The Federal Reserve announced on May 11 a revised term sheet and FAQs for its Municipal Liquidity Facility (MLF), which will provide up to $500 billion of direct support to states and local governments to help them manage cash flow stress related to the COVID-19 pandemic.  Relative to
Continue Reading Fed Announces Pricing for Municipal Liquidity Facility

The Securities and Exchange Commission acted on the first of its proposals to substantially revamp the regulations concerning equity market data by issuing an order directing the national securities exchanges and the Financial Industry Regulatory Authority to propose a new National Market System equity market data plan. The new plan,
Continue Reading SEC Issues Order Requiring Changes to NMS Plan Governance

Updated May 7, 2020

We have updated Davis Polk’s table summarizing the Federal Reserve’s actions to address the coronavirus crisis, with embedded links to the primary materials on the Federal Reserve’s website.

Visit Davis Polk’s Government Support for Businesses page for more information on these and other federal Continue Reading Fed Actions to Address the Coronavirus Crisis

The Federal Reserve has taken temporary measures (and has published FAQs) to (1) lift the net debit cap on and waive fees for daylight overdrafts for financially sound depository institutions, including U.S. branches and agencies of foreign banking organizations, and (2) provide a streamlined approval process for other depository
Continue Reading Federal Reserve Eases Daylight Overdraft Limits

Our UK COVID-19 Considerations for Authorised Firms memorandum published earlier this month focused on the steps UK authorised firms can take to ensure their responses to the coronavirus (COVID-19) crisis are consistent with the expectations of the Financial Conduct Authority (FCA) and summarised some of the key announcements and measures
Continue Reading UK COVID-19 Considerations for Authorised Firms – Update

The Federal Reserve announced on April 27 the expansion of its Municipal Liquidity Facility (MLF), which will provide up to $500 billion of direct support to states and local governments to help them manage cash flow stress related to the COVID-19 pandemic.  Key features of the MLF as
Continue Reading Fed Expands Support for Municipal Funding Markets

President Trump signed a $484 billion stimulus bill into law today as part of the U.S. government’s ongoing efforts to contain the economic damage from the COVID-19.  The bill passed the House of Representatives and the Senate earlier this week with broad bipartisan support.

The measure is designed to supplement
Continue Reading SBA Paycheck Protection Program to Receive Additional Funding

On April 20, 2020, the UK Chancellor, Rishi Sunak announced a new £500 million scheme (delivered by the UK Government in partnership with the British Business Bank) to provide convertible loans (alongside private third party matched investors) as bridge funding to innovative companies facing financial difficulties due to the coronavirus
Continue Reading UK Announces £500 Million Convertible Loan Scheme for UK Start-ups Hit By Coronavirus (COVID-19)

We have published a memorandum on what companies and lenders need to know about oversight under the CARES Act and related enforcement risks. By reference to the global financial crisis, the memorandum provides a roadmap for companies and lenders thinking about and seeking to minimize the risks of participating in
Continue Reading Memorandum on CARES Act Oversight and Enforcement Risks for Companies and Lenders

We have published a new deck on the Small Business Administration’s Paycheck Protection Program, including information on the Federal Reserve’s liquidity facility.

Visit Davis Polk’s Government Support for Business page for more information on this and other federal programs.

View as a PDF
Continue Reading SBA Paycheck Protection Program: Key Provisions and Related Fed Secured Lending Facility