May 21, 2020 | German Chancellor Angela Merkel and French President Emmanuel Macron presented a joint initiative for a €500 billion coronavirus Recovery Fund to kickstart Europe’s economic recovery. In a surprise move for the German Chancellor, however, the fund is to be financed through mutual debt, i.e. Eurobonds. The proposal is a u-turn by Germany which had been one of the most ardent opponents of any mutualisation of national debt at the EU-level over fears that it may be called upon should...

May 20, 2020 | Key insights • On May 15, the SBA issued the long-awaited PPP loan forgiveness application and instructions. • Most organizations should be able to include a full eight weeks’ worth of payroll and nonpayroll costs. • We believe there is much to like about the new guidance — but we have some dislikes as well. • As the lawmaking process continues to play out, we will post updates. On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was...

May 20, 2020 | • Expanding a business into the United States can be an exciting yet challenging enterprise that may take into consideration a multitude of compliance regimes in the arenas of employment, employee benefits and executive compensation. • This Holland & Knight alert endeavors to simplify those complex rules and regulations by providing a list that could help guide a company through a multitude of considerations, including identifying essential parties, processes and compliance concerns in employee and benefits. Expanding your...

May 20, 2020 | On 19 May 2020, the Belgian Data Protection Authority published two new decisions of the BDPA's Litigation Chamber, each handing down a fine for infringements of the GDPR. The two cases were very different, but the combination makes for interesting lessons in relation to consent and legitimate interests. Other topics covered include the processing of health-related data, the use of "invite/tell-a-friend" functionality, whether to publish a DPIA and what to check in a privacy statement. CONTINUE READING... AUTHORS: • Peter...

May 18, 2020 | Late Friday evening, May 15, 2020, the Small Business Administration (SBA), in consultation with the Department of the Treasury, published its long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application, as well as detailed instructions and worksheets to assist borrowers in filling out the application. A copy of the application and instructions can be found here. The SBA also announced that it will issue further guidance and regulations in the near future to further assist borrowers in...

Published April 17, 2020 | Updated May 19, 2020 ALG's Financial Regulation team has compiled an overview of the various statements compiled by the Central Bank of Ireland, the European Banking Authority, the European Central Bank and the European Securities and Markets Authority related to the COVID-19 pandemic. These statements outline regulators' expectations of regulated financial services providers in an uncertain economic and regulatory landscape. VIEW FULL PUBLICATION HERE Compliments of A&L Goodbody - a member of the EACCNY.

On May 12, 2020, the Board of Governors of the Federal Reserve System (the Federal Reserve) announced additional information and FAQs on its Term Asset-Backed Securities Loan Facility (TALF). The goal of the TALF is to help consumers and businesses access affordable credit during and in the aftermath of the Coronavirus Disease 2019 (COVID-19) pandemic by lending to holders of recently generated asset-backed securities (ABS) collateralized by certain types of consumer and business loans. The Federal Reserve will make up to $100 billion...

May 19, 2020 | The COVID-19 pandemic represents an unprecedented shock to the European and global economies. Mitigating the economic impact on households, businesses, and the financial system is the priority. But it is also necessary to plan a response that will ensure rapid and sustained recovery. This crisis could exacerbate weaknesses in the European economy that stem from long-term underinvestment in areas critical for the continent’s future competitiveness. At the onset of the COVID-19 crisis, some EU countries had still not fully...