Managing uncertainty and volatility is hard. That’s why our clients engage us for their most pressing matters, seeking guidance and counsel to navigate severe market challenges in the wake of the COVID-19 pandemic and resulting economic fallout. The ever-evolving governmental and regulatory responses create challenges and opportunities. This page brings together our insights and helpful external resources on key legal developments and issues related to the current situation.

Feel free to engage with Milbank lawyers directly for solutions: to create opportunities, to reduce risk, and to add value. Our COVID-19 Task Force is listed here; click View All Lawyers for all key Task Force contacts.

    Law Policy & Markets: Milbank Conversations

What It Means

Client Alerts and Insights

May 27, 2020
UK Government Proposes New Legislation Introducing Significant Changes to UK Restructuring and Insolvency Regime
On 20 May 2020, the Corporate Insolvency and Governance Bill had its first reading in the House of Commons. This is the bill that enacts many of the measures referenced in the government’s announcements earlier this year. Alongside some temporary Covid-19 response measures, the Bill introduces several permanent changes that will have a significant impact on the range of options available to creditors and debtors in distressed situations.

May 20, 2020
Summary of Recent Federal Reserve Actions

May 20, 2020
Summary of Recent Regulatory Actions Taken by FDIC, OCC, SEC, CFTC and NY DFS

May 19, 2020
COVID-19: Federal Response at a Glance
The US government – including Congress, the Federal Reserve, the Treasury Department, and the Small Business Administration – has established multiple programs and initiatives to stabilize credit markets, to preserve payrolls, and to help companies and nonprofit entities of various sizes and types cope with economic pressures due from the COVID-19 pandemic. Milbank’s COVID-19 Task Force has published a helpful flowchart showing at a glance how these programs interconnect.

May 19, 2020
Market Abuse risks arising from COVID-19
Market abuse risks for financial services firms have increased significantly as a result of the market turmoil arising from the COVID-19 pandemic and measures taken in response to it.

May 14, 2020
Milbank Pro Bono Team Supports New York Immigration Coalition’s COVID-19 Disaster Relief Efforts

May 12, 2020
TALF Clarifications Materially Beneficial for CLOs
On May 12, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued a press release regarding the Term Asset-Backed Securities Loan Facility (“TALF”) that included links to a revised term sheet (the “May Term Sheet”) and answers to new FAQs (the “FAQs”).

May 7, 2020
COVID-19: Impact on Contract Performance from an English Law Perspective
In managing the volatility and uncertainty caused by the global COVID-19 pandemic, many industries are grappling with complex legal and commercial challenges, from manufacturing shutdowns, interrupted supply chains and quarantines, to dislocated labour markets and restrictions on trade and movement, including the practical shutdown, or near shutdown, of substantial portions of the world economy.

May 5, 2020
Small Business Administration Paycheck Protection Program – Guidelines for Public Transparency
Companies participating in the Small Business Administration (SBA) Paycheck Protection Program (PPP) can look to the SBA’s Freedom of Information Act (FOIA) protocol to determine what information may be accessible by the public.

May 4, 2020
Cybersecurity, Protecting the Grid & Digital Infrastructure: Executive Order to Counter Threats to U.S. Bulk-Power System
On May 1, 2020, President Donald Trump signed an Executive Order addressing national security threats facing the US bulk-power system, in particular by restricting use of certain imported equipment essential to the power grid. The Executive Order aims to protect the grid against foreign adversaries that seek to exploit weaknesses in the bulk-power system.

May 1, 2020
“Exile on Main St.”: The Federal Reserve Substantially Expands the Main Street Lending Program
On April 30, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued a press release announcing substantially expanded terms for the two facilities that it had previously announced under the Main Street Lending Program (“MSLP”), as well as terms for an additional facility under the MSLP umbrella.

April 28, 2020
The Fed Goes Local: A Review of the Municipal Liquidity Facility
The Board of Governors of the Federal Reserve System (the “Federal Reserve”) has taken strong steps to support near-term liquidity in the nearly $4 trillion market for municipal bonds issued by states and local governments.

April 24, 2020
Downgraded: The Limited Scope of the Federal Reserve’s Corporate Credit Facilities
On April 9, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued revised term sheets for two facilities directed at providing liquidity to the corporate debt markets: the Primary Market Corporate Credit Facility (the “PMCCF”) and the Secondary Market Corporate Credit Facility (the “SMCCF” and together, the “Facilities”).

April 24, 2020
Federal Government Economic Relief in Response to COVID-19
Congress has enacted multiple emergency relief programs, now signed into law, to address the impact of COVID-19 on public health and the economy in the United States.

April 24, 2020
Responding to Potential Impacts of COVID-19 Pandemic on U.S. Space and Telecom Businesses
The COVID-19 pandemic has had an overwhelmingly negative economic impact across broad swaths of the world economy and has created general uncertainty in the banking and capital markets. Of course, these effects have not spared space and telecommunications businesses.

April 21, 2020
Securities Class Actions Arising from the COVID-19 Pandemic
The ongoing COVID-19 pandemic has caused the sharpest declines in stock market valuations since the 2008 financial crisis and subsequent recession.

April 17, 2020
“Main Street is the climax of civilization”: The Federal Reserve Issues the Main Street New Loan Facility and the Main Street Expanded Loan Facility
On April 9, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) unveiled two new facilities in response to the ongoing COVID-19 pandemic, both pursuant to Section 13(3) of the Federal Reserve Act (“Section 13(3)”).

April 13, 2020
Authorization of Remote Witnessing for New York, Extension of Tax Deadlines, and Other Matters
By Executive Order issued on April 7, 2020, Governor Cuomo has authorized wills, revocable trusts, health care proxies, and statutory gifts riders, among other documents, to be witnessed utilizing audio-video technology. The authorization is in effect through May 7, 2020.

April 10, 2020
Milbank Provides Pro Bono Support on COVID-19-Related Matters Globally
Seeking to assist those impacted by the recent global pandemic, Milbank has become involved with several pro bono matters.

April 10, 2020
Federal Reserve Expands Credit Facilities to Aid Economy During COVID-19 Crisis
On April 9, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) released guidelines on seven leveraged credit facilities pursuant to Section 13(3) of the Federal Reserve Act that have the potential to provide nearly $2.3 trillion in loans to US households, businesses, cities, and states.

April 10, 2020
TALF Expanded to Include AAA Tranches of Static CLOs
On April 9, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued a press release indicating that the Term Asset-Backed Securities Loan Facility (“TALF”) would be expanded to include AAA tranches of certain newly issued collateralized loan obligation (“CLO”) securities as eligible collateral thereunder.

April 9, 2020
ISS Issues Policy Guidance on Impact of COVID-19
As a follow up to our earlier Client Alerts dated March 24, 2020 and March 31, 2020, on April 8, 2020, the Institutional Shareholder Services group of companies (“ISS”) issued guidance with respect to the impact of COVID-19 on certain compensation and governance matters, including changes to board of directors or senior management, changes in performance metrics and targets, and option repricing.

April 9, 2020
European Leveraged Finance and Capital Markets: The Pandemic and Its Likely Systemic Impact on International Capital Markets
The international capital markets are presently experiencing one of the most destructive set of circumstances since records began.

April 7, 2020
COVID-19 Update: SEC Guidance on COVID-19 Related Disclosure Considerations
The Securities and Exchange Commission (“SEC”) published CF Disclosure Guidance: Topic No. 9 (the “Disclosure Release”) to provide guidance to registrants regarding their disclosure obligations with respect to the impact of coronavirus disease 2019 (“COVID-19”) on their operations.

April 7, 2020
Greek Government Measures in Response to COVID-19
The country has been in a state of lockdown, with schools closed, the retail high street all but closed, and air travel from and into Greece fully suspended.

April 7, 2020
COVID-19 Central Bank and Governmental Liquidity Programmes – the European Leveraged Finance Context
As much of the world’s business activity has gone into a forced shutdown, governments across the globe have stepped in to provide extraordinary economic support.

April 6, 2020
Coronavirus Outbreak: Implications for the UK Listed Company Reporting Timetable
In response to the unprecedented challenges for companies in the face of the ongoing coronavirus pandemic, the UK’s Financial Conduct Authority (“FCA”) on 21 March 2020 published a statement requesting companies admitted to the Official List to observe a moratorium of at least 2 weeks on the publication of their preliminary financial statements.

April 2, 2020
COVID-19 Legal Issues: Frequently Asked Questions
In managing the volatility and uncertainty caused by the global COVID-19 pandemic, many industries are grappling with complex legal and commercial challenges, from manufacturing shutdowns, interrupted supply chains and quarantines, to dislocated labor markets and restrictions on trade and movement, including the practical shutdown, or near shutdown, of substantial portions of the world economy.

April 1, 2020
Follow-Up to March 2020 Client Alert: Estate Planning and Related Matters Update
Additional developments from the March 2020 Client Alert
IRS interest rates that apply to Grantor Retained Annuity Trusts (“GRATs”) and loans will be close to historic lows starting April 1, 2020. The hurdle rate that applies to GRATs created in April will be only 1.2%, and the interest rate that applies to three to nine-year loans made in April by clients to individuals or trusts will be only .99%.

March 31, 2020
Initial COVID-19 Compensation Adjustments and Related Considerations
As discussed in our March 24, 2020 client alert “Compensation Considerations in Light of COVID-19”, the fallout from the COVID-19 virus and nationwide quarantines continues to disrupt businesses throughout the country, and boards of directors and compensation committees are having to re-assess their compensation programs as the 2020 calendar year progresses.

March 31, 2020
COVID-19 Update: SEC Provides Conditional Extensions of Filing Deadlines for Public Companies for Filings Due from March 1 to July 1, 2020
In light of the impact of coronavirus disease 2019 (“COVID-19”) on public companies’ operations and, subsequently, on their ability to timely file required reports, on March 25, 2020, the Securities and Exchange Commission (“SEC”) announced that it extended its conditional regulatory relief for publicly traded companies to include disclosure reports that would have otherwise been due between March 1 and July 1, 2020 (extending the SEC’s previous exemptive relief, which had originally applied to filings due between March 1 and April 30, 2020).

March 30, 2020
UK Government Announces Proposals to Protect Companies Adversely Affected by the COVID-19 Outbreak
On 28 March 2020, the UK government announced it would be implementing new measures to improve the insolvency system aiming to, amongst other things, support businesses under pressure as a result of the COVID-19 outbreak and resulting restrictions.

March 27, 2020
Antitrust in the Time of COVID-19
Businesses and industry associations are navigating critical production, procurement, logistics, and workplace challenges in responding to COVID-19. Coordinated industry responses and business collaborations may be necessary to address these challenges, but it is critical that these efforts comply with the antitrust laws.

March 25, 2020
DFS Clarifies NYS Executive Order 202.9 UPDATE
The New York State Department of Financial Services (“DFS”) issued an emergency regulation implementing the directives of New York State Executive Order 202.9 (the “Order,” available here), which requires New York-regulated financial institutions to grant loan forbearances to borrowers affected by the COVID-19 pandemic.

March 25, 2020
German Parliament Approves Unprecedented Action to Address Economic Impact of COVID-19 Crisis on Businesses
The German federal parliament (Bundestag) has approved unprecedented action to address the economic impact of the COVID-19 crisis on businesses.

March 24, 2020
New York State Executive Order 202.9 Affecting Bank Loans
New York State Governor Andrew M. Cuomo issued Executive Order 202.9 (the “Order”) purporting to modify Section 39 of the New York State Banking Law (“Banking Law”) in response to the COVID-19 pandemic.

March 24, 2020
Proposed Legislation to Avoid COVID-19 Related Insolvencies in Germany
The German Federal Government has resolved upon a draft bill for the mitigation of the consequences of the SARS-CoV2-Virus (COVID-19) pandemic (the “Proposed Legislation”).

March 24, 2020
Compensation Considerations in Light of COVID-19
The COVID-19 virus and nationwide quarantines have disrupted businesses throughout the country. The impacts of the virus and the associated quarantines could last for weeks or months and businesses are facing unprecedented challenges in addressing the short-term and long-term effects.

March 18, 2020
Energy & Infrastructure Market Alert
The COVID-19 situation has impacted global markets, with particular complexity for investors and lenders in the energy and infrastructure sectors. We are tracking market developments closely for our clients involved in the development, financing, construction, operation and acquisition of projects.

February 25, 2020
Coronavirus Outbreak: Implications for Commerical and Finance Contracts
A number of industries have also been adversely impacted by consequential manufacturing shutdowns, quarantines and export restrictions. In the oil and gas sector, China’s LNG demand has been forecast by the Independent Commodity Intelligence Service (ICIS) to fall by 2.9mtpa in 2020 due to the outbreak, putting strain on LNG import contracts.

Law, Policy & Markets: Milbank Conversations

Law, Policy & Markets: Milbank Conversations analyzes the business and legal implications of today's evolving economic situation and governmental responses to it. Allan Marks and other Milbank partners from around the globe delve into a range of topics – from airlines, energy, commercial real estate and antitrust to international capital markets, derivatives, bankruptcy and pro bono legal services. With candor and a sophisticated understanding of the latest developments in law, markets and public policy, this podcast explores issues of valuation, liquidity, solvency, opportunity and risk. Discover what’s happening, what it means, and what’s next.

The content provided by and through Milbank Conversations is subject to revision, interpretation, or even nullification after the date of recording. Milbank LLP shall not be liable for any loss that may arise from any reliance on Milbank Conversations or its component parts. All such content should not be construed as legal advice, and readers and listeners should not act upon the information without consulting counsel. Milbank Conversations should not be copied, distributed, published or reproduced, in whole or in part. If you have any comments or questions, please contact

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What's Happening

External Resources

Health and Travel Advisories

World Health Organization
Centers for Disease Control and Prevention (US)
Johns Hopkins University on COVID-19 (US)
National Institutes of Health – Coronavirus (US)
State Department Travel Advisories (US)
The Lancet – COVID-19 Resource Centre (UK)
Pan American Health Organization (Latin America)
National Health Service (UK)
Information for non-EU Nationals (UK)
Federal Ministry of Health (Germany)
Government of Singapore
Ministry of Foreign Affairs of the People’s Republic of China
The Government of the Hong Kong Special Administration Region
National Institute of Infectious Diseases (Japan)
California Department of Public Health (US)

Government Responses

Department of Labor: Employer Expanded Family and Medical Leave Requirements (US)
Department of Justice: COVID-19 Fraud (US)
FDIC: Information for Bankers and Consumers (US)
Federal Reserve Bank – Coronavirus Resources (US)
Government Response (US) 
Internal Revenue Service – Coronavirus-Related Information (US)
Patent and Trademark Office (US)
Securities and Exchange Commission: COVID-19 Response (US)
Small Business Association: Guidance & Loan Resources (US)
Coronavirus Health Emergency (United Nations)
Bank of England
The IMF and COVID-19 (International Monetary Fund)
European Central Bank Response
European Union Response
UK Financial Conduct Authority (UK)
United Kingdom Coronavirus
US Embassy, China
US Embassy, Germany
US Embassy, Japan
Hong Kong Government Response
Japan Government Advisory
Japan Ministry of Health, Labour and Welfare
People’s Republic of China: Ministry of Foreign Affairs
Singapore Government Response

US Congress – Emergency Response Measures

March 27 – CARES Act (S. 3548)
March 18 – Families First Coronavirus Response Act (H.R. 6201)
March 6 – Coronavirus Preparedness and Response Supplemental Appropriations Act (H.R. 6074)

State and Local Responses

California: Court Emergency Orders
California: Coronavirus (COVID-19) Response
California: Stay at Home Order
California: Los Angeles Response
California: City of Los Angeles Orders
California: Court Updates from California Lawyers Association
California: Essential Critical Infrastructure Workers
New York State: Executive Orders
Washington, DC: COVID-19
Washington, DC: Stay at Home Order

Other Resources

Council on Foreign Relations: Coronavirus
Americas Society/Council of the Americas
ISDA COVID-19 Updates
Legal Planet: Environmental Law and Policy Analysis
LSTA COVID-19 Outbreak and Credit Agreements Recap
CREFC Policy & Advocacy Resources: COVID 19 Disruption
Das Coronavirus-Update mit Christian Drosten (podcast in German)

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