Overview
As companies and governments continue to grapple with new challenges resulting from the coronavirus (COVID-19) pandemic, the need for practical legal advice and compliance guidance is more important than ever. Our attorneys are closely monitoring the evolving situation and are committed to providing clients with the latest regulatory updates and legal perspectives.
Thousands of legislative and regulatory responses to COVID-19 have been proposed or implemented in jurisdictions around the world. Please click the headers below to access our library of content, along with our COVID-19 Legislation Tool, a global tracker that reports the latest legislative updates. We invite you to watch past webinars on-demand below, where our partners share their latest insights and thoughts.
If you have any questions or concerns related to COVID-19, please contact our COVID-19 Task Force. In addition, please do not hesitate to reach out to your relationship partner.
Experience
Accolades
Shearman & Sterling hosted the following partner-led webinars and podcasts to answer your COVID-19 questions, including industry trends and the legal and business implications to the pandemic.
UK Business Crime Forum | November 12, 2020
Renewable Investment Opportunities in European Infrastructure Post-Covid-19 | July 15, 2020
Libor Transition | July 13, 2020
Credit Funds: On The Front Line Of The Financial Crisis | July 11, 2020
Current Developments in Data Privacy for Financial Institutions, Fintech and Non-Bank Lenders | July 2, 2020
Africa Insight Series: Part 2 | Is a Combination of COVID-19 and a Low Oil Price a Turning Point for the Oil & Gas Sector in Africa? | June 24, 2020
Current Developments and Looking Ahead in AML and Sanctions | June 23, 2020
Compliance and Investigations in an Age of Turmoil and Disruption – Chile | June 15, 2020
Re-Opening and Extended Remote Work: Considerations for Banks and Broker-Dealers | June 11, 2020
Video Highlights of Our Covid-19 Relief Efforts | June 11, 2020
The UK’s New Subsidy Regime: Designing a Better Mousetrap | June 4, 2020
Africa Insight Series: Part 1 | Contractual and Legal Provisions Relevant to COVID-19 | June 3, 2020
Legal Spotlight on The GCC. Shifting Sands . . . But Leading Where? | June 2, 2020
COVID-19 Bonds: Responding to COVID-19 Through Social Bonds | June 2, 2020
Restructuring Distressed Assets | May 28, 2020
Managing Legal Risk in Times of Crisis | May 21, 2020
Managing Financial Crime Risks in Challenging Circumstances | May 12, 2020
COVID-19: Latest Updates on UK and EU Financial Regulatory Issues | May 7, 2020
A Regional Perspective – Asia | April 30, 2020
A Regional Perspective – Latin America | April 22, 2020
Defense Production Act | April 16, 2020
Material Adverse Change in Financing and M&A Transactions | April 15, 2020
Paycheck Protection Program | April 14, 2020
Leveraged Finance | April 9, 2020
Considerations When Buying Distressed Energy Assets | April 8, 2020
The Regulatory Toolbox: Potential Systemic Risk and Responses | April 7, 2020
Force Majeure | April 2, 2020
Impact on Public Companies and their Executives | April 1, 2020
Corporate Tax and Compensation | March 31, 2020
We invite you to listen on demand to our lawyers discussing relevant topics across a variety of practice areas.
COVID-19–Impact on Commercial Contracts | May 7, 2020
Airlines: Options under Airline Contractual Arrangements | Apr 22, 2020
Analysis of Non-Performance of Contractual Obligations in Light of the COVID-19 Pandemic | April 20, 2020
Excerpt from Force Majeure | April 2, 2020
Force Majeure and Imprévision under French Law | March 26, 2020
The COVID-19 Crisis and Force Majeure in Credit Agreements | March 24, 2020
COVID-19: Force Majeure Event? | March 12, 2020
COVID-19: Derivatives Implications | March 11, 2020
Key Considerations for Midstream Contracts in Today’s Distressed Environment | July 10, 2020
Key Questions on the Impact of the COVID-19 Pandemic on Football Activity in Europe | June 23, 2020
CARES Act: The SBA’s Paycheck Protection Program—Congress Passes the Paycheck Protection Flexibility Act | June 9, 2020
Airlines and COVID-19: Hedging Considerations | June 8, 2020
CARES Act - The SBA’s Paycheck Protection Program—Interim Final Rules on Loan Forgiveness and Review Procedures Released | May 27, 2020
COVID-19 France: The Holding of General Meetings of Public Limited Companies | May 22, 2020
US Broker-Dealer Liquidity in the Time of Financial Crisis | May 19, 2020
CARES Act - The SBA’s Paycheck Protection Program - Loan Forgiveness Application Released | May 18, 2020
Foreign Investment Review in Europe: Key Considerations for Investors and Latest Developments Prompted by COVID-19 | May 18, 2020
How Debtors in Saudi Arabia Can Manage Insolvency Risk Post-Covid-19 | May 14, 2020
CARES Act - The SBA’s PPP – New FAQ Provides Clarity to “Necessity” Certification | May 13, 2020
New York State Trial Courts Loosen COVID-19 Emergency Restrictions On Court Filings | May 4, 2020
CARES Act - The SBA’s Paycheck Protection Program: New FAQs Regarding 'Necessity' Certification | April 30, 2020
Open Market Purchases and Liability Management in the COVID-19 Era | April 23, 2020
Tap Issuances with More Than De Minimis OID | Apr 22, 2020
Airlines: Options under Airline Contractual Arrangements | Apr 22, 2020
Analysis of Non-Performance of Contractual Obligations in Light of the COVID-19 Pandemic | April 20, 2020
Tariffs in the Time of COVID-19 | April 9, 2020
UPDATED: COVID-19 Compliance and Legal Considerations for Asset Managers | April 7, 2020
Coronavirus Aid, Relief, and Economic Security Act (CARES Act): Paycheck Protection Program Summary | April 5, 2020
COVID-19 | Germany: Availability Of Government Support For Infrastructure Businesses | April 3, 2020
Excerpt from Force Majeure | April 2, 2020
The Liquidity Crunch | April 1, 2020
The Defense Production Act – What U.S. Businesses Need To Know | March 31, 2020
France: Crisis Impact on Capital Markets and Corporate Law - continued | March 30, 2020
Congress Passes Largest Ever Economic Stimulus Package: Key Provisions of CARES Act | March 27, 2020
Debt Buyback And Liability Management Considerations | March 27, 2020
Force Majeure and Imprévision under French Law | March 26, 2020
The COVID-19 Crisis and Force Majeure in Credit Agreements | March 24, 2020
New York Issues Important Orders Regarding Court Filings and Limitations Periods In Light of COVID-19 with Potentially Far-Reaching Consequences | March 23, 2020
Current Estate Planning Opportunities | March 23, 2020
Preparing for Market Disruption: Circuit Breakers and Discretionary Trading Halts | March 23, 2020
France: Crisis Impact on Capital Markets and Corporate Law | March 20, 2020
Update on Key Patent Court Scheduling Adjustments in View of COVID-19 | March 19, 2020
Italy Bans Short Selling and Lowers Thresholds for Material Shareholdings | March 19, 2020
COVID-19: Disclosure and Capital Markets Considerations for US Listed Public Companies | March 16, 2020
Turbulent Times Ahead—Remember the Real Estate Workout? | March 16, 2020
COVID-19: Force Majeure Event? | March 12, 2020
COVID-19: Derivatives Implications | March 11, 2020
Coronavirus Implications in Loan Documents | March 11, 2020
It Is Annual Report Time Recent Developments and Trends for the Preparation of Form 20-F | January 10, 2022
It Is Annual Report Time—Recent Developments and Trends for the Preparation of Form 20-F| January 12, 2021
Updated New York Order Maintains Tolling| July 13, 2020
Federal Reserve Releases Stress Test Results: Restrictions on Share Repurchases and Dividends in Response to COVID-19 | June 29, 2020
Updated New York Orders Regarding Court Filings and Limitations Periods in Light of COVID-19 Continue to Impact Litigation | May 18, 2020
Key Water Infrastructure Draft Legislation Released in US Senate| May 8, 2020
US States’ Regulatory Responses To The COVID-19 Pandemic | April 28, 2020
COVID-19: UK Government Announces Funding for Innovative Businesses | April 23, 2020
FERC and NARUC Heads Support Request of Utilities to Extend CPFF | April 14, 2020
The Fed Moves Beyond the Financial Crisis Playbook for Pandemic Response | April 12, 2020
Temporary NYSE Waiver Relaxes Shareholder Approval Rules for PIPEs | April 9, 2020
UK Small Business and Emerging Growth Company Resource Guide | April 8, 2020
FERC Announces Additional Policies and Procedures in Response to COVID-19 Emergency | April 7, 2020
The Regulatory Toolbox: Potential Systemic Risk and Responses | April 7, 2020
COVID-19: New Insolvency Law for Businesses with COMI in Germany | April 3, 2020
France: Government Guarantee - Infrastructure Businesses Considerations | April 2, 2020
Co-Directors Of SEC’s Division Of Enforcement Issue Statement On Market Integrity In Wake Of COVID-19 Emergency | April 1, 2020
US Small Business and Emerging Growth Company Resource Guide | March 31, 2020
COVID-19: FCA Announcement on Key Workers in Financial Services and Other Issues | March 31, 2020
UPDATED: SEC Extends Temporary Exemptions From Form ADV and Form PF Filing and Delivery Requirements | March 27, 2020
SEC Issues Order Extending Conditional Exemptions From Reporting And Proxy Delivery | March 27, 2020
SEC Issues New COVID-19 Disclosure Guidance | March 27, 2020
Stimulus Package Lacks Relief for Renewable Energy | March 27, 2020
UPDATED: SEC Extends Sweeping Temporary Exemptions Granted to Funds to Comply with Voting, Reporting and Prospectus Delivery Requirements | March 27, 2020
Short Sale Bans In Response To The COVID-19 Pandemic | March 26, 2020
FERC Announces Policies and Procedures to Continue Work During COVID-19 | March 25, 2020
NYDFS Adopts Forbearance Regulations for Regulated Institutions | March 25, 2020
UPDATED - The Fed Repurposes the Financial Crisis Playbook for Pandemic Response | March 25, 2020
Availability of the Bank of England’s COVID Corporate Finance Facility (CCFF) to support UK infrastructure businesses | March 24, 2020
COVID-19: Bank of England Announces Policy Measures for Financial Market Participants | March 24, 2020
COVID-19: ESMA Delays New Reporting Regime for Repos, Securities Lending and Buy Backs for EU Banks and Investment | March 19, 2020
COVID-19: Compliance and Legal Considerations for Asset Managers | March 18, 2020
EU Regulatory Response to COVID-19: ESMA Introduces Lower Short Position Reporting Threshold | March 18, 2020
Planning in a Time of Pandemic: Considerations for Regulated Financial Institutions in the US, EU and UK | March 18, 2020
NYDFS Requires COVID-19 Preparedness Plans from Regulated Entities | March 17, 2020
NYDFS Requires COVID-19 Preparedness Plans from Virtual Currency Businesses | March 17, 2020
Update Regarding FINRA Regulatory Notice 20-08: Pandemic-Related Business Continuity Planning, Guidance and Regulatory Relief | March 13, 2020
Significant Business Disruptions: Considerations for Broker-Dealers | March 4, 2020
Guide to the Evolving Workplace | September 24, 2020
CEO Pay Ratio—Three-Year Refresher | August 12, 2020
UK Government’s Summer Statement Introduces Temporary Vat and Stamp Duty Reductions | July 9, 2020
Coronavirus Tax Relief Provisions Raise Surprising M&A Considerations | June 29,2020
Key Considerations in Designing a Return to Work Plan | June 22, 2020
Compensation and Governance Restrictions on CARES Act Stimulus Recipients | Updated June 16, 2020
Managing Employee Costs Across Multiple Jurisdictions | June 16, 2020
The Corporate Executive Features ‘The Impact of COVID-19 on Executive Compensation’ | June 15, 2020
Webcast: Financial Services Regulation Series — Re-Opening and Extended Remote Work: Considerations for Banks and Broker-Dealers | June 11, 2020
Lexis Practice Advisor Features ‘Employee Furlough Considerations in the Time of COVID-19’ | June 9, 2020
Webcast: The Return to Work and the Contigent Workforce | May 14, 2020
Compensation Strategies in a New Era | Apr 28, 2020
Developments in Workplace Discrimination Guidance in the Wake of COVID-19 | Apr 23, 2020
COVID-19: Difficult Decisions and Best Approaches | Apr 23, 2020
Employee Furlough Considerations | Apr 21, 2020
Expanded Employee Leave: Application And Enforcement | Apr 17, 2020
Compensation And Governance Restrictions On CARES Act Stimulus Recipients | April 15, 2020
Considerations When Reducing Executive Salaries | April 9, 2020
The Impact of COVID-19 on Your Company's Equity Plan | April 8, 2020
UK Small Business and Emerging Growth Company Resource Guide | April 8, 2020
Coronavirus Aid, Relief, and Economic Security Act (CARES Act): Paycheck Protection Program Summary | April 5, 2020
Succession Planning in a Time of Crisis | April 3, 2020
Executive Compensation, Checklist - The Impact of COVID-19 on Incentive Compensation | April 2, 2020
Impact on Public Companies and their Executives | April 1, 2020
Qualified Retirement Plans During COVID-19: The CARES Act and Other Considerations | March 31, 2020
US Small Business and Emerging Growth Company Resource Guide | March 31, 2020
Corporate Tax and Compensation | March 31, 2020
Congress Passes Largest Ever Economic Stimulus Package: Key Provisions of CARES Act | March 27, 2020
France’s Supportive Measures For Businesses And Employees | March 27, 2020
Key Considerations in Employee Terminations | March 24, 2020
Revisiting Stock Option Repricing | March 20, 2020
The Impact of COVID-19 on Incentive Compensation | March 16, 2020
Appellate Court Clarifies Impact of COVID-19 Tolling Orders | June 28, 2021
Compliance and Investigations in an Age of Turmoil and Disruption - Webinar Series | June 25, 2020
IMF COVID-19 Crisis Funding: an Opportunity to Fight Corruption | May 21, 2020
COVID-19 & International Investment Protection | April 14, 2020
Covid-19: Status Of Proceedings Before French Courts—Focus On International Arbitration Matters | March 27, 2020
UK Government’s Summer Statement Introduces Temporary Vat and Stamp Duty Reductions | July 9, 2020
Coronavirus Tax Relief Provisions Raise Surprising M&A Considerations | June 29,2020
IRS Announces Extension of ‘Continuity Safe Harbor’ for Renewable Energy Projects | May 28, 2020
IRS Announces that Expenses Giving Rise to PPP Loan Forgiveness Cannot Be Deducted | May 4, 2020
IRS Guidance Clarifies CARES Act Relief Procedures for Partnerships | April 20, 2020
Claiming Refunds for Corporate Net Operating Loss Carrybacks Under the CARES Act | April 20, 2020
IRS Provides Guidance Permitting Employers to Immediately Receive COVID-19-Related Tax Credits | April 9, 2020
Corporate Tax and Compensation | March 31, 2020
Tax Relief Provisions in the CARES Act Stimulus Package | March 26, 2020
UK Government Includes Tax Deferral in COVID-19 Business Support Package | March 23, 2020
IRS Extends Tax Filing and Payment Deadline to July 15, 2020 | March 20, 2020
Tax Planning for Multinational Borrowers During the COVID-19 Crisis | March 19, 2020
FERC To Hold Technical Conference on Effect of COVID-19 on Energy Industry | June 15, 2020
Lessee Considerations in Dealing with Oil and Gas Production in Low (and Plummeting) Price Environments | April 3, 2020
PJM Makes MOPR Compliance Filing And Proposes Timing For Delayed RPM Auction | March 30, 2020
Transacting in the Time of COVID-19: Practical Considerations for Energy A&D/M&A Transactions | March 25, 2020
Assessing and Managing Risk and Reward in a Volatile Oil Gas Market | March 25, 2020
Five Things to Ask: Impact of the Oil Price Plunge on the Energy Industry | March 15, 2020
Main Street Lending Program: Latest Updates | November 4, 2020
UK Corporate Insolvency and Governance Act 2020 | July 9, 2020
Federal Reserve Releases Stress Test Results: Restrictions on Share Repurchases and Dividends in Response to COVID-19 | June 29, 2020
Main Street Lending Program: Key Practical Points for Consideration | June 23, 2020
“Open Market Purchases and Liability Management in the COVID-19 Era” Webinar | April 23, 2020
COVID-19 | Considerations for Waiver Processes in Infrastructure Finance | April 15, 2020
UPDATED – COVID-19 France: State Guarantee Scheme for New Money Loans | April 10, 2020
Leveraged Finance | April 9, 2020
COVID-19: New Insolvency Law for Businesses with COMI in Germany | April 3, 2020
COVID-19 Changes Announced to UK Insolvency Law and for AGMs | March 31, 2020
COVID-19: Update for Borrowers and Lenders in Germany | March 27, 2020
Liquidity, MAC and Cessation of Business in English Law Loan Financings | March 26, 2020
[WEBCAST] COVID-19 Outbreak and Credit Agreements – What You Need to Know | March 25, 2020
EU Steps Up Protection of Critical Assets and Technologies During COVID-19 Crisis | April 7, 2020
How Will COVID-19 Measures Impact Substantive EU Merger Control Review? | March 31, 2020
Update—Antitrust and COVID-19 | March 25, 2020
COVID-19 and Antitrust: Crisis and Change | March 19, 2020
COVID-19: State Aid Support to Business | March 17, 2020
The COVID-19 pandemic has implications for all of us. In addition to the health concerns, there is the massive economic dislocation for almost every aspect of the economy – which may continue for many months yet.
There is very little for society to gain from allowing otherwise viable and successful businesses to collapse as a result of such an extreme shock. There is a perfectly legitimate role for Governments to play in supporting business through this period.
In the EU and UK such support must comply with the State aid rules. This can be via widescale measures across the whole economy or more focused on particular sectors. The latter is highly likely to be State aid. The European Commission is ready to approve such aid but obtaining that approval quickly requires care and experience. Companies cannot rely on overstretched Governments. Lack of timely expert representation often results in delays, insufficient support or inappropriate conditions being imposed. Liability for missteps will subsist for the company concerned after the crisis.
Shearman & Sterling has one of Europe’s leading practices in State aid. If any businesses require our help in navigating the State aid process to access vital Government support please do get in touch.
The European Commission has made the following statements relating to state aid for Covid 19:
Statement by Executive Vice-President Margrethe Vestager on State aid measures to address the economic impact of COVID-19 - https://ec.europa.eu/commission/presscorner/detail/en/STATEMENT_20_467
State aid: Commission approves €12 million Danish scheme to compensate damages caused by cancellations of large public events due to COVID-19 outbreak - https://ec.europa.eu/commission/presscorner/detail/en/ip_20_454
Further general press releases from the Commission regarding Covid 19 can be found at the following link: https://ec.europa.eu/commission/presscorner/home/en
The U.K. Government has made the following guidance announcements which relate to support for businesses in the wake of Covid 19:
Guidance COVID-19: support for businesses - https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
By way of summary, this includes a package of measures to support businesses including:
Business Rate Relief for small businesses and pubs;
small business grant funding of £3,000 for all business in receipt of Small Business Rates Relief (SBRR) and Rural Rates Relief;
the Coronavirus Business Interruption Loan Scheme to support long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance; and
the HMRC Time To Pay Scheme.
Guidance Support for those affected by COVID-19 - https://www.gov.uk/government/publications/support-for-those-affected-by-covid-19/support-for-those-affected-by-covid-19#to-support-businesses-experiencing-increases-in-costs-or-financial-disruptions
Practices
