The USCIS on Friday, May 15, sent a request to Congress for $1.2 billion in emergency funding, proposing to pay it back with a 10% surcharge on application filing fees. The immigration service is entirely funded by these filing fees and has seen a significant drop in applications due to the coronavirus pandemic. It said in the statement it expects a 61% drop in revenue through the end of the fiscal year ...
In a unanimous opinion authored by Justice Sotomayor, the U.S. Supreme Court declined to redefine preclusion, reversing the Second Circuit’s decision in trademark dispute Lucky Brand Dungarees Inc. v. Marcel Fashion Group Inc. The Second Circuit’s opinion had attempted to expand res judicata beyond the well-recognized issue preclusion and claim preclusion, creating a new category it called “defense preclusion ...
With the recent significant decline in commodity prices, and physical transportation and storage curtailments, due in large part to reduced demand related to the COVID-19 pandemic, producers are evaluating many of their producing oil and gas wells to determine whether some level of reduced production is appropriate ...
Within the context of the COVID-19 pandemic, the National Center for Energy Control (“CENACE”) notified users of the Market Information System of its “Order to guarantee the efficiency, quality, reliability, continuity and security of the National Electric System, motivated by the recognition of the epidemic of the illness caused by the SARS-CoV2 virus (COVID-19),” (the “Order”), via the Public Area of the Market Information System of its official web
On Monday, 4 May 2020, the government submitted an amendment to the Compensation Bonus Act to the Chamber of Deputies. The amendment should support, in addition to self-employed individuals (sole proprietors), certain shareholders in limited liability companies. This article provides details on the requirements, forms of application, and the amount of compensation ...
A new BIG GUARANTEE SCHEME was introduced in Slovakia in a form of (i) guarantees for bank loansand (ii) remissions of guarantee premiums as per new Temporary Framework for State aid recently adopted by the European Commission to support the economy in COVID-19 outbreak and via adoption of an amendment (the “Amendment”) to Act No. 67/2020 Coll ...
On 28 April 2020, the Competition Commission entered into a Memorandum of Understanding (MoU) with the Securities and Futures Commission (SFC) to enhance their cooperation and exchange of information, so as to allow each regulator to perform their respective functions more effectively. This is the second MoU entered into by the Competition Commission with a Hong Kong regulator[1], and is the first MoU the Competition Commission entered into with a financial regulator ...
With much fanfare, the Department of Justice (DOJ) has rolled out a series of headlines detailing its enforcement efforts in the wake of COVID-19. At the end of March, the government announced a kickback case against a marketer who allegedly steered patients towards COVID-19 and genetic cancer testing ...
Join our Bankruptcy and Creditors’ Rights team and special guests Karlene Archer from Karlene Archer Law and Andrea Cobery, Vice President and Assistant General Counsel at U.S. Bank, for a discussion of bankruptcy servicing best practices in the time of the coronavirus. We will offer legal insights and practical guidance related to providing notice of forbearance plans in bankruptcy courts ...
All banks rely upon their critical vendors, including law firms that handle sensitive, complicated, and high-risk matters. And yet vendor oversight of law firms has been awkward for all parties involved – fitting square pegs into round holes. We believe opportunities exist to ameliorate this awkwardness and enhance law firm oversight ...
If there is anything to be learned from the FAA’s distribution of the $10 billion in funds allocated to airports in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, it is that allocating billions of dollars in just a few weeks is more difficult than it sounds. On March 27, 2020, the CARES Act was signed into law as Public Law No. 116-136 ...
On April 27, the Cyberspace Administration of China ("CAC") and 11 other departments jointly announced the promulgation of the Measures for Cybersecurity Review (the "Measures"), which will come into effect on June 1, 2020 and replace the current Measures for Security Review of Network Products and Services (for Trial Implementation) (the "Trial Measures") ...
On May 13, 2020, the Small Business Administration ("SBA") issued FAQ # 46 dealing with its plan to review certain PPP loans (in response to COVID-19) to determine if the “necessity” certification was made in good faith by the borrower at the time of application ...
On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act, among other things, aims to provide relief to tenants and borrowers who participate in HUD’s housing programs. This alert highlights those provisions that address such multifamily housing ...
On May 13, 2020, the Small Business Administration (“SBA”) issued an update to the Frequently Asked Questions document (“FAQs”) relating to its Paycheck Protection Program (“PPP”), originally published on April 2, 2020 and updated regularly thereafter, providing additional guidance on the PPP Certification of Necessity Safe Harbor ...
Whilst crypto-assets are customarily associated with high volatility, a low-volatility crypto-asset, the so-called “stablecoin”, has emerged recently. Stablecoin initiatives typically aim to create a store of value backing the crypto-asset and means of exchange. In view of the increasing discussion of such initiatives, in particular with global technology firms contemplating the issuance of their own stablecoin (e ...
In their attempt to reduce the spread of the new coronavirus pandemic of COVID-19 caused by the SARS-CoV-2 virus, governments throughout the European Union have imposed unparalleled measures with a strong impact on travel and economic activity. As the rate of new coronavirus infections started dropping across the European Union, governments and EU officials are looking for lockdown exit strategies and methods for boosting the currently stagnant economy ...
It is a common concern among commentators on international relations that the COVID-19 pandemic will lead to deglobalisation. Indeed, the havoc wrought by the pandemic in the global economy raises some unsettling questions about the fragility of global supply chains, especially in critical industries, and about the interdependency of national economies. It is nudging sentiment towards reshoring, promoting domestic production and protectionism ...
On May 11, 2020, the Peruvian Government enacted Legislative Decree No. 1510 (“Legislative Decree”) which delays the entry into force of the new prior merger control regime approved by Urgent Decree Nº 013-2019 (“Urgent Decree”) until March 1, 2021 and the approval of the Urgent Decree’s regulations, originally expected by May, 2020, until November, 2020 ...
Today, May 10, Legislative Decree No. 1486 that establishes new provisions, and modifies and/or expands various regulations for the effective execution of investments by public entities has been published ...
Slovak Investment Holding, a.s. (“SIH”) has launched the SIH Anti-Corona Guarantee as a new financial instrument employing European Structural and Investment Funds to help small and medium-sized enterprises (the “SMEs“) in Slovakia to overcome the financial difficulties and liquidity problems caused by the COVID-19 crisis and to help preserve employment and retain jobs ...
Given the state of emergency declared by the Panamanian Government as a result of the COVID 19 pandemic, the stay at home orders issued by the health authorities and the social distancing that is essential to control the outbreak, the technological tools available for companies to operate remotely are vital ...
