Banks play a key role in facilitating and providing liquidity for economic growth. During the global financial crisis in 2008, many foreign governments were forced to use large sums of taxpayer’s money to bail out troubled banks that were “too big to fail” ...
The Securities and Futures Commission (SFC) issued a circular on 17 April 2020 (Circular) to managers and market makers of SFC authorised exchange traded funds (ETFs) reminding them of their responsibility to manage ETFs in the best interests of investors. The circular was prompted by the suspension of market making activities by the sole market maker of an ETF due to the quarantining of some of its trading staff ...
National Commission of Agricultural Credit issues resolutions, by which the capacity of the FAG and the validity of guarantees are modified. The National Commission for Agricultural Credit issued Resolution No ...
Many believe the concept of litigation is antithetical to a sound bankruptcy practice. When I pitch "bankruptcy litigation" to corporate and litigation departments, eye rolls often abound. What do I know? What am I talking about? Why multiply expense with diminishing returns? I understand these common questions well. After all, bankruptcy lawyers, perhaps even more than some of our counterparts, tend to wax more practical in our advice ...
Resolution 849 of the Department of Cooperatives of the Ministry of Economy, Development and Tourism recently published, allows credit cooperatives under the supervision of the same, to refinance up to three installments in the payment of credits if they are delayed for terms of less than 30 days. since the publication of said resolution, on April 6, 2020. New credits or amendments may not be treated as such, for purposes of their rankings and provisions ...
The outbreak of the Coronavirus (COVID-19) pandemic and the incidental measures adopted by the Mauritian government represent serious potential impact for financial institutions in general. Below, we examine the recourses available to borrowers facing financial hardship as a result of the pandemic and its aftermath. We consider only credit facilities, that is, agreements by which financial institutions advance money to their clients for repayment either in instalments or at term ...
The EU Commission has implemented a Temporary Framework for State aid measures and provided the Member States with a toolbox of instruments to support their companies in the crisis. Germany has implemented some of these instruments. The following article takes a look at instruments that have been notified by other Member States and are also of interest to Germany ...
The Heidelberg Regional Court rejected an employee’s claim for access to information about the employer’s processing of his personal data insofar as this data is merely located in backup files of his email account. Restoring such data was said to represent disproportionate effort for the controller in this individual case (judgment of February 6, 2020 – 4 O 6/19) ...
As the need for consumer protections amidst the COVID-19 pandemic continues to grow, the Illinois Supreme Court is helping to provide those protections. In its latest move, the high court has ordered limits to freezes on personal bank accounts ...
As Nigeria joins the rest of the world in grappling with the COVID-19 pandemic (“the pandemic”), the Federal Government has declared a curfew in the Federal Capital Territory and two other major States as well as restricting interstate travel. Prior to this, several organizations had commenced remote working as precautionary measures against the spread of the virus ...
Presidential Directive No. 4 of 2020 (Directive) is the most recent measure taken in the DIFC to ensure proper management in the DIFC during COVID-19. The Directive, issued on 21 April 2020 with immediate effect, announced employment and workforce measures which shall stay in effect up to and including 31 July 2020 (referred to herein as COVID-19 emergency period). We will discuss in this inBrief employment measures included in the Directive ...
Given the impact of the COVID-19 pandemic, a large number of businesses are seeking some form of rent relief from their landlords. When negotiating a rent relief agreement, there is a balance to be struck between providing meaningful relief to a tenant so that its business has a better chance of long term survival, while still allowing the landlord to meet its ongoing obligations, which may include mortgage payments on the property, and other costs which it may not be able to defer ...
Introduction In light of cessation of routine judicial activities in recent times on account of the Covid-19 pandemic, the decision of the High Court at New Delhi on April 20, 2020 in Halliburton Offshore Services Limited vs. Vedanta Limited and Another comes as a welcome breather in an area otherwise seemingly parched for development of case law ...
The French State guarantee of 300 billion euros scheme to secure loans granted by banks to companies affected by the Coronavirus pandemic. This was set up by Amendment to the French budget law for 2020 dated 23 March 2020[1] (completed by two arretés dated 23 March 2020 and 17 April 2020 and modified by the second amendment to the budget law dated 25 April 2020[2]) is already a success ...
The U.S. Supreme Court creates a test for when discharges to groundwater trigger NPDES permitting requirement, but its failure to include a bright line will make it difficult to predict whether a particular situation meets that test ...
In light of the social distancing orders put in place in response to the COVID-19 pandemic, Governor Andrew Cuomo signed Executive Order 202.7 on March 19, 2020 which authorized notary publics to notarize documents remotely. The initial order was in effect through April 18, 2020; however, Executive Order 202 ...
Now is the time to prepare for when non-essential businesses will be allowed to re-open after the various state and local COVID-19 shutdown orders are lifted. We do not know when that date will be or how the orders will be lifted, but planning now can make that phase go smoother for building owners and managers as well as tenants in those buildings. One thing we can be certain of is that the use and operation of buildings will not be “back to normal” for a while ...
The UK’s highest court recently ruled that Morrisons, a supermarket group, was not vicariously liable for the criminal act of an employee with a grudge who leaked the payroll data of about 100 000 members of staff. Many companies sighed in relief on hearing that the Supreme Court of Appeal did not hold Morrisons vicariously liable ...
Since the coronavirus pandemic began, the volume of counterfeit goods produced by Chinese manufacturers appears to be on the rise again. While counterfeit goods have been a challenge that online retailers have been fighting for years, the risk has become greater in the COVID-19 era when more consumers are turning to online shopping. Counterfeit goods result in lost revenue and reputational harm to retailers ...
The Slovak Parliament passed on 22 April 2020 the bill amending Act No. 62/2020 Coll. on certain emergency measures in relation to the spread of dangerous contagious human disease COVID-19 and in the justice, and amendments to certain laws (the “Lex Corona”). The bill of Lex Corona, among others, provides for special rules on deferral of attachments (executions) over properties of natural persons if financially affected by spread of coronavirus ...
World: The COVID-19 pandemic has prompted all destinations worldwide to introduce restrictions on travel, research by the World Tourism Organization (UNWTO) has found. This represents the most severe restriction on international travel in history and no country has so far lifted restrictions introduced in response to the crisis. Following up on previous research, the latest data from the United Nations specialised agency for tourism shows that 100% of destinations now have restrictions in place ...
