Earlier today, the Committee on House Administration of the U.S. House advanced a series of election-related bills, set to reach the floor of the U.S. House. Notably, the proposed bills include a provision aimed at prohibiting “direct or indirect” contributions and expenditures by foreign nationals in connection with state and local issue referenda, along with…
On October 7, 2023, California Governor Gavin Newsom signed new bills into law that may create more regulatory burden and litigation risks for large corporations existing and doing business in California. This significant development came to notice broadly as the U.S. Securities and Exchange Commission (SEC) is still in its deliberative process on a federal…
The Internal Revenue Service (IRS) recently held a press conference where officials announced their plans to leverage artificial intelligence and other advanced technologies. The primary objective of this endeavor is to assist in detecting instances of tax evasion, specifically among high-income taxpayers utilizing large or complex pass-through entities. The IRS’s new strategy is groundbreaking in…
In today’s ultra-competitive legal landscape, the key to winning repeat business and fostering long-term client relationships often hinges on more than just providing exceptional legal service. A critical factor that often gets overlooked is client perception and emotional satisfaction. How valued clients feel can significantly influence their decision to stick around or seek services elsewhere….
In a significant legal development, Rent-A-Center, a dominant player in the rent-to-own industry, has agreed to shell out an $8.75 million settlement following allegations of consumer harassment. This case was initiated by Andrea Joy Campbell, the Massachusetts Attorney General. She alleged that Rent-A-Center, Inc. violated state consumer protection laws and debt collection regulations. The lawsuit…
In a crucial decision that could potentially shape corporate governance practices in California, the state courts ruled that the director of a corporation harbors an obligation to disclose pertinent information while soliciting consents. This verdict is based upon the stipulations laid down by the California General Corporation Law, which sanctions shareholders to act via written…
According to a recent announcement from HM Treasury, a review of a current exemption for pension schemes has been launched. This exemption, applicable for a temporary period, falls under the purview of the U.K. EMIR, which stands for the onshored European Market Infrastructure Regulation. As part of this exemption review, HM Treasury has published a…
When served a subpoena, the first instinct of many corporations may be to comply fully and immediately. After all, it’s a legal document commanding the business to produce documents or evidence related to a lawsuit or investigation. However, as legal professionals, it’s essential to understand that a subpoena isn’t a magical mandate that immediately requires…
The public comment period for the 2023 draft updates to the Merger Guidelines (“Draft Guidelines”), issued by the U.S. Federal Trade Commission and Department of Justice, has come to an end. The process has witnessed the submission of approximately 1,600 comments from various stakeholders. Due to the significant interest attracted by these guidelines, the comments…
This week, a series of engaging developments in the realm of workplace pensions emerge from the driven team at Allen & Overy. Notably, these developments are tied to regulatory changes and new legal frameworks impacting pensions. The comprehensive update provided by Allen & Overy includes a range of topics beginning with the Autumn statement on…
In a recent development in legal procedures pertaining to serving foreign defendants, the Commercial Division Court has extended the timeline permissible for service and authorized alternative methods. This significant decision came to pass in the case of Zantaz Enter. Archive Solution, LLC v. Adecco IT Servs., Inc., Index No. 656419/2022, Doc. No. 16, 191 N.Y.S.3d…
Recent amendments to the Uniform Commercial Code (UCC) proposed significant shifts related to transactions involving cryptocurrencies, digital assets, and blockchain technology. These changes have sparked interest and debate among legal professionals worldwide, particularly those working with some of the world’s largest corporations and law firms. At the heart of these amendments is the introduction of…
The shift to remote working sparked by the COVID-19 pandemic has raised numerous legal questions for employers, not least of which is the issue of reimbursing employees for home office expenses. Both large global corporations and small businesses find themselves in uncharted territory, grappling with issues they’ve never before considered. A case in point arises…
As we approach the tail end of the year, it’s necessary to turn our attention towards key legal updates that may affect our corporate operations in the near future. One such development that demands our consideration is the recent changes in the Corporate Transparency Act (CTA). In the ever-evolving world of the CTA, we find…
The first half of 2023 has proven itself to be a year of significant developments within the realm of the Fair Credit Reporting Act (FCRA). Decisions of notable weight have surfaced from multiple sectors of the legal field, spanning from federal courts of appeals to regulatory agencies. In a comprehensive article recently published in Law360…
The European Union has been hard at work, seemingly modeling their AI Act after the EU’s influential General Data Protection Regulation (GDPR). The legislation proposes a comprehensive set of rules and regulations for AI systems and reflects the EU’s intent to lead in the realm of AI regulation. However, questions about the viability of the…
In an effort to bolster cybersecurity measures within the healthcare sector, New York Governor, Kathy Hochul, recently announced impending cybersecurity regulations specifically targeted at New York hospitals. The proposed rules are due to be published in the State Register on December 6, 2023, subject to approval by the Public Health and Health Planning Council, as…
The Financial Crimes Enforcement Network (“FinCEN”) has recently made a modification to the reporting obligations under the Corporate Transparency Act (“CTA”) for reporting companies that were formed in 2024. The significant alteration includes the elongation of the reporting deadline for beneficial ownership information (“BOI”) from 30 days to 90 days from the formation date for…
On November 28, 2023, the UK’s Financial Conduct Authority (FCA) issued its “Sustainability Disclosure Requirements (SDR) and investment labels” policy statement (PS23/16). This policy statement introduces a new set of rules designed to combat greenwashing. The policy statement predominantly revolves around the introduction of investment product sustainability labels and guidelines on utilisation of terms such…
In an increasingly uncertain financial climate, the evolving landscape of creditor’s rights poses unique challenges to corporations and law firms alike. Navigating these treacherous waters can be particularly daunting when dealing with distressed customers. A recent article outlined by Troutman Pepper as part of their Creditor’s Rights Toolkit series, provides practical insights to address these…
The legal landscape continues to evolve, with ethics becoming not just a standard, but a prerequisite for corporations worldwide. Recognizing this, many employers are doubling down on their efforts to establish ethical HR practices within their organizations, as noted in an article by Ius Laboris. This change is seen as not just necessary, but vital,…
The legal profession is often associated with high pressure and stress, factors which can sometimes lead to mental health issues or even addiction. Notably, attorneys can be particularly susceptible. Brian Cuban, author of “The Addicted Lawyer: Tales of the Bar, Booze, Blow, and Redemption”, recently delved into these complex issues during an episode of the…
In a recent broadcast, Dean Stockford discussed with Len Suzio the impetus behind the spike in adverse Community Reinvestment Act (CRA) ratings for banks in the first half of 2023. Given that new reports indicate a significant increase in banks receiving less than satisfactory performance ratings, this discussion is more poignant than ever. This newly…
In a long-due regulatory development, the FDA finally published definitive rules concerning how pharmaceutical companies advertise prescription medications directly to consumers. According to JD Supra, this new mandate was announced on November 21, 2023. The initiation of this legislative process dates back to 2010 when the FDA first proposed the rule. It underwent scrutiny and…
The U.S. Environmental Protection Agency (EPA) has created a significant opportunity with its latest decision to provide funding for environmental and climate justice. The EPA, via its Office of Environmental Justice and External Civil Rights (OEJECR), announced a historic funding offer, coined as the “Environmental and Climate Justice Community Change Grants Program,” also known as…