On June 4, the Consumer Financial Protection Bureau (CFPB) took steps to provide rules and guidance for the upcoming transition away from LIBOR for adjustable rate loans. The CFPB issued the following: A revised version of the CHARM booklet that is to be given to certain ARM loan mortgage loan applicants within three days of application ...
Issuers need to make transparent the effects of the COVID-19 pandemic on their companies. The International Organization of Securities Commissions (IOSCO) emphasized the importance and obligation of timely and transparent disclosure of “high-quality information” in a recent statement issued on May 29, 2020. It recalled the corresponding obligation for issuers to report on important matters and encourages companies to comply with their disclosure obligations ...
On March 28, 2020, the Act on Measures in Corporate, Cooperative, Association, Foundation, and Home Ownership Law to Combat the Effects of the COVID-19 Pandemic (COVID-19 Act) entered into effect. Among other things, the COVID-19 Act provides for substantial facilitations for stock corporations to hold general meetings. The most important innovation for use in practice is the possibility of holding general meetings entirely virtually, i.e ...
The technical guidelines described below are a follow up to the order establishing the strategy for the reopening and return to social, educational, and economic activities published on May 14, 2020, which was subsequently amended (the “Order”). Our alert on the Order and its amendment can be found here and here ...
Last year, United States Patent and Trademark Office (USPTO) Director Andrei Iancu noted that artificial intelligence (AI) has the potential to “fundamentally chang[e]” “the legal concepts of inventor or author.”[i] The USPTO recently had cause to consider this issue. On petition, the USPTO considered whether an applicant can name an AI program as an inventor on a patent application ...
The Circular 100-000010 of May 26, 2020 states the following deadlines: Deadlines for submission of financial statements at 31 December 2019 Last two digits of the NIT Maximum deadline for sending information in the year 2020 Last two digits of the NIT Maximum deadline for sending information in the year 2020 01-06 Wednesday 3, June 54- 59 Wednesday 17, June 07-12 Thursday 4, June
The state contribution for commercial rents to entrepreneurs with forcibly closed establishments is gaining more concrete outlines. If an entrepreneur negotiates a 30% discount on rent from his landlord, he will be able to apply for state support in the amount of 50% up to a ceiling of CZK 10 million for the period from April to June. However, the program has yet to be notified to the European Commission before it can be launched ...
Category B has been extended until the end of August 2020 and the government has approved a new form of support – Category C! Are you considering how to maintain employment of your employees and minimize economic losses? Take a look at what financial instruments the state has prepared for entrepreneurs whose employees have been affected, directly or indirectly, by government measures taken to combat coronavirus ...
Covid III is starting and you need to act fast! At its meeting on 18 May 2020, the Government approved by Resolution No. 553 the Covid III guarantee program for self-employed persons and companies employing up to 500 employees. Immediately afterwards, the websites of Českomoravská záruční a rozvojová banka, a.s. ("ČMZRB") published the conditions of the program ...
On 2 June 2020 an amendment to the Compensation Bonus Act was published in the collection of laws, thanks to which, in addition to self-employed persons, some shareholder/members in limited liability companies will also receive this support. Financial offices should commence paying out the bonus to shareholders on the basis of submitted applications no later than 3 June 2020, i.e. the date of effectiveness of the legislative amendment ...
On 19 May 2020, an Act On certain measures to mitigate the effects of the coronavirus epidemic known as SARS CoV-2 on cultural events (Act No 247/2020 Coll, the “Act” ), entered into force. Not only for the field of tourism, but also for the field of culture, the possibility of the organizer to issue a voucher for a cultural event instead of refunding the entrance ticket fee was introduced ...
This news is a compilation of all the credit lines that have been approved by Bancoldex in the last few weeks. Through Circular No ...
Since the start of the spread of COVID-19 in Canada, the federal and provincial governments have announced various programs and subsidies to help Canadian businesses survive in light of the challenges posed by necessary social distancing measures, as discussed in our previous blog post here ...
Bogota, Cali and Cartagena will maintain the isolation measures for a while longer.Find out here about the latest decisions incorporated by the mayors of Bogotá, Cali and Cartagena on the conditions under which they decide to extend all mandatory preventive isolation measures, Bogotá and Cali until June 15, 2020 and Cartagena for another month ...
Following the World Health Organization’s announcement of a public health emergency caused by COVID-19 and its declaration ofan international pandemic, the President of the Republic declared a state of emergency on 18 March and this lasted until 2 May. On 30April, theGovernment declared a situation of calamity and this was renewed on 15May and 29 May ...
Through the recently issued Paycheck Protection Program (PPP) Loan Forgiveness Application and Interim Final Rule on Loan Forgiveness, the Small Business Association (SBA) has once again demonstrated that the contours and requirements of the PPP program are constantly evolving. The SBA’s recent Interim Final Rule on SBA Loan Review Procedures provides some insights on how the SBA will enforce PPP qualification and forgiveness requirements ...
In the age of social distancing, it is about time the law is changed to allow wills to be executed electronically.Ingenious lawyers all over the Commonwealth are dreaming up rigmaroles for the signing of wills amid the pandemic. An English law firm has suggested that the will be signed at a park bench, with witnesses lurking nearby, ready to rotate around the document ...
On 26 May 2020, the Royal Government of Cambodia (“RGC”) issued a press release and rolled out round 4 of measures aimed at mitigating the impact of COVID-19 on the businesses and workers in Cambodia. These latest measures consist of a combination of new measures and extension of those measures already in place ...
As California continues to move through Stage 2 of its Resilience Roadmap, “Lower-risk workplaces,” where retail (curbside and delivery only), related logistics and manufacturing, office workplaces, limited personal services, outdoor museums, childcare, and essential businesses can now open with modifications ...
On Thursday, May 28, San Francisco Mayor London Breed announced a preliminary timetable for the reopening of San Francisco businesses, restaurants, and offices. The multi-phased plan, which can be found here (“Order”), is designed to comply with the timeline and guidelines previously announced by Governor Gavin Newsom ...
On 30 May 2020, the Abu Dhabi Media Office posted through Twitter that the Department of Government Support has eased restrictions on some activities and issued a set of guidelines for working from and visiting government entities in Abu Dhabi. The guidelines below come into effect from today, 1 June 2020, and are limited to individuals between the ages of 12 and 60 ...
We are in unprecedented times. The Covid-19 pandemic has swept the globe like a tsunami and it continues to wreak havoc on countries, people and economies. The effects of the pandemic are evident now. For example, the US unemployment rate is presently at 14.7%. In the peak of the financial crisis of 2008, the unemployment rate was 10% ...
The Amendments to the Agreement on Trade in Services of the Mainland and Hong Kong Closer Economic Partnership Arrangement (Amendment) which was signed on 21 November 2019 has come into force on 1 June 2020. Trade in Services is one of the four major areas covered by the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), under which Hong Kong service suppliers enjoy preferential treatment when entering certain service sectors in the Mainland ...
