On Friday, April 10, the U.S. Environmental Protection Agency (EPA) issued an interim guidance document focused on addressing risks associated with the COVID-19 pandemic on EPA-led or supervised remediation projects, including when remedial work may be reduced or suspended due to COVID-19 risks. This short memo discusses the key points of the new EPA guidance.
Coronavirus Updates
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UK Regulators Make Haste
By Jamie Corner & Will Pearce
IFLR
The premium segment of the UK’s Main Market offers investors the benefit of a gold plated package of shareholder rights, corporate governance and corporate disclosure above mandated EU-wide minimum standards that apply to all companies traded on regulated markets. In times of crisis these additional regulatory standards can hinder the efforts of a premium-listed…
Data Privacy and Security Requirements During Coronavirus? Little Relief in Sight
As we have discussed here previously, the coronavirus outbreak has driven many companies further into the digital workplace, putting new strains on information technology systems and related privacy and security compliance controls. Despite these burdens on companies, few regulators have offered relief from their privacy and security requirements. As detailed below, while the Securities Exchange…
Memorandum on CARES Act Oversight and Enforcement Risks for Companies and Lenders
We have published a memorandum on what companies and lenders need to know about oversight under the CARES Act and related enforcement risks. By reference to the global financial crisis, the memorandum provides a roadmap for companies and lenders thinking about and seeking to minimize the risks of participating in CARES Act and other, related…
SBA Paycheck Protection Program: Key Provisions and Related Fed Secured Lending Facility
We have published a new deck on the Small Business Administration’s Paycheck Protection Program, including information on the Federal Reserve’s liquidity facility.…
FTC and DOJ Issue Statement Regarding COVID-19 and Competition in Labor Markets
As part of continued action to address the economic upheaval caused by the coronavirus pandemic, the U.S. antitrust agencies issued further guidance yesterday regarding competitor collaboration in regards to labor markets. While acknowledging that the COVID-19 pandemic has generated opportunities for procompetitive collaboration, the Department of Justice Antitrust Division and Federal Trade Commission Bureau of Competition…
COVID-19: Addressing Underwater Stock Options and Stock Appreciation Rights
The recent market volatility caused by the coronavirus (COVID-19) pandemic has caused precipitous drops in the stock prices of many companies, reducing the value of outstanding equity awards and potentially jeopardizing the effectiveness of these awards to reward and retain employees. In particular, some companies may find that the exercise prices of their outstanding options…
Fed Actions to Address the Coronavirus Crisis
Updated April 13, 2020
We have updated Davis Polk’s summary table of the Federal Reserve’s actions to address the coronavirus crisis, with embedded links to the primary materials on the Federal Reserve’s website. This version is updated to cover the new, sweeping measures that the Fed announced on the morning of Thursday, April 9, 2020.…
ISS Releases Policy Application Guidance For COVID-19’s Impact
On Wednesday, April 8, 2020, Institutional Shareholder Services Inc. (ISS) issued guidance on voting policies of various corporate governance-related issues that are likely to be implicated by the coronavirus (COVID-19) pandemic during the 2020 proxy season. The guidance does not introduce any new formal policies. Rather, the guidance provides ISS’s perspective on selected market developments…
Fed Moves to Shore up Municipal Funding Markets
The Federal Reserve announced on April 9 the creation of the Municipal Liquidity Facility (MLF), which will provide up to $500 billion of direct support to states and local governments to help them manage cash flow stress related to the COVID-19 pandemic. Indirect support to states and local governments is already being provided through the…