On April 9, 2020, the Commission for the Financial Market ("CFM") issued Directive Nr. 1146 which, according to the situation associated with the outbreak of Covid-19 and the State of Constitutional Disaster Emergency, resolved the following: I. Establishing by 2020 the following deadlines for the submission of reports on the following regulations: General Rule Nr ...
Introduction The Italian Government has adopted Law Decree no. 23 of 8 April 20201 (the "Liquidity Decree"), which provides for additional measures to support companies in the current COVID-19 emergency ...
On 11 March 2020, the World Health Organization declared a public health emergency of international concern (PHEIC) following the spread of SARS-CoV2 (Coronavirus) and the disease it causes, Covid-19.A state of emergency was declared in Portugal by Decree of the President of the Republic 14- A/2020 of 18 March and was renewed by Decree of the President of the Republic 17-A/2020 of 2 April ...
OSHA requires that covered employers record certain work-related injuries and illnesses on their OSHA 300 log. Under OSHA’s recordkeeping requirements, COVID-19 is a recordable illness, and employers are responsible for recording cases of COVID-19, if all of the following are met: The case is a confirmed case of COVID-19; The case is work-related, as defined by 29 CFR 1904.5; and The case involves one or more of the general recording criteria set forth in 29 CFR 1904 ...
1. Force Majeure - Meaning. The term ‘force majeure’ translates literally from French assuperior force. It is also generally defined in the Merriam Webster dictionary as ‘an event or effect that cannot be reasonably anticipated or controlled’ ...
Following the announcement of economic measures aimed towards responding to the COVID-19 outbreak, the Serbian Government issued two regulations on 10 April 2020 that determine the conditions and criteria for compliance of the state aid (i) for remedying the negative effects caused byCOVID-19 and (ii) for remedying a serious disturbance in the economy caused byCOVID-19, whereas both regulations will be valid until 1 July 2021 ...
On April 9, 2020, the Federal Reserve announced that it was taking additional actions to provide up to $2.3 trillion in loans to support the U.S. economy ...
Across the country, construction projects of every nature are impacted by the COVID-19 pandemic. The situation and governmental response to the pandemic continue to evolve, and owners must keep abreast of these changes to ensure they manage their construction projects appropriately. There are a litany of issues, legal and practical, that owners need to assess when deciding how to manage ongoing projects and those in the pipeline ...
In passing the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES), Congress provided much-needed relief to project owners by making it easier to modify construction loans. Under the Act, an owner may qualify for a forbearance arrangement, an interest rate modification, or a repayment plan, among other options, and the modification does not adversely impact the credit of the borrower ...
The IRS continues to provide clarity regarding application of the various Coronavirus Aid, Relief, and Economic Security ("CARES Act") modifications to the Internal Revenue Code (the "Code") (see prior coverage here). In addition to recent guidance regarding bonus depreciation, the IRS on April 9 released Rev. Proc. 2020-24 and Notice 2020-26, both of which address CARES Act amendments applicable to net operating losses ("NOLs") ...
TOP STORY: Coronavirus (COVID-19) In recognition of the unique hardships presented by Novel Coronavirus/COVID-19, the SEC has issued a variety of relief orders across the securities industries. Many of these have come in the form of deadline exemptions or extensions. Our newsletter is focused on providing updates and information primarily concerning the investment advisory business ...
The Financial Services Authority (Otoritas Jasa Keuangan/“OJK”) recently issued OJK Regulation Number 12/POJK.03/2020 of 2020 on the Consolidation of Commercial Banks (“OJK Reg 12/2020”). This new regulation aims for strengthening the structure, resilience, and competitiveness of the national banking industry to support national economic stability and growth through the strengthening of bank capital and the consolidation of banks in Indonesia ...
Background On 15 February 2019, a petition for a judicial review was submitted by two individuals (“Petitioners”), claiming that their constitutional rights had been violated by Article 15 (2) and Article 15 (3) of Law No. 42 of 1999 on Fiduciary Security (“Fiduciary Security Law”) ...
The Government of Serbia adoptedthe Regulation on Fiscal Benefits and Direct Aid to Private Sector Entities and Financial Aid to Citizens to Mitigate the Economic Impact ofCOVID-19 (“Regulation”) on 10 April 2020, ten days after the announcement of the proposalof the Program of economic measures aimedat reducing the negative effects caused by the COVID-19 pandemic. The Regulation provides tax benefits and direct payments to private sector companies ...
The health crisis caused by COVID-19 (better known as “Coronavirus”) has had a significant impact on both global and local trade. In our country, the first case, which was confirmed on March 9, triggered the implementation of significant sanitary measures that led to the necessary temporary closure of multiple enterprises, as well as limited the movement of the population, and restricted commercial [1] and governmental [2] activity ...
Does the Covid-19 pandemic (or actions taken to counter the spread of Covid-19) constitute a Force Majeure in a refit/ repair contract? Is there any implied right of relief for the contractor or the owner? Under English law, unlike civil law systems, a force majeure is neither defined nor automatically applicable to commercial contracts ...
Does the COVID-19 pandemic (or actions taken to counter the spread of COVID-19) constitute Force Majeure and is there any implied remedy (e.g. implied force majeure relief) arising as a result of the COVID-19 pandemic? Under English law, unlike civil law systems, force majeure is neither defined nor automatically applicable to commercial contracts ...
In their March 3, 2020 Law 360 article, our colleagues, Rob Patterson and Shu-Shu Wong, commented on the trend of certain buyers evaluating the feasibility of invoking force majeure as an excuse for not performing their purchase obligations under their liquefied natural gas long-term sale and purchase agreements (LNG SPAs) due to the COVID-19 outbreak ...
On April 9, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced the establishment of the Main Street Business Lending Program (“Main Street Loan Program”), an up to $600 billion lending program for mid-size businesses ...
