A state of emergency was declared in Portugal by Decree of the President of the Republic 14-A/2020 of 18 March and this was renewed by Decree of the President of the Republic 20-A/2020 of 17 April. Following this declaration, exceptional and temporary measures have been adopted in relation to the COVID-19 pandemic ...
On 5 March, the CMVM published Regulation 2/2020 on the Prevention of Money Laundering and Terrorist Financing, to provide the regulations under Law 83/2017 of 18 August. The CMVM did this as the sector regulator responsible for supervising financial entities including investment companies, investment fund management companies, venturecapital companies, and securitisation companies ...
Panama, May 4, 2020. The Superintendence of the Securities Market (the “SMV”) has implemented measures that allow its regulated entities to continue with their financial activities that, in accordance to the Executive Decree No° 507 of 24 March 2020, are exempted from the measures adopted by the Executive Branch for the COVID-19 pandemic. Remote Working In accordance to General Resolution SMV No ...
Superintendence of the Securities Market The Superintendence of the Securities Market (the “SMV”) has established the following measures for working hours and presentation and process of filings before such entity as part of the governmental effort to avoid the spread of COVID-19:[1] Maintain the special working hours of the SMV from 8:00 a.m. to 12:00 p.m. until there is a new announcement by the SMV ...
The Paycheck Protection Program (“PPP”) is intended to provide nearly $700 billion of economic relief to small businesses adversely affected by COVID-19 ...
On April 9, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced the establishment of the Main Street Lending Program (“Main Street Loan Program”), an up to $600 billion lending program for mid-size businesses ...
The Director of the U.S. Patent and Trademark Office on April 28, 2020 signed a Notice of Extended Waiver for certain deadlines associated with patent-related filings, if the missed deadline resulted from situations relating to COVID-19. Due dates between March 27 and May 31, 2020 are extended until June 1, 2020 ...
In a typical bankruptcy filing, a debtor seeks the benefit of two concepts. First, the debtor seeks the breathing room afforded that debtor by the automatic stay. Second, the debtor seeks to discharge all debt obligations adjudicated in the bankruptcy case. Absent these protections, a bankruptcy filing serves little purpose. As a result, a creditor or trustee who can attack the debtor's entitlement to a discharge threatens the heart of any filing ...
The Director of the U.S. Patent and Trademark Office on April 28, 2020 signed a Notice of Extended Waiver for certain deadlines associated with trademark-related filings, if the missed deadline resulted from situations relating to COVID-19. Due dates between March 27 and May 31, 2020 are extended until June 1, 2020 ...
On April 21, 2020, the IRS released a much-awaited package of guidance in the cross-border tax space that provides relief to those impacted by the COVID-19 pandemic. The guidance relates to (1) day-counting for both tax residency purposes and certain treaty positions, (2) the ability of taxpayers to claim the foreign-earned income exclusion, and (3) carrying on a U.S. trade or business ...
Governor Wolf has selected 24 counties for movement from the red phase to the yellow phase of the reopening plan. Once a business is permitted to open in-person operations, they must comply with certain requirements that are set forth in a guidance document available here. The Guidance references certain orders and documents issued by the PA Department of Health, PA Department of State and Governor's Office ...
On April 30, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-32, 2020-21 I.R.B. 1, providing guidance on the deductibility of certain expenses incurred pursuant to the Paycheck Protection Program (“PPP”) of the Coronavirus Aid, Relief and Economic Security Act, Pub. L. No. 116-135 (“CARES Act”) ...
Fiscal Support Schemes Full suspension of operations Companies the operations of which were mandatorily suspended, pursuant to the pertinent Decisions of the Council of Ministers and decrees of the Minister of Health, includinginter aliashopping centres, department stores, cafes, coffeehouses, bars and all catering businesses (excluding delivery services), entertainment venues, cinemas, theatres, performance venues, libraries, museums, archaeological and historical sites, bookies, cas
The Commission has for some time now been focusing on acquisitions of EU companies active in critical industries, especially those that are State-owned, by non-EU companies. In order to control them, it has adopted a foreign direct investment (“FDI”) screening coordination mechanism by virtue of Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 (“FDI Screening Regulation”) ...
The National Immigration Authority and the Ministry of Labor extend the measures taken as a result of the State of Emergency due to the COVID-19 pandemic. Residence permits are extended up to May 15th. This extension is in force since March 13th. Reference is made to all permits and tourist stays that expire within the aforementioned period and will not give rise to fines due to expiration ...
A DMCC licensed company holding a valid service license (with one or more of the Eligible Service Activities (identified below)) can apply to the DMCC for a no objection certificate (NOC) to operate/conduct business onshore (i.e. in mainland Dubai outside of the boundaries of the DMCC free zone). The NOC, in itself, is not sufficient to operate onshore. The applicant company will also be required to obtain a permit from the local licensing authority (i.e ...
COVID-19 hit worldwide tourism at unprecedented level ...
On April 30, 2020, the CLPTO announced the temporary application of new measures issued in relation to deadlines, procedures and legal requirements in administrative and contentious processes, with the aim of facilitating the compliance of legal obligations by applicants and users. Previously, the CLPTO had granted ex officio, through the Exempt Resolution No ...
On May 29, 2020, the “Act to Mitigate the Consequences of the COVID-19 Pandemic in Competition Law” entered into force. It includes provisions for a one-off extension of the examination periods of the Federal Cartel Office in the context of merger control. This applies exclusively to the examination periods for merger control notifications received by the Federal Cartel Office between March 1 and May 31, 2020 ...
The COVID-19 pandemic distinctly reminds us that during their term, contracts may be exposed to influences beyond the parties’ control, which may unforeseeably complicate their performance or make it impossible. Examples include civil wars, natural disasters, terrorist attacks, or pirate attacks on cargo ships ...
As a result of the COVID-19 pandemic, pension regulators across Canada have been announcing special measures to help protect the interests of pension plan members, assist pension plan administrators and ensure the ongoing financial health of pension plans, particularly given the negative impact that current financial market conditions have had on the funded status of pension plans. This bulletin summarizes the measures that have been announced to date ...
Covid-19 is upending capitalism as we know it. Amid the pandemic, how can businesses rewrite their rule books so as to emerge stronger? Americans have allegedly outbid the French for masks “right on the tarmac” just as the goods were to be flown off to their destination. From Amazon to Rakuten to Carousell, traders exploited fears by price-gouging on masks and hand sanitisers ...
Our updates about “The REAL Trending Litigation Topics Regarding COVID-19” are now called Unprecedented to reflect the development and adaption of legal theories to address the unprecedented impact from COVID-19. Although the name is new, Unprecedented will continue to bring you the most up-to-date trends in COVID-19 litigation each week. With the first full month of government-imposed shutdowns behind them, some parts of the country are starting to gradually reopen ...
