In a recent turn of events, the Hong Kong Exchanges and Clearing Limited (HKEX) has updated its listing rules. Prior to this change, companies seeking to list in Hong Kong were required to delineate risks related to their operations in China. These China-related risks covered a broad field, including applicable laws and regulations, political structure,…
Stroock & Stroock & Lavan, following unsuccessful merger discussions with several law firms, announced on Thursday its intention to eliminate a significant hurdle on the path to a partnership deal. In a substantial move, the firm’s partnership has authorized a full pension buyout. This decision is aimed at managing the complexities that an accrued pension…
Legal professionals worldwide, welcome to the daily update on compliance news. On August 4, 2023, Tom Fox, renowned as the Voice of Compliance, once again brought us thought-provoking stories on business regulation, ethics, risk management, and leadership. This edition of his series, aptly named ‘Follow Your Passion Edition,’ was released via the Compliance Podcast Network….
An esteemed tax practitioner, Cameron Blackwood, has recently left PwC to join fellow Australian law firm Corrs Chambers Westgarth. Blackwood’s departure followed closely after PwC’s global legal boss, Tony O’Malley, stepped down ahead of his slated retirement. Blackwood, however, joined PwC only a year ago, in June 2022, following the accounting firm’s acquisition of his…
On July 26, the U.S. Department of Commerce, the Department of the Treasury, and the Department of Justice released an essential joint compliance notice, referred to as the “Compliance Notice.” This document updates and summarizes each agency’s stance on businesses’ voluntary self-disclosure of potential violations concerning sanctions, export controls, and other national security laws. According…
Just weeks after Judge Analisa Torres’s novel securities analysis in SEC v. Ripple Labs, a different judge in the Southern District of New York has drawn a distinction between Ripple’s approach and its policy outcomes. The judge’s argument is presented within the context of another highly-public, SEC enforcement action involving digital assets. For readers desiring…
Ransomware actors are increasingly targeting smaller companies, particularly those with revenues ranging from $10 million to $50 million, according to a recent report by Kovrr, a cyber-risk quantification platform. The rationale behind this shift appears to be the smaller IT budgets and less security expertise available in such entities, rendering them easier targets. “They’re willing…
The now-famous line, “With great power comes great responsibility,” has gained new relevance in the sphere of legal technology. The increasing influence of generative artificial intelligence (AI) on the legal world has highlighted the need for certain guardrails to be in place to ensure safe and ethical usage. The discussion around the responsible use of…
In recent years across the globe, the realm of immigration law has seen significant shifts and adjustments, a trend that continues well into 2023. Focused through the lens of the ongoing global pandemic, many changes are occurring in both mobility restrictions and ongoing closures. These are addressed in August 2023 Global Immigration Alert, provided by…
On August 3, 2023, the Ninth Circuit took a non-committal stance on the question of whether a website, using high school yearbook photos to advance its subscriber base, is protected under Section 230 from being the target of a class-action lawsuit. The case alleges that such use of photos constitutes a violation of the publicity…
A federal judge in California has halted a Los Angeles tattoo ink dealer from selling ink bottles, amidst claims that the products bear too much resemblance to those of a New Jersey company. The dealer, who is the purveyor of the “Xtreme Ink” brand, has been criticized by the court for not mounting a stronger…
In a recent development in the world of patent litigation, camera manufacturer GoPro Inc. managed to quash the effort for a retrial over a high-stakes patent infringement lawsuit. The dispute was raised by an inventor who insisted that he was the first to initiate the concept of taking 360-degree photographs. The lawsuit, presided over by…
In a recent indictment charging former President Donald Trump with conspiracy and obstruction, there are five unnamed attorney co-conspirators who have been listed. Either they are already cooperating with the government or they will face indictment, as per predictions made by former prosecutors to Law360. The stance of these prosecutors revolves around their belief that…
In a significant regulatory development on July 27, 2023, U.S. federal prudential bank regulators – namely, the Federal Deposit Insurance Corporation, the Federal Reserve Board (FRB), and the Office of the Comptroller of the Currency – have proposed new capital requirements focused on the larger banking organizations. The proposal pertains to Risk-Based Capital, Capital Relief…
The U.S. Department of Homeland Security (DHS) announced the update of the STEM Designated Degree Program List on July 12, 2023, with the addition of eight new qualifying fields of study. This update affects the regulations surrounding F-1 nonimmigrant students and the completion of their degrees. The STEM Designated Degree Program List is crucial for…
In February, the Federal Circuit made a decision to not alter or overrule its tried-and-true test for assessing the obviousness in design patents, popularly known as the Rosen-Durling test. This decision was made despite the contention that the Supreme Court had previously overruled it in KSR v. Teleflex. This has been a subject of ongoing…
Adding to the ever-growing list of Intellectual Property disputes, a recent judgement by a California federal judge has imposed a penalty of $2.2 million on a Chinese company engaged in the trade of shopping carts via Amazon and Walmart. The company stands not only accused but also found guilty of patent violation, and the severity…
In an important decision on June 27, 2023, the Supreme Court of the United States expanded the jurisdictional choices for plaintiffs. Specifically, the Court upheld a Pennsylvania law that extends jurisdiction to any company registered within its borders. Substantial questions about a company’s localization and legal rights and responsibilities have always challenged corporations and legal…
The Cybersecurity & Infrastructure Security Agency (CISA) recently issued an advisory on the ‘2022 Top Routinely Exploited Vulnerabilities’ in their ongoing effort to keep industries informed of potential threats. The advisory is particularly valuable to companies based in the U.S and also highlights emerging threats, providing insight into the vulnerabilities frequently exploited by threat actors….
An Australian company was recently awarded nearly $8.5 million by a Colorado federal judge for a startup’s ‘flagrant’ theft of intellectual property. The conflict arose over the ownership of a patented air conditioning technology. Not only did the startup continue to market the product as its own throughout the litigation, but it also attempted to…
In the ever-evolving landscape of corporate law, an insightful new Australian High Court decision has demonstrated a potent change, potentially escalating the penalties for corporate wrongdoing. Incrementally pushing the boundaries of maximum penalties, this ruling utilises a refreshed perspective on the ‘benefit’ factor, a common tool in determining financial penalties. The verdict came in a…
Recent developments at the National Labor Relations Board (“NLRB” or “Board”) could have significant implications for employers and how they establish and apply workplace policies. On August 2, 2023, the Board announced a decision that impacts nearly all workplaces, whether or not employees are represented by a union. The current Board, comprised mostly of members…
On June 26, 2023, the International Sustainability Standards Board (“ISSB”) unveiled its first two sustainability disclosure standards, termed the “ISSB Standards”. The two standards, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (“IFRS S1”) and IFRS S2 Climate-related Disclosures (“IFRS S2”), aim to establish a global framework for corporate sustainability disclosures. Playing a…
The legal industry is witnessing an uptake in the use of modern experience platforms in business operations. Experience Management (XM), as it is often referred, is increasingly being recognized for its potential benefits for law firms and their clients. Renowned Knowledge Management professional, Rachel Shields Williams, Director of Knowledge Management Enablement & Insights at Sidley…
As corporations continue to understand and navigate the complexities of the California Privacy Rights Act (CPRA), the Pacific Coast state has introduced another layer of privacy protection targeted at its younger residents. The law in question, effectively starting July 1, 2024, is the California Age-Appropriate Design Code Act (CAADCA). According to a recent article by…