Archives: COVID-19

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A Crystal Ball On Economic Stimulus

Starting with COVID-19 relief, both former Vice President Biden and President Trump have embraced the need for another COVID-19 economic stimulus package. A Biden administration would likely pursue “high-multiplier” policies that funnel money to people and businesses that need it and are likely to spend it, thereby helping funds circulate through the economy quickly to … Continue Reading

Extension of the UK Coronavirus Job Retention Scheme

On Saturday 31 October, the UK Government announced a new national lockdown and confirmed the extension of the existing Coronavirus Job Retention Scheme, more commonly referred to as the “furlough” scheme.In this alert, we set out what the UK Government has announced and what this means in terms of the support available to employers, including … Continue Reading

Draft Law for a New German Restructuring Framework

So far, restructurings in Germany have been implemented either by way of consensual pre-insolvency solutions or formal and comprehensive insolvency proceedings with court oversight. The EU Restructuring Directive (EU) 2019/1023 of 20 June 2019 paved the way for the implementation of pre-insolvency restructuring proceedings in all EU member states that allow debtors to restructure effectively at an early … Continue Reading

African governments ease COVID-19 restrictions and reopen economies

A growing number of African countries have begun to ease COVID-19 related regulatory restrictions. Some countries, such as Kenya, Rwanda, and Senegal resumed international flights in August, while other countries like South Africa and Nigeria are only now opening their borders. For a continent that slipped into recession for the first time in a quarter … Continue Reading

California Mandates COVID-19 Supplemental Sick Leave for Larger Employers

California Governor Gavin Newsom has signed Assembly Bill (AB) 1867, to create COVID-19 supplemental paid sick leave (CPSL) requirements for employers with 500 or more employees, filling a gap left by the federal Families First Coronavirus Response Act (FFCRA) which applies only to employers with under 500 employees.  The new law also codifies existing supplemental … Continue Reading

FDA Releases Guidance on Resuming Normal Drug and Biologics Manufacturing Operations During COVID-19

Drug manufacturers have responded to the COVID-19 pandemic by adopting measures to ensure continuity in their operations—continuity that is vital to safeguarding the global drug supply. In doing so, some have faced unprecedented challenges with regard to ensuring the health of their employees, preventing COVID-19 transmission at their facilities, and mitigating associated risks to product … Continue Reading

South Africa Eases COVID-19 Restrictions with the Transition to Alert Level 2

On August 15, 2020, the Minister of Cooperative Governance and Traditional Affairs (COGTA) announced the extension of the national state of disaster. The national state of disaster was declared under Government Gazette No 43096 of 15 March 2020 (and extended by Government Gazette Nos 646 of June 5, 2020 and 765 of July 13, 2020), … Continue Reading

Trump Administration Increases Uncertainty for Pharmaceutical Manufacturing

Last week, President Trump issued an executive order aimed at encouraging the expansion American manufacturing of essential medical products — Executive Order on Ensuring Essential Medicines, Medical Countermeasures, and Critical Inputs Are Made in the United States (August 6, 2020) (the “Order”).  The Order sets forth an ambitious plan requiring extensive agency action on a … Continue Reading

The CMA’s Guidance on Merger Assessments During the Coronavirus (COVID-19) Pandemic and Recent CMA Cases

On 22 April 2020, the UK Competition and Market Authority (“CMA”) published its guidance on ‘Merger assessments during the Coronavirus (COVID-19) pandemic’ (“the guidance”). Prior to the publication of the guidance, there was some speculation about whether the CMA would be more willing to accept ‘failing firm’ arguments as the economic impact of COVID-19 hit … Continue Reading

Look Before You Release — ASBCA Enforces Release of Claims to Contractor’s Detriment

A recent Armed Services Board of Contract Appeals decision serves as a timely reminder for contractors to carefully read and consider any release of claims before signing — especially when you may have otherwise-recoverable coronavirus-related cost increases. The decision, Appeal of Horton Construction Co., Inc., ASBCA No. 61085 (June 2, 2020), concerned Horton Construction’s contract … Continue Reading

South Africa Prepares to Further Ease Lockdown Restrictions

On June 17, 2020 South African President Cyril Ramaphosa announced government’s intention to further ease the lockdown restrictions imposed due to COVID-19, allowing more industries to re-open fully under stringent health and safety protocols. This announcement comes two weeks after the government de-escalated the country from Alert Level 4 to Alert Level 3 pursuant to … Continue Reading

UK introduces targeted new powers to scrutinise foreign investment

On June 22, 2020, the UK Government introduced legislation to Parliament that further strengthens its ability to intervene in transactions on national security and other public interest grounds. Specifically, the UK Government has sought additional powers to intervene in transactions where there is need to preserve the capability of the UK to respond to a … Continue Reading

CFTC Approves Both Interim Final Rule and a Proposed Rule and Extends No-Action Relief in Response to Covid-19

On May 28, 2020, the Commodity Futures Trading Commission (CFTC) unanimously approved an interim final rule in order to grant an extension of the compliance schedule for uncleared swaps in response to the many operational challenges entities are facing in the wake of the COVID-19 (coronavirus) pandemic. It also approved a proposed rule exempting certain … Continue Reading

The Week Ahead in the European Parliament – Friday, June 12, 2020

Next week will be a plenary week for the Members of the European Parliament (“MEPs”).  Due to the restrictions in place to tackle COVID-19, the plenary sessions will be held virtually.  Several interesting debates are scheduled to take place. On Wednesday, MEPs will debate with the Council of the EU and European Commission on protecting … Continue Reading

South African High Court rules COVID-19 Lockdown Regulations Unconstitutional

Following the declaration of the National State of Disaster on March 15, 2020, a number of regulations have been enacted to contain and minimise the spread of COVID-19 in South Africa. On June 2, 2020, Judge Norman Davis of the South African High Court found the regulations issued in terms of section 27 of the … Continue Reading

The Brexit Negotiation – In Deadlock?

Last week marked a hand-over from the technical Brexit negotiations back to the negotiators’ political masters.  After four rounds of talks on the future EU-UK relationship, it appears that the UK and the EU are increasingly talking past each other.  With both sides seeming to accept that the transition period will finish at the end … Continue Reading

Congress Increases Flexibility for Forgiveness under the Paycheck Protection Program, yet Uncertainty about Implementation Remains

The Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”) was signed into law on June 5, revising a number of key requirements for loan forgiveness under the Paycheck Protection Program (“PPP”).  The Program has provided support to a number of organizations negatively impacted by COVID-19 in the form of loans that can be … Continue Reading

Regulation of Foreign Direct Investment (“FDI”) gathers Pace across Europe – A Week of Change.

The FDI space in Europe remains dynamic. Less than five months from the entering into force of the EU FDI Regulation, and just two months since the European Commission asked the Member States to both strengthen and “vigorously” implement the tools available to them and, where appropriate, introduce new FDI screening mechanisms –on which we … Continue Reading

COVID 19 – US and EU Competition Law Implications (29 May 2020)

The Covington US and EU Competition/Antitrust teams will be updating you regularly, through the Covington Competition blog, on the competition/antitrust law implications – both procedural and substantive – of the COVID-19 crisis in the US and the EU.  This is our update for Friday 29 May 2020. Today’s new updates as compared to the previous … Continue Reading

French Public and Administrative Authorities Take Action on Climate Change

At a time when COVID-19 is having direct and indirect effects on the reduction of greenhouse gas (“GHG”) emissions and ensuing global warming, eight French regulators, including the French Competition Authority, issued on 5 May 2020 a joint working paper in which they highlight the need to take into account the “climate emergency” in defining … Continue Reading

Congressional Pandemic Oversight Bodies Begin to Take Shape

As we reported in our prior client advisory on the wave of investigations to follow the pandemic, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act established three new bodies to conduct oversight and investigations on pandemic-related issues. Separately, House Speaker Nancy Pelosi announced a special committee to conduct additional pandemic-related oversight. In recent weeks, … Continue Reading

Federal Agencies Share Principles for Offering Small-Dollar Loans

On May 20, 2020, the federal financial institution regulatory agencies—the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency—issued principles for responsibly offering small-dollar loans in order to meet consumers’ growing short-term credit needs.In the interagency statement of principles, the agencies recognized … Continue Reading
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