Extensive new powers to investigate and intervene in deals that could have national security concerns come into play this month, lenders and borrowers need to understand the implications now. The National Security and Investment Act (“the Act”) regime came into effect on 4 January 2022. It creates a new national security screening regime for corporate acquisitions in the UK. Certain aspects of the Act apply retrospectively from 12 November 2020 ...
Earlier this year the U.S. Supreme Court released its much-anticipated opinion inSouth Dakota v. Wayfair, Inc., in which it held that physical presence within a State is no longer a prerequisite to the imposition of liability on out-of-state sellers to collect and remit sales taxes. In doing so, the Court overruled two of its own earlier cases—National Bellas Hess, Inc. v. Department of Revenue of IllinoisandQuill Corp. v. North Dakota ...
The potential for employees with differing protected characteristics to come into conflict with one another at work is an increasing problem for employers. We set out five top tips for employers when handling such conflicts in the workplace. Current caselaw Discrimination law in the UK protects those who have a protected characteristic, whether that be their race, religion or belief, sex, sexual orientation, disability or age among others ...
The Competition Bureau (the “Bureau”) is responsible for the administration and enforcement of the Competition Act (the “Act”), including criminal provisions relating to conspiracies to lessen competition, price fixing, market allocation, bid rigging and resale price maintenance, and civil provisions relating to abuse of dominant position, as well as other practices that may lessen competition, such as tied selling, refusal to deal and exclusivity ...
Knowing what to expect when going into the sale process and teaming up with experienced advisors is critical to making the sale of your business the crowning achievement of all of your hard work. This article discusses several steps in certain business sales, using a hypothetical company named ABC Manufacturing, and provides tips for success at each stage ...
Update: On September 16, 2021, the Final Rule on Borrower Appeals of Final SBA Loan Review Decisions was posted and became effective on September 14, 2021 (the “Final Rule”). The Final Rule applies to all appealable final SBA loan review decisions under the PPP and applies to all appeals filed after the effective date and to those appeals filed before the effective date for which a notice and order has not been made ...
Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” (sometimes referred to as the “Consolidated First D
The European Commission consistently emphasises the citizens’ rights and status in its hard Brexit preparations and contingency works. It appealed to EU Member Stats to take a generous approach towards the rights of UK citizens in the EU, given that the UK reciprocates such an approach ...
Margin ratchets are a concept that the banking and finance world are familiar with. Increasingly these are linked to ESG loans with both lender and borrower engagement. How do they work in practice, what are the benefits and what are the potential risks? Typically margin ratchets are linked to financial covenants – more often than not leverage – they incentivise borrowers to improve their financial health over the life of a loan ...
Following Prime Minister Boris Johnson’s recent announcement in Parliament, it is now certain that there will be a Public Inquiry into the handling of the pandemic. What is the planned Inquiry likely to consider, and who might be involved? For over a year now, the government’s focus has been on the here and now - managing and responding to the rollercoaster that is the COVID-19 crisis ...
Violence in the workplace is something all employers prohibit and try to prevent. Healthcare employers have a tougher time, because the violence often comes from patients. How do you best protect workers while still providing needed patient care? There are no federal laws addressing this issue, so some states have stepped in. Recently, Texas joined states like California in enacting statutory protections against workplace violence directed at healthcare workers.[1] Texas S.B ...
The COVID-19 pandemic has hit small businesses particularly hard. And, the Small Business Administration’s disaster loan program can offer many of those small businesses a lifeline. But, it can be daunting to know what relief is available (and for what purpose), who qualifies, and how to apply. This is what you need to know. The SBA has two types of disaster loan programs—one through banks and one directly from the SBA via the U.S. Treasury ...
The COVID-19 pandemic has hit small businesses particularly hard. And, the Small Business Administration’s disaster loan program can offer many of those small businesses a lifeline. But, it can be daunting to know what relief is available (and for what purpose), who qualifies, and how to apply. This is what you need to know. The SBA has two types of disaster loan programs—one through banks and one directly from the SBA via the U.S. Treasury ...
Attorneys and other service providers who deal with securities may unwittingly become liable for aiding and abetting violations of the Texas Securities Act. Introduction: A recent decision from the Fort Worth court of appeals should concern anyone who deals with securities transactions, because the burden of proof for imposing liability on a person as an aider and abettor under the Texas Securities Act (“TSA”) just became a little easier ...
Following our recent article on the end of the London Interbank Offered Rate (LIBOR), you may be wondering, “but what is happening to the Johannesburg Interbank Average Rate (“JIBAR”)? If I have a long dated loan referencing JIBAR, should I be adding some fall-back language?” To recap, on a worldwide basis, central banks and regulators undertook a review of interbank lending rates after the financial crisis of2008 ...
Sustained biodiversity loss since the industrial revolution has resulted in Britain being one of the most nature-depleted countries in the world. One response to this enduring problem are proposals to use the planning system to mandate biodiversity net gain (BNG) through the development management process. The aim of the requirements is to secure a minimum 10 per cent biodiversity net gain from new developments, with effect from November 2023 ...
Following the government’s consultation on calorie labelling for food and drink served outside of the home in 2018, qualifying businesses in the out of home (OOH) sector will be required to display calorie information per portion from 6 April 2022. What is changing? Currently, businesses serving non-prepacked food and drink in the OOH sector are not required to provide calorie (energy) information ...
A rose, said Shakespeare, by any other name would smell as sweet. But while the Bard may know his flowers, he clearly was no expert on branding Apples. Rodrigo Duterte, the Filipino president, would like to change his country’s moniker “because the Philippines is named after King Phillip”. He appears to be eager to distance his nation from its colonial past, the said monarch being a 16th century ruler of Spain ...
Recent proposed amendments to the rules of Strate, South Africa’s central securities depository (the “Strate Rules”) will effect a significant change to how uncertificated securities are pledged, but will not solve all of the problems that market participants hoped would be addressed ...
Insolvency that stems from the obligations assumed by a joint venture may concern any of the associates. Such proceeding, especially when it has an international dimension, requires a broader perspective on some of the requirements set forth by law with respect to the initiation and application of the proceeding. Through its effects on the debtor, creditors and on the socioeconomic environment in general, insolvency is more than a mere legal procedure ...
Your CEO calls you, as the general counsel of a public company, to tell you that a third party has made an unsolicited offer for the company. What are the first steps you should take? Types of Unsolicited Proposals. An unsolicited proposal may be a casual pass, where a third party informally approaches the company to discuss an acquisition proposal, or may be a bear hug letter, which will contain a formal proposal to buy the company and may include a price ...
