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With the EU-UK Trade and Cooperation Agreement signed and Brexit now becoming an increasingly settled fact, the areas of potential divergence between the UK and the EU are becoming clearer. The strategy appears to be to identify those areas in which the UK already enjoys a competitive edge over its rivals and then work out … Continue Reading
Given increasing public and investor focus on ESG disclosures and the growing recognition that managing ESG risks effectively can be effective in creating long-term value, there is significant and growing (internal and external) pressure on companies to make some form of ESG disclosure. Some companies already view voluntary comprehensive ESG disclosure as a way of … Continue Reading
By Karen Solomon on November 24, 2020 Posted in Bank Regulation, Financial
On November 20, 2020, the Office of the Comptroller of the Currency (“OCC”) issued a proposed rule that would impose on large national banks and federal savings associations (collectively, “banks”) a requirement to provide “fair access” to the financial products and services those institutions offer. The proposal is intended to preclude the banks it covers from … Continue Reading
By Nikhil Gore and Andrew Ruben on November 23, 2020 Posted in Bank Regulation, Financial
On November 19, 2020, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency (collectively, the “Agencies”) issued a joint fact sheet clarifying how banks subject to the Bank Secrecy Act (“BSA”) should apply a risk-based … Continue Reading
As we noted in a client alert late last week, the federal banking agencies released on August 13, 2020, a joint statement on enforcement of Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) requirements. At the time, the Federal Deposit Insurance Corporation made reference to a possible separate “Statement on Enforcement of the Bank Secrecy Act” from FinCEN. … Continue Reading
By Graham Vinter on August 6, 2020 Posted in Africa, Financial
As project finance becomes more widespread in Africa, government officials, bankers and developers will all become exposed to the complex documentation that comes with it. Some of the payment mechanisms can be very complicated and lawyers are often asked to include “worked examples” in the documentation. A recent case looked at the use of worked … Continue Reading
By Robert Lenhard on June 18, 2020 Posted in Financial, Uncategorized
Tomorrow, the FEC will hold its first open meeting since last August, now that Commissioner James Trainor III has been sworn in. The agenda will consist of four reasonably routine matters, consisting of three advisory opinion requests and a request for comments on whether the Commission should begin a rulemaking. As of this morning, all … Continue Reading
By Miranda Cole and Wesley Lepla on May 4, 2020 Posted in Competition, EU Law and Regulatory, Financial
Under Article 102 of the Treaty on the Functioning of the European Union (“TFEU”), an undertaking may abuse its dominant position by “directly or indirectly imposing unfair purchase or selling prices”. The UK Court of Appeal recently provided guidance regarding the legal test to determine whether pricing is excessive and unfair. In March, it dismissed … Continue Reading
Federal and State Price-Gouging Enforcement in the Era of COVID-19
By Derek Ludwin, Terrell McSweeny, Michael Fanelli and Kathryn Cahoy on April 14, 2020 Posted in Competition, COVID-19, Financial
COVID-19 has had a profound effect on supply chains, creating shortages and, in some cases, raising prices of vital medical and consumer products. It is no surprise that consumers, businesses, and government authorities are sounding the alarm about potential price gouging and pursuing those who appear to be exploiting the current crisis. On March 23, … Continue Reading
USPTO Uses CARES Act Authority to Extend Deadlines for Patent and Trademark Owners and Applicants
By Holly Fechner, Matthew Shapanka and Lucas Moench on April 13, 2020 Posted in Compliance Issues, COVID-19, Financial, Uncategorized
The recently enacted Coronavirus Aid, Relief, and Economic Security (“CARES”) Act contains a little-known provision to protect inventors during the ongoing COVID-19 pandemic. Section 12004 of the CARES Act grants the U.S. Patent and Trademark Office (“USPTO”) director the temporary authority to “toll, waive, adjust, or modify, any timing deadline” established by federal patent or … Continue Reading
COVID-19 Relief and Nonprofits: What You Need to Know
By Susan Leahy and Pooja Shah Kothari on April 13, 2020 Posted in COVID-19, Financial, Uncategorized
In a wave of legislation designed to combat the global economic impacts of COVID-19, Congress has enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act (FFCRA). At a high level and among many other things, the Acts provide: $349 billion in loan funds for small businesses and … Continue Reading
By Mosa Mkhize, Lido Fontana, Mike McLaren and Witney Schneidman on April 7, 2020 Posted in Africa, COVID-19, Financial, Health Issues
As a complement to our March 26, 2020 blog “Covington’s Ability to Help Respond to the COVID-19 Pandemic in Africa,” you may access the audio of our briefing call here. Key takeaways from the briefing can be accessed here. With African governments increasingly taking strong actions to impede the spread of the COVID-19 virus, including … Continue Reading
By Andrew Garrahan on April 7, 2020 Posted in Compliance Issues, COVID-19, Financial
As the coronavirus pandemic continues across the country, many corporations, organizations, and individuals are looking for ways they can help fight back. This often includes donating money, goods, or services to federal, state, or local government entities. These well-intentioned donations can generate compliance problems if not handled appropriately from the start. While the situation will … Continue Reading