As the current public health crisis continues to deepen in many parts of the world – and as policy-makers, businesses and investors respond in real time – this week’s European Funds Comment brings together a selection of the extensive resources that are available to European businesses. We hope this will be helpful to private equity firms working with European portfolio companies to respond to the devastating economic impact of the current situation.

We have included links to, and summaries of, some of the key resources that we hope will assist you.

We are available at any time to answer any questions you may have on the information included below.

For a complete list of Debevoise & Plimpton resources please visit the Debevoise Coronavirus Resources Center.

General

• COVID-19—So far, State-Sponsored Help for European Companies Is Open to All: This primer, which is updated on a weekly basis, sets out the main relief measures available to companies operating in the EU, UK, France, Germany and Italy.
• Coronavirus – Key Implications for Your Business: This note discusses the most likely key implications of the pandemic on your business and commercial relationships.
• Private Equity Secondaries Market Adapts to COVID-19: A note discussing the impact of the pandemic on the secondaries market.
• COVID-19: Implications for Disclosure and Corporate Governance in the EU and UK: A primer on the main implications of the pandemic for disclosure and corporate governance in the EU and the UK.
• COVID-19: Three Data Protection Tips for the EU and the UK: A note setting out some data protection-related considerations applicable to the UK and the EU.
• Administering to Equity Compensation Programs Impacted by COVID-19: A note providing some tips on managing MIP awards in these difficult times.
• SEC Extends Form ADV and Form PF Deadlines for Advisers Affected by COVID-19: A note dealing with the extensions available from the SEC in respect of Form ADV and Form PF submissions, which also provide relief for Exempt Reporting Advisers.
  
  

UK-specific

• COVID-19: UK Government Announces Coronavirus Job Retention Scheme and COVID-19: Options Open to UK Employers: Notes setting out the main characteristics of the UK job retention scheme, which will cover 80% of wage costs of each furloughed employee up to £2,500 pcm per employee, and other options open to UK employers.
• COVID-19 and its Impact on English Law Contracts: A note setting out the potential impact of the pandemic on English law contracts.
• European Funds Comment: COVID-19: The UK’s Policy Response (So Far): A primer on the UK’s policy response to the pandemic.
  
  

France-specific

• French Law in Response to the COVID-19 Epidemic: A note setting out some of the French responses to the pandemic, including some that are directly relevant to companies operating in France.
• French Law: COVID-19, MAE clauses, Force Majeure and Hardship: A note setting out where MAE, force majeure and hardship may be relied on in the context of the pandemic by parties to French law contracts.
  
  

Government Resources

Below are links to official websites setting out each government/institution’s response to the pandemic.

• European Commission - COVID-19 response
• ECB - COVID-19 response
• ESMA - COVID-19 response
• UK Government – COVID-19 response for businesses
• Bank of England – COVID-19 response
• FCA - COVID-19 response
• French Government – COVID-19 response for businesses (in French)
• AMF – COVID-19 response (in French)
• BPIFrance – COVID-19 loans (in French)
• German Government – COVID-19 response for business (in German)
• BaFin – COVID-19 response
• Italian Government – COVID-19 response for business (in Italian)
• CONSOB (Italy) – COVID-19 response (in Italian)
• CSSF (Luxembourg) – FAQ on COVID-19
  
  

Industry Groups

Below are links to the COVID-19 pages of the main European PE industry groups

• Invest Europe
• BVCA
• France Invest (in French)
• Bundesverband Deutscher (BVK) (in German)

Additional Resources

• Luxembourg Amends Corporate Governance Rules: The Luxembourg authorities have relaxed certain corporate laws to enable companies to hold meetings remotely.
• Debevoise Adds New International Counsel to Tax Group: We are pleased to announce that Jenny Wheater has joined the firm’s London office as an international counsel and member of the Tax and Private Equity Groups.
• Debevoise Advises Marandi Family in Acquisition of The Conran Shop: London partner E. Raman Bet-Mansour is leading the team which includes tax advice provided by Richard Ward.
• Chambers Europe 2020 Rankings:Debevoise is proud to be listed among the leading law firms in Europe for work with investment funds, including Band 1 rankings for Geoffrey Kittredge in the UK and Patricia Volhard in Germany.