The Commodity Futures Trading Commission (CFTC) has further supplemented no-action relief for market participants by issuing a staff letter for commodity pool operators (CPO), and the National Futures Association (NFA) has issued similar relief for CPOs and commodity trading advisers (CTA).

CPO Relief

On March 20, 2020, the Division of Swap Dealer and Intermediary Oversight (DSIO) provided no-action relief to CPOs, subject to the applicable conditions stated below:

Continue Reading NFA and CFTC Continue to Respond to COVID-19

On March 25, 2020, the US Securities and Exchange Commission (“SEC”) issued an order (“Modified Order”) modifying exemptions provided pursuant to a March 4, 2020 order regarding (“Original Order”) under the Securities Exchange Act of1934 (“Exchange Act”). The Modified Order supersedes the Original Order.

The Original Order provided relief from certain filing deadlines under the Exchange Act and related rules and regulations thereunder, as described below. The time period for the relief under the Original Order applied to filing deadlines from March 1, 2020 to April 30, 2020. The Modified Order extends that time period to July 1, 2020.

Continue Reading SEC Extends COVID-19 Related Relief for Certain Exchange Act Filings

Over the past two weeks, US agencies with immigration regulatory authority have issued new guidelines to ease employer obligations while employees stay home during the COVID-19 national emergency.  In addition, accelerated filings review has been restricted. The announcements are summarized below. Continue Reading COVID-19 Leads US Immigration Agencies to Ease Burdens for I-9 and E-Verify, Wet Signatures, In-Person Appointments, Responses, While Also Suspending Premium Processing

On March 22, 2020, the United States Office of the Comptroller of the Currency (OCC) announced an interim final rule effective immediately to revise its short-term investment fund (STIF) rule for national banks acting in a fiduciary capacity.[1] The amendment allows the OCC to authorize banks to temporarily extend maturity limits of STIFs in order to address the market stress caused by the COVID-19 outbreak that is adversely affecting banks’ ability to operate in compliance with maturity limits identified in the STIF rule. While the amendment directly applies to national banks, other managers of STIF may be indirectly affected.[2]

In connection with the announcement of the interim final rule, the OCC announced an order, effecting the amendment to the STIF rule, to extend maturity limits for STIFs affected by COVID-19.[3] Pursuant to the order, a bank will be deemed to be in compliance with the STIF rule if:

Continue Reading US OCC Extends STIF Maturity Limits in Light of COVID-19 Market Conditions

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act was enacted into law. The CARES Act is a $2 trillion stimulus package designed to help bolster the economy overall by providing aid to workers and businesses impacted by COVID-19 and to provide further support to the country’s health systems. This blog post is intended to give businesses a high level understanding of some of the key provisions of the CARES Act that may impact employers.

Continue Reading The CARES Act-Compensation and Benefits Related Provisions

On March 23, 2020, the Federal Reserve Bank of New York (“FRBNY”) established the Term Asset-Backed Securities Loan Facility (“TALF 2.0 Program”) to support the flow of credit to consumers and businesses. The FRBNY expects that the TALF 2.0 Program will enable the issuance of asset-backed securities (“ABS”) backed by underlying credit exposures in specified assets classes (student loans, auto loans and leases, commercial and consumer credit card receivables, equipment loans, floorplan loans, insurance premium finance loans, certain loans guaranteed by the Small Business Administration and eligible servicing advance receivables) during this time of economic uncertainty caused by the COVID-19 pandemic.  The FRBNY expects many of the details of the TALF 2.0 Program to mirror the TALF established in 2008, which was enacted to alleviate liquidity problems caused by the Great Recession.

Continue reading on Mayer Brown’s Retained Interest blog.

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If you wish to receive periodic updates on this or other topics related to the pandemic, you can be added to our COVID-19 “Special Interest” mailing list by subscribing here. For any other legal questions related to this pandemic, please contact the Firm’s COVID-19 Core Response Team at FW-SIG-COVID-19-Core-Response-Team@mayerbrown.com.

Further details on the Coronavirus Job Retention Scheme have been confirmed by GOV.UK overnight, and provide some much welcome detail. This update looks at the further information that has been provided and some potentially tricky areas for employers who are looking at using the Scheme.

Read the full update on MayerBrown.com.

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If you wish to receive periodic updates on this or other topics related to the pandemic, you can be added to our COVID-19 “Special Interest” mailing list by subscribing here. For any other legal questions related to this pandemic, please contact the Firm’s COVID-19 Core Response Team at FW-SIG-COVID-19-Core-Response-Team@mayerbrown.com.

CARES Act Enacted into Law! This is the biggest economic stimulus in our nation’s history, and will have far reaching effects on individuals and commercial businesses across industry sectors.  Stay tuned for further analysis.  See the full text of the Act here.

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If you wish to receive periodic updates on this or other topics related to the pandemic, you can be added to our COVID-19 “Special Interest” mailing list by subscribing here. For any other legal questions related to this pandemic, please contact the Firm’s COVID-19 Core Response Team at FW-SIG-COVID-19-Core-Response-Team@mayerbrown.com.

The Coronavirus Act 2020 has now been passed by Parliament in the UK. The Emergency Volunteering Leave Scheme provides for employees and workers to take time off work to work as emergency volunteers. This note looks at the Scheme, the obligations an employer owes to staff who wish to volunteer, and some likely tricky issues which could come up.

Read the full article on MayerBrown.com.

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If you wish to receive periodic updates on this or other topics related to the pandemic, you can be added to our COVID-19 “Special Interest” mailing list by subscribing here. For any other legal questions related to this pandemic, please contact the Firm’s COVID-19 Core Response Team at FW-SIG-COVID-19-Core-Response-Team@mayerbrown.com.

China (People’s Republic) just announced one of the world’s most restrictive travel bans. As of midnight on Friday March 27, foreign residents of China and all foreign visitors holding visas (valid as of the time of the announcement on March 26) will be prohibited from entering the country. Entry has also been suspended for APEC Business Travel Card holders; similarly, visa-free policies at designated ports have also been suspended. These measures are intended to prevent rebound outbreaks of COVID-19 as cases begin to fall in China. Most domestic travel has already been shut down in China. In contrast to the US travel ban, there are no exemptions for immediate family members of Chinese citizens. Limited exemptions, such as for diplomats, apply. Please view Mayer Brown’s COVID-19 Global Travel Navigator for up-to-date travel restrictions.

Announcement: https://www.fmprc.gov.cn/mfa_eng/wjbxw/t1761867.shtml

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If you wish to receive periodic updates on this or other topics related to the pandemic, you can be added to our COVID-19 “Special Interest” mailing list by subscribing here. For any other legal questions related to this pandemic, please contact the Firm’s COVID-19 Core Response Team at FW-SIG-COVID-19-Core-Response-Team@mayerbrown.com.