The U.S. Securities and Exchange Commission (SEC) Chief Accountant, Paul Munter, has recently issued a statement underscoring the importance of comprehensive risk assessments by auditors and management of companies. Munter’s spotlight on comprehensive evaluation expresses concern towards tendencies within companies to carry out risk assessments with a too-narrow focus on information and risks that directly…
In relation to recent requirements that the United States Patent and Trademark Office (USPTO) collect domicile information of all trademark applicants, some clarifications have been made. As required by the Lanham Act, this collection of domicile information is substantial evidence necessary to establish the applicant as a real person or corporation domiciled in the United…
The Department of Labor (“DOL”) unveiled a notice of proposed rulemaking on August 29, 2023. This proposal revolves around the parties that employees can authorize to operate as their representative during Occupational Safety and Health Administration (“OSHA”) workplace inspections. More details can be found here. OSHA’s main goal is to ensure safe and healthy working…
In a compelling development in the world of family law, the notion of “Family Affair” has taken a unique twist. This fresh perspective brings much-needed attention to an area of law that often operates quietly behind closed doors but plays a critical role in the lives of many. The well-respected legal news provider, JD Supra,…
In a recent decision that could have significant implications for participants in the syndicated loan markets, the Court of Appeals for the Second Circuit sided with those who argued that term loans should not be treated as securities. The ruling, which came in the Kirschner case, affirmed a district court order that held that the…
In recent weeks, Generative AI, and more specifically, AI-powered customer service chatbots, have been at the forefront of numerous legal discussions. The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) have been closely scrutinizing this developing technology. Several concerns have been raised by both the CFPB and the FTC. These concerns primarily…
In a noteworthy legal shift, the U.S. Food and Drug Administration (FDA) has recently adopted new regulations mandating registration and listing requirements for cosmetic products, a field previously unregulated by the agency. The FDA’s previous system for cosmetic product registration was entirely voluntary and, while beneficial, was not able to provide a comprehensive overview of…
The rise of Artificial Intelligence (AI) has been a topic of increasing concern in both the legal and wider corporate world. While many anticipate AI’s potential to streamline operations and provide innovative solutions, there is a concurrent fear that AI might have a significant impact on certain industry roles and job positions. AI’s transformational potential,…
In a recent development, New York employers might be confronted with an expanded scope of liability for negligent supervision. The basis of this development is centred upon whether an employer in New York can be charged for economic losses incurred by a party with no business connection to the employer, which are resultant from an…
On August 8, 2023, the National Institute of Standards and Technology (NIST) announced a significant draft update since its initial introduction in 2014 to its Cybersecurity Framework 2.0, which is now open for public commentary. The update aims to address both current and forthcoming cybersecurity threats across all organizations, and to enhance the Framework’s usability….
On August 23, 2023, the Securities and Exchange Commission (SEC) voted to adopt new and amended rules under the Investment Advisers Act of 1940. In a three to two vote, the SEC passed the Final Rules, requiring advisers to private funds, or Private Fund Advisers, to implement additional disclosures and restricts certain types of preferential…
On May 8, 2023, the Florida Legislature passed a new legislation putting limitations on land ownership within the state. Enacting the Senate Bill 264 (SB 264), these revisions and additions address certain individuals, governmental organizations, and entities from outlined “countries of concern”. The law, which validated on July 1, 2023, has significant implications on the…
In a significant revision of their citizenship procedure, the Biden Administration announced that they will be modifying the US Citizenship test, a requisite for green card holders seeking naturalization. The old format of the test, which required candidates to demonstrate proficiency in English and pass a civics test, was established in 2008. The newly proposed…
In an impactful shift in policy, regulatory agencies have proposed a rule that challenges the established status quo in regards to the Mental Health Parity and Addiction Equity Act (MHPAEA). More specifically, the rule will enforce new requirements on group health plans and health insurance issuers, providing a novel framework for legal professionals operating in…
High-profile lawyer Michael Avenatti’s appeal to overturn his convictions surrounding his attempt to extort millions from Nike Inc. was dismissed. Arguments hinged on claims of insufficient evidence upheld by the Second Circuit, rejecting Avenatti’s plea to overturn the verdict. Avenatti’s contention lay in the prosecution’s failure to demonstrate the “wrongfulness” element related to his extortion…
The Centers for Medicare and Medicaid Services (CMS) unveiled on August 24 that the Medicare Shared Savings Program (MSSP) yielded the second-highest annual savings for Medicare since the program’s inception in 2012, according to the 2022 MSSP Report. This year marked the sixth year in a row that the MSSP delivered net savings along with…
In a significant recent decision, the United States Court of Appeals for the Third Circuit reversed a lower court’s ruling and upheld a Pennsylvania Rule of Professional Conduct that prohibits harassment and discrimination in the practice of law. The case, titled Greenberg v. Lehocky, saw plaintiff Zachary Greenberg bring a pre-enforcement challenge to Pennsylvania’s new…
In an industry that is pushing the boundaries of technology and artificial intelligence (AI), a significant legal ruling has occurred. In Thaler v. Perlmutter, 22-cv-01564-BAH, a federal District Court in the District of Columbia clarified on August 18, 2023, that United States copyright law only protects work created by humans. The assertion is clear: AI…
In a recent development with far-reaching implications, the U.S. Securities and Exchange Commission (SEC) is implementing a crackdown on broker-dealers and investment advisors who use predictive data analytics. This intervention appears to be driven by concern over potential conflicts of interest arising from this particular application of artificial intelligence. According to a report by Faegre…
On August 23, 2023, the U.S. Securities and Exchange Commission (the “SEC”) adopted new rules and amendments under the Investment Advisers Act of 1940 (the ‘Advisers Act’) to fortify the regulation of private fund advisers, thereby padding the compliance burden for said advisers. Tannenbaum Helpern Syracuse & Hirschtritt LLP reported that this action was undertaken…
For divorce litigants exasperated by the nebulous standards surrounding alimony payment disputes, well, change is afoot. The New Jersey Supreme Court’s recent decision in the Cardali v. Cardali case is a significant stride towards transparency. The decision underlines fresh, valuable precedents that provide crucial clarity on the prerequisites for obtaining discovery in a motion that…
On August 23, 2023, the Securities and Exchange Commission (“SEC”) made a noteworthy decision by voting three to two, on adopting a new set of final rules. These rules, referred to as the “Private Fund Rules,” pertain to Private Fund Advisers and Documentation of Registered Investment Adviser Compliance. Private funds are usually advised by investment…
On August 28, 2023, an unexpected data breach at Sovos Compliance, LLC (“Sovos”) created ripples across the legal and corporate sectors. Sovos, which handles vital data security for an array of clients, reported that one of the affected clients is PennyMac Loan Services, LLC (“PennyMac”). As per the notice filed by Sovos with the Attorney…
As we reach the end of our detailed analysis of the My Health My Data Act of Washington State (“WMHMDA”), part twelve examines the advice issued by the Washington Attorney General on this complex and powerful legislation. Throughout this series, we have aimed to provide crucial insights for legal professionals working with or within the…
In August, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) and the Nuclear Regulatory Commission (NRC) announced increased restrictions on specific nuclear-related items destined for China (including Hong Kong) or Macau. This move is part of an ongoing push to increase regulatory control over sensitive technological exports. The rule modification saw the…