November 2023 – Page 193 – Legal News Feed

JDSupra

Biden’s Outbound Investment Screening Proposal: Implications for APAC Businesses and Investors

Pieter Gunst3 years ago03 mins

The Biden administration has announced a proposed executive order involving outbound investment screening that could potentially affect APAC businesses and investors. This plan imposes notification requirements for certain transactions on United States (U.S.) persons and outright prohibits U.S. persons from partaking in other transactions. Notably, these measures are directly linked to specific Chinese parties operating…

JDSupra

Corp Fin Implements New Intake System for Shareholder Proposal No-Action Requests

Pieter Gunst3 years ago03 mins

The Division of Corporation Finance (Corp Fin) recently announced the implementation of a new intake system for no-action requests in relation to shareholder proposals. Set under Rule 14a-8, this change was shared with companies seeking no-action positions from the staff concerning their intentions to exclude the obligations of shareholders. The Corp Fin notification detailed that…

JDSupra

Revamping the Community Reinvestment Act: Implications for Financial Institutions and Low-Income Communities

Pieter Gunst3 years ago03 mins

In a momentous shift, the Federal Reserve (The Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have considerably revised the rules of the Community Reinvestment Act (CRA). The CRA, first enacted in 1977, aims to motivate banks to serve the credit demands of their communities, with…

JDSupra

Ontario Superior Court Clarifies Adjudicator Decisions in Prompt Payment Legislation Case

Pieter Gunst3 years ago03 mins

In light of recent developments in Canada’s prompt payment and fast-track adjudication legislation, there has been some uncertainties regarding the finality of an adjudicator’s decisions. The Ontario Superior Court of Justice (SCJ) had the chance to clarify this issue in the landmark case, Arad Incorporated v Rejali, 2023 ONSC 3949 (Arad). The SCJ ruling, which…

JDSupra

DOL Proposes Update to Fiduciary Rule: Implications for Retirement Investment Landscape

Pieter Gunst3 years ago02 mins

On November 3, 2023, the Department of Labor (DOL) publicized a much-anticipated proposition to its “fiduciary rule” in the Federal Register. The rule defines when an individual becomes a fiduciary to a retirement plan, subject to ERISA or an IRA. This includes their respective fiduciaries, participants, owners, and beneficiaries, collectively referred to as a “retirement…

JDSupra

FRC’s Strategic Shift Signals Focus on UK’s Economic Growth and International Competitiveness

Pieter Gunst3 years ago03 mins

The Financial Reporting Council (FRC), on 7th November 2023, made some significant announcements affecting the pathway of corporate governance in the United Kingdom. These updates have major implications for large corporations and law firms dealing with corporate governance. Primarily, the FRC’s future work will be evaluated through the prism of the UK’s economic growth and…

JDSupra

California’s Delete Act Streamlines Consumer Data Privacy Rights

Pieter Gunst3 years ago03 mins

In a significant move towards securing digital privacy for consumers, California passed the Delete Act on October 11th. The act, signed by Gov. Gavin Newsom, paves a smoother path for consumers to instruct data brokers to delete their personal information or refrain from selling or sharing it. Prior to this legislation being passed, consumers’ rights…

JDSupra

NCAA Power Shift: College Athletes Challenge Control over Their Futures

Pieter Gunst3 years ago03 mins

November 7, 2023, was not just another day in the annals of the National Collegiate Athletic Association (NCAA). Instead, the day marked the commencement of a hearing that could quite possibly reshape the future of college athletics. The dispute brought before Region 21 of the National Labor Relations Board involves members of the football, men’s…

JDSupra

Cryptocurrency Exchange’s Arbitration Clause under SCOTUS Scrutiny: Impact on Future Dispute Resolution

Pieter Gunst3 years ago03 mins

As the legal profession continues to navigate the increasing impact of technology on traditional business models, an intriguing case of jurisprudence is taking shape in the Supreme Court of the United States. For the second time in two years, the court has agreed to review an appeal from a leading cryptocurrency exchange regarding the enforceability…

JDSupra

Treasury Department Targets Crypto Mixing: Implications for Legal Professionals and the Global Market

Pieter Gunst3 years ago03 mins

Legal professionals should be aware of a significant move by the U.S. Treasury Department, which has recently started to confront the practice of Convertible Virtual Currency (CVC) mixing. A widespread practice in the cryptographic currency arena, this operation on the radar of regulatory authorities worldwide has major implications spanning the entire financial sphere. CVC mixing,…

JDSupra

Avoiding Probate Court Disqualifications: Ensuring a Smooth Transition of Personal Representative Roles

Pieter Gunst3 years ago02 mins

When it comes to executing a will, the importance of the Personal Representative role can hardly be overstated. This person or entity, also often referred to as an executor, has the critical task of ensuring that the terms set out in a will are executed as closely as possible to the desires of the departed….

JDSupra

CFPB Proposes Increased Supervisory Authority Over Nonbank Digital Wallets and Payment Apps

Pieter Gunst3 years ago03 mins

In our daily financial regulation update, we shed light on the freshest legal developments shaping the professional landscape of those working in the financial sector. Today, our key focus is the Consumer Financial Protection Bureau (CFPB) and their proposal to exert supervisory authority over nonbank firms providing services like digital wallets and payment apps. The…

JDSupra

NYDFS Advances Virtual Currency Regulation with Updated Listing Guidelines

Pieter Gunst3 years ago02 mins

On September 18, the New York State Department of Financial Services (NYDFS) issued a proposal for updated guidelines concerning virtual currency entities (VCEs) (JD Supra) . This includes companies that possess virtual currency business licenses, as well as limited-purpose trust companies that wish to list such currencies on their platforms. The newly proposed guidelines provide…

JDSupra

Evolving Role of Willingness in SEP Negotiations and Its Legal Consequences

Pieter Gunst3 years ago03 mins

The domain of SEP (Standard Essential Patents) negotiations has recently come under the spotlight due to increasing emphasis on the “willingness” concept. License negotiations for these patents need to adhere to fair, reasonable, and non-discriminatory (FRAND) terms. Interestingly, not showing willingness now can have practical consequences. An SEP is a patent that claims an invention,…

JDSupra

FCC Considers Raising Broadband Speed Benchmark in Pursuit of Gigabit Connectivity

Pieter Gunst3 years ago02 mins

On November 1, 2023, the Federal Communications Commission (FCC) initiated the Seventeenth Notice of Inquiry (NOI) as outlined under Section 706 of the Telecommunications Act of 1996. The purpose of this inquiry is to assess the state of broadband availability for all Americans, marking a critical juncture in the evolution of national digital connectivity. Wiley…

JDSupra

Supreme Court Trademark Decisions Reshape Intellectual Property Landscape

Pieter Gunst3 years ago03 mins

The world of law is no stranger to the perpetual winds of change and in no area is this more perceptible than in the realm of Intellectual Property Law. Recently, Kilpatrick Townsend partner Ted Davis took to the stage at the annual meeting of the Intellectual Property Institute of Canada. He had for his main…

JDSupra

US Banking Regulators Finalize Principles for Climate-Related Financial Risk Management

Pieter Gunst3 years ago03 mins

On October 30, 2023, three United States federal bank regulatory agencies – the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) took collaborative stride in addressing the impact of environmental issues on economic dynamics. Jointly, they finalized the Principles for Climate-Related Financial Risk…

JDSupra

Healthcare Organizations Challenge Online User Tracking in Landmark Privacy Lawsuit

Pieter Gunst3 years ago02 mins

On November 2, 2023, a significant case was filed that could reshape legal proceedings related to online user tracking. The American Hospital Association and the Texas Hospital Association, together with Texas Health Resources and United Regional Health Care System, filed a lawsuit against the Secretary of the Department of Health and Human Services (HHS) and…

Law360

Biden Administration Hits 150 Lifetime Judicial Confirmations with Judge Reyes’ Appointment

Pieter Gunst3 years ago01 mins

Earlier this week, the Senate voted 51-48 to confirm Magistrate Judge Ramon Ernesto Reyes, Jr. for the Eastern District of New York. Reyes’s confirmation marks another milestone for the current administration as it secured its 150th lifetime judicial confirmation under President Joe Biden, just a day prior. Reyes, now set to exercise his duties as…

JDSupra

Republican Senators Urge CFPB and DOJ to Reconsider Immigration Status in Equal Credit Opportunity Act

Pieter Gunst3 years ago02 mins

A cohort of eleven Republican Senators, all members of the Senate Banking Committee, have requested that both the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) step back from a joint statement that they published recently. The statement pertained to the supposed civil rights implications of a creditor’s consideration of an individual’s…

JDSupra

Federal Insurance Office Advances Examination of Climate-Related Financial Risks in Homeowners’ Policies

Pieter Gunst3 years ago03 mins

On November 1, 2023, the Department of the Treasury’s Federal Insurance Office (FIO) undertook a significant step toward understanding the financial risk posed by climate change on homeowners’ insurance. The office officially submitted a request to proceed with a unique climate-related financial risk data collection focused on homeowners’ multi-peril underwriting data, according to a recent…

JDSupra

Revised 1099-K Reporting Obligations Demand Financial Adaptation for Businesses

Pieter Gunst3 years ago03 mins

As corporate legal professionals may already be aware, the American Rescue Plan Act of 2021 brought about substantial revisions to the 1099-K reporting regulations. A significant change, which may impact a multitude of businesses, is the drastic lowering of the minimum reporting threshold. In the past, only transactions that totaled $20,000 or more would compel…

JDSupra

SEC Cybersecurity Regulations: Unraveling Complexity with Little League Lessons

Pieter Gunst3 years ago02 mins

In a recent article published by JD Supra, BakerHostetler, a cybersecurity lawyer, draws surprising parallels between teaching little league and implementing the SEC’s new public company cybersecurity disclosure rules. Drawing from the old adage, ‘everything you need to know in life you learned in kindergarten’, the author suggests the fundamental principles needed for these disclosure…

JDSupra

OFAC Settlement with DaVinci Payments Highlights Compliance Necessity in Prepaid Access Industry

Pieter Gunst3 years ago03 mins

The recent Office of Foreign Assets Control (OFAC) settlement with DaVinci Payments underscores a critical need for compliance within the prepaid access industry. As an established force in the world of rewards programs and loyalty management, DaVinci Payments’ involvement in this settlement signals a significant moment within the field and serves as a stark highlight…

JDSupra

DHS Proposes Rulemaking to Modernize H-1B Specialty Occupation Worker Program

Pieter Gunst3 years ago03 mins

On October 23, 2023, the Department of Homeland Security (DHS) declared the release of a Notice of Proposed Rulemaking (NPRM). This statement portends a significant development to the H-1B specialty occupation worker program. As indicated by DHS, the proposed amendments are aimed at modernizing and improving this crucial legal mechanism for international talent mobility. According…