On 30 January 2024 the Economic Secretary to HM Treasury issued a statement to MPs on the long-awaited first equivalence assessment under the Overseas Fund Regime ("OFR"). Following a 'detailed assessment', European Economic...more
Managing a company’s cash and financial assets equates to managing a company’s risks. This is axiomatic. Derivatives—and related contractual arrangements—have been widely used for risk management purposes in the financial...more
The Hong Kong Stock Exchange (HKEX) recently published a consultation paper announcing the launch of a two-month consultation on proposed rule amendments to introduce a new treasury share regime, giving issuers greater...more
The Supreme Court of Justice of the Nation resolved the case 413/2022 holding that the civil law rule to offset receivables and payables between parties to a transaction is not considered payment for VAT credit purposes....more
On March 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions in coordination with the FBI against four entities and three individuals in Iran and Turkey accused of supporting Iran’s...more
On 1 February 2023, the U.K. Treasury launched a consultation and call for evidence on a series of proposals for the future financial services regulatory regime for cryptoassets. The proposals mark the next stage of the...more
On December 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced preliminary guidance on the implementation of the price cap policy for petroleum products of Russian Federation origin....more
On September 17, 2022, Puerto Rico Governor Hon. Pedro Pierluisi issued Executive Order No. OE-2022-045, declaring a state of emergency due to the passing of Hurricane Fiona through the Island. Likewise, on September 21,...more
On April 7, 2022 the Opportunity Zones Transparency, Extension and Improvement Act (the Bill) was introduced. The Bill is a bipartisan, bicameral bill that would extend opportunity zone tax benefits, add additional reporting...more
On January 10, 2022, the U.S. Department of Health & Human Services, Department of Labor, and the Treasury (“Tri-Agencies”) published guidance about how health plans and health insurance issuers must reimburse OTC COVID-19...more
On November 15, 2021, the U.S. Department of the Treasury (Treasury) published a proposed rule that would modify the definitions of “excepted foreign state” and “excepted real estate foreign state” in its regulations...more
With the fourth quarter of 2020 upon us, it is time to evaluate the year-end amendments that may be needed for retirement plans that are tax-qualified in Puerto Rico. Unlike the Internal Revenue Service, which each year...more
On July 23, 2020, the U.S. Department of Treasury (“Treasury”) and the Internal Revenue Service (IRS) finalized regulations (T.D. 9902) with respect to the global intangible low-taxed income (GILTI) high-tax exception (“Final...more
On July 2, 2020, the U.S. Internal Revenue Service (the “IRS”) and the U.S. Treasury Department (“Treasury”) promulgated temporary regulations under section 1502 of the Internal Revenue Code of 1986, as amended (T.D. 9900)...more
During hearings before the House of Representatives on June 30, 2020, Representative Steve Stivers (R-OH), asked Treasury Secretary Mnuchin about financial institution’s payment of agent fees as part of the Paycheck...more
Last night, the Senate unanimously passed a bill that would extend the Small Business Administration's (SBA) Paycheck Protection Program (PPP) application deadline through August 8, 2020. The bill is now set to be taken up by...more
The deadline to apply for the Paycheck Protection Program is fast approaching. The deadline to apply is Tuesday, June 30. Approximately $144 billion remains available, and the rush on the forgivable loans has slowed....more
On June 9, 2020, the U.S. Department of the Treasury (Treasury) announced via its Twitter account that it had launched a website dedicated to the monitoring and enforcement functions of the Committee on Foreign Investment in...more
As we reported in our previous alert, President Trump signed the Paycheck Protection Program Flexibility Act (“Flexibility Act”) into law. The bill makes numerous changes to the Paycheck Protection Program (“PPP”) aimed at...more
Yesterday, Treasury released an updated set of rules that finally provide guidance on how banks and other lenders participating in the SBA’s Paycheck Protection Program (“PPP”) can report disbursements of funds and collect on...more
In a previous client alert, Stoel Rives’ health care team provided responses to certain frequently asked questions regarding the Federal Communications Commission’s (“FCC”) COVID-19 Telehealth Program (“Program”). At the time...more
On April 9, the Federal Reserve published term sheets for two COVID-19-related “Main Street” lending facilities for companies with both fewer than 10,000 employees and less than $2.5 billion in 2019 revenue. Explained in more...more
Today, the Federal Reserve announced new lending facilities and expanded existing lending facilities for mid-sized “Main Street” businesses, larger investment grade businesses, capital markets and municipal securities. The...more
The Coronavirus Aid, Relief and Economic Security (“CARES”) Act became law[i] on March 27, 2020. Almost immediately, “small” businesses from every industry – including real estate – began the process of determining whether...more
What is the Paycheck Protection Program (“PPP”)? PPP was put in place as part of the CARES Act on March 27, 2020, to offer loans under Section 7(a) of the Small Business Act and to incentivize small business employers to...more