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New Rules on Temporary Unemployment as of 1 September 2020: Start Making Preparations Now
ALTIUS/Tiberghien, August 2020

From 1 September 2020, new rules on temporary unemployment will enter into force.  Companies and sectors that are substantially impacted by the Covid-19 crisis can continue to apply the current and simplified ‘Covid-19 force majeure’ temporary unemployment regime until 31 December 2020. The list of in-scope sectors is yet to be determined by the Minister of Work...

Buchalter COVID-19 Client Alert: Court Decision Expands Families First Coronavirus Response Act Coverage
Buchalter, August 2020

A recent New York federal court decision has called into question whether businesses may safely rely on Department of Labor guidance regarding the recently passed Families First Coronavirus Response Act (FFCRA). The FFCRA provides employees of businesses with fewer than 500 employees with two temporary forms of paid leave—Emergency Paid Sick Leave and Emergency Family and Medical Leave...

EU Recovery Prospectus - Planned Facilitation of the Equity Issuance through an Abridged Securities Prospectus
Heuking Kühn Lüer Wojtek, August 2020

In order to tackle the effects of the Corona crisis, it is planned at EU level to temporarily facilitate the raising of equity capital for companies. This will enable certain issuers to publish a shortened prospectus with only 30 pages instead of a full prospectus to issue shares. Through this, issuers will have the option to issue shares at short notice, without bureaucracy and inexpensively, thereby improving the debt-to-equity ratio in their balance sheets...

State Legislative Procedural Updates as a Result of COVID-19 Pandemic
Dinsmore & Shohl LLP, August 2020

In addition to its devastating effects on the global population, the COVID-19 pandemic has fundamentally altered operations in both the public and private sectors. Before elected officials could consider pandemic-related legislation aimed at assisting their constituents, state legislatures faced the difficult task of carrying out their legislative functions while ensuring the health and safety of members, staff, and the public...

Are Parts of Paid COVID-19 Leave Regulations in Jeopardy? Federal Court Rejects Parts DOL’s FFCRA Regulations, Employers Brace for Possible Fallout
Dykema, August 2020

On Monday, August 3, 2020, a New York federal judge issued a decision invalidating portions of the DOL’s regulations implementing the Families First Coronavirus Relief Act (“FFCRA”). The decision’s impact changes the legal landscape employers confront as they strive to comply with the FFCRA—a landscape that is unstable as the DOL and the courts sort out the legality of the disputed regulations...

Updated Guideline on Minimum Criteria for Authorisation under the Banking Ordinance (the “Guideline”) Issued by the Hong Kong Monetary Authority (“MA”)
Deacons, August 2020

On 10 July 2020, the MA issued an updated Guideline, superseding the 2018 version. The Guideline provides guidance in relation to the Banking Ordinance’s minimum criteria for obtaining a banking or deposit taking license. Several technical changes have been made following recent changes to the supervisory regime...

Bangko Sentral ng Pilipinas Payment System Oversight Framework
SyCip Salazar Hernandez & Gatmaitan, August 2020

The Bangko Sentral ng Pilipinas (BSP, the Central Bank of the Philippines) issued on July 7, 2020, Circular No. 1089, which sets out the Payment System Oversight Framework (Oversight Framework). This is in line with the BSP’s mandate under Republic Act No. 11127 (National Payment Systems Act) to ensure a safe, efficient, and reliable national payment system through an effective regulatory and governance framework...

Non-US Financial Institutions may Address Risks of Secondary Sanctions in Contracts
Deacons, August 2020

In the recent English case of Lamesa Investments v Cynergy Bank [2020] EWCA Civ 821, the Court of Appeal (“CA”) affirmed the High Court (“HC”)’s ruling that non-US financial institution borrower Cynergy’s (a) refusal to pay Lamesa did not constitute a default where the ultimate beneficial owner of Lamesa remained a blocked person under US sanctions law based on a clause in the facility agreement that Cynergy would not be at fault if a sum was not paid

Federal Court in New York Takes Issue with Some Sections of the Rule Implementing the FFCRA: What Does It Mean for You?
Spilman Thomas & Battle, PLLC, August 2020

In response to a lawsuit filed by the State of New York, a judge in the Southern District of New York considered and invalidated parts of the Department of Labor's (“DOL”) Final Rule implementing the Families First Coronavirus Relief Act (“FFCRA”). The ruling, while currently only applying to employers in the Southern District of New York (i.e., New York City), could be instructive on how other courts consider the same provisions...

London Inter-Bank Offered Rate (LIBOR) Reform
Deacons, August 2020

(a) ARRC’s best practice for completing LIBOR transition In May 2020, the Alternative Reference Rates Committee (ARRC), the industry group formed in 2014 to lead the LIBOR transition in the United States, published a set of recommended best practices (“Best Practices”) to help market participants to prepare for the discontinuation of LIBOR by the end of 2021...

The Pros and Cons of the Small Business Reorganization Act of 2019
Bradley Arant Boult Cummings LLP, August 2020

Effective February 19, 2020, Congress enacted new bankruptcy legislation granting debtors the option to elect a new subchapter V of chapter 11 of the bankruptcy code (Subchapter V). This was made possible by the bipartisan legislation known as the Small Business Reorganization Act of 2019 (SBRA). 1 Small Business Reorganization Act (SBRA) of 2019, Pub. L. No. 11654, 133 Stat. 1079. Unless otherwise stated, all statutory references are to the Bankruptcy Code, 11 U.S.C...

The Mainland Proposed Financial Support Measures for the Development of the Greater Bay Area
Deacons, August 2020

Four mainland financial and monetary authorities, including the People’s Bank of China, proposed measures from five perspectives to support construction of the Greater Bay Area (“GBA”) in the Opinions on Financial Support for the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area (the “Opinions”). The measures mentioned in the Opinions are summarised below with a focus on the banking sector...

Feasibility of Organizing a Startup as Limited Liability Entrepreneurship Company
Morgan & Morgan, August 2020

On July 22, 2020, the National Assembly approved, after a third debate, Draft Law No. 83 (the “Draft Law”), which regulates limited liability entrepreneurship companies (the “LLECs”) in Panama, and is now awaiting the signature (or veto) of the President of the Republic...

A 2020 Pennsylvania Legislative Update
Spilman Thomas & Battle, PLLC, August 2020

When the 2019-2020 legislative session began, no one could have predicted what challenges Pennsylvania and the General Assembly would encounter with the outbreak of COVID-19. The rules changed to permit remote voting, and the plan for the session shifted to a focus on the response to COVID-19. The 12-month budget was replaced with a five-month budget to allow additional time to assess the financial damage...

Superintendence of Non-Financial Regulated Persons Issues New Regulations in Relation to Attorneys and Accountants
Morgan & Morgan, August 2020

Panama, 24 July 2020. By means of Rule JD-01-2020, published in the Official Gazette No. 29076 of 24 July 2020, the Superintendence of Non-Financial Regulated Persons (SNFR) has established a set of rules and obligations imposed to attorneys and accountants whenever they incur in any of the regulated activities under Law 23 of 2015, which relates to prevention of money laundering, financing of arms of mass destruction and financing of terrorism...

COVID-19 Outbreak and the Hong Kong Construction Industry
Deacons, August 2020

On 27 July 2020, the Centre for Health Protection reported a large-scale outbreak cluster on a construction site at the Peak with 13 workers of Kin Shing (Leung’s) General Contractors Limited being infected with COVID-19. Over 100 people work in the same construction site on a daily basis...

Supreme Court Rules Referendum Process Cannot Be Used to Challenge Water Rates
Hanson Bridgett LLP, August 2020

Key Points Adoption of Water Rates not subject to challenge by referendum; challenges are limited to those provided for by Proposition 218. California Supreme Court overrules Court of Appeal decision that found that water rates are not a "tax" under Article II, Section 9. Supreme Court disagrees, finding municipal water rates fall within the broad understanding of the term "tax," and referendum cannot be used to disrupt essential government services...

How Parties Structure their Relationship may Affect Tortious Liability
Deacons, August 2020

In John Innes Foundation and Others v. Vertiv Infrastructure Limited [2020] EWHC 19 (TCC), England’s Technology and Construction Court had to decide whether a sub-contractor to a managing agent maintaining standby power equipment was liable to the owners of premises for failure to make site visits and therefore identify that batteries (said to have caused a fire on the premises) needed replacing...

Buchalter COVID-19 Client Alert: Main Street Lending Program: Federal Reserve Posts Amended Transaction Documents and Frequently Asked Questions
Buchalter, August 2020

On July 31st the Federal Reserve posted amended versions of a number of Main Street Lending Program (MSLP) transaction documents, including the Frequently Asked Questions (FAQs) and Term Sheets for MSLP.  Many of the changes reflect recent announcements, such as the expansion of the program to include the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF).  Other changes, particularly to the FAQs, provide new guidance...

Court Set Aside Order to Enforce Arbitral Award for Material Non-Disclosure
Deacons, August 2020

In the recent case of 1955 Capital Fund I GP LLC & ANOR v Global Industrial Investment Ltd, HCCT 61/2019, Hong Kong’s Court of First Instance set aside an Enforcement Order, whereby the Applicants had been given leave to enforce in Hong Kong an arbitration award (Award) made in California. The Court found that there had been material non-disclosure by the Applicants in their affidavit in support of the application for the Enforcement Order...

The Discharge in Bankruptcy - Open Avenues for Consumer Creditors
Spilman Thomas & Battle, PLLC, August 2020

  In a typical consumer bankruptcy, a debtor seeks the benefit of two concepts. First, the debtor seeks the breathing room afforded that debtor by the automatic stay. Second, the debtor seeks to discharge all debt obligations adjudicated in the bankruptcy case. Absent these protections, a bankruptcy filing serves little purpose. As a result, a creditor who can attack the debtor's entitlement to a discharge threatens the very heart of any filing...

Court Held that Jurisdiction Clause in Settlement Agreement Superseded Arbitration Clause in Original Agreement
Deacons, August 2020

The recent case of Bond Tak (Holdings) Ltd v King Fame Trading Ltd, HCA 2129/2018, concerned an application by the Defendant to dismiss or permanently stay the High Court action on the grounds that the dispute was subject to an arbitration agreement and should be submitted to arbitration or, alternatively, the action should be stayed on the grounds of forum non conveniens and in favour of the Intermediate People’s Court of Guangzhou City in Mainland China (Guangzhou Court)...

COVID-19 “Safe Harbour” Not for Sinking Ships
MinterEllisonRuddWatts, August 2020

Director’s personal liability for company tax debts On 10 July 2020, Inland Revenue issued a public ruling (the Ruling) considering the application of the asset stripping rules (under which directors and shareholders may be personally liable for company tax debts) in the context of the recently enacted exception to certain directors’ duties under the Companies Act 1993 (the Safe Harbour)...

Arrangement for Mutual Service of Judicial Documents in Civil and Commercial Cases Between Hong Kong and Macao Came into Force on 1 August 2020
Deacons, August 2020

By virtue of the Rules of the High Court (Amendment) Rules 2020 and Rules of the District Court (Amendment) Rules 2020, the Arrangement for Mutual Service of Judicial Documents in Civil and Commercial Cases between the Hong Kong Special Administrative Region and the Macao Special Administrative Region (Arrangement) came into force on 1 August 2020. Under the Arrangement the Hong Kong and Macao courts may entrust each other with the service of judicial documents...

Client Bulletin No. 30 (Updates on COVID-19 related PH Issuances): Metro Manila under MECQ again from August 4 to 18
SyCip Salazar Hernandez & Gatmaitan, August 2020

This is a briefing on the issuances as of August 3, 2020 on the following matters in relation to the COVID-19 pandemic: A. Metro Manila will be under Modified Enhanced Community Quarantine (MECQ) again from August 4 to 18B. Intellectual Property Office (IPOPHL) Further Extends until August 10, 2020 the Deadline for Filings and Payments Due for the Period of July 20 to August 7, 2020A...

 

 

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