April 15, 2020 | CAA Clarificaitons on the impact of a hard Brexit on the rules governing investments and deposits of tied assets of insurance undertakings. In two information notices dated April 2 and April 8, 2020, the Commissariat Aux Assurances (“CAA”) clarified the impact of a hard Brexit and the related loss of the UK’s status as a member of the European Economic Area on the application of the rules governing: • the investment of the assets underlying unit-linked life-insurance contracts (Note d’information 20/11...

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April 17, 2020 | The Toy Association is alerting members to the launch of the Save Small Business Fund, a new grant-making initiative launched by the U.S. Chamber of Commerce in collaboration with Vistaprint. The initiative seeks to provide short-term relief in for small employers in the form of a four-part campaign that includes financial aid, resources and guidance, advocacy, and polling, as well as a call to action for the larger business community and government to help small businesses, according...

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April 17, 2020 | With the World Health Organisation warning that Europe is now in ‘the eye of the storm’ during the unprecedented global COVID-19 pandemic, the EU’s leadership in Brussels has this week begun charting the course to economic recovery. On Wednesday, the European Commission and European Council jointly published an exit strategy to coordinate the roll-back of national public health measures implemented to contain the spread of Coronavirus. To ensure confinement measures are lifted in a gradual and orderly...

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April 7, 2020 | Recent media coverage has focused on the effect of COVID-19 on the emergence of cyber related frauds, including social engineering and phishing schemes. Employers would also be wise to consider the unique opportunities for fraud detection arising from government-mandated shutdowns, social distancing and the prevalence of employees working remotely. The recent work from home phenomenon may enhance the effectiveness of internal controls designed to detect any previously well-tended fraudulent employee schemes, including secret commission or kickback...

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April 16, 2020 | • Extraordinary Board of Directors meeting approves the EIB Group’s response to economic effects of COVID-19 crisis: a €25 billion European guarantee which aims to deliver up to €200 billion for the European economy • Board decision follows 9 April recommendation by Eurogroup to include EIB proposal into joint EU response package The EIB Group is set to play a key role in the fight against the economic consequences of the COVID-19 pandemic. Following a recommendation by the...

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April 15, 2020 | These days, most companies are focused on the myriad of legal, health and safety, and financial issues caused by COVID-19. While the firm is actively monitoring these issues,1 we also want to keep you abreast of other developments that may be relevant to your business. Here, we provide an overview of guidance recently offered by Andrew Smith, the director of the Federal Trade Commission's (FTC) Bureau of Consumer Protection, on how to manage consumer protection risks associated...

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April 15, 2020 | As reported in March, the COVID-19 pandemic is being leveraged by malicious cyber actors to make various cybersecurity attacks. In a joint alert issued on April 8 by the U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) and the U.K.’s National Cyber Security Centre (NCSC), the agencies provided information on exploitation of the pandemic by cybercriminals and advanced persistent threat groups and provided guidance to help mitigate these threats. The alert identified several observed threats: •...

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April 14, 2020 | On April 9, 2020, the Federal Reserve released term sheets for a Main Street Lending Program, a new program intended to provide liquidity to small and medium-sized businesses to help withstand the coronavirus crisis. The Main Street Lending Program enables up to $600 billion in new financing of eligible term loans from eligible lenders to eligible businesses and consists of the Main Street New Loan Facility (the MSNLF) and the Main Street Expanded Loan Facility (MSELF)....

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April 14, 2020 • $600 billion Main Street Lending Program established under the CARES Act to help small and medium-sized businesses. • Businesses with up to 10,000 employees may be eligible. • Loan amounts range from $1 million to $150 million, based on eligibility. On April 9, the Treasury Department and Federal Reserve released details about the new $600 billion Main Street Lending Program, which is designed to help shore up the economy. The program will be implemented using funds appropriated under the...

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