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 ...
On May 13, 2020, the Department of the Treasury and the Internal Revenue Service (“IRS”) issued final regulations under Section 385 of the Internal Revenue Code (“Code”), T.D. 9897 (“Final Regulations”), which address the classification of certain related party debt as stock or equity for U.S. Federal income tax purposes ...
On March 31, 2020, the Treasury Department and Small Business Administration (“SBA”) released initial guidance and a sample application form for the Paycheck Protection Program (“PPP”), the small business loan program established pursuant to theCoronavirus Aid, Relief, and Economic Security (“CARES”) Act signed by President Trump on March 27, 2020 ...
On January 6, 2022, the U.S. Department of the Treasury issued a final rule on the use of Coronavirus State & Local Fiscal Recovery Funds (SLFRF) provided to state, local, and tribal governments pursuant to the American Rescue Plan (ARP). While the final rule largely includes the eligible uses of SLFRF funds described in the interim rule issued in May of 2021, the Treasury expanded and provided more detail on eligible uses ...
On January 6, 2022, the U.S. Department of the Treasury issued a final rule on the use of Coronavirus State & Local Fiscal Recovery Funds (SLFRF) provided to state, local, and tribal governments pursuant to the American Rescue Plan (ARP). While the final rule largely includes the eligible uses of SLFRF funds described in the interim rule issued in May of 2021, the Treasury expanded and provided more detail on eligible uses ...
On April 2, 2020, the U.S. Department of the Treasury issued afinal borrower applicationand provided lenders with therequired datathe federal government will collect electronically to guarantee the loans. The lender application form requires the lender to certify they have gathered the requisite information from the applicant, as outlined in the updated borrower application form ...
On January 17, 2013, the Treasury Department ("Treasury") and the Internal Revenue Service ("IRS") issued final regulations with respect to the Foreign Account Tax Compliance Act ("FATCA"). The legislation applies to payments to foreign financial institutions ("FFIs") and nonfinancial foreign entities ("NFFEs"). In general, FATCA requires certain persons making payments to FFIs and NFFEs to withhold 30 percent of any payment (a "Withholdable Payment") consisting of either (1) U.S ...
On March 30, 2020, the Department of the Treasury published guidelines and procedures for passenger and cargo air carriers (together, “Air Carriers”) seeking relief under the recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act ...
In perhaps the last major legislative action under this presidential administration, on New Year’s Day 2021, Congress passed—over President Trump’s veto—what could be the most significant anti-money laundering (AML) statute since the Patriot Act of 2001, as part of the annual National Defense Appropriations Act (NDAA) ...
Yesterday, Shoosmiths hosted an event by The Fashion Network titled ‘Trend Forecasting & Analysis Masterclass: For Fashion & FMCG Retail Business’. During this event we heard from fashion industry leaders on how the landscape of retail and marketing is ever evolving, influenced by a myriad of factors ranging from consumer behaviour to emerging technologies ...
In On Tower UK Limited v British Telecommunications Plc [2024] UKUT 51 LC, the Upper Tribunal (Lands Chamber) was asked to address key aspects of the Electronic Communications Code ...
It is the time of year for a good scare– but not all a welcome treat! The U.S. Department ofHealth and Human Services(HHS)published a cyber-threat advisory that comes as no great surprise to healthcare providers. As all healthcare providers are focused on continuing to provide excellent care during this COVID-19 pandemic, it is unfortunate that cyber-criminals see this as an opportunity for healthcare targeted ransomware attacks ...
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Definitions: "LCF Law" means The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. "Notice" means the Guernsey Financial Services Commission's Notice with respect to the disapplication of the requirement to hold a licence under section 40 of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 ...
The South African banking and finance landscape is continually evolving, driven by changing regulations as well as emerging trends. Recent amendments to the Financial Intelligence Centre Act, 2001 (“FICA”) have brought about new obligations that trustees operating within the sector must be aware of ...
In fact, the impact of the pandemic on private clients has been the opposite: many have experienced increases in their personal wealth that have been nothing short of startling. According to the Global Wealth Report published by Credit Suisse in June 2021, more than five million people became millionaires across the world in 2020 despite economic damage from the Covid-19 pandemic ...
Australia's Federal Court finds in favour of Nine newspapers against Ben Roberts-Smith. The judgement is a win for investigative journalism and the public’s right to know. Defence was lead by Peter Bartlett, MinterEllison. Nine newspapers’ victory in the Ben Roberts Smith vs Nine defamation case strengthens a core principle of journalism, and key tenant of democracy, which is the public’s right to know ...
The Federal Alcohol and Tobacco Tax and Trade Bureau, fondly known as TTB, issued final rules that contain a few game-changers for the alcoholic beverage manufacturing industry. We are particularly fond of the greater flexibility offered to distilleries. Distilleries can now count the years bourbon or whisky are aged in used barrels. Previously, a whisky or bourbon could only list the number of years aged in new oak barrels ...
As a British Overseas Territory with no direct taxes, the Turks and Caicos Islands (TCI) has been an attractive domicile for trust establishment by high-net-worth individuals and their advisers for many years. However, in the recent past, with the Government’s focus firmly on developing TCI’s enormously successful luxury tourism industry, the updating of TCI’s non-regulatory legislation in the field of financial services had been a little neglected ...
A recent posting on a popular intellectual property (IP) blog raised an issue that’s becoming increasingly important in the couch-potato / global- village world we now live in: what, if any, legal protection does a TV format enjoy? In South Africa we often watch local versions of foreign TV programs, be they ‘reality’ shows like Big Brother or Come Dine WithMe, ‘talent’ shows like Idols or Masterchef,or game shows like The Weakest L
Companies Companies are incorporated under the provisions of the Companies (Guernsey) Law, 2008 (the “Companies Law”). All companies formed under the Companies Law have a separate legal personality. They are therefore capable of suing, and being sued, in their own names. A board of directors controls the company; however, the investment management function will often be delegated to a management company ...
