COVID-19 News, Member News

Troutman Pepper | DOL Revises FFCRA Leave Regulations

Who Needs to Know All employers covered by the FFCRA. Why It Matters Employers must ensure that their policies and practices addressing FFCRA leave are consistent with the DOL’s revised regulations. As we previously covered, on August 3, the U.S. District Court for the Southern District of New York (SDNY) struck down four parts of the regulations issued by the U.S. Department of Labor (DOL) implementing the Families First Coronavirus Response Act (FFCRA). Specifically, the decision invalidated the regulations’ availability of work requirement, intermittent...

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Member News

Portolano | Business Judgement Rule: Directors May Be Held Liable for Disproportionate Organizational Decisions in Italy

The Court of Rome (Decision issued on April 8, 2020) recently issued a decision on the business judgment rule topic, which has been dealt with several times by Italian courts over the years. The recent decision is interesting because (i) it summarizes Italian case-law principles on the abovementioned topic and (ii) based on such principles, it concludes that even organizational decisions made by directors can trigger their liability. 1. The case at stake A newly established company controlled by the Italian foundation for doctors’ and...

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Member News

Shearman | Important Arbitration Decision for Lenders

Project Finance Lender Can Claim Directly Against State Under Investment Treaty A recent decision of an arbitral tribunal constituted under the auspices of the International Centre for Settlement of Investment Disputes (ICSID) has opened the door for potential direct claims by project finance lenders against states in circumstances in which the projects they finance are adversely affected by state measures. In a decision rendered on August 20, 2020, the tribunal in Portigon AG v. Kingdom of Spain (ICSID Case No. ARB/17/15) held...

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Chapter News

ECB’s Governing Council says that exceptional circumstances justify leverage ratio relief

ECB’s Governing Council confirms exceptional circumstances Opinion instrumental in ECB Banking Supervision’s decision to allow banks to exclude central bank exposures from leverage ratio See also ECB Banking Supervision announcement on leverage ratio The Governing Council of the European Central Bank (ECB) has decided that it concurs with ECB Banking supervision that there are ‘exceptional circumstances’ allowing the temporary exclusion of certain central bank exposures from the leverage ratio. The Governing Council said in an opinion: “The situation brought about...

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Chapter News

NextGenerationEU: EU Commission presents next steps for €672.5 billion Recovery and Resilience Facility in 2021 Annual Sustainable Growth Strategy

The European Commission has set out strategic guidance for the implementation of the Recovery and Resilience Facility in its 2021 Annual Sustainable Growth Strategy (ASGS). The Facility is the key recovery instrument at the heart of NextGenerationEU which will help the EU emerge stronger and more resilient from the current crisis. The Facility will provide an unprecedented €672.5 billion of loans and grants in frontloaded financial support for the crucial first years of the recovery. The publication of the ASGS...

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Chapter News

State of the Union: EU Commission raises climate ambition and proposes 55% cut in emissions by 2030

The European Commission presented today its plan to reduce EU greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. This level of ambition for the next decade will put the EU on a balanced pathway to reaching climate neutrality by 2050. The new target is based on a comprehensive Impact Assessment of the social, economic and environmental impacts. The Assessment demonstrates that this course of action is realistic and feasible. This raised ambition also underlines the EU's continued global...

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Chapter News

Green Deal: measures to step up the fight against global deforestation

Binding targets to protect forests, in particular primary forests Robust implementation and enforcement of existing instruments Future trade and investment agreements should contain binding provisions against deforestation MEPs outline how the EU can contribute to tackling worldwide deforestation and call for domestic policies to be revised to protect European forests. In the non-binding resolution adopted on Tuesday with 543 votes to 47 and 109 abstentions, in response to a Commission communication, MEPs call for more support to protect, restore and...

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Chapter News

State of the Union Address by President von der Leyen at the European Parliament Plenary

Brussels, September 16, 2020 | Building the world we want to live in: A Union of vitality in a world of fragility Dear President, Honourable Members, One of the most courageous minds of our times, Andrei Sakharov – a man so admired by this House - always spoke of his unshakeable belief in the hidden strength of the human spirit. In these last six months, Europeans have shown how strong that human spirit really is. We saw it in the care workers who moved into nursing homes...

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COVID-19 News, Member News

Troutman Pepper | Navigating Adapted Operations Advisory Series: Part One – Phased Approach Considerations, Creating and Implementing a COVID-19 Response Plan, and Benefits Concerns for a Returning Workforce

Who Needs to Know Employers who are reopening (or have already reopened) by bringing employees back to their workplaces. Why It Matters Bringing a workforce back to the workplace, whether from teleworking, furlough or layoff status, is an exercise with many moving parts. Employers need to follow a reasoned strategy to address COVID-19-related risks and other considerations associated with recalling some or all of a workforce to develop a sensible back-to-work protocol. Troutman Pepper is issuing a series of client advisories, Navigating Adapted Operations, to...

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Member News

Vulcan Insight | Ursula von der Leyen Delivers Maiden SOTEU Address

One year after assuming her role, European Commission President Ursula von der Leyen today delivered her maiden State of the European Union address to the European Parliament’s Brussels plenary. Speaking for over an hour, President von der Leyen presented her vision for revitalising the EU’s economy in a sustainable, green and more innovative way. Building on her former experience as German Defence Minister, President von der Leyen also spoke passionately about her vision for a more geo-politically impactful European Union that stands up...

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