The U.K. government has unveiled a draft of the Short Selling Regulations 2024, which is set to replace the existing U.K. Short Selling Regulation. The prior regulation, initially onshored from the European Union, is due for repeal under the Financial Services and Markets Act 2023. This information comes to us via a new published draft…
In a move that sparked interest among legal professionals and corporations dealing in energy both domestically and internationally, the IRS and Treasury recently released proposed regulations regarding Section 48 Investment Tax Credits. As you likely know, these regulations pertain to the Internal Revenue Code of 1986, which was designed to provide an investment tax credit…
The Federal Trade Commission (FTC) has recently issued a final rule amending the Standards for Safeguarding Customer Information, otherwise known as the Safeguards Rule. This amendment requires certain financial institutions to report data breaches, particularly those involving at least 500 consumers, to the FTC. In a continued effort to protect consumers, this measure is particularly…
The International Organization of Securities Commissions (IOSCO) released a report on November 16 advising nation-level financial regulators on how to approach crypto and digital asset markets. The initiative follows a rising tide of interest in cryptocurrencies and other digital financial instruments across the global markets. The report, formally titled “Policy Recommendations for Crypto and Digital…
As regulatory bodies across the globe ramp up their focus on consumer protection, the legislative scrutiny around robocalls is intensifying, particularly in the United States. The U.S. Senate Commerce, Science, and Transportation Committee’s Subcommittee on Communications, Media, and Broadband (hereinafter “Subcommittee”) recently held a hearing on “Protecting Americans from Robocalls”— an initiative that could have…
The U.S. Department of Agriculture’s (USDA) Agricultural Marketing Service (AMS) recently issued a final rule that significantly updates the list of Bioengineered Foods. The list is maintained under the National Bioengineered Food Disclosure Standard (NBFDS). Specific amendments to the list include the addition of BT insect-resistant varieties of sugarcane. Notably, the rule also amends the…
The Department of Justice (DOJ) is illustrating its emphasis on corporate self-disclosure of misconduct, with a recently announced policy on new ‘safe harbor’ provisions within M&A considerations. A noteworthy case in point involves Lifecore Biomedical, a pharmaceutical and medical device manufacturer. Despite existing evidence of employees from Lifecore’s former US subsidiary having allegedly bribed Mexican…
In recent developments, judicial bodies worldwide are beginning to react to the advancement of artificial intelligence technologies, particularly generative AI, infiltrating legal practice. This is epitomized by an update in court rules being amended to control the use of such technology in legal filings. This does not only demonstrate the rapidly evolving landscape of legal…
In a recent development, the Second Circuit has reversed a district court ruling, now stating that a website interface provided reasonable notice of an arbitration agreement and that a consumer agreed to said agreement through his transactional conduct. This ruling signifies a noteworthy shift in interpreting user agreements, especially those that arise during online transactions….
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a new rule providing a respite for companies created or registered in 2024. Originally mandated with a 30-day deadline to file initial beneficial ownership information reports, these entities now have up to 90 days to fulfill this obligation. The correlates to an encouraging…
In a recent case, the Delaware District Court highlighted an often overlooked blind spot in bankruptcy rules. As those already conversant with bankruptcy law will fittingly appreciate, the confusion between the “free and clear” clause and “perfectly clear” successor liability sometimes melts into a grey area. When it comes to the bankruptcy code, potential traps…
The Consumer Financial Protection Bureau (CFPB) recently imposed a hefty fine on a large national bank, as reported by JD Supra. The bank was required to pay $12 million for violations related to the Home Mortgage Disclosure Act (HMDA). Notably, the bank was charged for failing to gather and accurately report HMDA data. It is…
In a recent development, a cryptocurrency firm has come under scrutiny from the Securities and Exchange Commission (SEC) for alleged failure to register as a securities exchange. The firm is reported to have not met the necessary obligations to mitigate risk factors. As per the details provided from the original report, the SEC lodged a…
As the year ends, environmental, social, and governance (ESG) issues continue to be in the spotlight, particularly for UK corporates. Among the most recent developments in this essential field, a round-up presented by Hogan Lovells sheds much-needed light. This report not only presents an overview of the pressing ESG issues UK corporations are grappling with…
As the world spins forward into 2024, asset managers are finding an ever-evolving regulatory framework embroiling them in a fresh dynamic. Central to their modern preoccupations are environmental, social, and governance (ESG) factors – an introspection triggered by increased demand from both institutional and retail investors. As investment strategies and vehicles destabilize, these ESG considerations…
In a significant legal development, a Texas court of appeals has affirmed a judgment favoring a plaintiff alleging that a franchisor was vicariously liable for wrongful conduct by a franchisee’s employee. The court’s decision underscores the potential liability risks that franchisors may face in connection with their franchisees’ operations. This case manifests a growing trend…
Legal professionals may be interested in attending an upcoming webinar titled “Debunking Digital Deceptions: The Truth Behind Election Claims and the Fight for Integrity”, scheduled for December 15th, from 1:00 pm to 2:00 pm ET. As hinted in the title, the focus of the webinar will be on the contentious issue of voting machine tampering…
In a recent announcement, the Ministry of Justice has revealed that the UK government has decided to sign the Hague Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters. This decision comes as the result of the government’s consultation on joining the convention, concluding that it is propitious for the…
The legal scene is set to see significant changes, thanks to the recently signed Clean Slate Act by New York State Governor, Kathy Hochul, on November 16, 2023. This new legislation aims to automatically seal off public access to criminal records for most individuals previously convicted of a crime. The implications of this act are…
In a noteworthy development in True Health Chiropractic, Inc. v. McKesson Corp., No. 22-15710, 2023 WL 7015279 at the Ninth Circuit, the district court’s decertification of a “junk fax” class was affirmed. The court made this decision on the basis that individual facts predominated. It was reasoned that the Plaintiff failed to provide a viable…
Addressing the conundrums arising from the entanglement of traditional knowledge and intellectual property (IP) rights, it’s worth understanding that this presents a noteworthy test for legal systems worldwide. On one side of the intersection, there lies the inestimable economic potential encompassed within traditional knowledge. This valuable asset consists of insights, practices, and the prospect for…
The Corporate Transparency Act (CTA) is ushering in a new era of accountability and transparency for corporations, particularly regarding the reporting of beneficial ownership. As per the final rule authorized by the Financial Crimes Enforcement Network (FinCEN), specific companies will be required to file beneficial ownership reports starting on January 1, 2024. This impending regulation…
In a significant legal shift, vocational training program Prehired will pay back a sum of $4.2 million and cancel any outstanding loans following a settlement reached with a bipartisan coalition of 11 Attorney Generals (AGs), in collaboration with the Consumer Financial Protection Bureau (CFPB). The conclusion of this dispute marks the resolution of allegations that…
In a recent turn of events, patent owners have filed an amicus brief in support of Cellect’s rehearing petition. This move comes on the heels of a significant U.S. Court of Appeals decision, with substantial implications on obvious-type double patenting (“ODP”). The precedential decision in question, arising from In re Cellect, ruled that when expiration…
In the rapidly changing legal landscape, corporations and law firms need to be aware of new developments—particularly if they involve labor laws. A recent article published on JDSupra predicts that retaliation claims will be even easier to allege in 2024, especially in California. For legal practitioners familiar with labor law, retaliation claims are among the…