Hogan Lovells launches digital Covid-19 solution and interactive map for financial institutions
Hogan Lovells has launched a digital Covid-19 solution to help their clients identify triggered clauses in their documentation, as it also launches a digital global map looking at comparative cross border issues.
Hogan Lovells: Engage Covid-19 Solutions is modelled on the firm’s LIBOR solution launched in 2019 and can help identify issues such as notices, waivers, payment holidays, extensions and other amendments.
Aside from force majeure clauses, immediate concerns faced by businesses include MAC provisions, repayment terms, termination provisions and financial covenants.
The solution has been created in partnership with FTI Consulting, lower cost delivery outsourcing firms Cognia and Elevate, as well as the firm’s Birmingham-based Legal Delivery Center.
The firm has additionally launched an interactive digital global map looking at comparative cross border issues. Clients can access the map which highlights materials relating to a particular country and filter by topic. The aim being that they can keep track of all central bank, governmental and regulatory initiatives that are being introduced to address the financial issues caused by the pandemic.
Head of alternative delivery solutions, Rachel Dabydoyal said: “It essentially saves our clients time and money; reduces compliance uncertainty. Our deep industry sector knowledge, combined with our legal and regulatory insights is designed to respond to both the immediate and longer term business risk stemming from the rapid, global spread of Covid-19.”