Amid a shifting regulatory landscape, this October has seen significant developments in the world of finance with the introduction of new guidelines and initiatives aimed at addressing emerging trends and challenges. One such event worth noting is the recent involvement of the Financial Conduct Authority (“FCA”) in Project Guardian, an initiative by the Monetary Authority…
Several Democratic and Republican Senators in the United States have introduced a new bill, known as the Government Surveillance Reform Act of 2023 (GSRA), to reform current intelligence and surveillance legislation, aiming to provide greater national security protections for US citizens. The bill, targeted for those whose data has possibly been collected unknowingly by government…
The rapid emergence and evolution of Artificial Intelligence (AI) in corporate and legal realms has necessitated a focus on phenomena known as Shadow AI. The rise of Shadow AI involves the use of AI-related applications by employees or departments within an organization, often without the knowledge or authorization of their respective IT or security groups….
In a recent shift in the regulatory environment, the U.S. Court of Appeals for the Fifth Circuit (Fifth Circuit) ruled that the U.S. Securities and Exchange Commission (SEC) violated the Administration Procedure Act. This comes in light of the SEC’s adoption of recent amendments to its share repurchase rules, otherwise referred to as the Rule….
In the most recent healthcare developments out of Washington, a slew of legislative activities caught the attention of industry professionals. These pivotal developments include a Senate Finance Committee discussion draft, a White House executive order on AI, and the passage of notable appropriations bills. The Senate Finance Committee has initiated a conversation revolving around a…
In recent times, artificial intelligence (AI) has been making headway into the professional landscape, with a particular emphasis on the legal sector. The newest entity to join this growing trend is Jennifer AI, colloquially referred to as Jen AI, who is not a human associate but an intelligent machine learning system. Jen AI has been…
The United States is seeing a growing trend of individual state privacy laws being introduced – the latest state to join this trend could be Pennsylvania. The Commonwealth is considering its own state privacy legislation, potentially following in the footsteps of states like California and others who have forged ahead with establishing specific privacy statutes…
In a noteworthy shift, the European Patent Office (EPO) has recently adopted an approach that leans in favor of patentees when assessing formal priority entitlement. This change could significantly affect the fate of European patents, which have seen an increasing trend toward invalidation through formal priority challenges and intervening prior art. The Jones Day report…
The US Securities and Exchange Commission’s (“SEC”) Division of Examinations (“Examination Division”) recently announced its 2024 Examination Priorities, placing a notable emphasis on cryptocurrency regulation and information security. This information was announced on October 16, 2023, indicating an expanding focus on newly emerging financial technologies and potential security risks. Particularly noteworthy is the SEC’s growing…
On November 2, 2023, the Centers for Medicare & Medicaid Services (CMS) released its calendar year (CY) 2024 Revisions to Payment Policies Under the Physician Fee Schedule (PFS) and Other Revisions to Medicare Part B [CMS-1784-F] Final Rule. This rule includes significant policy modifications related to Medicare physician payment and the Quality Payment Program (QPP)….
In the latest legal developments, a Canadian e-commerce software company’s push to implement a Delaware federal judge’s contentious litigation funding disclosure rules into the Western District of Texas met with a decisive failure. This attempt to introduce transparency into litigation funding—the practice where a third party provides the financial resources to enable costly litigation in…
The Consumer Financial Protection Bureau (CFPB) has recently proposed rules that are set to give consumers more control over access to their personal financial information held by banking and credit union institutions. The CFPB’s major objective is to intensify competition in the consumer banking sector by simplifying, reducing costs, and bolstering the safety of consumers…
In recent months, we have observed significant developments in the world of cryptocurrencies. Swiss banks have made a striking entrance with the launch of tokenization pilot, bringing cryptocurrency use and acceptance to new levels in a key global financial hub. In particular, SIX, the Swiss National Bank (SNB), and six commercial banks have announced the…
Nigeria recently passed a new law, the Nigerian Data Protection Act of 2023 (NDPA), replacing the preceding 2019 Data Protection Regulation (NDPR). Enacted in June 2023, four years following the adoption of NDPR, the NDPA is testament to the country’s drive towards enhanced data protection rights. The following piece aims to outline key differences between…
In a recent update, the U.S. Treasury Department issued a joint statement on behalf of the U.S.-UK Financial Innovation Partnership (FIP). Arranged on October 30, this interaction provided an overview of the recent meetings under the Regulatory and Commercial Pillar, where participants exchanged views on mutual topics of interest, aiming to deepen the ties between…
On July 31 this year, a transformative event occurred in the realm of corporate sustainability reporting. The European Commission adopted the first set of rules under the newly instituted European Sustainability Reporting Standards (ESRS). Devised as a noteworthy follow-up to January’s adoption of the Corporate Sustainability Reporting Directive (CSRD) by the European Union (EU), the…
In a significant move, the Federal Reserve Board (FRB), along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (collectively known as “the Agencies”) came out with their final Principles for Climate-Related Financial Risk Management for Large Financial Institutions (“Climate Principles”) on October 24, 2023. This effort marks a…
In an era marked with rising healthcare costs and the challenge of managing multiple point solutions, it’s particularly interesting to note what excites healthcare executives within the sector of the employer-sponsored insurance. Areas such as value-based care and data dominate discussions as we move towards an evolving future of employee benefits. This was the focus…
The Federal Acquisition Regulation (FAR) recently proposed a new rule that could have significant implications for contractors. This rule aims to standardize cybersecurity requirements for a Federal Information System (FIS), indicating a shift in the legal landscape for organisations involved in federal contracting. The Department of Defense (DoD), General Services Administration (GSA), and National Aeronautics…
In a strategic move, Intellicents, the leading financial technology firm has chosen The Standard to deploy its intelli(k) PEP, a comprehensive pooled employer plan. (JD Supra) This plan introduces a solution for businesses seeking broad and flexible design capabilities, specifically tailored to meet corporate requirements. It promises to optimize the benefits of employers participating in…
The Securities and Exchange Commission (SEC) is coming across some legal hurdles following the adoption of amendments to modernize disclosure requirements. The amendments related to corporate repurchases of their equity securities are now facing legal opposition. This was detailed recently on jdsupra.com. The newly adopted modifications are intended to bring more transparency to the practice…
In a recent move that signals a commitment to boosting the adoption of renewable energy, President Joe Biden announced a $1.3 billion federal investment. Aimed specifically at interstate power line construction, this new approach is set to overhaul the outdated electric grid that currently serves the United States. The investment’s primary goal, as reported by…
Important changes to Ohio’s Commercial Activity Tax (CAT) are set to bring additional opportunities for business growth in the region. Under a bill recently signed by Governor DeWine, companies subject to the CAT will receive a significant tax break beginning in 2024. This measure could result in savings of over $15,000 in 2025 alone according…
In the latest developments surrounding environmental law, the United States Environmental Protection Agency (EPA) released new reports last week, explicitly addressing the considerable impact of methane emissions from food waste. This critical move by the EPA comes as numerous states are already taking strides towards controlling methane emissions, an environmental concern that is gaining precedence…
In a significant move that may impact companies and legal professionals alike, the National Labor Relations Board (NLRB) has published its final rule resetting the definition of ‘joint employer’. Notably, this change incorporates the consideration of reserved and indirect control over essential terms and conditions of employment. This adjustment arises from the NLRB’s adoption of…