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EU Recovery Prospectus - Planned Facilitation of the Equity Issuance through an Abridged Securities Prospectus
Heuking Kühn Lüer Wojtek, August 2020

In order to tackle the effects of the Corona crisis, it is planned at EU level to temporarily facilitate the raising of equity capital for companies. This will enable certain issuers to publish a shortened prospectus with only 30 pages instead of a full prospectus to issue shares. Through this, issuers will have the option to issue shares at short notice, without bureaucracy and inexpensively, thereby improving the debt-to-equity ratio in their balance sheets...

No Entitlement to Continued Remuneration in Quarantine After Holiday in a Risk Area
Heuking Kühn Lüer Wojtek, August 2020

Summertime is holiday time. Although the worldwide travel warning issued by the Federal Foreign Office for some European countries was lifted on 15 June 2020, currently (as of 17 July 2020, 5:30 p.m.) 130 countries are still classified as risk areas. These include Turkey and the USA, which are popular destinations for German holidaymakers...

Use of the Corona Waning App in Companies
Heuking Kühn Lüer Wojtek, August 2020

The Corona Warning App, commissioned by the German Federal Government, has been available for download since June 16, 2020. The availability of the app raises numerous employment-law issues...

Show Me the Money, But Don’t Take it Back! A Primer on PPP Loans, Compliance, and Enforcement Webinar Recording
Bradley Arant Boult Cummings LLP, August 2020

In early April, the United States approved the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) authorizing $349 billion in a small business lending program called the Paycheck Protection Program (“PPP”). For franchising, this relief package seemed like a no-lose program...

The Pros and Cons of the Small Business Reorganization Act of 2019
Bradley Arant Boult Cummings LLP, August 2020

Effective February 19, 2020, Congress enacted new bankruptcy legislation granting debtors the option to elect a new subchapter V of chapter 11 of the bankruptcy code (Subchapter V). This was made possible by the bipartisan legislation known as the Small Business Reorganization Act of 2019 (SBRA). 1 Small Business Reorganization Act (SBRA) of 2019, Pub. L. No. 11654, 133 Stat. 1079. Unless otherwise stated, all statutory references are to the Bankruptcy Code, 11 U.S.C...

Feasibility of Organizing a Startup as Limited Liability Entrepreneurship Company
Morgan & Morgan, August 2020

On July 22, 2020, the National Assembly approved, after a third debate, Draft Law No. 83 (the “Draft Law”), which regulates limited liability entrepreneurship companies (the “LLECs”) in Panama, and is now awaiting the signature (or veto) of the President of the Republic...

Superintendence of Non-Financial Regulated Persons Issues New Regulations in Relation to Attorneys and Accountants
Morgan & Morgan, August 2020

Panama, 24 July 2020. By means of Rule JD-01-2020, published in the Official Gazette No. 29076 of 24 July 2020, the Superintendence of Non-Financial Regulated Persons (SNFR) has established a set of rules and obligations imposed to attorneys and accountants whenever they incur in any of the regulated activities under Law 23 of 2015, which relates to prevention of money laundering, financing of arms of mass destruction and financing of terrorism...

Coronavirus Digest: Patents and Other Intellectual Property Rights
PLMJ, August 2020

The world is desperately seeking a vaccine and treatments against COVID-19 and the answer will also be found in intellectual property. For this reason, PLMJ and Inventa International have joined forces to prepare a Digest on these issues that is continuously updated...

Corporate Services Department Client Bulletin: Recent SEC Issuances
SyCip Salazar Hernandez & Gatmaitan, August 2020

This is a briefing of the latest COVID-19 related issuances of the Securities and Exchange Commission (“SEC”) as of 8 July 2020: A.1. Filing of General Information Sheet (“GIS”) and Audited Financial Statements (“AFS”) A.2. Extension of Deadline for Filing of AFS of Corporations within the Jurisdiction of SEC Cebu Extension Office B...

Directors’ Duties in the Shadow of COVID-19
Shoosmiths LLP, August 2020

In the shadow of COVID-19, company directors are having to take decisions at speed across a range of issues. The government is encouraging companies to help re-open the economy by bringing staff back to their work places. This challenge, alongside others that directors face, must be met against a backdrop of economic uncertainty, the end of the furlough scheme and planning for the repayment of government loans...

COVID-19 “Safe Harbour” Not for Sinking Ships
MinterEllisonRuddWatts, August 2020

Director’s personal liability for company tax debts On 10 July 2020, Inland Revenue issued a public ruling (the Ruling) considering the application of the asset stripping rules (under which directors and shareholders may be personally liable for company tax debts) in the context of the recently enacted exception to certain directors’ duties under the Companies Act 1993 (the Safe Harbour)...

When is a Financial Institution not a Financial Institution? When it’s Wirecard
TSMP Law Corporation, August 2020

How Wirecard skirted regulatory scrutiny by jurisdiction-shopping and canny intra-group structuring. It would have been the quintessential business success story. Founded in Munich in 1999, this small payment processor for online gambling and pornography sites grew so massive that, by 2018, it had displaced Commerzbank from Germany’s prestigious Dax 30 index. At its peak, the juggernaut was valued at more than €24 billion (S$38.6 billion)...

Unprecedented: Guiding Organizations Through COVID-19
Lawson Lundell LLP, July 2020

Unprecedented. Have you heard that word a lot in the past 4-5 months? Not surprisingly, the word ‘unprecedented’ is the default word to describe society’s reaction to COVID-19, its effects on our healthcare systems, our behaviours, our compliance (or not) with government directives and guidelines, and the impact to our economy and economic well-being. This is, in our lifetimes, the most rapid response to a threat on a global level...

Federal Reserve Expands Main Street Lending Program to Include Nonprofit Organizations as Borrowers
Haynes and Boone, LLP, July 2020

The Federal Reserve ’s Main Street Lending Program has recently been expanded to add two potential loan options, which will enable nonprofit organizations such as educational institutions, social service organizations and hospitals to receive financial support in addition to the previously announced programs benefiting for-profit entities...

Buchalter COVID-19 Client Alert: Main Street Lending Program and Other Federal Reserve Emergency Lending Facilities Extended to December 31, 2020
Buchalter, July 2020

On July 28, the Federal Reserve announced that many of its emergency lending facilities, including the Main Street Lending Program’s New Loan Facility, Priority Loan Facility, Expanded Loan Facility, Nonprofit Organization New Loan Facility and Nonprofit Organization Expanded Loan Facility, are being extended to December 31, 2020.  The facilities were previously scheduled to be available until on or about September 30, 2020...

Boring but Important: New Law Requires Applicant Type and Place of Incorporation on Trade Mark Filing
Deacons, July 2020

Did you know? The Trade Marks (Amendment) Ordinance 2020 (the “Amendment Ordinance”) recently came into effect in Hong Kong on 19 June 2020. The purpose of the legislation is to bring in the Madrid Protocol in Hong Kong and also to enhance the trade mark registration system...

Panama: The World of Turnkey Contracts, Partial Payment Accounts and Certificates of No Objection
Morgan & Morgan, July 2020

For a long time, we have heard in different social media, for various reasons, some more positive than others, information related to Turnkey Contracts and the State indebtedness resulting from the Partial Payment Accounts (in Spanish, “Cuentas de Pago Parcial”) and Certificates of No Objection (in Spanish, “Certificados de No Objeción”)...

The Creation of a Startup in Panama
Morgan & Morgan, July 2020

An entrepreneur has a lot to consider when starting a new business...

Evolving M&A Trends: Private Equity Transactions Amid the COVID-19 Crisis
DFDL, July 2020

This article first appeared on the website of the Corporate and M&A Law Committee of the Legal Practice Division of the International Bar Association (here), and is reproduced by kind permission of the International Bar Association, London, UK. © International Bar Association.  The Covid-19 pandemic has pushed countries across the world into an unprecedented humanitarian and economic crisis...

Buchalter COVID-19 Client Alert: Lenders May Submit PPP Forgiveness Applications to SBA on August 10; SBA Issues New Procedural Notice with Guidance for Lender Forgiveness Review/Submission
Buchalter, July 2020

On July 23, SBA announced that lenders may begin submitting PPP loan forgiveness requests to SBA on August 10.  To assist lenders, SBA issued a Procedural Notice with new guidance regarding lenders’ reviews of forgiveness applications.  The Notice may be found here:  https://www.sba.gov/sites/default/files/2020-07/5000-20038.pdf The Notice reaffirmed forgiveness guidance and rules previously issued...

“Relaxing Penalties”? Sounds Like an Oxymoron
Deacons, July 2020

Did you know? The Hong Kong courts are now relaxing the legal test on what is a “penalty” to allow a wider range of agreed damages in commercial contracts. Why does this matter to you? It is notoriously difficult and time consuming (not to mention costly!) to assess damages for breach of contract which must be proved by the innocent party...

Data Protection Authorities Set Out Expectations in Open Letter to VTC Companies
Deacons, July 2020

On 22 July 2020, data protection authorities from Australia, Canada, Gibraltar, Hong Kong, Switzerland and United Kingdom (together the Authorities), issued an open letter (Letter) on global privacy expectations of video teleconferencing companies (VTC companies)[1]. Why there is such a Letter? As a result of the COVID-19 pandemic, the Authorities have witnessed an increasing use of VTC tools, both in social and business contexts...

New Limited Partnership Fund Regime in Hong Kong
Deacons, July 2020

The Limited Partnership Fund Bill which provides for registration of eligible funds as limited partnership funds (LPFs) in Hong Kong passed the third reading at the Legislative Council on 9 July 2020. The Limited Partnership Fund Ordinance (LPFO) will come into operation on 31 August 2020...

A Look at Insuring Distressed M&A Deals: The Current Landscape of R&W Insurance (Part 2)
Haynes and Boone, LLP, July 2020

Peter de Boisblanc, HUB International, also contributed to this article. The economic downturn engendered by the COVID-19 pandemic likely will lead to a significant increase in acquisitions of distressed targets. Representation and warranty (“R&W”) insurance policies as well as related insurance products can facilitate these transactions...

Buchalter COVID-19 Client Alert: Bay Area Businesses Face Uncertainty Over Conflicts Between State and Local Reopening Guidelines
Buchalter, July 2020

On July 17, San Francisco Mayor London Breed announced that due to a rapid rise in new COVID-19 cases in the last month, and because San Francisco was listed on the State’s County Monitoring List (the “Monitoring List”) for three consecutive days, San Francisco was halting all reopening procedures indefinitely beginning on Monday, July 20...

 

 

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