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Biz Law Blog

Business Law Blog

A business law blog focused on commercial law and business transactions.

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Sep 17, 2020

Bretton Woods, Bank Herstatt, and FedNow: The Origins of the International Payment System

The international payment system was put together at a beautiful New England country lodge, the Mount Washington Hotel, at the base of Mt. Washington in New Hampshire, in the closing months of World War II in 1944. One of the fundamental agreements reached by the 730 delegates from 44 nations at the United Nations Financial and Monetary Conference over three weeks in July was that American dollars were convertible into gold at the fixed rate of $35 per ounce.» Read More

Sep 15, 2020

‘Accredited Investor’: Regulatory Design, the Revised Definition, and the Unfinished Result

On Wednesday, August 26, 2020, the U.S. Securities and Exchange Commission (SEC), by a vote of three to two, adopted amendments to the definition of “Accredited Investor.” That definition, as noted in an August 26, 2020, statement by SEC Chairman Jay Clayton had “largely remained unchanged for over 35 years.”» Read More

Sep 10, 2020

When the Tank Is Empty: Auditing in the Time of COVID-19

The COVID-19 pandemic resulted in the shutdowns of much of the economic activity in the United States by mid-March 2020. Although there were and remain some variances among the several states, in general, businesses were shut, buildings were almost empty, and factories and warehouses (except for Amazon, according to media reports) were still.» Read More

Sep 08, 2020

SEC Seeks to Increase the Security of the Data on the Consolidated Audit Trail National Market System

In 2005, the Securities and Exchange Commission (“SEC”) established the National Market System (“NMS”), governed by SEC Regulation NMS, “…to modernize and strengthen …[the trading system] for equity securities.” Its aim was to encourage competition both among the several trading markets and among individual orders, SEC Release No.» Read More

Sep 02, 2020

Direct Listing on the New York Stock Exchange: “Undertaking” Underwriting

NOTE: This has been updated on September 4, 2020, at noon.

On August 26, 2020, the U.S. Securities and Exchange Commission (“SEC”) approved (an approval now stayed) a proposed rule change to amend Chapter One of the Listed Company Manual of the New York Stock Exchange LLC (“NYSE”) to allow primary direct listings of securities on the NYSE.» Read More

Aug 19, 2020

Are You Ready? Preparing Your Business for a Paycheck Protection Program (PPP) Loan Audit

On March 29, 2020, as part of a massive response to the economic distress inflicted upon businesses and working people in the United States due to the “shutdown” of the economy as part of the efforts to contain the impact of the coronavirus (“COVID-19”), Congress passed and the President signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).» Read More

Jun 10, 2020

Government Provides Relief in the Paycheck Protection Program Flexibility Act

Although brief in length, the Paycheck Protection Program Flexibility Act (the “Act”) that was signed into law by President Trump on June 5, 2020, clarifies how borrowers can use Payment Protection Program (“PPP”) loans made pursuant to the CARES Act and grants borrowers much-needed flexibility in the requirements for PPP forgiveness.» Read More

May 29, 2020

House Passes Bill to Relax PPP Forgiveness Conditions

The U.S. House of Representatives passed a bill on May 28, 2020, to relax the terms and conditions for forgiveness of Paycheck Protection Program (PPP) loans, just before the eight-week covered periods for early borrowers are coming to an end. The Paycheck Protection Flexibility Act, H.R.» Read More

May 21, 2020

The Pandemic Effect: The Outsourced Service Provider as a Resource

This new normal, what will it look like in a few days, weeks, or months? Yes, some may physically be back at the office or having in-person meetings again, while others may be forever changing how they do business. The common factor between those returning physically to a pre-COVID existence, and those setting a new path for themselves will be a realization that our reliance on any outsourced service provider before the outbreak was nothing compared to what it will be moving forward.» Read More

May 12, 2020

Learning From the Past: Legionnaires’ Disease and Reopening Your Business After COVID-19

In 1976, as our country was celebrating its Bicentennial, the American Legion was fittingly hosting its convention in Philadelphia, the birthplace of our nation. Tragically, many Legion convention attendees were sickened and some later died after contracting a mysterious respiratory ailment.» Read More