Publication
US: California employers face new COVID-19 obligations
California added more layers to its multifarious response to the COVID-19 pandemic.
What are the risk and regulatory issues?
The COVID-19 outbreak brings into play a number of important regulatory requirements of which financial institutions need to be mindful. These include the FCA’s Principles for Businesses, the PRA’s Fundamental Rules, the Threshold Conditions in the Financial Services and Markets Act 2000 and the FCA’s rules and guidance in the Senior Management Arrangements, Systems and Controls sourcebook.
The regulatory requirements concerning operational resilience have, in particular, been brought into even sharper focus. Financial institutions are reviewing the consultations that both regulators issued before Christmas. A key component of the operational resilience piece is outsourcing and third-party risk management, particularly as financial institutions are increasingly reliant on technology provided by third parties. Again the regulators are currently consulting on updating their rules.
Communications with regulators, customers and the market will also be key in managing expectations. On the customer side, financial institutions will be mindful of the recent regulatory communications on vulnerable customers. On the banking side, the Bank of England has set the countercyclical capital buffer rate at 0 percent (it was due to reach 2 percent in December 2020). The PRA has issued guidance advising banks not to use any such additional liquidity to pay increased dividends or pay bonuses.
With the senior managers regime, those board members with responsibility for operational resilience will be looking for guidance. We have produced a thought leadership piece, COVID-19: Regulatory issues for boards to consider, and have also produced a regulatory checklist for companies to consider.
Latest insights
Publication
UK: Infrastructure and greening the built environment tops government agenda
In the wake of COVID-19 there has been a slowdown in the economy.
Publication
UK: Managing corruption risks when making charitable donations: Key questions for compliance and legal teams
Many companies have made significant donations of funds, goods and services as part of international relief efforts.
Publication
US: SEC officials urge voluntary municipal securities COVID-19 disclosure
US SEC officials issued a statement urging municipal securities issuers to disclose information regarding the current and future impact of COVID-19 on financial and operating conditions.
Publication
Global: Containing US, EU and UK sanctions risks in a time of global crisis
Companies with international trade have adapted to a new reality and are confronting ongoing and emergent compliance challenges.
Publication
UK: Market Abuse Regulation: FCA sets expectations of COVID-19 market conduct
On May 27, 2020, the Financial Conduct Authority (FCA) published Market Watch 63 (MW 63) setting out its expectations of market conduct in the context of increased capital raising events and alternative working arrangements due to COVID-19.
Publication
UK: COVID-19 Real Estate Update: Corporate Insolvency Governance Bill and further curbs on landlords pursuing rent arrears
On April 23, 2020, the UK Government announced additional temporary restrictions on commercial landlords pursuing outstanding rent (see our Briefing). It has now published full details.
Publication
Global: The effect of the lockdown on criminal and regulatory investigations, enforcements and prosecutions
The current crisis has disrupted investigations, enforcement and prosecutions around the world.
Publication
US: Guide to relevant COVID-19 disclosures to investors: A senior living finance update
Due to the extraordinary nature of the impact of COVID-19 on senior living providers, investors in public debt are looking for insight into how these individuals are coping.
Publication
Global: Three dimensions of adjustment to the new reality
COVID-19 has gone far beyond creating a temporary crisis.
Publication
Australia: The COVID-19 class actions storm: A necessary spark for lasting change
COVID-19 has increased the immediate risk of corporate class actions in multiple areas, yet it can also drive lasting class actions law reform in Australia.
Publication
UK: Government publishes guidance on “responsible contractual behaviour” to all contracts impacted by COVID-19
On May 7, 2020, the government published a guidance note on responsible contractual behaviours which applies to all contracts impacted by COVID-19 with immediate effect.
Publication
UK: EMIR Refit reporting: New documentation requirements, COVID-19 and implementation challenges
The purpose of the EMIR Refit is to amend and simplify the European Markets Infrastructure Regulation (EMIR) “to address disproportionate compliance costs, transparency issues and insufficient access to clearing for certain counterparties.”
Publication
Middle East: Top five tips for participants in the construction industry
The global construction industry has been hugely impacted as a result of the COVID-19 pandemic (COVID-19).
Publication
Global: FIDIC’s COVID-19 Guidance Memorandum to users of its standard construction contracts
The International Federation of Consulting Engineers (FIDIC) recently published guidance for its contract users which is aimed at helping them manage some of the situations that are arising across the world as a consequence of the current pandemic.
Webinar
Italy: Clausole MAC, closing virtuali e altre praticalità al tempo del COVID-19
Durante il nostro prossimo webinar parleremo delle implicazioni relative alle clausole MAC/MAE nei contratti di finanziamento, di closing virtuali e validità della firma digitale alla luce degli scenari che si stanno delineando a seguito della pandemia di COVID-19.
L'incontro sarà condotto in lingua italiana.
Publication
Germany: COVID-19: Major risk from non-exclusive patent licenses under German insolvency law
Germany: COVID-19: Major risk from non-exclusive patent licenses under German insolvency law
Video
Financial services regulation and COVID-19 video diaries: Issues affecting asset and fund managers – part 2: operational risks
Publication
UK: Vulnerability: Time to reassess
Both the PRA and the FCA have issued several communications to firms in recent weeks.
Publication
US: It’s time to reconsider poison pill strategies
2020 has already seen a significant uptick in preemptive standard and NOL pill adoption.
Publication
Financial services defender briefings
Significant volume of material published by the UK regulators, the four key headlines.
Update
Middle East: COVID-19 now within UAE communicable disease laws: Do you know your obligations?
The UAE Federal Law No. 14 of 2014 on communicable diseases (the 2014 Law), as amended and expanded by Cabinet Resolution 33 of 2016 (the 2016 Resolution) (collectively the Laws) now applies to COVID-19.
Publication
US: The COVID-19 pandemic and the economic stimulus program for businesses
The COVID-19 pandemic has prompted US lawmakers to act by passing a historic economic stimulus program for businesses.
Publication
UK: Impact of COVID-19 on AGMs: An update
In our briefing COVID-19: What does this mean for AGMs?, we considered a number of issues with which companies with December 31 year-ends have been grappling.
Publication
US: COVID-19 and emerging strong on the other side: A checklist of preparatory considerations
We highlight some of the issues businesses will confront in the interim and when life returns to normal.
Publication
The US EPA enforcement policy regarding COVID-19
The EPA will apply enforcement discretion for noncompliance: (i) during the period of the policy; (ii) that results from the COVID-19 pandemic.
Publication
US: Extended SEC filing deadline relief covers Form 20-F filers
The SEC issued an order that provides a publicly traded company 45 more days to file disclosure reports
Publication
US: COVID-19: Working from home and employer reimbursement of remote-work expenses
The new work-from-home reality has implications for employers with workers employed in California and other states.
Publication
UK: Conducting investigations remotely: Five key points to navigate the new normal
Many investigations across the globe are currently being conducted remotely, with in-house investigators/lawyers, external counsel and other providers, and even government prosecutors, working from their homes.
Publication
US: Department of Justice launches new COVID-19 anti-fraud initiative
COVID-19 is already causing major disruption in courthouses, with criminal grand juries and trials delayed.
Update
US: US boards and the COVID-19 pandemic: Recommended steps for risk compliance
In light of the coronavirus outbreak, this update provides recommendations for US boards to comply with risk oversight.
Webinar
US: State of the Union: COVID-19 now
Our team will discuss latest COVID-19 news and best practices.
Update
Middle East: The impact of COVID-19 (coronavirus) on witness testimony
On February 11, 2020, the World Health Organisation (WHO) officially adopted the name “COVID-19” for the new strain of coronavirus afflicting the world.
Publication
Canada: Will the coronavirus spark a new era of virtual shareholder meetings?
Concerns over the coronavirus have prompted issuers to examine whether to hold their upcoming shareholder meetings through electronic means.
Update
Australia: COVID-19: What Australian boards and senior management should consider
The effective and successful management of such crises is directly related to how well-prepared organisations are to respond.
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