05 May
Member News

Four Takeaways From April 2020’s LIBOR Transition Developments

May 4, 2020 | Despite the ongoing coronavirus pandemic (COVID-19), the United Kingdom’s Financial Conduct Authority (FCA) reiterated that the London Interbank Offered Rate (LIBOR) will still not be available as a reference rate after the end of 2021. Accordingly, your organization must continue completing the substantial task of transitioning all LIBOR-linked contracts to an alternate rate no later than December 31, 2021, and, if applicable, to disclose all material information related thereto in your United States Securities and Exchange Commission...

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05 May
Member News

BBGFX Update: May 2020 FX Outlook

May 1, 2020 | Aggressive action by several central banks and governments helped reduce the extreme tail risk that had seemed so dominant in the second half of March. Strains in the funding markets eased, and equity markets recouped some of the steep losses inflicted during the frenzied panic. To be sure, most major economies were largely shut down in April, and the lagging economic data is dreadful. It was only in the second half of April that some social distancing...

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05 May
Member News

FTI: Lessons Learned from Cyber Attacks in the Industrial Sector

April, 2020 | From chemical and power plants to energy and mining and metal production, industrial companies are increasingly at risk of cyber attacks that threaten workers and the environment. Here’s how to respond. In March 2019, Norsk Hydro, a leading global aluminum producer headquartered in Oslo, Norway, with operations around the world, found itself the victim of a stealth cyber attack. Its “attacker” came in the form of a compromised email sent via an existing customer’s email address to an unsuspecting employee. The...

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05 May
Member News

WSRG: Federal Reserve Announces Details of Main Street Lending Program

May 4, 2020 | On April 30, 2020, the Federal Reserve announced details of its $600 billion Main Street Lending Program established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The purpose of the Main Street Lending Program is to facilitate lending to businesses that were in sound financial condition prior to the COVID-19 pandemic and have either fewer than 15,000 employees or had less than $5 billion of revenue in 2019. The loans will be provided...

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04 May
Member News

GOP: Italian Law No. 27/20 (“Conversion Law”): the new provisions

On April 29, 2020, Law No. 27/20 (the "Conversion Law") has been published in the Official Journal of the Italian Republic No. 110, converting into law, with amendments, Law Decree No. 18/20 (the "Law Decree 18/20") providing for a package of measures and aids to face the COVID-19 emergency. The new provisions mainly affect the following areas: • Labour Law • Tax Law • Litigation Law Contact: FABIO ILACQUA Partner – Head of New York Office GOP USA, LLC – One Rockefeller Plaza, Suite 1610, New York, NY...

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04 May
Member News

PepperHamilton: Strategies to Identify and Mitigate the Risks Related to Whistleblower and Retaliation Claims Connected to COVID-19

May 4, 2020 | Health care professionals, hospitals and other health care facilities are critical to the nation’s efforts to address the COVID-19 pandemic, and they are under incredible strain caused by challenges such as widespread shortages of personal protective equipment (PPE) and other critical equipment, risks related to working with patients showing symptoms of COVID-19, and the need to redeploy personnel and resources in nontraditional ways. At the same time, the economic downturn related to the pandemic has blocked...

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04 May
Member News

Littler: SBA Releases New Guidance on Paycheck Protection Program Certifications, Announces Safe Harbor for Borrowers that Repay Their Loans

April 30, 2020 | Ahead of a second round of lending, the Small Business Administration (SBA) announced that businesses applying for loans under the Paycheck Protection Program (PPP) must consider other sources of liquidity before certifying that they need a PPP loan. The agency also announced a new “safe harbor” for businesses that received a loan before it released its new guidance. Businesses wanting to take advantage of the safe harbor must repay their loans by May 7, 2020. The PPP...

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04 May
Chapter News

The global response: Working together to help the world get better

May 3, 2020 | Op-ed co-authored by Giuseppe Conte, President of the Government of the Italian Republic, Emmanuel Macron, President of the French Republic, Angela Merkel, Federal Chancellor of the Federal Republic of Germany, Charles Michel, President of the European Council, Erna Solberg, Prime Minister of the Kingdom of Norway, Justin Trudeau, Prime Minister of Canada* and Ursula von der Leyen, President of the European Commission. “Chance favours the prepared mind”. This was the mantra of Louis Pasteur, one of the world's greatest scientists and a mastermind behind...

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04 May
Chapter News

Covid-19: EU recovery plan should include climate crisis action

May 4, 2020 | As the EU looks at how best to recover from the impact of the Covid-19 pandemic, MEPs say the Green Deal must be at the centre of any reconstruction package. The current health crisis and its consequences remain the immediate priority, but the European Parliament is also focusing on a strategy for the post-crisis period. In a resolution adopted on 17 April, MEPs said the EU needs a massive recovery and reconstruction package with the Green Deal, a series of initiatives...

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04 May
Member News

H&K: Federal Departments Jointly Extend Employee Benefit Timeframes for COVID-19 Outbreak

May 1, 2020 | • The U.S. Department of Labor and the U.S. Department of the Treasury Department, in consultation with the U.S. Department of Health and Human Services issued new final rules that, effective March 1, 2020, extend various timeframes applicable to employee benefit plans (Final Rules). • A stated purpose of the Final Rules, issued on April 29, 2020, is to minimize the possibility of individuals losing benefits because of a failure to comply with an applicable timeframe. • The...

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