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China Alert: China's Relaxed Financial Sector May Aid Foreign Investors
Haynes and Boone, June 2020

While the world contends with the COVID-19 crisis and its economic and financial impact, China is quietly opening its doors to its financial sector, inviting more foreign financial institutions, banks, insurance providers and other financial service companies to set up shop in China. On March 27, the Chinese government granted approval for both The Goldman Sachs Group Inc...

OSHA Reminds Employers to Continue Assessing Employee Safety Regarding COVID-19 Hazards, While Also Not Neglecting Common Workplace Hazards
Haynes and Boone, June 2020

As employers continue to implement and maintain the current health and safety guidance to prevent the spread of COVID-19 in the workplace, they should also be mindful not to forget their other safety obligations. On June 15, 2020, the U.S. Department of Labor’s Occupational Safety and Health Administration (“OSHA”) issued a News Release specifically reminding employers that workers need to be protected from both coronavirus and common workplace hazards...

Down Round Financing
Haynes and Boone, June 2020

Although the data for San Francisco Bay Area remains encouraging for the first quarter of 2020*, given the economic instability brought by COVID-19, we might see more down rounds going forward. Down rounds are financings where the company is valued less than in a previous round. In practical terms this means that the new investors are buying shares of the company at a lesser price than the previous investors...

President Signs Paycheck Protection Program Flexibility Act
Haynes and Boone, June 2020

On June 5, 2020, President Trump signed H.R.7010, the Paycheck Protection Program Flexibility Act of 2020 (the “PPPFA”). The PPPFA modifies the Paycheck Protection Program (“PPP”) to provide additional flexibility to borrowers in using PPP loan proceeds and obtaining forgiveness for their loans by the Small Business Administration (the “SBA”)...

Mexico: Federal Technical Guidelines Regarding Strategy for Reopening of Activities
Haynes and Boone, June 2020

The technical guidelines described below are a follow up to the order establishing the strategy for the reopening and return to social, educational, and economic activities published on May 14, 2020, which was subsequently amended (the “Order”). Our alert on the Order and its amendment can be found here and here...

SBA Issues New Guidance on PPP Loan Forgiveness
Haynes and Boone, June 2020

On May 22, 2020, the Small Business Administration (“SBA”) provided additional guidance on the Paycheck Protection Program (“PPP”) through the issuance of two new Interim Final Rules on (i) loan forgiveness and (ii) SBA loan review procedures and related borrower and lender responsibilities (collectively, the “Loan Forgiveness Rules”), each of which supplements the first PPP Interim Final Rule, published on April 2, 2020, the subseq

New York City Enacts Law Affecting Enforceability of Certain Commercial Lease Guaranties for COVID-Affected Businesses
Haynes and Boone, May 2020

On May 26, 2020, the Mayor of New York City, Bill de Blasio, signed a broad COVID-19 relief package into law, to supplement existing federal and state relief measures. The new legislation included several amendments to the Administrative Code of the City of New York (the “Code”) that affect commercial landlords and tenants, including N.Y.C. Council Int. No. 1932-A (“Local Law 1932-A”)...

Insurance Recovery During the COVID-19 Pandemic: Navigating Your Policy's Microbe and Pollution Exclusions
Haynes and Boone, May 2020

As corporate policyholders continue to submit claims to their insurers for business interruption and related losses sustained from the COVID-19 pandemic, insurers appear to be denying such claims routinely where the policies at issue contain exclusionary language specific to viruses — whether in stand-alone virus exclusions or other types of exclusions...

Unique Estate Planning Opportunities Amid COVID-19 Due to Depressed Markets and Historically Low Interest Rates
Haynes and Boone, May 2020

The historically low interest rates recently announced by the Internal Revenue Service (“IRS”) and the depressed value of certain assets offer opportunities for estate planning techniques that can reduce the cost of transferring wealth to younger generations. The federal estate and gift tax exemption for 2020 is $11,580,000 per person ($23,160,000 for a married couple)...

Mexico: SENER Releases a Policy on Reliability, Safety, Continuity and Quality for the National Electric System
Haynes and Boone, May 2020

On May 15, 2020, the Ministry of Energy (“SENER”) published a Policy on Reliability, Safety, Continuity, and Quality for the National Electric System (the “Policy”) in the evening edition of the Federal Registry (“DOF”). The purpose of the Policy is to promote the sustainable development of the power industry and guarantee its continuous, efficient, and safe operation for the benefit of users under the principle of Reliability...

FERC Publishes 2020 Summer Energy Market and Reliability Assessment
Haynes and Boone, May 2020

On May 21, 2020, the Federal Energy Regulatory Commission’s Offices of Energy Policy and Innovation and Electric Reliability jointly published and released their 2020 Summer Energy Market and Reliability Assessment. The report provides an overview of key market events and data for the nation’s ISOs/RTOs as well as a discussion on reliability in the various power regions for summer 2020. The report includes the following key items that are summarized below...

COVID-19 and OSHA: Why Employers May See More Inspection Activity and More Injuries and Illnesses Being Recorded as Work-Related
Haynes and Boone, May 2020

On May 19, 2020, OSHA issued two revised enforcement policies with respect to in-person workplace inspections, and an employer’s obligation to record occupational injuries and illnesses, specifically cases of COVID-19. As phased re-openings of businesses are occurring throughout the United States, OSHA explained that it revised its policies to ensure that employers are protecting the health and safety of their workers...

State Attorneys General Are Focusing on Price Gouging Laws and You Should Too
Haynes and Boone, May 2020

State Attorneys General across the nation are warning consumers about price gouging during the COVID-19 pandemic and offering easy online tools to report violations. Consumers have gotten the message. Texans, for example, have sent over 10,000 complaints of price gouging to the state AG’s office during the pandemic.1 Price gouging laws have been enacted by nearly 75 percent of states...

New York State Trial Court Holds That Moratorium on Foreclosures Does Not Bar UCC Foreclosure
Haynes and Boone, May 2020

In a decision issued on Monday, May 18, 2020, Justice Frank P. Nervo of the Supreme Court of the State of New York, New York County, held that a UCC foreclosure pursuant to Article 9 was not barred by New York State’s moratorium on foreclosures of commercial real property...

COVID-19 Quick Reference Regulatory Guide for Healthcare Providers
Haynes and Boone, May 2020

As healthcare providers respond to increased demands on supplies and resources due to the COVID-19 pandemic, regulators have issued certain flexibilities and guidance in responding to the public health emergency. The following guide and frequently asked questions are designed to address some of the more common issues and questions that providers face. As always, legal advice is fact-sensitive...

Mexico: Amendment to the Federal Strategy for Reopening of Activities
Haynes and Boone, May 2020

The order described below is a follow-up to the order establishing the strategy for the reopening and return to social, educational, and economic activities, including additional industries to those considered essential, published on May 14, 2020 (the “Order”). (Our alert on the Order can be found here...

Three Tips for Healthcare Providers in Recovering Business Interruption Loss from the Public Health Crisis
Haynes and Boone, May 2020

Much of the media coverage of the COVID-19 pandemic over the last two months has focused on the loss of business sustained by restaurants, hotels and retail. Little attention has been paid to healthcare providers—at least those who are not valiantly staffing emergency rooms and intensive care units treating those patients stricken by the coronavirus...

The Supreme Court Declines to Revamp Preclusion Law in Lucky v. Marcel Trademark Dispute
Haynes and Boone, May 2020

In a unanimous opinion authored by Justice Sotomayor, the U.S. Supreme Court declined to redefine preclusion, reversing the Second Circuit’s decision in trademark dispute Lucky Brand Dungarees Inc. v. Marcel Fashion Group Inc. The Second Circuit’s opinion had attempted to expand res judicata beyond the well-recognized issue preclusion and claim preclusion, creating a new category it called “defense preclusion...

Shut-In and Cessation of Production: Current Considerations for Oil & Gas Producers
Haynes and Boone, May 2020

With the recent significant decline in commodity prices, and physical transportation and storage curtailments, due in large part to reduced demand related to the COVID-19 pandemic, producers are evaluating many of their producing oil and gas wells to determine whether some level of reduced production is appropriate...

Mexico: CENACE Publishes an Order to Suspend Pre-Commissioning Tests of Wind and Solar Power Plants
Haynes and Boone, May 2020

Within the context of the COVID-19 pandemic, the National Center for Energy Control (“CENACE”) notified users of the Market Information System of its “Order to guarantee the efficiency, quality, reliability, continuity and security of the National Electric System, motivated by the recognition of the epidemic of the illness caused by the SARS-CoV2 virus (COVID-19),” (the “Order”), via the Public Area of the Market Information System of its official web

CARES Act and Multifamily Housing
Haynes and Boone, May 2020

On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act, among other things, aims to provide relief to tenants and borrowers who participate in HUD’s housing programs. This alert highlights those provisions that address such multifamily housing...

Mexico: Federal Strategy for Reopening of Activities
Haynes and Boone, May 2020

The order described below is a follow-up to the order published on April 21, 2020 (the “Order”), that extended the immediate suspension of all non-essential activities in the public, private, and social sectors until May 30, 2020. (Our alert on the Order can be found here)...

SBA Issues New Guidance on Certification of Necessity Safe Harbor
Haynes and Boone, May 2020

On May 13, 2020, the Small Business Administration (“SBA”) issued an update to the Frequently Asked Questions document (“FAQs”) relating to its Paycheck Protection Program (“PPP”), originally published on April 2, 2020 and updated regularly thereafter, providing additional guidance on the PPP Certification of Necessity Safe Harbor...

Is There a Law in China Similar to the US Defense Production Act?
Haynes and Boone, May 2020

Although there is no law or regulation in the People’s Republic of China that explicitly parallels the US Defense Production Act of 1950 (“DPA”), as an economy with many remaining elements of state control, there are ample administrative measures, regulations and judicial precedents in China allowing the government to overrule outstanding production plans and contracts by mandating, controlling, allocating and prioritizing production of critical supplies...

The Impact of COVID-19 on Media and Entertainment Industry Transactions
Haynes and Boone, May 2020

As recently reported in the Los Angeles Times, the media and entertainment industry has been significantly impacted by the new normal presented as a result of COVID-19.1 Production studios, live theaters, cinemas, concert venues, and other media and entertainment companies are considering all of the ramifications of reopening business operations. The industry must also address long-term implications of COVID-19 for business growth through new business models and processes...

 

 

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