Earlier this week, Securities and Exchange Commission (SEC) Chair Gary Gensler was interviewed about his policy-making priorities at The Wall Street Journal’s CFO Network Summit, where he identified Rule 10b5-1 trading plans and practices as a rulemaking and enforcement imperative.
Employers are starting to make big decisions on returning to the workplace, especially with the fast-changing announcements from the Centers for Disease Control and Prevention (CDC). The CDC recently announced that fully vaccinated people do not need to wear masks indoors. Assuming states where the Company has offices lift mask requirements for those who are fully vaccinated, how do employers handle the situation? Should we put employees on the “honor system” and tell them they don’t need to wear a mask if they are fully vaccinated? Or should we be asking for proof of vaccinations as a prerequisite for allowing employees not to wear masks?
Once considered an unorthodox path to going public, direct listings are gaining traction as an alternative to the traditional IPO. On Wednesday, the Securities and Exchange Commission (SEC) approved a rule change, with immediate effect, that will permit companies to raise capital in a direct listing on the Nasdaq Global Select Market.
To all venture capital and private equity fund clients, reminder of several important deadlines that are approaching.
Employers must file information returns with the Internal Revenue Service and provide employees with information statements related to incentive stock option exercises that occurred during calendar year 2020. Similarly, employers (typically relevant only for public companies) must file information returns with the IRS and provide employees with information statements related to initial transfers of stock acquired during 2020 under an employee stock purchase plan that complies with Internal Revenue Code Section 423.
On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law.
With the passage of Senate Bill 826 at the end of September 2018, California became the first state in the U.S. to require public companies incorporated in California or other public companies with their principal executive offices in California (according their Annual Report on Form 10-K) to have specified numbers of women serving on their Boards of Directors. In addition, with the passage of Assembly Bill 979, these same public companies will be required to have at least two members of their Boards of Directors from an “underrepresented community.”
On November 3, Californians voted to approve Proposition 24, the California Privacy Rights Act (or “CPRA”). This ballot initiative will significantly modify the California Consumer Privacy Act (“CCPA”), California’s existing privacy law which came into effect less than a year ago.
Senate Bill 1383, signed earlier this year by Governor Gavin Newsom, takes effect at the start of next year.
A recent New York law and an amendment to New York City’s existing Earned Safe and Sick Time Act (“ESSTA”) will require employers to update their policies and issue notices before the end of the year. Below is a summary of the new NY law, the amended NYC law and their impact on employers.
Over the last several months, we have seen a dramatic interest among successful venture-backed companies in pursuing an exit with SPACs (Special Purpose Acquisition Companies). An exit via a SPAC entity may be the right option for companies looking to raise capital and obtain access to the public markets in lieu of a traditional IPO.
This alert is the third in our series of Privacy Topics: Practical Guidance from Gunderson Dettmer – a collection of practical privacy and data security guidance and accompanying materials designed to facilitate your company’s compliance efforts. As companies throughout the U.S. are starting to reopen their offices after months of lockdown due to the COVID-19 pandemic, today’s alert focuses on privacy considerations under the California Consumer Privacy Act (CCPA) and other laws in connection with COVID-19 screening in the workplace. The CCPA went into effect on January 1, 2020, and enforcement by the California Attorney-General began on July 1, 2020, with no delay in enforcement despite the COVID-19 pandemic.
What now? In the landmark Schrems II decision, the European Court of Justice invalidates the Privacy Shield; upholds the Standard Contractual Clauses (but only with additional scrutiny and safeguards). Yesterday’s Schrems II decision, which invalidated the U.S.-EU Privacy Shield Framework and added complexity to the use of Standard Contractual Clauses, has major implications for international data transfers.
Form BE-10 is part of a recurring 5-year benchmark survey designed by the U.S. Department of Commerce’s Bureau of Economic Analysis (“BEA”) to gather current economic data on the foreign investment operations of U.S. multi-national enterprises and their foreign affiliates. All “U.S. reporters” with one or more foreign affiliates during their 2019 fiscal year must make Form BE-10 filings regardless of whether they were contacted by the BEA.
The deadlines for filing Form BE-10 with the BEA have been, in both cases, extended to August 31, 2020 (originally May 29, 2020 for filers with less than 50 foreign affiliate filings and June 30, 2020 for filers with 50 or more foreign affiliate filings).
Form BE-10 is part of a recurring 5-year benchmark survey designed by the U.S. Department of Commerce’s Bureau of Economic Analysis (“BEA”) to gather current economic data on the foreign investment operations of U.S. multi-national enterprises and their foreign affiliates. All “U.S. reporters” with one or more foreign affiliates during their 2019 fiscal year must make Form BE-10 filings regardless of whether they were contacted by the BEA. Latin American venture-backed businesses that include U.S. holding companies in their corporate structure may be U.S. reporters.
The deadlines for filing Form BE-10 with the BEA have been, in both cases, extended to August 31, 2020 (originally May 29, 2020 for filers with less than 50 foreign affiliate filings and June 30, 2020 for filers with 50 or more foreign affiliate filings).
SBA Issues First Guidance Following Passage of the PPP Flexibility Act
Following the enactment on June 5, 2020 of the bipartisan Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”), the U.S. Small Business Administration (“SBA”) has issued new guidance interpreting and implementing the act. As discussed in our previous client alert on the subject, the Flexibility Act amended the Small Business Act and the CARES Act to significantly modify the forgiveness and other provisions of the SBA’s Paycheck Protection Program (“PPP”).
New Law Improves SBA’s Paycheck Protection Program for Borrowers
On June 5, 2020, the President signed the bipartisan Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”) into law. The new law amends the Small Business Act and the CARES Act to significantly modify the forgiveness and other provisions of the SBA’s Paycheck Protection Program (“PPP”).
This alert is the second in our series of Privacy Topics: Practical Guidance from Gunderson Dettmer – a collection of practical privacy and data security guidance and accompanying materials designed to facilitate your company’s compliance efforts. Today’s alert focuses on notices that must be presented to California consumers under the California Consumer Privacy Act (CCPA) as it stands on May 21, 2020. For an overview of the CCPA, including guidance on which companies must comply, click here. Please click here for a questionnaire to help you gather and organize information your attorney will need to create your CCPA-compliant privacy policy.
On May 13, 2020, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, issued additional guidance (including a new safe harbor) regarding the certification required of all PPP borrowers that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
Gunderson Dettmer capital markets partner Jeff Vetter recently spoke on a panel with Skadden attorneys about public companies and financing options in the currently unpredictable capital markets.
ID Ventures, with lead support from the Michigan Economic Development Corporation (“MEDC”), has launched the Tech Startup Stabilization Fund (“TSSFund”) to help stabilize Michigan startups impacted by the economic downturn caused by the COVID-19 pandemic.
These frequently asked questions are intended to provide a high level overview of questions we have been receiving from private company clients in light of the COVID-19 pandemic.
SBA and Treasury Provide Additional Guidance on Necessity Certification for Paycheck Protection Program (PPP)
On April 23, 2020, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, issued new guidance on the certification required of all PPP borrowers that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
Andy Bradley spoke on a live webinar with Carta discussing term sheets, three terms to avoid, and what will change with COVID-19.
This alert is the first in our series of Privacy Topics: Practical Guidance from Gunderson Dettmer – a collection of practical privacy and data security guidance and accompanying materials designed to facilitate your company’s compliance efforts. Today’s alert focuses on the rights of CA-based employees (including job applicants) under the California Consumer Privacy Act (CCPA) as it stands on April 22, 2020.
This client alert provides an update about the California Consumer Privacy Act (CCPA) as it stands on April 6, 2020. As of this date, the California Attorney General’s office has indicated that it does not plan to delay the July 1, 2020 enforcement date due to the current COVID-19 pandemic. We recognize that many companies are currently busy dealing with the impact of COVID-19. With the CCPA enforcement date fast approaching, we can help make sure you have the resources you need to keep your compliance efforts on track and in line with current best practices. Please note that this is not a comprehensive review of the CCPA and its requirements – for information tailored to your specific circumstances, please contact your Gunderson attorney.
Greg Lemmer, Claudia Renert and Chelsea Raiten presented a COVID-19 employment law webinar.
Department of Treasury Releases Updated Paycheck Protection Program Fact Sheet and Loan Application; SBA Publishes Interim Final Rule on Paycheck Protection Program
Yesterday, the U.S. Department of the Treasury released an updated application for small business loans under the new $349 billion Paycheck Protection Program (“PPP”), as well as an updated fact sheet reflecting an increase in the interest rate of the loans from 0.5% to 1.0%.
Tim Erlich participated in this panel alongside Locust Walk discussing COVID-19's strategic implications for biopharma.
The Coronavirus Aid, Relief and Economic Security Act (the CARES Act) was signed into law on March 27, 2020. Included in this economic stabilization package are several business tax related provisions, including:
- A payroll tax credit for employers affected by the coronavirus (COVID-19) pandemic;
- A payroll tax deferral for all employers for the rest of 2020;
- An expansion of the use of net operating losses;
- An acceleration of refunds for unused corporate alternative minimum tax (AMT) credits;
- A temporary increase on business interest deductions; and
- Bonus deprecation status for qualified improvement property.
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