The SBA has issued a long-awaited Procedural Notice providing guidance on the procedures for changes of ownership of an entity that has received Paycheck Protection Program funds.

Our memorandum contains flowcharts outlining when SBA consent is required for M&A transactions involving borrowers that want to sell their business to another
Continue Reading SBA Guidance: M&A Transactions and PPP Borrowers

On August 17, 2020, the Bureau of Industry and Security (BIS) at the Department of Commerce announced it was tightening restrictions on Huawei’s access to American technology through a new rule that: (1) further amends BIS’ foreign direct product (FDP) rule to restrict Huawei’s access to items produced using U.S.-origin
Continue Reading Commerce Department Further Clamps Down on Huawei

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 CFTC unanimously approved final interpretive guidance describing what constitutes “actual delivery” of a virtual currency for purposes of the actual delivery exception from the provisions of the Commodity Exchange Act that prohibit any leveraged, margined, or financed transaction in a commodity with a retail customer, unless the transaction is
Continue Reading CFTC Adopts Final Interpretation on the Actual Delivery Exception for Leveraged Retail Virtual Currency Transactions

The Financial Stability Oversight Council’s (FSOC) recently revised guidelines (the 2019 Guidelines) on how it will identify and address financial stability risks are a major shift from the guidelines it issued in the immediate aftermath of the Financial Crisis.  The 2019 Guidelines draw upon lessons learned from
Continue Reading Client Memorandum: FSOC Shift to an Activities-Based Approach Signals an Emphasis on the Risks to Financial Stability from Digital Transformation

The CFTC’s Division of Swap Dealer and Intermediary Oversight (“DSIO”) issued an advisory on December 4, 2019 to provide further guidance regarding the preparation and submission of chief compliance officer (“CCO”) annual compliance reports (“CCO Annual Reports”) for swap dealers (“SDs”), futures
Continue Reading CFTC Staff Issues Guidance Regarding Annual Chief Compliance Officer Reports

Late on the evening of August 5, 2019, President Trump issued a new Executive order imposing blocking sanctions on the Government of Venezuela (“GoV”).  The order builds on prior limited sanctions imposed on the GoV, as well as blocking sanctions imposed on certain GoV agencies and state-owned companies
Continue Reading Davis Polk Client Memorandum: United States Imposes Blocking Sanctions on the Government of Venezuela

The Supreme Court in Kisor v. Wilkie has declined to overrule Auer v. Robbins and Bowles v. Seminole Rock & Sand Co., instead narrowing deference to a federal agency’s interpretation of its own ambiguous regulations by putting in place new guideposts around its use.  What this means for Auer
Continue Reading Kisor v. Wilkie: Auer Deference Lives On, But In What Form?

There are two kinds of guidances, according to recently appointed Principal Deputy Associate Attorney General Claire McCusker Murray, which should be treated quite differently.[1]  Her explanation is worth quoting at length:

The key is to distinguish between two categories of guidance, the part that mirrors what the law requires


Continue Reading A Tale of Two Guidances—New Principal Deputy Associate Attorney General Claire McCusker Murray Speaks on DOJ Efforts to Rein in Subregulatory Guidance

On May 3, 2019, the Treasury Department’s Office of Foreign Assets Control (“OFAC”) published A Framework for OFAC Compliance Commitments (the “Compliance Framework”), a guidance document that sets forth OFAC’s views of the essential elements of an effective economic sanctions compliance program (“SCP”).  OFAC
Continue Reading OFAC Publishes Guidance on Sanctions Compliance Programs