (“ABM“), sent a letter to the President of the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) (“View More
An article establishing a procedure for the procurement of medical supplies was recently introduced. This new provision (Resolution No 53960) amended Resolution No 38941-2006-JD of February of 2006, which is the general procurement regulation for the Social Security Administration (CSS for its initials in Spanish) ...
Financial Market Commission Announces a Package of Measures to Facilitate Credit Flow to Both Companies and Individuals By Diego Peralta and Diego Lasagna On March 23, 2020, the Financial Market Commission’s Council (“CMF”) approved new measures destined to grant more flexibility to the financial system, in the context of the coronavirus Covid-19 global outbreak ...
Upon the sanitary emergency triggered by COVID-19 and the consequential slowdown for commerce and the economy in general, it is likely that many companies will lack the liquidity to face payments for their creditors, suppliers, personnel, etc ...
Article 1 of Decree 466 states that the National Guarantee Fund S.A. (hereinafter "NGF") must comply with and accredit a solvency ratio, which is determined based on the technical assets that must have a direct relationship with the risk assumed in its capacity as guarantor ...
FDA Takes Action to Increase U.S. Supplies in Response to COVID-19. The FDA took action to increase U.S. supplies to support the U.S. response to COVID-19 by providing instructions to manufacturers importing personal protective equipment and other devices. The FDA is engaging the import trade community during this pandemic to facilitate the entry of needed products, including PPE, into the U.S ...
FDA Warns Consumers About Unauthorized Fraudulent COVID-19 Products.The FDA issued a Consumer Update advising consumers to be beware of fraudulent coronavirus tests, vaccines and treatments. The FDA has seen unauthorized fraudulent test kits for COVID-19 being sold online. Currently, the FDA has not authorized any test that is available to purchase for testing yourself at home for COVID-19 ...
Restaurateurs and their employees don’t need anything else to worry about these days. It is challenging enough to operate a restaurant in this time of quarantines, curbside and delivery-only options, and social distancing added to the attendant drops in revenue and worries about making sure employees are cared for. Maybe the absolute last thing any restaurant wants to focus on are food safety regulations such as the Food Safety Modernization Act (FSMA) ...
The FDA revised its guidance on postmarket adverse event reporting for medical products and dietary supplements during a pandemic to apply the guidance to the ongoing COVID-19 pandemic. The FDA acknowledges that companies, and the agency, itself, may be hit with workforce shortages during a pandemic at the same time that adverse event reporting for products deployed for the pandemic may increase ...
The FDA issued immediately-in-effect guidance to accelerate the development of certain laboratory tests for the urgent need caused by SARS-CoV-2. The FDA provides recommendations, among others, for serological tests, puts forth a policy for states to take responsibility for tests, and announces enforcement discretion for commercial manufacturers using new commercially developed tests prior to the FDA granting an emergency use authorization, under certain circumstances ...
To help prevent disruptions in the food supply-chain during the COVID-19 pandemic, the FDA issued a temporary policy for Food Safety Modernization Act (FSMA) supplier verification onsite audit requirements. The policy states that the FDA will temporarily not enforce FSMA supplier verification onsite audit requirements if other appropriate supplier verification methods are used instead ...
Seemingly overnight, flights and hotels emptied, and state and local governments began ordering restaurants, gyms, bars, and other “non-essential” businesses to close or to significantly curtail operations. Unemployment skyrocketed, and businesses began calling out for relief. In response, the government has proposed multiple initiatives to help stabilize businesses hit hard by current events, especially those in the hospitality industry, many of which are also franchises ...
The U.S. Small Business Administration (SBA) is an independent agency of the federal government established to provide assistance and protection in the interest of small businesses. Among its funding programs, the SBA Disaster Assistance program provides low interest loans to help businesses and homeowners to recover from declared disasters – usually for events such as hurricanes or floods ...
Co-authored by MV Credit Partners LLP As the world watches the spread of COVID-19 across all continents, global economies are reacting to the impact and trying to foresee eventualities to mitigate the inevitable loss. There are some industries that will undoubtedly be more effected than others, and as with any economic crisis this will have a knock-on effect ...
On March 22, 2020, several federal financial institution regulatory agencies and state banking regulators issued an interagency statement encouraging all financial institutions to work constructively with borrowers impacted by the ongoing Coronavirus Disease 2019 (“COVID-19”) ...
Will the need to seek state aid due to the COVID-19 pandemic encourage sports unions to implement good governance principles? According to press reports, work is underway at the Ministry of Sport on abill to aid the sports sector, including financial support, as sport is one of the sectors hardest hit by the COVID-19 pandemic. Cancellation of league matches, events and tournaments is causing heavy losses for all participants in the sector ...
As of Monday, March 23, Virginia Governor Northam announced all public K-12 schools will remain closed through the end of the school year and many – but not all – non-essential businesses will be required to close their doors. By the end of Tuesday (11:59 p.m. on March 24) some non-essential services, including all recreation and entertainment services, are to close ...
The COVID-19 pandemic has hit small businesses particularly hard. And, the Small Business Administration’s disaster loan program can offer many of those small businesses a lifeline. But, it can be daunting to know what relief is available (and for what purpose), who qualifies, and how to apply. This is what you need to know. The SBA has two types of disaster loan programs—one through banks and one directly from the SBA via the U.S. Treasury ...
On March 22, 2020, the Federal Reserve Board, the FDIC, the National Credit Union Administration, the Office of the Comptroller of Currency, the Consumer Financial Protection Bureau and state banking regulators (collectively, the “agencies”) published an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19 ...
