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...

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...

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...

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...

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...

Montpellier, France — September 30, 2020  — CILcare, a leading CRO specializing in hearing disorders, announced today that the company and its partner, CBSET Inc., a not-for- profit translational research institute, have been nominated to receive a prestigious Prix Galien MedStartUp award for their collaboration in fighting hearing loss; the collaborators are nominated in the category ‘Best Collaboration Dedicated to the Developing or Underserved Populations Worldwide.’ The Galien MedStartUp fosters, recognizes and rewards excellence in scientific innovation to improve the...

The Luxembourg supervisory authority for the financial sector, the CSSF, issued on 29 September 2020 a new circular regarding the ESMA Guidelines on liquidity stress testing in UCITS and AIFs, that entered into force on 30 September 2020. With this Circular, the CSSF confirms that, as national competent authority, it applies the ESMA Guidelines and has integrated them into its administrative and regulatory approach. Liquidity Stress Testing: the CSSF applies the ESMA Guidelines The Luxembourg supervisory authority for the financial sector...