In a time where artificial intelligence (AI) and intricate credit models are streamlining decision-making for lending institutions, it’s crucial to keep abreast of regulatory changes. This is especially true as these lending innovations elicit more scrutiny from regulatory bodies. Recently, on September 20, 2023, the Consumer Financial Protection Bureau (CFPB) released Circular 2023-03. The circular…
In an enlightening interview hosted on JD Supra, Professor Kimberly Neuendorf, a renowned authority on content analysis methods, provides a comprehensive look into content analysis: its definition, applicability, and factors contributing to its remarkable adoption. An accomplished faculty member of Cleveland State University, Neuendorf’s expertise revolves around how communication patterns shape audience and consumer preferences,…
Generative AI made quite the entrance in the legal technology scene last year, leaving many wondering what impact it may have on conventional legal practices. The legal profession has seen its fair share of technological advancements in recent times, with machine learning and automation now commonplace in law firms worldwide. However, the emergence of generative…
On September 6, 2023, the Financial Accounting Standards Board (FASB) approved an important Accounting Standards Update (ASU) which targets the accounting treatment and disclosure of cryptocurrency assets. Known as ‘Accounting for and Disclosure of Crypto Assets’, the update was approved as an adjustment to FASB Accounting Standards Codification (ASC) Topic 350, dually referred to as…
On June 9, 2023, the Securities and Exchange Commission (SEC) approved the New York Stock Exchange’s (NYSE) and Nasdaq Stock Market’s (Nasdaq) proposed clawback listing standards. The amendments not only outlined the listing standards but also delayed the effective date of the rules to October 2, 2023. As per the newly approved standards, all listed…
In the constantly evolving world of business operations, Customer Relationship Management systems (CRM) have become an imperative. These systems allow organizations to manage customer relationships and streamline processes to increase profitability. However, implementation of CRM systems often pose certain pitfalls that can affect their efficacy and profits for the companies. According to an article by…
Almost a year since the advent of generative artificial intelligence, the tool has emerged as a promising yet expensive solution for the legal industry. Particularly, the e-discovery sector, which is infamous for its laborious and heavy cost workflow, perceives this technology as a considerable advancement. The legal industry’s experimentation with generative AI varies significantly. The…
Following the Internal Revenue Service’s (IRS) augmented enforcement priorities, large partnership audits have become more consequential than ever. As part of the IRS’s Large Partnership Compliance program, the agency has recently disclosed a roll-out of audits on 75 substantial partnerships. These include hedge funds, real estate investment partnerships, publicly traded partnerships, and law firms, all…
In a significant move towards environmental accountability, the California Legislature passed Senate Bill 253, the Climate Corporate Data Accountability Act (SB 253), and Senate Bill 261, concerning Greenhouse Gases: Climate-Related Financial Risk (SB 261) in September 2023. Gov. Gavin Newsom has stated his intention to sign these bills into law. What these bills represent is…
AI and machine learning are undoubtedly playing an integral role in modern legal services. With artificial intelligence, law firms and corporations may find the prospect of ‘doing less with less’ increasingly possible. The rapidly-evolving realm of AI offers the potential to streamline operations and increase efficiency within the legal field. These technologies can assist in…
Commercial leases are a critical facet of business operations, however, breaches of lease agreements can leave parties drowning in lengthy and costly court proceedings. The need for an efficient and less cumbersome solution has led to the adoption of self-help remedies in commercial leases, an instrument of dispute resolution typically addressed within lease agreement clauses….
Legal professionals often spend a significant amount of their time sorting through documents. Therefore, the adoption of a comprehensive document management system is essential in enhancing their productivity. Generally, tools such as Microsoft 365 office suite have become widely adopted due to their ability to streamline the process of document management. Above the Law recently…
The Council of the European Union submitted a draft for a European Green Bonds Regulation (the “Draft EuGB Regulation”) to the European Parliament for review and approval on 10 May 2023. We aim to examine this development in considerable detail and scrutinize the potential impacts it may cast onto the future of green Asset-Backed Securities…
In October 2021, the Internal Revenue Service’s (IRS) Large Business and International (LB&I) division initiated the Large Partnership Compliance (LPC) program, an effort geared towards enhancing audit procedures for large partnerships. The move by the IRS has significant implications for large corporations and law firms, and further underscores the changing landscape of legal compliance in…
North Carolina’s budget bill, estimated at $30 billion, will become law and take effect from October 1, according to an announcement on September 22 by Governor Roy Cooper. This budget bill is responsible for financing the state’s Medicaid expansion agreement, which was signed back in March. However, implementation of Medicaid coverage by the Department of…
Ever since the introduction of the revolutionary ChatGPT, generative AI (GAI) has become an increasingly integral part in the technological sphere. The possibilities this new form of technology offers have been met with both enthusiasm and apprehension by legal professionals. With the rapid development of GAI and its potential for litigation concerns, such as copyright…
On September 21, 2023, the Canadian Securities Administrators (“CSA”) announced proposed amendments to the National Instrument 44-102 Shelf Distributions (“NI 44-102”). These amendments pertain to well-known seasoned issuers (“WKSIs”) in Canada, leading to significant modifications in the previously introduced expedited shelf prospectus regime for WKSIs, a move that has been formally termed as the “Proposed…
In a bid to curb the growing trend of greenwashing, the European Council and Parliament recently reached a provisional agreement on a new European Union (EU) directive aimed at ’empowering consumers for the green transition’. The new legislation targets agencies and corporations that falsely claim their products or services are environmentally friendly, a trend commonly…
The European Commission recently announced the much-anticipated terms and conditions of the initial auction by the European Hydrogen Bank (EHB), an event that has drawn keen attention from green hydrogen producers from around the globe. Though the bank’s focus lies within the EU, international parties have specifically demonstrated interest, with observers predicting shared insights on…
In a string of recent decisions by the French Civil High Court, employees’ entitlement to various forms of paid leave has been significantly clarified. This represents a significant development and provides both multinational corporations and local enterprises alike with a deeper insight into France’s workplace laws. The French Labor Code requires employees to perform work…
The U.S. Securities and Exchange Commission (the “SEC”) recently adopted and published its Final Rule Release IA-6383 under the Investment Advisers Act of 1940 (the “Advisers Act”). The announcement, made on August 23, 2023, serves as a significant development for professionals in the legal and corporate sectors, bringing new requirements for private fund advisers. Let’s…
In a recent and decisive action, the New York State Department of Health (NYSDOH) has officially repealed the COVID-19 vaccine mandate for health care workers. This announcement was made on October 4, 2023, putting an end to a measure that has been in place for more than a year. Prior to this development, the Department…
The Canadian Ministry of Finance proposed changes on August 4, 2023, to various fiscal incentives for green energy. The proposed legislative changes, as well as explanatory notes – collectively referred to as “August’s legislative proposals” – include modifications to the Income Tax Act (Canada). Accompanying these changes is the expectation that they will largely impact…
In an important update for legal professionals working with virtual currencies, the New York State Department of Financial Services (“DFS”) is modifying regulations surrounding this ever-growing sector. Adrienne Harris, Superintendent of DFS, recently outlined updates on the VOLT initiative, illustrating the Department’s dedication to pushing forward as an influential digital currency regulator. The crux of…
The U.S. Securities and Exchange Commission (SEC) has recently settled charges with nine investment advisers, in what is seen as the latest move in its persistent enforcement of the Advisers Act Rule 206(4)-1, more commonly known as “Marketing Rule”. This recent legal action involved the advisers’ use of hypothetical performance information on their public-facing websites,…