This is a revised summary version of our initial client memos regarding the crisis. In his speech on March 16, President Macron stated, “we are at war,” six times. Since then, businesses continue to assimilate and react to the radical changes that have occurred over the last weeks. The government and various regulators, including the … Continued
CONTRACTS / FORCE MAJEURE Is the COVID-19 pandemic (“Pandemic”) a force majeure event? A party may be excused for non-performance under a contract if the non-performance is a direct and immediate result of an event which constitutes an act of God or force majeure. Decrees by the Moscow mayor and regulations issued by heads of … Continued
*Originally distributed on April 13, 2020 The social and economic turmoil unleashed by the global spread of COVID-19 and the collapse in the price of crude oil has brought to the fore a number of critical incident and systemic risk management concerns, including traditional ESG concerns such as human capital issues, business model and supply … Continued
*Originally distributed on April 8, 2020 Every publicly traded company is wrestling with the following question: how to handle the upcoming earnings call now that the unprecedented global, human and economic impacts of COVID-19 are apparent? In an unusual and groundbreaking statement, the Chairman of the U.S. Securities and Exchange Commission and the Director of the SEC’s … Continued
*Originally distributed on April 3, 2020 On 19 March 2020 Spain re-introduced foreign investment screenings by executive order. In doing so, the Government confessed aim is to protect Spanish companies in their time of financial weakness as a result of the COVID-19 pandemic. However, the measures are not time-limited and are intended to survive the … Continued
*Originally distributed on April 2, 2020. Since our Client Alert dated March 21, 2020 (accessible here), the Securities and Exchange Board of India (‘SEBI’) has taken further measures in light of the COVID-19 outbreak. Some of the key features are set out below. 1. Reduction in Compliance Burden on Market Participants By its press release … Continued
*Originally distributed on April 1, 2020 The Covid-19 pandemic and the exceptional containment and lockdown measures adopted around the world to protect public health and suppress the spread of the virus have had a significant impact on the global economy and have created severe constraints for many businesses. It is clear that collectively many companies … Continued
*Originally distributed on March 31, 2020 Companies are currently dealing with unprecedented challenges, with some facing an existential threat. With new developments occurring daily, we highlight below key points that have emerged in the last week or so that companies should consider in the context of their communications with investors. Financial results and reporting In … Continued
*Originally distributed on March 26, 2020 In these difficult times, directors are expected to adopt a proactive attitude. Amongst other actions, the managing and supervisory directors of Dutch companies should consider taking the following steps from a Dutch corporate governance perspective: Ensuring the health and safety of employees and other relevant stakeholders; Proactively and periodically … Continued
Joint Statement by the European Competition Network on the Application of the EU Competition Laws in the COVID-19 Crisis While public life is almost coming to a stop across the EU, and the severe impact of the COVID-19 pandemic on the Continent’s economy is becoming ever more apparent, the eyes are turning to the European … Continued
