Economic recovery from a global pandemic will take different forms across industries, including access to funds, changing tax and reporting requirements, consumer protection updates, and new rules on litigation.
States and localities across the country are continuing to respond as quickly and effectively as possible to the coronavirus (COVID-19) outbreak. These responses include guidance for taxpayers on numerous topics, such as providing tax relief through filing and payment deadline extensions.
The UK Prudential Regulation Authority (PRA) published a policy statement (PS7/21) and a supervisory statement (SS2/21) on clarifying and modernizing regulatory expectations of outsourcing and third-party risk management on March 29. The expectations in PS7/21 and SS2/21 are relevant to banks, PRA-designated investment firms, insurers, and branches of overseas banks and insurers and apply not just to “outsourcing” but also non-outsourcing material or high-risk service arrangements. The expectations apply at a legal entity level rather than at a group level (save for expectations on intragroup arrangements).
The Singapore Exchange has launched a consultation on proposed rules governing special purpose acquisition companies.
Expectations for positive turns in many spheres of life, both commercial and social, have sprung at the arrival of COVID-19 vaccination. One of the popular questions is whether vaccination could change the current preference for working remotely (even as we see gradual easing of the remote work requirement in Russia) or whether it would be required as a condition to work in office. In this LawFlash we address whether an employer can require employees to vaccinate, whether the employee can seek to discontinue remote work following vaccination, and related matters.
The president of the Republic of Kazakhstan signed Law No. 399-VI, On Amendments into Certain Labour-Related Legislative Acts of the Republic of Kazakhstan (the Amendment Law), on January 2, 2021. The Amendment Law entered into force on January 16 and amended a number of legislative acts of the Republic of Kazakhstan, including the Civil Code, the Budget Code, and the Entrepreneurial Code as well as the Law of the Republic of Kazakhstan on Public-Private Partnership (PPP), No. 379-V, dated October 31, 2015 (the PPP Law). This LawFlash summarizes the most important new elements introduced into the PPP Law through the Amendment Law.
Senator Chris Van Hollen (D-MD) introduced a Congressional Review Act (CRA) resolution of disapproval on March 26 that would invalidate the Office of the Comptroller of the Currency’s (OCC’s) true lender final rule.
Maryland enacted a state tax on digital advertising gross revenues on February 12, after overriding the governor’s veto. The passed law, which is the first of its kind in the United States, imposes “a tax on certain annual gross revenues derived from certain digital advertising services in the State” and requires those whose revenues will meet a revenue threshold to complete and file with the state comptroller a specific tax return to reflect such position. Failure to pay such taxes as required could result in interest owed on such unpaid taxes or criminal penalties for failing to file or falsely filing a return.
With special purpose acquisition companies increasingly being used in initial public offerings and the commercial insurance market continuing to harden, captive insurance could be a solution for offering directors and officers protection against increased shareholder scrutiny and resulting derivative lawsuits.
Partner Christine Lombardo was quoted in the first of a two-part series by Hedge Fund Law Report, which looks at the new US Securities and Exchange Commission (SEC) Marketing Rule “through the eyes of private fund managers.” The article examines important changes that have been made to the amendments that were originally proposed.
Morgan Lewis partner Greg Parks spoke with Compliance Week for an article about Virginia’s Consumer Data Protection Act.
Morgan Lewis partner Reece Hirsch spoke with Bloomberg Law about Virginia’s Consumer Data Protection Act.
Partner Cosimo Zavaglia spoke with Law360 about the potential implications of a US Supreme Court case regarding state income taxes imposed on nonresident workers who are working from home amid the COVID-19 pandemic.
Morgan Lewis partner Cosimo Zavaglia was quoted in Law360 Tax Authority in an article about state tax provisions stemming from the latest COVID-19 relief act, which allowed Paycheck Protection Program payments to be deductible on federal income tax.
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.
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.