09 Oct
Member News

Troutman Pepper | SBA Issues Long-Awaited Guidance on Change of Ownership Transactions Involving PPP Loan Borrowers

Who Needs to Know SBA employees and Paycheck Protection Program (PPP) lenders/borrowers on the “changes of ownership” procedures. Why It Matters On October 2, the Small Business Administration (SBA) issued a Procedural Notice to provide guidance to SBA employees and Paycheck Protection Program (PPP) lenders on the required “changes of ownership” procedures for an entity receiving a PPP loan (PPP borrower). This notice addresses the uncertainty and inconsistency in how PPP lenders view various equity raising, reorganization, and sale of business transactions...

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09 Oct
Chapter News

Plenary highlights: Commission changes, EU budget and climate law

MEPs voted for changes at the European Commission, more ambitious climate targets, and discussed the rule of law in EU countries during the 5-8 October plenary session in Brussels. On Wednesday, Parliament approved the appointment of Mairead McGuinness as commissioner for financial services, financial stability and the Capital Markets Union as well as Executive Vice-President Valdis Dombrovskis’ change of portfolio to include responsibility for trade. MEPs called on Wednesday for reinforcement of the rule of law across Europe through a new mechanism linking receipt...

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09 Oct
Chapter News, COVID-19 News

IMF | The Long Ascent: Overcoming the Crisis and Building a More Resilient Economy

October 06, 2020 | Speech by Kristalina Georgieva, IMF Managing Director | Washington, D.C. As prepared for delivery 1. Introduction: A World Turned Upside Down Dear Minouche, thank you for the warm welcome! I am honored to celebrate with all of you the 125th anniversary of the London School of Economics. It is a proud moment for the students and faculty, and for the alumni. As an alumna of LSE and as Managing Director of the IMF, I know that our institutions share so many of...

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08 Oct
Member News

Faegre Drinker | Ransomware Payments May Violate Sanctions Laws, U.S. Treasury Department Warns

On October 1, 2020, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory to companies that pay a ransom in the wake of a cyberattack. Specifically, the advisory warned that ransomware attack victims and third-parties who assist these victims could be in violation of federal law if they pay or facilitate the payment of a ransom to a sanctioned individual or entity — intentionally or otherwise. In light of dramatic increases in both the...

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08 Oct
Member News

Loyens & Loeff | A right for employees to be inaccessible in The Netherlands

Recently, the bill “Right to Inaccessibility Act” (Wet op het recht op onbereikbaarheid) has been submitted to the House of Representatives. Employees are given the right to "be unavailable to perform work outside working hours". What exactly does this right mean? Right to Inaccessibility Act Recently, the bill “Right to Inaccessibility Act” (Wet op het recht op onbereikbaarheid) has been submitted to the House of Representatives. The bill will provide for an amendment in the Working Conditions Act whereby, according to...

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08 Oct
Member News

Noerr | Admissibility of Framing – Germany Advocate General submits Opinion

In the preliminary ruling on the copyright admissibility of ‘framing’, a technique for the integration of external internet content, Advocate General Szpunar submitted his proposal for a decision to the ECJ. He argues that framing should not be treated as copyright-relevant use. In his view, however, the specific technical implementation of the embedding solution is crucial. In his Opinion (case C-392/19), the Advocate General commented on the question submitted by the German Federal Court of Justice as to whether one...

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08 Oct
Brexit News, Chapter News

Banque de France | Brexit, Digital Payments, Seize the Day

Published on 10/07/2020 19:00 in Banque de France | Speech - François Villeroy de Galhau, Paris Europlace International Financial Forum | Ladies and Gentlemen, It is my pleasure to conclude this Europlace International Financial Forum, and to congratulate Chairman Augustin de Romanet and his team for having overcome all obstacles. Today, Paris is, thanks to you, a financial capital of Europe…. and it is more than a short-lived satisfaction, it is a lasting and collective success. The title of today’s session...

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08 Oct
Chapter News, COVID-19 News

Speech by U.S. FED Chair Powell: Recent Economic Developments and the Challenges Ahead

October 06, 2020 | Speech by Jerome H. Powell, Chair of the U.S. Federal Reserve, at the National Association for Business Economics Virtual Annual Meeting | Good morning. It has been just eight months since the pandemic first gained a foothold on our shores, bringing with it the sharpest downturn on record, as well as the most forceful policy response in living memory. Although it is too early for definitive conclusions, today I will offer a current assessment of the response...

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08 Oct
Chapter News

EU climate law: MEPs want to increase 2030 emissions reduction target to 60%

Greenhouse gas budget to ensure EU reaches Paris goal Independent scientific body set up to monitor progress All direct and indirect fossil fuel subsidies should be phased out by 2025 at the latest All member states must become climate neutral by 2050, says Parliament in a vote on the EU climate law, calling for ambitious 2030 and 2040 emissions reduction targets. On Wednesday, Parliament adopted its negotiating mandate on the EU climate law with 392 votes for, 161 against and...

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07 Oct
Member News

CLA | Considering Selling or Merging? Review SBA’s Latest PPP Transfer Guidelines

Key insights The SBA released a Procedural Notice related to Paycheck Protection Program (PPP) Loans and Changes of Ownership on October 2, 2020. The Procedural Notice provides information concerning the required procedures for changes of ownership for an entity that has received PPP funds. On October 2, 2020, the Small Business Administration (SBA) released a Procedural Notice on Paycheck Protection Program Loans and Changes of Ownership. The Procedural Notice sets forth a PPP borrower’s responsibilities in the event of a change of ownership, including...

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