The Protecting Employees and Retirees in Business Bankruptcies Act of 2020: A...
On September 29, 2020, the United States House of Representatives Committee on the Judiciary advanced a Democrat-backed bill to the full chamber that seeks to address perceived shortcomings in the...
View ArticleThe UK Government Furlough Scheme: Time to Reconcile
The Coronavirus Job Retention Scheme - On 26 March 2020, the UK Government announced the Coronavirus Job Retention Scheme (“the Furlough Scheme”). The Furlough Scheme was designed to protect the UK...
View ArticleThe Updated Accredited Investor and Qualified Institutional Buyer Definitions
The Securities and Exchange Commission on August 26, 2020 adopted amendments to the definition of “accredited investor” to: add new categories of investors (both for individuals and entities); codify...
View ArticleProposed HSR Rule Changes to Increase Burdens, Especially for Asset Managers...
The Hart-Scott-Rodino Act (HSR Act) is a procedural statute that requires parties to notify the Federal Trade Commission (FTC) and the Department of Justice (DOJ) of proposed acquisitions that exceed...
View ArticleESG Snapshot: Rules and Practice: SFDR: Regulatory Technical Standards:...
Whilst to date no formal announcement has been made by the European Commission, in a letter to two trade associations (the German Bundesverband Investment und Asset Management (BVI) and the Italian...
View ArticleNew Export Controls: Emerging Technologies
The U.S. Department of Commerce, Bureau of Industry and Security (“BIS”) on October 5, 2020, published a final rule implementing new export controls on six categories of emerging technology. In doing...
View ArticleNewsflash: SEC Adopts Changes to Regulatory Framework of Fund of Funds...
On October 7, 2020, the Securities and Exchange Commission voted to adopt Rule 12d1-4 under the Investment Company Act of 1940 and related amendments to the regulatory framework governing funds that...
View ArticleCommunity Development Financial Institutions – Opportunities for Managers of...
Community Development Financial Institution (CDFI) certification is awarded to “community-based organizations that seek to expand economic opportunity in low-income communities and provide financial...
View ArticleCoal Act Premiums are Nondischargeable Taxes rather than Dischargeable Claims
Dischargeable Claims - In a recent ruling, the District Court for the Middle District of Florida affirmed a bankruptcy court’s ruling that the premiums arising under the Coal Industry Retiree Health...
View ArticleOCC and SEC Staff Issue Statements on Stablecoin Reserves
The Office of the Comptroller of the Currency published an interpretive letter on September 21, 2020 (Letter), confirming that national banks and federal savings associations (together, banks) may...
View ArticleInflection Point? How Much Change Are We Really Facing?
I am trying to figure out how much I care, as a businessman (as opposed to an actual living, breathing human being), about the chaos swirling around us. Every day’s news seems more the stuff of a...
View ArticleBEA’s BE-180 Benchmark Survey of Financial Services Providers: Implications...
In September and October 2020, the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) is administering its next mandatory Benchmark Survey of Financial Services Transactions between U.S....
View ArticleLIBOR Transition – The Moment the Market has Been Waiting For
On October 9, 2020, ISDA announced that on October 23, 2020 it will launch (1) the IBOR Fallbacks Supplement (Supplement) to the 2006 ISDA Definitions (Definitions) and (2) the ISDA 2020 IBOR...
View Article“Bankruptcy Remote” Special Purpose Entities in Commercial Mortgage Lending:...
Part I — Introduction - It has become common practice in commercial mortgage lending for the borrower to be structured as a “single purpose” or “special purpose” entity. In its simplest form, a...
View ArticleSeventh Circuit “In Chambers” Opinion Provides Key Guidance on Amicus Briefs
Key Takeaways - The United States Court of Appeals for the Seventh Circuit recently issued a decision providing new guidance on how to draft amicus briefs that the court will accept for filing. The...
View ArticleSEC Proposes Conditional Registration Exemption for Finders
The Securities and Exchange Commission voted 3-2 on October 7, 2020 to publish for comment a proposed conditional exemption (Proposed Exemption), which would allow a natural person to act as a...
View ArticleESG Snapshot: Overview of the EU Directive on the activities and supervision...
What is IORP II? Directive (EU) 2016/2341 on the activities and supervision of institutions for occupational retirement provision, widely referred to as IORP II, sets out minimum harmonization rules...
View ArticleDawn raids at French supermarkets partially annulled by EU court
In three recent judgments issued on 5 October 2020, the General Court of the European Union ("GCEU") partially annulled the European Commission’s ("Commission") decisions of February 2017 which had...
View ArticleSEC Staff Issues No-Action Letter Regarding Digital Asset Securities Trading...
The Staff of the Securities and Exchange Commission’s Division of Trading and Markets (Staff) issued a no-action letter to the Financial Industry Regulatory Authority on September 25, 2020 (Letter),...
View ArticleUK Government’s Job Support Scheme – further changes and details announced
On 22 October 2020, the UK Government announced further changes to the Job Support Scheme (JSS) which will replace the existing Coronavirus Job Retention Scheme (CJRS), also known as the furlough...
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