Updates on Covid-19
News | 16.03.20Nyheter
Banking and Finance
Stock Exchange and Securities
Corporate and M&A
EU/EEA and Competition Law
Restructuring and insolvency
Litigation and Arbitration
Data Protection (GDPR)
For continuous updates, follow us on LinkedIn.
Articles on Covid-19
Covid-19 measures in Norway - oppsummering av alle tiltak (engelsk)
March 29: A number of measures have been implemented to alleviate the negative effects that employers all over the country are experiencing as a result of the Covid-19 outbreak.
ESMA clarifies how to comply with the MiFID II telephone recording requirements in response to the Covid-19 pandemic
March 24: The global spread of Covid-19 has created significant challenges also to financial institutions, including related to compliance with MiFID II requirements on the recording of telephone conversations. The European Securities and Markets Authority (ESMA) has lately issued a statement clarifying how credit institutions and investment firms may temporarily apply these requirements.
The Norwegian Parliament adopts new Corona act
March 21: On Wednesday 18 March 2020, the Norwegian Government put forward a bill which will give the Government vast authorization to fight Covid-19 and its consequences for the society. Today, 21 March 2020, a more narrow Corona act was adopted by the Norwegian Parliament.
Corona: The importance of contingency planning and risk management
March 20: Many businesses are struggling due to the Covid-19 outbreak and associated restrictions. They face immediate consequences in terms of reduced labor force, counterparties unable to deliver and own failure to deliver. In this phase, it is crucial for the business to be proactive and set out a plan to maintain operational operations and mitigate the risk.
The transport sector is exempted from Norwegian equivalent to Article 101 TFEU - "crisis cartels" in the wake of the Covid-19 pandemic
March 19: The Norwegian Ministry of Trade, Industry and Fisheries has adopted a new regulation exempting the transport sector from the prohibition in Section 10 of the Norwegian Competition Act; cf. FOR-2020-03-18-340. Section 10 is the national equivalent to Article 101 TFEU and 53 EEA. The new rules are set to apply for three months but may be prolonged or shortened, depending on how the ongoing covid-19 pandemic evolves.
Enforcement of security interests and repossession of aircraft in Scandinavia
March 19: The aviation industry came to a standstill this month due to the outbreak of the Covid-19 virus, and this has hit the airlines worldwide. With the majority of the fleet on the tarmac, we could potentially see a number of airlines defaulting on their lease agreements and loan facilities. The question of how to enforce security or repossess an aircraft could sadly turn out to be something the lessors and the lenders would have to look into more closely in the time to come.
Far reaching legislative measures to fight consequences of Covid-19 outbreak
March 19: On Wednesday 18 March 2020, the Norwegian Government put forward a bill which will give the Government vast authorization to fight Covid-19 and its consequences for the society. It is called the corona act. The aim is to facilitate "sound and effective measures necessary to limit the disruption of normal social functions" of the Covid-19 outbreak (article 1).
State aid rules open up for rescue packages
March 18: Many companies are now in crisis due to the Covid-19 outbreak. The European Commission and EFTA Surveillance Authority, therefore, ease state aid rules. In practice, large parts of the state aid rules and guidelines are now virtually "suspended."
Shipping: The Covid-19 and its impact on shipping #2
March 17: On 17 February 2020, we wrote our first notes on the effect of the virus on shipping. Since then, both the outbreak as well as the measures against it are spreading wider. We have received numerous queries from our clients and have assisted in establishing management plans for situations ranging from chartering, to shipbuilding and sale and purchase through to notices to master and crew on board. We sum up and highlight some of the recurring issues we have advised on, this time with regards to charters and insurances.
The Norwegian Government proposes new loan and guarantee schemes
March 16: On 15 March 2020, the Norwegian government presented their proposal for new loan and guarantee schemes in the total amount of NOK 100 billion.
Public procurement law and the Covid-19 crisis
March 16: The authorities have been quick to publish public procurement law guidance for the Covid-19 crisis. In this article we argue that Norwegian authorities could have provided even more clear guidance on what is to be considered at the crossroad between public procurement law and the protection of life and health.
Corona: Beware of increased cyber risk
March 16: Many organizations are these days in a phase of reorganizing their operations and establishing alternative solutions to ensure continued business work capacity. Meanwhile numerous hackers and other cyber criminals around the world are mobilizing themselves to take advantage of the extraordinary situation. All business should therefore be aware of a significant increase of cyber risk in relation to the current Covid-19 crisis.
M&A: Solutions to mitigate uncertainty caused by Covid-19
March 11: With public markets collapsing and economists predicting a Eurozone recession, the European M&A market must also be expected to be heavily impacted by the Covid-19.
Shipping: The Covid-19 and its impact on shipping
February 17: SVW has, across our offices, been giving guidance to clients both under English and Norwegian law as to the Coronavirus impact on shipping contracts, including on force majeure and similar exceptions clauses, and contract frustration. In this article we are touching upon these issues.
Most of our webinars are in Norwegian, please refer to this page.
Covid-19 Task Force Oslo:
Covid-19 Task Force Bergen:
Covid-19 Task Force Trondheim:
Covid-19 Task Force Stavanger:
Covid-19 Task Force Kristiansand:
Covid-19 Task Force Tromsø: