Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP (including its associated entities) is an elite global law firm with top-flight practices across the board. From 10 offices around the globe, our approximately 1,000 lawyers provide seamless, best-in-class service on our clients’ most significant matters.

NYSE Waives Some Stockholder Approval Rules

By Maurice Blanco, Marcel Fausten, Joseph A. Hall, Michael Kaplan, James C. Lin, Byron Rooney, Sarah K. Solum, Richard D. Truesdell Jr. & Elizabeth S. Weinstein

April 8, 2020

Recognizing that many companies will have “urgent liquidity needs” in the coming months as a result economic and market conditions related to the spread of COVID-19, on Monday the New York Stock Exchange announced temporary waivers to some of its stockholder-approval requirements for stock issuances.…

Coronavirus Updates

FCA Announces Measures to Assist UK Listed Companies During the Coronavirus Pandemic

By Dan Hirschovits, Will Pearce, Simon Witty & Jamie Corner

April 8, 2020

Today, the Financial Conduct Authority (“FCA”) has issued a Statement of Policy containing a series of measures intended to assist listed companies during the coronavirus (COVID-19) pandemic. These measures include: support for the Pre-Emption Group’s temporary guidance with respect to its Statement of Principles, including encouraging investors to support non-pre-emptive offerings of up to 20 per cent. of a company’s existing shares admitted to trading in certain circumstances; encouragement to issuers to consider using shorter-form prospectuses,…

Briefing: Governance

COVID-19: Considerations for 2020 Incentive Compensation Programs

By Edmond T. FitzGerald, Kyoko Takahashi Lin & David Mollo-Christensen

April 8, 2020

The coronavirus (COVID-19) pandemic and the ensuing market uncertainty, as well as recently enacted legislation, have upended the compensation and benefit programs of many companies. These two memos are the first in a series of memos that will discuss considerations for companies to keep in mind in connection with their short- and long-term incentive compensation programs. The first memo highlights key issues for companies that have yet to finalize their 2020 incentive compensation programs. In…

Coronavirus Updates

Fed Opens Registration Process for Commercial Paper Funding Facility

By The Davis Polk FinReg Team

April 7, 2020

The Federal Reserve yesterday announced the opening of the registration process, and issued registration instructions and revised FAQs, for its Commercial Paper Funding Facility (CPFF), originally announced on March 17, 2020, expanded on March 23, 2020 and further detailed in initial FAQs on March 25, 2020. The CPFF materials, and materials for other Federal Reserve and legislative programs, are available through our Government Support for Businesses landing page. The CPFF registration information and…

FinReg

Fed Opens Registration Process for Commercial Paper Funding Facility

By John Banes, Randall D. Guynn, Gabriel D. Rosenberg & Eric B. Lewin

April 7, 2020

Coronavirus Updates

SEC Staff Updates Its Guidance on Shareholder Meetings & COVID-19

By Betty Moy Huber & Paula H. Simpkins

April 7, 2020

The SEC Staff updated today its prior March 13, 2020 guidance relating to shareholder meetings, including virtual meetings. You may recall that the Staff’s March guidance provided welcome clarity to issuers that previously mailed and filed their proxy materials, but who wish to change the date, time or location of their meetings, allowing them to essentially issue a press release and file that on EDGAR without needing to remail all materials. Read the Full Post …

Coronavirus Updates

COVID-19: Considerations for 2020 Incentive Compensation Programs

By Jeffrey P. Crandall, Edmond T. FitzGerald, Adam Kaminsky, Kyoko Takahashi Lin, Veronica M. Wissel, Stephen I. Brecher, Gregory D. Hughes, David Mollo-Christensen, Charles Shi & Alicyn L. Gilbert

April 7, 2020

Briefing: Governance

SEC Staff Updates Its Guidance on Shareholder Meetings & COVID-19

By Betty Moy Huber & Paula H. Simpkins

April 7, 2020

Coronavirus Updates

The CARES Act Paycheck Protection Program: Key Features for Lenders and Small Business Borrowers

By John Banes, William J. Chudd, Lee Hochbaum, Jai R. Massari, Margaret E. Tahyar, Nancy J. Marchand, John A. Atchley III & Jane Faulkner

April 7, 2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) established a new Paycheck Protection Program (PPP) that launched on Friday, April 3—one week after its enactment. The PPP is backed by $349 billion in new funding and is a cornerstone of the CARES Act stimulus for American small businesses. The fast rollout of the program by the Small Business Administration and Treasury Department, with regulations, guidance, fact sheets, and forms released online over…

Coronavirus Updates

UK COVID-19 Considerations for Authorised Firms

By Dan Hirschovits, Mark Chalmers & Jennifer Duffy

April 6, 2020

In the wake of the coronavirus (COVID-19) pandemic the Financial Conduct Authority (FCA) has issued various statements emphasising the importance of business continuity arrangements for UK authorised firms. Responding appropriately to the unprecedented disruption caused by the coronavirus crisis poses significant challenges for senior managers. In this note, we focus on the steps UK authorised firms can take to ensure their responses to the coronavirus crisis are consistent with the FCA’s expectations, thus mitigating the…

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NYSE Waives Some Stockholder Approval Rules

FCA Announces Measures to Assist UK Listed Companies During the Coronavirus Pandemic

COVID-19: Considerations for 2020 Incentive Compensation Programs

Fed Opens Registration Process for Commercial Paper Funding Facility

Fed Opens Registration Process for Commercial Paper Funding Facility

SEC Staff Updates Its Guidance on Shareholder Meetings & COVID-19

COVID-19: Considerations for 2020 Incentive Compensation Programs

SEC Staff Updates Its Guidance on Shareholder Meetings & COVID-19

The CARES Act Paycheck Protection Program: Key Features for Lenders and Small Business Borrowers

UK COVID-19 Considerations for Authorised Firms

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