Following our initial post and subsequent update on the Bank of England’s (the “Bank”) Covid Corporate Financing Facility (“CCFF”), on 19 May 2020 the Bank issued a press release announcing the publication of a consolidated market notice that incorporates revisions to the operation of the CCFF, including with respect to
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Dan Hirschovits
Mr. Hirschovits is a partner in Davis Polk’s Corporate Department, practicing in the London office. [Full Bio]
UK COVID-19 Considerations for Authorised Firms – Update
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…
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UK Announces £500 Million Convertible Loan Scheme for UK Start-ups Hit By Coronavirus (COVID-19)
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…
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The Bank of England Releases Further Details on its Covid Corporate Financing Facility and ICMA Makes Euro Commercial Paper Materials Publicly Available
Following our initial post on the Bank of England’s (the “Bank”) Covid Corporate Financing Facility (“CCFF”), the Bank has published further details, including full terms and conditions of participation and application forms for prospective issuers and banks acting on behalf of companies.
If, after speaking with their respective banks, prospective…
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HM Treasury and The Bank Of England Throw Combined Weight Behind New Coronavirus (COVID-19) Commercial Paper Programme
The Bank of England has emphasized that the economic shock from coronavirus (COVID-19) will pose a challenge for the maintenance of liquidity and working capital by UK companies. With the objective of easing the cashflow difficulties likely to be widely faced by the UK corporate sector in the coming months,…
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UK Regulatory Supervision During the Coronavirus (COVID-19) Crisis
The UK’s main financial regulators announced a series of measures last week intended to alleviate some of the regulatory burdens facing firms and financial market infrastructures in the wake of the coronavirus (COVID-19) outbreak. These are in addition to initiatives announced by the Bank of England (BoE) and HM Treasury…
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