In brief Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. The Government Intervention Schemes Guide provides a summary of key government intervention measures across jurisdictions around the globe in relation to: Foreign Investment Restrictions Debt Equity Taxation EU State Aid Approvals, where relevant…
In brief On 11 May 2020, the Internal Revenue Service (IRS) issued Rev. Proc. 2020-20, which provides federal…
On 16 July 2020, the European Court of Justice (“ECJ”) ruled that the EU Commission’s 2016 decision regarding the adequacy of data protection in the United States and the EU-US Privacy Shield (“Privacy Shield”)* are invalid. As a result, companies in the EU and United States relying on the Privacy Shield program are scrambling to determine the impact on their operations. For a general alert issued by our data privacy colleagues on this topic, please click here Cristina Messerschmidt.
Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. The Government Intervention Schemes Guide provides a summary of key government intervention measures across jurisdictions around the globe in relation to:
Foreign Investment Restrictions
Debt
Equity
Taxation
EU State Aid Approvals, where relevant
On 11 May 2020, the Internal Revenue Service (IRS) issued Rev. Proc. 2020-20, which provides federal income tax relief for certain nonresident taxpayers who were impacted by travel and related disruptions caused by the COVID-19 virus. The IRS subsequently published additional guidance on the application of Rev. Proc. 2020-20, in the form of frequently asked questions (FAQs) for Individuals Claiming the Medical Condition Exception in 2020” (published on 27 May 2020), and “FAQs for Nonresident Alien Individuals and Foreign Businesses with Employees or Agents Impacted by COVID-19 Emergency Travel Disruptions” (published on 12 June 2020). This Revenue Procedure and subsequent guidance provides much needed relief to nonresident aliens, who could have otherwise experienced adverse income tax consequences by becoming subject to US taxation due to COVID-19.
On 16 July 2020, the European Court of Justice (“ECJ”) ruled that the EU Commission’s 2016 decision regarding the adequacy of data protection in the United States and the EU-US Privacy Shield (“Privacy Shield”)* are invalid. As a result, companies in the EU and United States relying on the Privacy Shield program are scrambling to determine the impact on their operations. For a general alert issued by our data privacy colleagues on this topic, please click here Cristina Messerschmidt.
On August 17, 2020, the US Commerce Department’s Bureau of Industry and Security (“BIS”) issued a final rule (“Final Rule”) (i) expanding the Export Administration Regulations (“EAR”) General Prohibition Three (the foreign-produced direct product rule, or the “FPDP Rule”) to further restrict Huawei Technologies Co. Ltd. and its affiliates designated…
On August 13, 2020, US Secretary of State Mike Pompeo issued a statement requesting that the US Department of…
On August 27, 2020, the US Commerce Department’s Bureau of Industry and Security (“BIS”) issued a final rule…
The North America Antitrust & Competition Group has launched a podcast series called “Beating the Competition”. This is also available on Apple, Spotify and Google Podcasts.