A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on March 30, 2020.
On March 29, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“ CARES ACT”), a $2.2 trillion stimulus package designed to mitigate the effects of the novel coronavirus (“COVID-19”). The ACT provides, among other things, unprecedented economic assistance to millions of Americans and small and distressed businesses.
Gibson Dunn lawyers discuss the impact of the COVID-19 pandemic and related government measures on potential False Claims Act enforcement activity in the years to come.
In late March 2020, California Governor Gavin Newsom, the Los Angeles City Council, and Los Angeles Mayor Eric Garcetti each enacted significant new measures governing evictions for certain tenants who are unable to pay rent as a result of the pandemic.
In late March 2020, the Federal Reserve announced that it was delaying the effective date of its new framework for analyzing “control” under the Bank Holding Company Act by two quarters, to September 30, 2020.
To assist clients in identifying issues they should evaluate in connection with their contractual obligations under English law in the face of the COVID-19 pandemic, Gibson Dunn lawyers in London have prepared a 4-Step Checklist and Flowchart to review and assess force majeure clauses.
We have received many questions about aid to small businesses and non-profit organizations in the New York tri-state area. Below please find a compilation of Federal and state-specific resources that are available to assist eligible small businesses and non-profit organizations in the New York tri-state area related to the COVID-19 pandemic.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on March 31, 2020.
The UK Financial Conduct Authority (“FCA”) has made clarifications to its previous announcement on 16 March regarding the European Securities and Markets Authority’s (“ESMA’s”) decision concerning temporary amendments to short selling notification thresholds under the Short Selling Regulation (“SSR”). The FCA will now be ready to receive notifications at the lower threshold from 6 April 2020.
On 31 March 2020, the European Securities and Markets Authority (“ESMA”) issued a public statement[1] to clarify issues regarding the publication by execution venues and firms of best execution reports required by RTS 27 and RTS 28 of MiFID II. This client alert provides an overview of ESMA’s public statement and its consequences for execution venues and firms.
During this uncertain time, we are all facing unpredictable and unprecedented challenges. Recent events have impacted every aspect of our daily life, and are already reverberating through the world economy, healthcare system, and much more. Each of us faces individual challenges, as we take care of our children, parents, and loved ones, all while working […]
On March 31, 2020, the Small Business Administration (SBA) and U.S. Department of the Treasury published guidance on the Paycheck Protection Program (PPP), including an application form and related instructions.
Gibson Dunn lawyers provide information on the first visible impacts of the COVID-19 pandemic on and changes to export controls, tariffs, foreign direct investment regulations, and sanctions and respective enforcement.
On March 28, 2020, the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) revised its list of “Essential Critical Infrastructure Workers,” which provides expressly non-binding guidance to state and local authorities on identifying their essential workforce during the COVID-19 pandemic.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on April 1, 2020.
On April 1, 2020, the Wage and Hour Division of the U.S. Department of Labor posted a temporary rule relating to the paid leave provisions of the Families First Coronavirus Response Act, which was enacted to provide additional paid leave to employees in light of the novel coronavirus (COVID-19) pandemic.
As the coronavirus (COVID-19) pandemic continues, state and local jurisdictions across the country have issued unprecedented directives restricting in-person business operations in order to minimize the spread of the virus. New York and California illustrate two differing approaches to this novel issue.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on April 2, 2020.
On April 2, 2020, the U.S. Small Business Administration published an interim final rule regarding, and a “final” form application with respect to, the Paycheck Protection Program.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on April 3, 2020.
The U.S. Small Business Administration (“SBA”) published an interim final rule on affiliation (the “Affiliation IFR”) a summary of affiliation tests (the “Summary”), a lender application form and agreement, and FAQs, with respect to, the Paycheck Protection Program (the “Program” or “PPP” and such rule, the “Rule”).
On 3 April 2020, the UK Financial Conduct Authority (“FCA”) published a statement setting out its expectations of FCA solo-regulated firms under the Senior Managers and Certification Regime (“SMCR”) during the COVID-19 outbreak. This client alert provides FCA solo-regulated firms with an overview of the FCA’s SMCR-related expectations.
The UK Government has announced a series of measures to support public services, people and businesses through this period of severe – but temporary – disruption caused by COVID-19. The Government’s measures are a mixture of tax relief, financing and support towards the cost of employees. Further clarity on the Government’s plans and practical processes for taking advantage of the support is expected to be provided as the days progress.
Gibson Dunn lawyers discuss key elements of successful business whistleblower action plans in light of the COVID-19 pandemic.
The rapid spread of COVID-19, increasingly stringent government orders in response, and the profound effects on the global economy have raised concerns among corporate directors about how to adequately discharge their fiduciary duties.
Gibson Dunn lawyers highlight some of the common issues that employers must keep in mind when considering and implementing employee furloughs during the COVID-19 pandemic.
On March 17, 2020, Alex Azar, Secretary of Health and Human Services, issued a Declaration activating the Public Readiness and Emergency Preparedness Act (PREP Act, extending immunity “from suit and liability under federal and state law with respect to all claims for loss caused by, arising out of, relating to, or resulting from” administration or use of qualifying products used to combat or reduce the spread of COVID-19.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on April 6, 2020.
Gibson Dunn lawyers examine considerations for private credit investors in the Asia-Pacific region stemming from the COVID-19 pandemic.
In this webinar recorded April 6, 2020, part of a weekly series, Gibson Dunn lawyers in London provide highlights on the latest COVID-19 related changes to UK law and government policy.
Gibson Dunn lawyers in London provide a summary and compendium of English law legal developments during the current COVID-19 pandemic as of April 8, 2020.
As public companies wrestle with the continuing and evolving impact of COVID-19, there are several key corporate governance matters that public companies and their boards of directors should consider in the short term.
Gibson Dunn lawyers discuss the short-, medium- and long-term impacts of the COVID-19 pandemic on the sports industry and related sectors, and note considerations for stakeholders facing the new business environment.
The COVID-19 crisis is in full progress. Most companies are extremely burdened by the crisis and looking for easements. This newsletter shall give you an overview of various possibilities to reduce personnel costs in the short term under German law.
Gibson Dunn lawyers in Germany discuss ways to overcome obstacles presented by the COVID-19 pandemic’s impact on the country’s civil courts.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on April 7, 2020.
Gibson Dunn lawyers outline key strategies for private equity funds seeking to acquire both distressed assets and assets of distressed sellers during the COVID-19 pandemic.
The COVID-19 pandemic is already reshaping federal and state regulatory enforcement actions in the United States and around the world. Although it is too early to know the path or impact of future enforcement, experience gleaned from previous post-disaster enforcement activity and an analysis of enforcement activity to date brings into focus a few areas likely to prominently figure in regulator’s activity. These changes will not be consistent. As in the past, the political environment, enforcement resources, and ways in which fraud emerges from the crisis will differ across domestic and international borders.
Many companies have retooled (or are considering retooling) their businesses to meet the rising demand for personal protective equipment (“PPE”), ventilators, and other products or services to address the COVID-19 pandemic. Moreover, on April 2, 2020, the President ordered the Department of Health and Human Services to use its authority under the Defense Production Act (“DPA”) of 1950, as amended, 50 U.S.C. §§ 4501 et seq., to facilitate the supply of materials for the production of ventilators by several companies operating in the United States.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on April 8, 2020.
Gibson Dunn lawyers highlight some key considerations that a company should note in connection with a private investment in public equity (PIPE) transaction.
On April 9, 2020, the Federal Reserve announced that it would establish two new facilities to promote lending to businesses with up to 10,000 employees or up to $2.5 billion in 2019 annual revenue. The Federal Reserve also announced a lending facility for depository institutions that originate loans under the CARES Act’s Paycheck Protection Program (PPP).
On April 9, 2020, the Federal Reserve announced that it was expanding three of the facilities created earlier this spring in reaction to the economic dislocation caused by COVID-19: the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF) and the Term Asset-Backed Securities Loan Facility (TALF).
On April 8, 2020, the U.S. Small Business Administration (SBA) published a memorandum and new Frequently Asked Questions clarifying the size standards and affiliation rules applicable to the Paycheck Protection Program (PPP).
In the midst of the constantly evolving landscape caused by the COVID-19 pandemic, U.S. publicly traded companies must continue to consider how the situation impacts their disclosures. Gibson Dunn lawyers provide observations and guidance for companies preparing disclosure in areas that are influenced by the outbreak.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on April 9, 2020.
On April 9, 2020, the New York State Development Corporation (“ESD”) further updated its guidance for determining whether businesses are “essential” and therefore exempt from the in-person workforce restrictions established in Governor Cuomo’s March 20, 2020 “New York State on PAUSE” Executive Order (EO 202.8). That March 20 order required all non-essential businesses keep 100 percent of their workforce at home. These updates, which we review in this alert, demonstrate that ESD is continuing to evolve the breadth and depth of its guidance on what constitutes an essential business. It is therefore critical that businesses continue to stay apprised of the latest developments.
A compilation of links to Gibson Dunn alerts regarding the COVID-19 pandemic published on April 10, 2020.
As the disruption caused by COVID-19 continues unabated, companies and their outside auditors are grappling with the financial reporting implications of the crisis. There are numerous, immediate regulatory responses to the crisis that issuers should consider.
The COVID-19 crisis has prompted a barrage of legislative and regulatory activity affecting drug and device manufacturers. In addition to the CARES Act, one of the most sweeping pieces of legislation in recent memory, the U.S. Food & Drug Administration (FDA) has been releasing new policies and guidance documents on a nearly daily basis.