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In addition to the human tragedy, COVID-19 challenges the financial sector’s operating and business models and engages a wide range of law and regulation. As organizations strive to maintain business continuity and protect their workforce, they will face competing legal and regulatory pressures, particularly those operating on a cross-border basis, with regulated sector entities facing the further challenge of specific regulatory expectations.

Heavily-stress tested business continuity and resilience programs will enable management to evaluate and plan to mitigate identified risks and, in particular, to take steps to ensure their financial market operations continue to function. In this respect, the experience of the bird flu, 2014, swine flu, 2009, and SARS, 2002 to 2003, pandemics over the last 20 years will relevant as will the experience of business continuity issues during the global financial crisis.

The current pandemic, however, raises uniquely far-reaching issues in terms of breadth of markets and business practices that may be impacted and the potential extent of economic disruption. This high-level checklist provides an overview of key legal and regulatory issues that may require attention in the short-, mid- and long-term.

COVID-19 Checklist



Marnin Michaels is a partner in Baker & McKenzie┬┤s Zurich office. He has been practicing for more than 15 years in the areas of tax and international private banking and handles insurance matters relating to tax investigations and wealth management. He counsels clients on US withholding tax and qualified intermediary rule, as well as money laundering avoidance legislation. Mr. Michaels was a member of the firms Steering Committee leading the US Department of Justice Initiative for Swiss Banks. In the end, the firm acted for 45 banks and the project won litigation firm of the year by American Lawyer Magazine.


Michael Fieweger represents private equity and venture capital funds, institutions, family offices and hedge funds and strategic acquirers in their formation and global acquisition and investment activities. Michael has a background in corporate finance, having previously served as a commercial lending officer with a division of JP Morgan Chase in Chicago. He is the chairman of the Firm's Global Private Equity Practice Group.


Richard Powell is a knowledge lawyer in Baker McKenzie's global financial services regulatory group where he is responsible for supporting and developing the group's legal and technical knowledge. Previously he was a member of the UK Financial Conduct Authority's Enforcement Division where he advised on regulatory cases. He has also been an editor of Bloomberg Law's UK Financial Services Law Journal.