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Coronavirus (COVID-19)

Topic Guides

The outbreak of the novel coronavirus – Covid-19 – is having a deep impact on businesses across all sectors. This Topic Guide is a collection of materials that focuses on the issues that may affect our clients in the financial markets.

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Inside this Topic Guide

Topic overview

The outbreak of coronavirus or Covid-19 is having a deep impact on the lives of thousands of people across the globe and is causing disruption to businesses across all sectors and the world's financial markets. The outbreak has prompted governments to impose various measures including the lock-down of cities such as Wuhan, restrictive measures in Italy, extension of public holidays and travel restrictions as well as both public and private sector businesses to consider "work from home arrangements" or "self-quarantine" of employees who might be at risk of infection. This Topic Guide is a collection of materials that focuses on the issues that may affect our clients in the financial markets.

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Lounia Czupper | Dorothée Vermeiren

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Burkhard Schneider

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Kate Gibbons | Rob Lambert | David Metzger | Kate Vyvyan | Iain White

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Jaime Almenar | Juan Calvente | Javier García de Enterría | José Guardo | Fernando Irurzun | Carlos Portocarrero | Jaime Velázquez

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Clifford Chance briefings

Key issues for Business

Corporate transactions

(4 August 2020) Coronavirus impact on merger review timeframes - a global overview
(13 March 2020) Competitor coordination of coronavirus responses - how to mitigate antitrust risks
(10 March 2020) Making deals in a volatile market (M&A)
(06 March 2020) Implications for AGMs

Contracts and supply chains

(12 October 2020) Events cancellation - issues to consider
(20 April 2020) Electronic signatures: when can these be used? A global perspective
(09 April 2020) Poland: Signing agreements with a qualified electronic signature
(06 March 2020) Can electronic signatures help?
(05 March 2020) Contracts, supply chains and the threat of disputes
(05 February 2020) Coronavirus and Force Majeure Clauses

Legal issues for business

(6 May 2021) Right to work checks – End to COVID-19 temporary measures
(10 July 2020) Can contact tracing apps turn the tide? The story so far
(09 July 2020) Industry guidance published on new flexibilities for holding shareholder meetings
(27 May 2020) Liquidity and Alternatives: Exiting alternative positions for LPs
(06 May 2020) Procedures for urgent Dispute Resolution
(10 April 2020) Zooming in on Privacy and Cybersecurity Controls in the WFH Environment
(01 April 2020) Increased threat of cyber attacks
(26 March 2020) Government financial aid to business - an international guide
(12 March 2020) Checklist for financial services firms
(11 March 2020) Five steps to building a financial institution's resilience
(09 March 2020) The Data Protection challenges
(04 March 2020) Challenges for employers
(02 March 2020) Insurance issues
(27 February 2020) Financial difficulties triggered by the impact of Coronavirus: Issues for stakeholders

Financing and Capital Markets

(27 April 2022) Covid-19 and Securitisation: Locking Down the Lessons
(09 July 2020) Guide to Equity-Linked Products in Asia Pacific
(13 May 2020) Covid-19 Response Bonds: What are the issues?
(12 May 2020) ECB eligibility criteria – Liquidity for corporate bonds and CP during the coronavirus pandemic
(04 May 2020) How the NEU CP market can give European corporates access to the ECB's Pandemic Emergency Purchase Programme (PEPP)
(09 April 2020) Key US and EEA considerations in respect of debt buybacks and other liability management transactions (EU focused)
(07 April 2020) EBA issues guidelines on prudential treatment of payment moratoria
(02 April 2020) Leveraged Finance - Key considerations for loan buy-back transactions
(27 March 2020) Key Considerations in Respect of Debt Buybacks and Other Liability Management Transactions (US focused)
(25 March 2020) Debt Capital Markets facilities to support UK and EEA companies
(25 March 2020) Leveraged Finance - Key considerations in respect of debt buybacks and other liability management transactions (EU focused)
(19 March 2020) Investment Grade Lending: Immediate financing considerations for Borrowers, Underwriters and Lenders
(19 March 2020) Impact on European Residential Mortgage Securitisation Markets
(16 March 2020) Infrastructure finance - Immediate financing considerations for infrastructure investors and funders
(16 March 2020) Leveraged Finance - Immediate financing considerations for financial sponsors, underwriters and debt investors
(10 March 2020) Issues relating to capital markets in APAC
(06 March 2020) Close-outs - where are we now?
(03 March 2020) Issues relating to loan financings in APAC

Sector Focus

(24 February 2021) Your 2021 AGM Update and Beyond
(22 February 2021) Supreme Court's application of causation principles has wide implications
(19 February 2021) Investment Bodies and Proxy Advisers: Covid-19 Guidance on Executive Pay
(2 February 2021) Supreme Court Judgment in Business Interruption Insurance Test Case: Real Estate Impact
(24 June 2020) First hearing in FCA BI insurance coverage test case highlights issues for trial
(28 May 2020) Looking Beyond Coronavirus
(13 May 2020) UK: Coronavirus and the FCA expectations of the insurance sector
(21 April 2020) Unprecedented Drop in Price of WTI Crude Oil Futures Contract - What to Expect from CME and CFTC in Response
(20 April 2020) Compulsory licensing and new provisions affecting IP holders during the Coronavirus crisis in France and globally
(16 April 2020) A useful tool for M&A run-off transactions
(27 March 2020) Issues for the infrastructure sector
(25 March 2020) Insurance regulators respond to Coronavirus pandemic
(05 March 2020) Aircraft operating leases
(05 March 2020) Issues for the rail sector
(02 March 2020) Legal issues for the maritime industry
(27 February 2020) Issues for the construction industry

Country Focus

Africa

(22 April 2020) Government Financial Aid to Business - An African Guide

Australia

(30 November 2020) Landmark judgments in NSW (Australia) and England in business interruption insurance test cases
(19 May 2020) Australian merger and competition policy reform proposals: Building a bridge out of the Coronavirus
(23 March 2020) The impact of Coronavirus: Measures taken by the Australian Government

Belgium

(27 March 2020) Belgian tax, employment and social security support measures for enterprises impacted by the Coronavirus crisis
(26 March 2020) Belgian state aid measures to help companies in need
(19 March 2020) The implications for Belgian law governed agreements

Brazil

(20 March 2020) Cross border considerations related to Brazil

Czech Republic

(13 November 2020) Lex Covid 2.0: Further emergency amendments to Czech insolvency law
(22 October 2020) The second Czech coronavirus lock-down: the immediate impacts on businesses
(27 May 2020) Withholding tax exemption of Eurobonds proposed to be abolished
(22 May 2020) State aid to be provided to tenants
(25 March 2020) Are electronic signatures a possible solution under Czech law?
(15 April 2020) Czech loan moratorium – its true impact in the field of large corporate financing
(14 April 2020) Impact of operational restrictions on commercial and residential leases in the Czech Republic
(6 April 2020) Impact of Coronavirus related measures on employers in the Czech Republic
(20 March 2020) The Czech Coronavirus lock-down: the immediate impact on businesses
(20 March 2020) Currency risk hedging and the impacts on liquidity in the Czech Republic

European Union

(30 March 2020) Increased regulation and scrutiny of foreign investment in Europe on the horizon
(23 March 2020) The European Commission's coronavirus state aid framework

France

(27 April 2020) France to guarantee bank loans in response to Covid-19 pandemic - Update
(22 April 2020) Managing your commercial contracts - The French law position
(27 March 2020) Force Majeure and hardship under French contract law
(24 March 2020) France: Cybersecurity compliance in times of crisis
(20 March 2020) Recent developments regarding virtual shareholder and board meetings in France
(19 March 2020) France to guarantee bank loans further to the Coronavirus crisis

Germany

(30 March 2020) German tax measures to counter the effects of the Coronavirus
(27 March 2020) German Economics Stabilisation Fund
(26 March 2020) German insolvency emergency legislation
(24 March 2020) Germany to take emergency measures in response to Covid-19 Pandemic
(26 March 2020) Government support measures to help German companies in need
(25 March 2020) Managing risk in commercial contracts – the German law perspective

Greece

(26 March 2020) State aid measures to help Greek companies in need

Italy

(15 May 2020) Decreto Rilancio: Italian government guarantee for debt securities issued by Italian banks
(16 April 2020) Conversion of DTAs into tax credits through disposal of non-performing receivables: Q&A
(16 April 2020) Italy strengthens foreign direct investment regime
(30 March 2020) Coronavirus boosts implementation of protective measures to prevent speculation
(25 March 2020) State aid, the EU framework and the Italian decree
(24 March 2020) Coronavirus outbreak and its effects on contract performance: a practical guide under Italian law
(24 March 2020) Italy - Tax measures to incentivise disposals of NPEs
(20 March 2020) Impact on loans in Italy and the securitization and covered bond markets
(03 March 2020) Emergency in Italy: Simplified remote working regime approved | In Italian

Hong Kong

(02 April 2020) Financial Distress - tip sheet for Boards of Directors of companies

Japan

(15 April 2020) Financial Distress - tip sheet for Boards of Directors of companies in Japan

Luxembourg

(25 June 2020) Prudential treatment of payment Moratoria in Luxembourg
(27 April 2020) Luxembourg financial sector regulator responds to the Coronavirus pandemic
(26 April 2020) Extension of deadline for the filing and publication of accounts
(26 April 2020) Measures concerning holding of meetings in Luxembourg companies and other entities
(26 April 2020) Suspension of the obligation to file for insolvency
(26 April 2020) Measures taken by the Financial Intelligence Unit in the context of Coronavirus
(26 April 2020) Luxembourg Central Bank takes measures in the context of Coronavirus pandemic
(26 April 2020) New bill introducing a professional payment guarantee under Luxembourg law
(26 April 2020) Initiatives to support the Luxembourg economy
(07 April 2020) Luxembourg financial sector regulator responds to the Coronavirus pandemic
(05 April 2020) Chamber of Commerce and Export Credit Agency
(03 April 2020) Luxembourg insurance sector regulator responds to the Coronavirus pandemic
(03 April 2020) The Luxembourg Stock Exchange issues a new FAQ on coronavirus
(03 April 2020) Suspension of procedural deadlines in judicial matters
(03 April 2020) Distribution policies of credit institutions
(03 April 2020) Regime governing aides to businesses encountering temporary financial difficulties
(01 April 2020) Luxembourg State-backed guarantee scheme for new bank loans
(28 March 2020) Extension of deadlines for the financial sector
(28 March 2020) Update of CSSF FAQs on swing pricing mechanism used by Luxembourg regulated funds in the context of Covid-19
(28 March 2020) Covid-19: a force majeure event?
(28 March 2020) Extension of deadline for the filing and publication of accounts
(28 March 2020) Luxembourg government takes measures to support the economy
(28 March 2020) Suspension of the obligation to file for insolvency
(27 March 2020) Luxembourg tax implications for companies and individuals
(24 March 2020) Measures concerning holding of meetings in Luxembourg companies and other entities
(23 March 2020) Governmental measures to fight against the spread of COVID-19

Netherlands

(10 June 2020) Dutch government announces temporary moratorium of payments legislation
(30 April 2020) Dutch government guarantee regulation in connection with the Coronavirus outbreak
(08 April 2020) Bill sent to Parliament enabling fully virtual shareholders meetings during 2020
(12 March 2020) Coronavirus issues relating to loan financings
(19 March 2020) State aid measures to help Dutch companies in need
(18 March 2020) The impact of coronavirus - Update: economic measures by the Dutch government for companies facing financial difficulties

Poland

(24 June 2020) Poland introduces control over Non-EU/Non-OECD investments in certain sectors
(18 May 2020) Enabling the holding of remote meetings of bondholders in Poland
(20 April 2020) Measures supporting availability of financing within the Polish Anti-crisis Shield
(06 April 2020) Polish anti-crisis Act
(20 March 2020) Polish banks offer assistance
(20 March 2020) Impact of the Coronavirus on debt financing transaction on the Polish market

Romania

(24 March 2020) Support measures for Romanian companies facing financial difficulties

Russia

(09 June 2020) Insolvency moratorium and rescheduling of debts in insolvency
(22 May 2020) A Legal Overview of Foreign Investment in Russia's "Strategic" Sectors
(29 April 2020) Russian Federation: Supreme Court overview of issues related to Coronavirus | In Russian
(24 April 2020) Russian companies are entitled to waive insolvency moratorium granted to them by the state
(07 April 2020) Relaxation of legal requirements to corporate procedures and share buy-backs in Russia
(31 March 2020) Russian Parliament approves changes to legislation setting out the rules for introduction of a moratorium on insolvency of Russian companies
(03 April 2020) The impact of Coronavirus on contractual relations from a Russian Law perspective
(03 April 2020) The impact of COVID-19 on corporate relations

Saudi Arabia

(26 March 2020) Key contractual considerations in Saudi Arabia

Singapore

(16 June 2020) The "Legal Circuit Breaker" - Singapore amends legislation to provide additional relief for SMEs
(22 April 2020) Alternative arrangements for holding company meetings in Singapore
(17 April 2020) Coronavirus: the "legal circuit breaker" legislation in Singapore
(07 April 2020) Coronavirus and the Construction Industry: Bill to grant temporary relief for inability to perform contractual obligations

Slovak Republic

(26 March 2020) Are electronic signatures a possible solution under Slovak law?

Spain

(25 November 2020) Royal Decree-Law 34/2020, of 17 November: another turn of the screw for the regime on Foreign Investment in Spain post Covid-19 | Spanish version
(10 July 2020) A breath of fresh air for operators in the tourism sector: their mortgage financing takes a vacation
(04 May 2020) Insolvency measures | Spanish version
(30 April 2020) Measures with regard to public procurement in Royal Decree-Law 8/2020
(30 April 2020) Spanish guarantee scheme | Spanish version
(16 April 2020) State of Emergency: Measures taken by the CNMV regarding UCI, PE, EICC and their management companies
(06 April 2020) Moratorium for non-mortgage loans or credits | Spanish version
(03 April 2020) Moratorium on mortgage payments
(01 April 2020) Impact on facility agreements
(01 April 2020) New barriers to Foreign Direct Investment in Spain
(25 March 2020) Support measures to help Spanish companies in need
(20 March 2020) Impact of Royal Decree 463/2020, declaring a State of Emergency in Spain

Turkey

(21 April 2020) Dividend distributions
(20 April 2020) Temporary restriction on termination of employment
(17 April 2020) EMRA Extends Regulatory Compliance Deadlines in Turkey
(16 April 2020) Turkey tightens restrictions on FX swaps
(06 April 2020) Tip sheet for Boards of Directors in Turkey
(30 March 2020) Making deals in a volatile market in Turkey
(25 March 2020) Impact on Commercial Contracts in Turkey
(24 March 2020) Execution and Bankruptcy proceedings in Turkey are suspended until 30 April 2020

United Kingdom

(06 December 2021) Covid-19 Commercial rent arrears arbitration Scheme
(16 June 2021) UK Government extends further emergency legislation to protect businesses until 30 September 2021 and beyond
(31 March 2021) UK Government extends further emergency legislation to protect businesses until 30 June 2021
(28 January 2021) Supreme Court judgment in Landmark Business Interruption Insurance test case
(11 December 2020) UK Government extends emergency legislation to protect businesses until 31 March 2021 - The final extension?
(25 November 2020) UK Government extends further emergency insolvency and company meetings legislation to protect businesses
(18 November 2020) Pay in UK Listed Companies: Investment Association Pay Expectations for 2021
(01 October 2020) The wider implications of the FCA test case
(24 September 2020) Government extends emergency legislation providing flexibility and certainty to companies for holding general meetings until 30 December
(22 September 2020) Landmark judgment in business interruption insurance test case
(09 July 2020) Industry guidance published on new flexibilities for holding shareholder meetings
(09 July 2020) Working from home: the expectation for technological transformation
(26 June 2020) UK Corporate Insolvency and Governance Act: Different Stakeholder Perspectives
(04 June 2020) UK Coronavirus Future Fund: Converting potential
(21 May 2020) UK Government publishes draft legislation relating to holding of company meetings
(06 May 2020) Court of Appeal: Administrators of Debenhams and the UK Coronavirus Job Retention Scheme
(30 April 2020) Pay in UK listed companies: Investment Association expectations on executive pay during the Covid-19 crisis
(20 April 2020) Administrators of Debenhams and the UK Coronavirus Job Retention Scheme
(17 April 2020) Impacts on the UK planning system
(14 April 2020) Administrators and the UK Coronavirus Job Retention Scheme
(07 April 2020) Rescue funding in the time of Coronavirus
(07 April 2020) Coronavirus, aggregation and reinsurance
(06 April 2020) Dispute Resolution in a 2D world
(28 March 2020) UK insolvency reforms announced
(27 March 2020) UK major infrastructure projects significantly disrupted?
(27 March 2020) Financial distress triggered by the impact of the coronavirus - tip sheet for shareholder directors in the UK
(26 March 2020) The impact of Coronavirus on commercial leases in the UK
(20 March 2020) UK Government announces aid for business
(20 March 2020) Financial distress – Tip sheet for boards of directors

United States

US: Coronavirus Recovery Playbook - a comprehensive set of slides intended to outline helpful approaches and concepts relating to entities and assets under various types of credit stress
(11 February 2021) FinCEN Advisory Puts Financial Institutions on Notice for Red Flags Indicative of COVID-19 Related Health Care Fraud
(29 July 2020) The U.S. Legal Framework Supporting the Validity of Electronic Signatures
(26 May 2020) Additional Relief from NYSE Shareholder Approval Requirements Facilitates Raising Urgently Needed Capital
(19 May 2020) The U.S Cares Act and the Revised Main Street Lending Program
(05 May 2020) The U.S. Legal Framework Supporting the Validity of Electronic Signatures
(20 April 2020) Leveraged Finance - Considerations for New Financings in the Current U.S. Market
(20 April 2020) Considerations for Securing Coverage under New York-Governed NPI Policies
(15 April 2020) U.S. Federal Reserve Broadens New Term Asset-Backed Securities Loan Facility
(14 April 2020) The US Cares Act and the Main Street Lending Program
(10 April 2020) Zooming-in on Privacy and Cybersecurity: Cybersecurity controls in the WFH Environment
(09 April 2020) Implications for Material Adverse Effect Clauses in NY law Governed Credit Agreements
(09 April 2020) Leveraged Finance - Key Considerations in Respect of Delayed Audits and Reporting Covenants
(08 April 2020) NYSE Temporarily Suspends Certain Shareholder Approval Requirements
(07 April 2020) Requests for Adequate Assurance Under New York Law
(06 April 2020) Leveraged Finance - key considerations in respect of loan buybacks and other liability management transactions
(01 April 2020) Increased Threat of Cyberattacks
(03 April 2020) Financial distress triggered by the impact of the coronavirus - tip sheet for financial sponsor appointed directors in the US
(30 March 2020) The Economic Stabilization Provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act
(28 March 2020) The Paycheck Protection Program and US REITs
(26 March 2020) Issues confronting public REITs in the US
(24 March 2020) Operational and regulatory risk-off strategies for SEC-registered investment advisers
(23 March 2020) U.S. Federal Reserve establishes new term asset-backed securities loan facility | 15 April 2020 update
(20 March 2020) US Federal reserve widens availability of asset-based funding
(19 March 2020) SEC staff guidance and conditional regulatory relief for affected U.S. public companies
(16 March 2020) SEC regulatory relief for funds and advisers impacted by coronavirus
(10 March 2020) District Court ruling sets high bar for early-stage dismissal of lawsuits involving unsponsored ADR programs

Visit our Coronavirus Thought Leadership page on cliffordchance.com for information on the impact of the coronavirus on other sectors.

Clifford Chance presentations, insights calls, podcasts and webinars

Clifford Chance presentations

(February 2020) COVID-19 outbreak and its impact on contract performance: A practical guide

Clifford Chance Insights calls

Insights on Coronavirus response: Recordings of previous calls

Clifford Chance podcasts

(23 June 2020) New Corporate Insolvency and Governance Bill
(15 May 2020) First impact of coronavirus on loan agreements in Spain
(28 April 2020) Electronic signing: a practical and legal guide
(23 March 2020) Coronavirus: Are businesses insured against loss?
(17 March 2020) Operational Resilience and the Coronavirus epidemic: Coping with Coronavirus

Clifford Chance webinars

(May 2021) Perspectives series: Business continuity – lessons from Covid-19
(5 May 2020) Perspectives series: Solutions for transacting from home under English law | Slides

Visit our Coronavirus Thought Leadership page on cliffordchance.com for information on the impact of the coronavirus on other sectors.