Many banks and other financial services businesses and corporates have started preparing for life after the London Interbank Offered Rate (“LIBOR”). We are now less than two years away from the LIBOR and other Interbank Offered Rates (“IBORs”) being discontinued. Global banks are only required to submit LIBOR until the end of 2021. The proposal is to replace LIBOR and other IBORs with (nearly) risk-free rates (“RFR”) in certain major jurisdictions ...
Is the employer obligated to notify the Principal Inspector of Mines of known cases of COVID-19 in the workforce? In terms of section 11(5B) of the Mine Health and Safety Act, 1996 (the "MHSA"), the employer is required to notify the Principal Inspector of Mines of any occurrence at the mine that results in the illness of any person ...
In response to the rapid spread of the coronavirus (COVID-19), South Africa entered a lockdown period on 27 March 2020 and subject to any further directions from government, this period is due to last until midnight on 16 April 2020. During the lockdown period, employees performing an essential service are allowed to travel to and from work ...
The Emergency Regulations published under the National Disaster Management Act, 2002 to reduce the impact of the coronavirus (COVID-19) were understandably, under the circumstances, published in a hurry with a number of scenarios not being thought of and being left to interpretation. One of those is sectional title living ...
The Financial Sector Conduct Authority (“FSCA”) has been proactive in responding to the threats posed to the retirement funds industry by the infectious disease caused by the coronavirus (“COVID-19”) pandemic affecting South Africa. In recent days, the FSCA has made two noteworthy pronouncements for the retirement funds sector in an effort to mitigate potential exposures that the COVID-19 pandemic is likely to have on the retirement funds industry ...
Even such unusual circumstances as apandemic donot overthrow the general principle that contracts should be performed (pacta sunt servanda). But this does not mean that the current situation has no impact on the substance or performance of contractual obligations. Two main situations should be considered here: As aresult of the circumstances, performance of acontractual obligation has become impossible ...
In Poland, the National Appeal Chamber upholds the effectiveness of the rules guaranteeing transparent and non-discriminatory access to public procurement contracts within the EU. Member states are required to ensure contractors the consideration of review procedures concerning the award of public contracts, as is clear from the Remedies Directive. The task of the National Appeal Chamber (KIO) is to effectively and quickly eliminate infringements in public procurement cases ...
Public procurement is one of the biggest driving forces of the economy. Contract performance during the epidemic may be impeded, but ongoing public procurement proceedings should not be stopped just because people are currently working mainly at home ...
M&A deals are one of the tools for pursuing business. For some they are amethod for expanding their scale of operations or generating synergies, and for others allow them to exit investments or raise capital. Thus the turbulence now felt by businesses is impacting their activity in the M&A market. While refraining from evaluating the economic impacts of the current situation, we focus on analysing selected legal aspects ...
In recent weeks, the corona-related effects on the economy have led to hectic activities by the EU Commission, the federal government, and the German states to make State support services available at short notice and in a manner that is as unbureaucratic as possible. This article provides an overview of the measures taken at federal and state level and their legal framework ...
In view of the current and imminent economic challenges, many companies are asking to what extent cooperation and concerted practices with competitors are able to ensure the supply of goods, thus cushioning the threat of an economic downturn. While the antitrust authorities have been keeping quiet on this issue for some time, several official statements have now been issued which we would like to comment on briefly below ...
On March 27, 2020, the Federal Economic Competition Commission, Mexico’s antitrust regulatory agency, (“COFECE”, for its Spanish initials) issued a press release in relation to its stance in relation to the health emergency in Mexico ...
On March 27, 2020 the Mexican Health Ministry published in the Federal Official Gazette a Presidential Decree by means of which extraordinary measures are released to face COVID-19 in those regions that are being affected ...
As the pandemic situation caused by the COVID-19 virus advances in the world, the search for a vaccine will be a primary activity in which pharmaceutical scientists and laboratories will focus their efforts. This priority objective will not only have humanitarian and material effects, but also legal situations that shall be analyzed, since that invention could obtain legal protection under the figure of a patent ...
Much like the Spring tornadoes that tear through the Midwest each year leaving damage in their wake, COVID-19 is silently tearing through the entire United States leaving a wake of destruction that has and will continue to affect state and local governmental entities for months, if not years, to come ...
Perhaps, one of the facts which creates the highest expectations among those of us who manage the second or third defense line is risk materialization. That is to say, for a risk to become an event and generate some kind of impact. And from there on, the possibility of verifying the effectiveness of the controls designed, the residual risk and feeding back the matrix ...
UK law firm Shoosmiths has been mobilising its legal advisors and support staff to keep its clients up-to-date on the many potential impacts of the coronavirus outbreak. Its free, online COVID-19 hub is already packed with a wealth of information on topics that might have both short and long-term effects on business ...
The Illinois Department of Commerce and Economic Opportunity (the Department) and the City of Chicago (the City) are providing emergency assistance for Illinois small businesses. These grants and loans are separate from incentives and programs being offered by the U.S. Small Business Administration. Information about the programs and how to apply is set forth below ...
Q&A procedures before the Public Health Institute (ISP) May I file for sanitary registrations? Requests for sanitary registrations for pharmaceutical products, cosmetics and others regulated, as well as for their modifications, may be filed for through the GICONA portal, and official tariffs shall be paid only through electronic transfer of funds ...
In the context of the current sanitary alert, several bills of law have been filed with Congress, seeking to regulate certain aspects associated to states of emergency and sanitary crises in particular.To such ends, the bills that stand out are:I. Bill prohibiting and penalizing price increases in the face of epidemics or pandemics:On Tuesday 17 March 2020, a bill was filed with the Lower Chamber (Newsletter 13 ...
The COVID-19 pandemic is determining more and more businesses to “put the lock” on their offices. This means that a large number of employees all over the world have already been forced to set their homes as comfortable as possible to ensure an appropriate work environment ...
In the new economic reality, businesses that took out loans may be asking themselves many questions. Will existing loans still be paid out? Will an expiring credit line be extended? And will the state of epidemic justify not repaying debt already incurred? COVID-19 and the related restrictions introduced overnight by country after country have shifted businesses into anew reality. Among the challenges is ensuring the continuity of bank financing and the capacity to repay existing debt ...
