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The European Parliament agree on a resolution on the prevention of money laundering and terrorist financing

By Clarinda Francesca Grundy

July 14, 2020

On 10 July 2020, the European Parliament (Parliament) adopted a resolution on a comprehensive pan-EU strategy for the prevention of money laundering and terrorist financing, following the publication of the European Commission’s Action Plan in May (resolution text, press release). Key provisions of the resolution The resolution supports a much stricter, “zero-tolerance” stance towards Member States who fail to transpose the provisions of the Anti-Money Laundering Directives (AMLDs) into national law within…

Health Law Pulse

COVID-19 Update: FDA Inspections Signal Resumption of Government Enforcement Efforts

By Yvonne Puig (US), Daphne Calderon (US) & Jeff Wurzburg (US)

July 14, 2020

On July 10, 2020, the U.S. Food and Drug Administration (FDA) announced it would resume domestic on-site inspections beginning the week of July 20. Due to the COVID-19 pandemic, the FDA suspended inspections of facilities in March “to help slow the spread of the virus and help flatten the curve of the COVID-19 pandemic.” To determine the timing and locations of inspections, in accordance with the White House Guidelines for Opening Up America Again,…

Deal Law Wire

Threading the Needle: Drag-Along Clauses and Asset Deals

By David Isern & Kristopher Miks (Toronto)

July 14, 2020

While continued economic uncertainty has dampened M&A activity in the past months, the transition from crisis management to recovery mode in the short to medium term will likely see many companies explore potential divestitures in an effort to dispose of underperforming assets, to increase cash on hand and business resiliency and to mitigate risk. When seeking approval for divestitures, many companies that have a shareholders’ agreement in place rely on drag-along provisions contained therein to…

Financial Institutions Legal Snapshot

Interpreting insurance contracts: a refresher (part 2)

By Donald Dinnie

July 13, 2020

An insurance contract is presumed to require that the insured peril must be the proximate cause of the insured’s loss (see Incorporated General Insurance Ltd v A.R. Shooter trading as Shooter’s Fisheries 1987). Causation involves two distinct enquiries namely factual causation and then legal causation. The test for factual causation is generally described as the ‘but for’ test. In the insurance context the enquiry is focused on the occurrence of the insured peril. But for…

Global Workplace Insider

Propriétaires de commerce québécois: L’obligation de se couvrir le visage est à l’horizon

By Stéphane Erickson & Ione Deda Alves

July 13, 2020

Quelles obligations s’imposent aux propriétaires de commerce montréalais? Au Québec, les entreprises ont largement repris leurs activités depuis la mi-juin, mais certaines municipalités ont choisi d’imposer à la population diverses exigences supplémentaires visant à contrôler la dissémination du coronavirus. La plus récente est celle de la mairesse de Montréal, Valérie Plante, qui a annoncé, le 6 juillet dernier, que la ville vise l’adoption d’un règlement rendant obligatoire le port d’un couvre-visage dans les…

Global Workplace Insider

US: California: San Francisco employees laid off due to COVID-19 may have reemployment rights under new ordinance

By Josh Henderson (US) & Phillip Di Tullio (US)

July 13, 2020

On July 3, San Francisco’s new “Back to Work” emergency ordinance took effect, requiring employers to rehire certain employees laid off as a result of the COVID-19 pandemic when the employer seeks to fill the same position formerly held by the laid-off worker, or a substantially similar position. The ordinance will expire on September 2, 2020, but may continue if extended by the City of San Francisco. For more information on the requirements of this…

Global Workplace Insider

Employeurs de l’Ontario : des décrets sur les masques obligatoires sont désormais en vigueur à Toronto et à Ottawa

By Stéphane Erickson

July 13, 2020

Alors que l’étape 2 permet aux entreprises de l’Ontario de rouvrir et d’accueillir les employés sur le lieu de travail physique, les employeurs et les fournisseurs de services doivent remplir certaines conditions qui ont été récemment annoncées. Depuis le 7 juillet 2020 à 0 h 1, cela inclut le port obligatoire d’un masque couvrant la bouche et le nez pour les membres du public et les employés dans les espaces publics intérieurs des deux plus grandes municipalités…

Global Workplace Insider

Ontario employers, cover up! Mandatory mask orders now in effect in Toronto & Ottawa

By Stéphane Erickson

July 13, 2020

While stage 2 allows businesses in Ontario to reopen and welcome employees back to the physical workplace, employers and service providers must meet certain recently-announced conditions. As of July 7, 2020 at 12:01 AM, this now includes the mandatory mask covering of the mouth, nose and chin for members of the public and employees in indoor public spaces in Ontario’s two largest municipalities, Toronto and Ottawa. The following outlines what employers and service providers…

Financial services: Regulation tomorrow

The SFA files court brief in bankruptcy court opposing Hertz’s attempt to alter an ABS arrangement

By Patrick Dolan (US), Kathleen Scott (US) & Luke Donahue (US)

July 13, 2020

The US Structured Finance Association (the “SFA”), the securitization industry group, has filed an amicus brief in support of a challenge and objection to the Motion for Order Rejecting Certain Unexpired Vehicle Leases Effective Nunc Pro Tunc to June 11, 2020 Pursuant to Sections 105 and 365(A) of the Bankruptcy Code (the “Motion”) filed by The Hertz Corporation (“Hertz”) in the US Bankruptcy Court in Delaware (the “Court”). Hertz’s operations are financed in part through…

Financial services: Regulation tomorrow

Webinar: What’s on the horizon for financial services firms?

By Jonathan Herbst (UK), Hannah Meakin (UK) & Mark Craggs (UK)

July 13, 2020

Client money The COVID-19 pandemic is having a severe impact on many business sectors, and financial institutions are no exception. Many firms are likely to encounter challenges of one form or another in the coming months, as countries emerge from lockdown and seek to resume normal business at different times, and the applicable legal and regulatory regimes respond accordingly. Improvements made to the relevant regimes since the global financial crisis, in addition to certain recent…

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The European Parliament agree on a resolution on the prevention of money laundering and terrorist financing

COVID-19 Update: FDA Inspections Signal Resumption of Government Enforcement Efforts

Threading the Needle: Drag-Along Clauses and Asset Deals

Interpreting insurance contracts: a refresher (part 2)

Propriétaires de commerce québécois: L’obligation de se couvrir le visage est à l’horizon

US: California: San Francisco employees laid off due to COVID-19 may have reemployment rights under new ordinance

Employeurs de l’Ontario : des décrets sur les masques obligatoires sont désormais en vigueur à Toronto et à Ottawa

Ontario employers, cover up! Mandatory mask orders now in effect in Toronto & Ottawa

The SFA files court brief in bankruptcy court opposing Hertz’s attempt to alter an ABS arrangement

Webinar: What’s on the horizon for financial services firms?

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