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

We have published an updated deck on what companies need to know about the Federal Reserve programs. This version is updated to cover the Federal Reserve program announcements from April 9, including the new Main Street programs. The deck also contains an updated summary chart of all Federal Reserve programs.…
Continue Reading Updated Deck on Key CARES Act Provisions and Fed Programs for Corporates

Updated April 13, 2020

We have updated Davis Polk’s summary table of the Federal Reserve’s actions to address the coronavirus crisis, with embedded links to the primary materials on the Federal Reserve’s website.  This version is updated to cover the new, sweeping measures that the Fed announced on the morning…
Continue Reading Fed Actions to Address the Coronavirus Crisis

Recently, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced technical changes to the regulations implementing Treasury-administered economic sanctions on North Korea and new inflation-adjusted civil monetary penalties.

1. North Korea Economic Sanctions

On December 20, 2019, President Donald Trump signed into law the Otto Warmbier North Korea…
Continue Reading OFAC Makes Technical Changes to North Korea Sanctions and Civil Monetary Penalty Regulations

The Federal Reserve announced on April 9 the creation of the 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.  Indirect support to states and local…
Continue Reading Fed Moves to Shore up Municipal Funding Markets

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. …
Continue Reading Fed Opens Registration Process for Commercial Paper Funding Facility

The business and financial fallout of the coronavirus pandemic is hitting companies in all areas of the U.S. economy, and weighing on those from industry giants to small local businesses. For many businesses, survival will depend on accessing one or more of the numerous support programs announced by the Federal…
Continue Reading Introducing Davis Polk’s Government Support for Business Resource

The SEC recently proposed amendments to the current market data infrastructure to expand the content required to be published on the consolidated tape and decentralize the collection, consolidation, and dissemination of market data through the introduction of proposed competing consolidators and self-aggregators.

Please see our client memorandum for more details.…
Continue Reading SEC Proposes Changes to Market Data Infrastructure

Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) this afternoon, and we cover it here in two memos. In one memo, we cover the economic stabilization, small business and bank regulatory sections of the legislation. In the other memo, we cover tax…
Continue Reading Congress Passes the CARES Act: Economic Stabilization and Tax Relief