In a recent New York decision, a key reminder has been issued to legal professionals involved in contract drafting: remain vigilant to the role public policy plays when enforcing choice-of-law provisions. The case underlines the need for clarity when determining how disputes will be governed by the law. Every day, attorneys act as advisors to…
On September 8, 2023, a bipartisan legislative framework to establish guardrails for artificial intelligence (AI) was announced by Sen. Richard Blumenthal (D-CT) and Sen. Josh Hawley (R-MO). As they serve as Chair and Ranking Member on the Senate Judiciary Subcommittee on Privacy, Technology, and the Law, their initiative highlights the increasing focus on legal considerations…
Stroock & Stroock & Lavan LLP, an Am Law 100 firm that has seen its share of lawyer attrition since parting ways with Nixon Peabody, is currently in discussions with another high-ranking firm, Pillsbury Winthrop Shaw Pittman LLP. Despite its issues, Stroock was able to remedy its substantial pension problems and has been exploring proposals…
In June 2023, a significant step towards global sustainability was taken with the inaugural issue of the International Sustainability Standards Board’s (ISSB) standards, IFRS S1 and IFRS S2. These new standards, aimed at enhancing organizations’ communication with investors in terms of their sustainability-related risks, are set to take effect from January 1, 2025. The introduction…
The International Trade Commission (ITC) is hosting a webinar titled ‘Redesign and Remedy at the ITC’ on October 4th from 1:00 pm to 2:00 pm EDT. This timely virtual event is generating anticipation among legal professionals in large corporations and law firms worldwide. Presenters at the webinar aim to enlighten attendees with insights regarding the…
Every lawyer, whether in corporate or private practice, is acutely aware that the landscape of data privacy and protection law is continually evolving. Sensitive data discovery has emerged as a critical component of this sphere. This is particularly relevant to business compliance officers and legal experts who grapple with the complexities of international privacy regulations….
The United States Securities and Exchange Commission (SEC) is bringing about significant changes in its regulatory laws, particularly for private funds. This regulation marks the most monumental adjustment for SEC registered firms across the globe since the enactment of the Dodd Frank Act. The SEC’s new private fund reform rule focuses on enhancing measures for…
The phenomenon of unsolicited takeover bids, previously a rarity within the traditionally conservative Japanese corporate world, is now becoming increasingly frequent, triggering notable shifts within Japan Inc. This change affords foreign investors an opportunity to focus more intensely on the country’s industries. The most recent instance of this change is found in the case of…
In the year 2021, the United States brought into effect the Corporate Transparency Act (CTA) as part of an international initiative to clamp down on the usage of legal entities to conceal unlawful activities. This information details how the CTA tasks the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to lay down…
On 7th of September, 2023, significant strides were made in personal data protection regulations in Saudi Arabia, as announced by the Saudi Data & Artificial Intelligence Authority (SDAIA). The body published the Implementing Regulations of the Personal Data Protection Law (PDPL), as well as the Regulation on Personal Data Transfer outside the Geographical Boundaries of…
In a significant change in policy, the UK Government is looking to increase the scope of the Serious Fraud Office’s (SFO) power to order individuals and companies to provide information before resorting to a formal investigation. As it stands, such power can only be invoked in international bribery and corruption matters. However, the forthcoming modifications…
The UK Financial Conduct Authority (FCA) has recently conducted an evaluation of sanctions systems and controls compliance across more than 90 firms in a variety of sectors, providing a valuable insight into best and poor practices observed. With the increasing size, scale, and complexity of sanctions imposed in the aftermath of Russia’s invasion of Ukraine,…
In a prominent decision, the High Court of South Africa has ruled definitively against a public policy challenge to acknowledging a foreign arbitral award. The event took place on August 24, 2023, and saw the Gauteng Division of the High Court dismiss an appeal application, firmly upholding the recognition and enforcement of a foreign arbitral…
On September 14, 2023, the U.S. Department of Treasury (“Treasury”) conducted its Second Annual CFIUS Conference. This conference, concerning the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), was headlined by Treasury Secretary Janet Yellen and Assistant Secretary for Investment Security Paul Rosen. Full Coverage Here. The conference’s agenda encompassed discussions…
French journalist Ariane Lavrilleux was detained on Tuesday by the French General Directorate of Internal Security (CGSI) following accusations that her 2021 published report on a covert French military operation in Egypt leaked national defense secrets. The compromising report, the Egypt Papers, was released on Disclose, an independent media platform. In addition to the written…
The legal practice, King & Spalding, recently provided a reflection on the first Stockholm Chamber of Commerce (SCC) Express Dispute Assessment. Sweden, renowned for its visionary contributions in various sectors, is making significantly innovative strides in international arbitration. The SCC Arbitration Institute holds a notably high position in this field and continues to spearhead technological…
As lawyers and legal practitioners keeping a close eye on international regulations, it may be of particular interest that China recently made significant strides in merger control legislation. This comes as the State Administration for Market Regulation (SAMR) issued its inaugural set of Antitrust Compliance Guidelines for Concentrations of Undertakings (Guidelines) on 11 September 2023….
In a ruling that has sent ripples through the corporate world, the U.S. Supreme Court decided in June 2023 to strike down race-based affirmative action in higher education. This decision effectively dismissed the consideration of race as a factor in itself in that particular context. While the Court’s ruling directly impacted higher education, the effects…
As global law firms continuously seek to expand their reach and services, Pillsbury Winthrop Shaw Pittman LLP has confirmed its current discussions with Stroock & Stroock & Lavan LLP. The two firms have signed a nonexclusive letter of intent, which brings them a step closer to a potential merger. The development is part of the…
Recently, Colombia’s Congress ratified Law No. 2327, which stands as a pivotal step towards the country’s commitment to environmental preservation and safeguarding. This law serves to establish a clear definition of environmental liabilities and outlines comprehensive directives for their management. The law was sanctioned on September 13, 2023, as highlighted by leading international law firm…
In an increasingly globalized world, tax regulations continue to grow in complexity, especially for multinational enterprises navigating different jurisdictions. Consequently, more corporations have begun to seek shelter in international tax safe harbors. These provisions can provide valuable protection. However, it’s also crucial to remember that these safe harbors can be temporary in nature. An overview…
In an interesting development, a professor from China raised serious concerns about Japan’s decision to discharge nuclear water from the Fukushima Daiichi Nuclear Power Station during the 54th session of the United Nations Human Rights Council held on Tuesday. The concerns were voiced in a dialogue with the Special Rapporteur on toxics and human rights,…
In an important recent development, the Mexican Supreme Court ruled on the constitutional applicability of the Labor Reform on Subcontracting Matters, which has been effective since April 2021. The court’s ruling and the ensuing criterion acts as a significant precedent. Its implications could potentially be far-reaching, affecting many domestic and international corporations that operate within…
Recent discussions among global legal communities have revolved around the proposed development of an international standard for internal investigations. This move has sparked widespread debate, with pundits discussing the overall utility and potential disadvantages of such a course of action. Much of this conversation has been spurred by an article titled “Do We Really Need…
In the face of evolving legal landscapes, regulatory compliance is consistently a primary concern for international law firms and global corporations. The fusion of regulatory insights and technology, as explored in this special five-part series on JD Supra, is essential for creating and maintaining a stronger culture of compliance. The series, sponsored by Diligent and…