04 Nov News LIBOR Transition: Borrower Tax Consequences and Proposed Regulations publications / POSTED BY Duanne Morris The London Interbank Offered Rate (LIBOR), one of the pillars of modern finance, will be phased out after the end of 2021. As of January 1, 2022, no new U.S. dollar LIBOR loans may be made. Existing legacy loans that bear interest based on one-, three- or six-month LIBOR may continue until June 30, 2023, and then they too will have to switch to an alternative reference rate (ARR). Among the many questions that U.S. borrowers have been, or should be, asking is whether the change from LIBOR to another rate will subject them to adverse U.S. tax consequences. Read More
27 Oct News COVID-19 Travel Restrictions to Be Lifted for Certain Vaccinated Foreign National Travelers publications / POSTED BY Duanne Morris On October 25, 2021, the Biden administration announced additional details on changes to the COVID-19 travel restrictions currently in place. Beginning November 8, 2021 (12:01 a.m. Eastern), the COVID-19-related regional restrictions on travel by foreign nationals to the United States will be replaced with a vaccine-based system. All nonimmigrants traveling by air to the United States will be required to show an acceptable COVID-19 vaccination and negative COVID-19 test?with certain exceptions based, for example, on age or on medical or humanitarian reasons. This new presidential proclamation applies to nonimmigrant travelers aboard a flight scheduled to arrive in the United States that departs after November 8, 2021, 12:01 a.m. Eastern. Read More
21 Oct News IRS FAQS: A Potential Shield For Taxpayers—Not A Sword For The Service publications / POSTED BY Morgan Lewis The IRS recently issued guidance on the utility of and weight to be afforded informal “frequently asked questions” (FAQs) published on its website—clarifications that became necessary given the IRS’s heavy reliance on FAQs as the preferred form of guidance throughout COVID-19 in its attempt to swiftly clarify and interpret standards of newly enacted relief programs often administered by the IRS and the US Department of the Treasury. Read More
20 Oct News Antitrust Considerations For Supply Agreements: Basf’s $85 Million Jury Verdict publications / POSTED BY Morgan Lewis A recent BASF jury verdict highlights the breadth of the Sherman and Clayton Acts—particularly the remedies available to plaintiffs involved in the manufacturing of goods—if supply agreements are found to hinder marketplace competition. The verdict serves as an important reminder for automotive and other stakeholders to take care in drafting supply agreements to ensure that these contracts do not implicate—or violate—federal antitrust laws. Read More
01 Oct News OFAC Issues Updated Advisory on Sanctions Risks for Facilitating Ransomware Payments publications / POSTED BY Morgan Lewis The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently issued an “Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments.” This advisory continues prior advisory comments strongly discouraging companies from making ransomware payments and suggests proactive steps for mitigating ransomware risks, including actions that OFAC would consider to be “mitigating factors” in any related enforcement action. Read More
28 Sep News Vaccine Mandate Guidance Issued for Federal Contractors and Subcontractors publications / POSTED BY Duanne Morris On September 9, 2021, President Joe Biden issued Executive Order (EO) 14042, mandating COVID-19 vaccination of employees working on or in connection with covered federal government contracts and subcontracts, with limited exceptions. On September 24, 2021, the Safer Federal Workforce Task Force issued guidance that requires covered federal contractor employees to be fully vaccinated against COVID-19 by December 8, 2021, with limited exceptions, and addresses several other important aspects relating to implementation of EO 14042. While in some cases government-issued guidance is nonbinding, this guidance is intended to be binding. Read More
02 Sep News Attorney General's Memorandum Allows Prosecution for Noncompliance with Agency Guidance Documents publications / POSTED BY Duanne Morris On July 1, 2021, U.S. Attorney General Merrick Garland published a memorandum that rescinds two previous memoranda?the Sessions Memorandum and Brand Memorandum?that prohibited Department of Justice (DOJ) attorneys from using noncompliance with federal agency guidance documents as a basis for civil and criminal enforcement cases. Read More
18 Aug News UNITED ARAB EMIRATES – COVID-19: ICA pre-entry approval required publications / POSTED BY Berry Appleman & Leiden LLP The Federal Authority for Identity and Citizenship (ICA) recently announced that valid residency visa holders traveling from restricted countries must apply for pre-entry approval. Read More
10 Aug News New German Financial Law Expands Reporting Obligations for German Entities publications / POSTED BY Morgan Lewis The recent reform of the German transparency register affects almost all companies in Germany and greatly expands the reporting obligations for German entities. Read More
05 Aug News Negotiations Conclude for Pacific Alliance-Singapore Free Trade Agreement publications / POSTED BY Azevedo Sette Advogados On July 22, 2021, Singapore Minister of Trade and Industry Gan Kim Yong, together with his counterparts from the member states of the Pacific Alliance?Mexico, Chile, Colombia and Peru?announced the conclusion of negotiations of the Pacific Alliance-Singapore Free Trade Agreement (PASFTA). Read More
