The Financial Industry Regulatory Authority (FINRA) has issued new guidance and changes in response to the COVID-19 pandemic.
To read the full text of this Duane Morris Alert, which contains some of the updates, please visit the firm website.
Federal and State Enforcers Will Scrutinize Pricing Behavior During COVID-19 Pandemic
In addition to drastic changes to everyday life, the COVID-19 pandemic is impacting antitrust enforcement. Companies must be prepared to address these impacts, including steering mergers and acquisitions through regulatory approvals, seizing opportunities to collaborate to solve public health issues raised by COVID-19, and avoiding use of pricing algorithms or other pricing mechanisms that could lead to allegations of price gouging. Indeed, U.S. lawmakers recently urged the Federal Trade Commission (FTC) to act quickly to protect the public from price gouging, particularly for essential COVID-19 health products such as facemasks, disinfectants and hand sanitizers. Thirty-three state attorneys general also recently issued a letter urging the nation’s major retailers to rigorously monitor price gouging practices on their platforms during this time.
To read the full text of this Duane Morris Alert, please visit the firm website.
Updated COVID-19 Guidance for Institutions Posted by U.S. Department of Education Following Enactment of CARES Act
Late on Friday, April 3, the Department posted updated guidance for institutions that recognizes the regulatory flexibilities authorized by Congress in the CARES Act, but also addresses other areas including Clery Act, Distance Education, Foreign Schools and FERPA, among other issues relevant to the COVID-19 interruption.
To read the full text of this post by Duane Morris partner Katherine Brodie, please visit the Duane Morris UpdatED Blog.
Interim Regulatory Guidelines Preclude Gaming Businesses from Receiving Support Under the CARES Act Paycheck Protection Program
Much of the U.S. casino industry is currently ineligible to benefit from the Paycheck Protection Program portion of the newly enacted Coronavirus Aid, Relief and Economic Security Act (CARES Act). The American Gaming Association issued a statement regarding the interim guidelines and is taking action to have these guidelines amended.
To read the full text of this Duane Morris Alert, please visit the firm website.
Relief to Higher Education Institutions and Students from CARES Act
The CARES Act appropriates $30.75 billion for an Education Stabilization Fund available through September 30, 2021, to assist governors and postsecondary institutions with preventing, preparing for and responding to COVID-19. The Act also includes important student relief and temporary regulatory flexibilities.
For more information, please visit the Duane Morris website.
SEC Announces Reporting Relief and Issues Guidance Regarding Disclosures in Light of COVID-19
On March 25, 2020, the Securities and Exchange Commission announced that it is extending the filing periods covered by its previously enacted conditional reporting relief for certain public company filing obligations under the federal securities laws, and that it is also extending regulatory relief previously provided to funds and investment advisers whose operations may be affected by COVID-19. In addition, the SEC’s Division of Corporation Finance issued its current views regarding disclosure considerations and other securities law matters related to COVID-19.
To read the full text of this Duane Morris Alert, please visit the firm website.
HHS Activates DEA Exemption to Allow Remote Prescribing of Controlled Substances
In order to facilitate social distancing measures during the COVID-19 pandemic, state and federal regulatory agencies are moving quickly to permit providers to continue to provide medical care through telemedicine. On March 16, 2020, Alex Azar, the Secretary of Health and Human Services, has declared a public health emergency and, therefore, activated the telemedicine allowance under 21 U.S.C. § 802(54)(D). Per the Secretary, this applies to all schedule II-V controlled substances in all areas of the United States for as long as the public health emergency declaration is in place so long as certain conditions are met.
To read the full text of this post by Duane Morris attorney Ryan Wesley Brown, please visit the Duane Morris Health Law Blog.
OCR Loosens HIPAA Enforcement Amidst Coronavirus Pandemic
Let’s face it, there has not been much positive news lately surrounding the Coronavirus (“COVID-19”). However, the Office For Civil Rights (“OCR”), the agency within the Department of Health and Human Services (“HHS”) that enforces the Health Insurance Portability and Accountability Act (“HIPAA”) Privacy and Security Rules, announced several recent measures to allow health care providers avoid certain HIPAA penalties and sanctions amidst the COVID-19 pandemic.
There are several measures OCR/HHS has taken to lessen the regulatory burden of HIPAA for health care providers amidst COVID-19.
To read this full blog post by Duane Morris partner Neville Bilimoria, please visit the Duane Morris Health Law Blog.
Consider a Virtual Shareholder Annual Meeting During the COVID-19 Pandemic
t may be time for your company to reconsider your usual plans for the annual meeting. We don’t know how long the COVID-19 situation may last or how severe it may get, but with some careful advance planning, you may be able to proceed without putting you or your shareholders at risk.
On March 13, the SEC staff issued their “Staff Guidance for Conducting Annual Meetings in Light of COVID-19 Concerns.” The staff noted that some issuers are considering delaying their annual meetings. They encouraged those issuers to promptly notify shareholders of any proposed delays, also noting that issuers must comply with state law and any applicable securities exchange requirements. Clearly, it may make sense to consider delaying your annual meeting, especially if you anticipate (or want) a large turnout.
To read the full text of this Duane Morris Alert, please visit the firm website.
Due to COVID-19 Threats, Financial Regulators Require Pandemic Policies
Federal and state financial regulatory agencies are requiring banks and other financial institutions to have policies in place in response to the current COVID-19 pandemic.
On March 6, 2020, the federal bank regulatory agencies―including the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC)―issued an Interagency Statement on Pandemic Planning, which requires financial institutions to have an adequate business continuity plan (BCP) to address the potential adverse effects of COVID-19 and other pandemics.
To read the full text of this Duane Morris Alert, please visit the firm website.