Modifications also include public disclosure of accreditation organization survey information and intermediate civil penalty remedies for noncompliance.
Coinciding with the end of the UK-EU Brexit transition period, the United Kingdom has dramatically reduced the scope of DAC 6 reporting obligations in the United Kingdom.
The US Congress has passed a spending bill that includes $285 billion to extend and expand the Paycheck Protection Program, providing new first-time loans and adding second-draw loans to help support small businesses. This LawFlash discusses the new stimulus package that is part of the Consolidated Appropriations Act, highlighting key provisions and guidance for businesses seeking to participate in the revived program.
The US Securities and Exchange Commission has approved New York Stock Exchange rule changes that will grant the exchange discretion to allow companies to raise money by selling common shares in registered direct offerings, increasing the number of alternatives to traditional initial public offerings.
The Main Street Lending Program is designed to help companies that were in sound financial condition prior to the coronavirus (COVID-19) pandemic to maintain their operations and payroll until conditions normalize. This White Paper gives a broad understanding of the program terms and implications by delving into the key questions market participants are likely to have about the program and addressing the latest changes implemented in the final legal forms and agreements.
The coronavirus (COVID-19) pandemic constituted a “natural disaster” under a contract’s force majeure provision, Judge Denise Cote of the US District Court for the Southern District of New York recently ruled in JN Contemporary Art LLC v. Phillips Auctioneers LLC, No. 20-cv-4370, 2020 WL 7405262 (SDNY Dec. 16, 2020). This decision appears to be one of the first by a federal judge concerning such contractual language. Other courts may look to Judge Cote’s lengthy analysis of the meaning of the phrase “natural disaster” in this context when interpreting similar contractual language.
Morgan Lewis partners and co-heads of the firm’s privacy and cybersecurity practice Mark Krotoski and Reece Hirsch spoke with Law360 about the major privacy and cybersecurity developments that occurred in 2020. In the article, Reece discussed the California Consumer Privacy Act and Mark outlined the oral arguments in US Supreme Court cases that addressed robocalls.
Lawyers from our London practice have contributed to Lexology’s Getting the Deal Through (GTDT) – Distressed M&A 2021 guide. The UK chapter features insight from lawyers in our corporate, finance, tax, and antitrust practices.
From 1 January 2021 the United Kingdom will cease to follow EU rules, bringing significant changes to trademark law in the United Kingdom and European Union that are relevant to all owners of UK and EU trademarks.
The Brexit “transition period” will come to an end on 31 December 2020, and from 1 January 2021, the United Kingdom will cease to follow EU rules. This brings significant changes to design law in the United Kingdom and European Union, relevant to all owners of Registered
Financial markets and fund investment practices have changed substantially since the US Securities and Exchange Commission (SEC) last addressed fund valuation comprehensively 50 years ago.
Morgan Lewis partner Sheryl Orr spoke with Law360 about the coronavirus (COVID-19) pandemic’s impact on the deal-making process. In terms of how videoconferencing is helping get mergers and acquisitions done, Sheryl said, "It's much more similar to being in the room."
The Consumer Financial Protection Bureau (Bureau or CFPB) issued two final rules on December 10 with significant implications for the mortgage marketplace. Of the two final rules from the Bureau, one drastically simplifies the definition of a “qualified mortgage,” or “QM,” and the other provides an alternative pathway to QM safe harbor status for certain seasoned mortgage loans, which together may encourage innovation in the mortgage market and potentially help to bring certainty to secondary market participants.
Shareholder activism in the United States and worldwide was noticeably down in 2020 when compared to 2019, and that decline was largely due to the impact of the coronavirus (COVID-19) pandemic.
The Internal Revenue Service recently released Revenue Ruling 2020-27 and Revenue Procedure 2020-51, which provide guidance on the deductibility of certain expenses paid or incurred in a taxpayer’s business using loan proceeds from a “covered loan” provided under the CARES Act’s Paycheck Protection Program.
New York Governor Andrew Cuomo signed New York State Senate Bill S01475, which reforms New York State law surrounding automatic renewals for consumer contracts, on November 11.
Morgan Lewis partner Mark Krotoski spoke with Law360 about a cybersecurity and privacy case before the US Supreme Court that seeks to resolve a longstanding circuit split about the circumstances under which companies, organizations, and government agencies can enforce access restrictions on information and data under the Computer Fraud and Abuse Act.
Partner Julia Frost-Davies’ comments from a recent virtual panel at Beard Group’s Distressed Investing Conference were highlighted in a Bloomberg article about major retail bankruptcies amid the coronavirus (COVID-19) pandemic.
The shock, turmoil, uncertainty, and lack of visibility that followed the immediate onset of the coronavirus (COVID-19) pandemic in March 2020 were significant factors accounting for why shareholder activism was relatively subdued during the 2020 proxy season.
Morgan Lewis partners Susan Harthill, Jennifer Breen, and Kenneth Polite authored a Law360 article about the pace of personnel changes that could result in federal agencies under a Biden administration.
As the number of coronavirus (COVID-19) cases continue to rise throughout the country and the impact of the pandemic on employers continues unabated, many employers and employees are exploring not only how to work remotely, but whether and where to work remotely. Remote work continues to be required or strongly encouraged in some areas, and remote work may also appeal to employers as they respond to employee concerns about in-person work and consider potential cost savings. However, businesses that either ask or permit employees to work remotely on a long-term basis should be cognizant of the numerous potential legal implications, as well as business concerns that these arrangements can create.
The EU Parliament has approved the EU Council’s position on representative actions. By doing so, it has paved the way for consumers in Europe to be able to sue companies collectively.
The US federal government has taken significant actions to quell the economic fallout for businesses weathering the coronavirus (COVID-19) pandemic, including the Federal Reserve providing $600 billion through the Main Street Lending Program, intended to support US companies that were in sound financial condition before the COVID-19 crisis.
Morgan Lewis partners Chris Warren-Smith, Pulina Whittaker, and Alexandre Bailly authored a chapter for an ICLG guide, Class and Group Actions Laws and Regulations 2021.
The Small Business Administration recently announced new questionnaires for purposes of gathering information from borrowers related to the economic necessity certification under the Paycheck Protection Program.
Here’s what we know: After the November 3 US election, the Biden-Harris ticket has 290 electoral votes, 20 more than what is needed to win (with one state, Georgia, undecided). Senate Republicans hold a two-seat advantage (50-48) with the two Georgia seats undecided, and House Democrats maintain control with a current advantage of 221-205 (218 is needed to retain the majority) and 9 races undecided.
With only weeks until the US presidential administration changes hands, companies and consumers alike are anticipating what a Biden presidency will mean for consumer financial protection and for the Consumer Financial Protection Bureau (CFPB), the agency charged with overseeing it. Partner Robin Nunn and of counsel Eamonn Moran outline some of the changes that may lie ahead.
Morgan Lewis partner Omar Shah was quoted in an article by Global Competition Review after the UK’s Competition and Markets Authority (CMA) on 6 November published draft updates to two of its merger guidance documents in preparation for the end of the Brexit Transition Period on 31 December 2020.
A federal district court in California issued a series of orders to dismiss claims in a putative class action by Major League Baseball ticket purchasers against ticket sellers, sports teams, and the league.
The shock, turmoil, uncertainty, and lack of visibility that followed the immediate onset of the coronavirus (COVID-19) pandemic in March 2020 were significant factors accounting for why shareholder activism was relatively subdued during the 2020 proxy season. However, given that activist investors have now had more than eight months to acquire their “sea legs” and recalibrate their playbook for the evolving “new normal,” it is likely that, even as the COVID-19 pandemic shows no signs of abating, activist investors will be less reluctant to wage an activism campaign in whatever “new normal” we find ourselves in during the 2021 proxy season.
Join Morgan Lewis for the first session of a new webinar series, the Morgan Lewis Global Sponsor Forum. We will discuss potential implications of the 2020 US election results across various private fund targeted industries, including healthcare and life sciences, energy and infrastructure, credit, technology, and education. This new webinar series will examine key trends, terms, and issues across these various industry sectors.
President-elect Joseph Biden has indicated that he will make significant changes to the policies and practices of the prior administration that will impact the public and employers, including in the sports industry.
With the US Food and Drug Administration’s first issuance of an Emergency Use Authorization for a COVID-19 vaccine, employers should consider the implications a new vaccine will have on their workplaces. Although much remains speculative, employers can look to the regulation of current vaccines as the basis for their preliminary planning. Those who begin to plan now will be better positioned to navigate the various risks and issues involved.
Morgan Lewis of counsel Eamonn Moran spoke with CBS Moneywatch about the US Consumer Financial Protection Bureau’s (CFPB’s) final rule regarding how collectors can use new communication methods.
Nonprofit organizations are on the front lines in the battle against the coronavirus (COVID-19), but they also number among the many victims of COVID-19’s devastating financial impact. In response, the Federal Reserve recently announced that loans would be available to nonprofit borrowers under the Main Street Lending Program, and issued a FAQ on two new facilities—the Nonprofit Organization New Loan Facility and the Nonprofit Organization Expanded Loan Facility.
Morgan Lewis of counsel Eamonn Moran spoke with USA Today about the US Consumer Financial Protection Bureau’s final rule regarding overdue debt collections. In the article, he discussed the rule’s implications for consumers.
Morgan Lewis of counsel Eamonn Moran spoke with Bloomberg Law for an article about the US Consumer Financial Protection Bureau’s final debt collection rule. In the piece, Eamonn noted that the appellate courts and possibly the US Supreme Court may need to clarify what constitutes meaningful attorney involvement due to the lack of uniform standard.
The US Department of Health and Human Services (HHS) issued two welcome announcements on October 22 relating to the CARES Act Relief Fund Provider Relief Fund (PRF). First, the agency expanded the pool of eligible recipients to “include provider applicants such as residential treatment facilities, chiropractors, and eye and vision providers that have not yet received Provider Relief Fund distributions.”
The Internal Revenue Service (IRS) has issued Revenue Procedure 2020-44 (the Revenue Procedure) providing interim guidance for taxpayers moving away from Interbank Offered Rates (IBORs) to fallback provisions issued by the Alternative Reference Rates Committee (ARRC) or the International Swaps and Derivatives Association (ISDA). Here is why the guidance, though fairly constrained, is welcome news for several reasons.
Micro and small companies will be able to use a “Simplified Insolvency Programme” to be introduced by proposed amendments to Singapore’s Insolvency, Restructuring, and Dissolution Act 2018 (IRDA).
Economic turmoil as a result of political instability and from the coronavirus (COVID-19) pandemic, together with unallocated capital and low interest rates, means that non-core, but potentially profitable, operations or underperforming distressed assets are increasingly available across Europe. Countries across the region have also adapted insolvency laws to facilitate transactions and support economic activity. This first edition of our Sovereign Wealth Funds Update discusses the prevailing conditions, with particular reference to the United Kingdom, France, and Germany, including key considerations for sovereign wealth funds seeking to engage in distressed M&A transactions.
Partners Charles Horn and Donald Waack, of counsel Eamonn Moran, and associate Sarah Riddell authored a Law360 article about the interpretive letter issued by the US Office of the Comptroller of the Currency on September 21 clarifying that national banks and FSAs are authorized to hold stablecoin reserve. In the piece, they discussed the compliance considerations and key takeaways for companies.
Morgan Lewis partners Matthew Schernecke and Kristen Campana authored a Bloomberg Law article about the concessions lenders have made in exchange for additional credit support, capital contributed, and/or additional covenants amid the coronavirus (COVID-19) pandemic.
The US Department of the Treasury and the Internal Revenue Service have issued guidance with respect to US President Donald Trump’s August 8, 2020 Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster. The notice allows an employer to opt to postpone the withholding and depositing of certain employer-share Social Security taxes until repayment is required in 2021; it does not waive liability for the underlying taxes.
Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain, and submit to the Consumer Financial Protection Bureau (CFPB or Bureau) certain data on applications for credit for women-owned, minority-owned, and small businesses.