In an event marked with potential regulatory implications, the U.S. Department of Health and Human Services (HHS) has recently recommended that the Drug Enforcement Agency (DEA) reclassify marijuana from its current status as a Schedule I substance to a Schedule III substance under the Controlled Substances Act (CSA), according to a report by Burns &…
The 2023 South Carolina legislative session has seen an unexpected return of legislators at the call of Governor Henry McMaster. The General Assembly had adjourned Sine Die until next January, but it seems the state’s business is far from over. With no Sine Die resolution specifying the matters to be discussed before 2024, both the…
Following the United Kingdom’s departure from the European Union, new regulations are taking shape to redefine its securitisation framework. This is a significant development for legal professionals in the financial services sector, and will directly affect some of the world’s biggest corporations and law firms operating within the UK market. The UK government is extensively…
Keeping pace with the ever-evolving landscape of labor and employment law is no small task, particularly given the swift pace at which changes are implemented. In an era where adaptability is paramount, it is critical for legal professionals to remain updated on recent developments, and to create action plans that ensure compliance. Taking into consideration…
In June 2023, the UK and France unveiled a joint initiative to propel a new biodiversity credits scheme, marking an essential step in support of private sector biodiversity efforts. Known as the Global Biodiversity Credits Roadmap, the venture demonstrates the two nations’ determination to mobilize funding towards preventing biodiversity loss and conserving nature. The groundbreaking…
The European Commission (EC) recently moved forward in an attempt to simplify procedures for reviewing concentrations under the EU Merger Regulation (EUMR). The EC adopted a package of measures specifically designed to streamline the merger review process. These rules officially came into effect on September 1, 2023. Implemented in a bid to reduce burdens and…
In a ruling that sustains the prevailing state of affairs put forth by the Illinois Supreme Court’s judgment in Cothron v. White Castle System, Inc., 2023 IL 128004, the Seventh Circuit has recently confirmed the trial court’s decision that some of the defendant’s alleged infringements of the Illinois Biometric Information Privacy Act (BIPA), 740 ILCS…
In a recent significant turn of events, the U.S. District Court for the District of Columbia has demanded a law firm, Covington & Burling, reveal to the U.S. Securities and Exchange Commission (SEC) their client identities responding to an SEC subpoena. This is the first occurrence of such a directive from the court. You can…
In a recent ruling, a United States District Court (Central District of California) touched on the applicability of the Superfund Recycling Equity Act within the broad scope of the federal Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”). The issue came under review in the lawsuit, California Department of Toxic Substances Control et al. v….
On August 29, 2023, the Environmental Protection Agency (EPA) introduced final amendments to the Waters of the United States (WOTUS) rule. The new and revised WOTUS rule contains significant alterations that bring clarity to determining which wetlands will fall under the protective purview of the Clean Water Act (CWA). The EPA’s recent move comes in…
The Internal Revenue Service has updated the affordability percentage under the Affordable Care Act (ACA) for 2023, according to a report by Jackson Lewis P.C. published on JDSupra. Under the ACA, applicable large employers (ALEs) — those with, on average, fifty or more full-time or full-time-equivalent employees in the preceding year — are obliged to…
The decision to hire a mutual fund company as a 401(k) Third Party Administrator (TPA) poses many unique considerations. In the context of business distribution methodology, there are key parallels to be drawn from other industries, such as the way that British breweries leverage beer pubs as strategic distribution channels in the UK. To save…
On June 30, 2023, the Indiana Department of Financial Institutions published an advisory letter addressing the issue of e-lien fees that are not payable to the Indiana Bureau of Motor Vehicles. This publication was sparked by the mandatory induction of a statewide electronic lien, and title system. The assessment was shared in a letter formulated…
In a significant ruling, the Tenth Circuit Court of Appeals has bolstered the position of ERISA (Employee Retirement Income Security Act of 1974) with a decision favoring pharmacy benefit managers (PBMs). The case, Pharmaceutical Care Management Association v. Mulready, highlighted the ongoing tension between state laws and the powers granted by the aforementioned federal statute….
The U.S. Securities and Exchange Commission (SEC) recently charged a Chicago-based broker-dealer with failure to file more than 400 suspicious activity reports related to alternative trading system (ATS) operations. The charges came to light on August 29, alleging that the broker-dealer’s failure spanned over several years, from August 2012 through to September 2020. These financial…
In an important recent development, the U.S. Court of Appeals for the Second Circuit made a significant decision that could impact financial regulations in the country, and potentially alter the landscape of legal practice for corporate attorneys worldwide. They affirmed a prior ruling in the case of Kirschner v. JP Morgan Chase, which centered on…
In the recent past, encrypted messaging applications have reemerged as hot subjects for business deliberations. Notably, in July 2023, there were legal disputes regarding the divulgence of messages on devices that former Prime Minister Boris Johnson used. This development received prominence in the context of the Covid-19 Inquiry. The topic in question is the United…
With an intention to further strengthen the state’s prohibitions on employee restrictive covenants, California governor Newsom, on the 1st of September, 2023, sanctioned the Senate Bill (SB) 699. This particular piece of legislation is designed to fortify the existing state laws that deem contracts as void, in case they restrict an employee from participating in…
On August 30, 2023, the U.S. Department of Labor (DOL) took significant steps towards overhauling the compensation thresholds for the classification of exempt status employees under the Fair Labor Standards Act (FLSA). The proposed changes could potentially impact an astounding 3.6 million workers currently classified as exempt, necessitating employers to innovate their current pay structures…
In today’s financial regulation update, noteworthy highlights include a recent order by the Securities and Exchange Commission (SEC) tasking the equity exchanges and the Financial Industry Regulatory Authority (FINRA) to develop a new National Market System Plan (NMS Plan). This news could have significant implications for numerous legal professionals engaged in financial market regulation. The…
As the influence of artificial intelligence (AI) continues to sweep the globe, its implications for the copyright law arena have been recognised by the U.S. Copyright Office. The institution recently embarked on a new initiative, seeking to explore AI-related copyright issues by reaching out for comments directly from the public. As reported in JD Supra….
The Federal Trade Commission’s (FTC) recent events have emphasized a heightened scrutiny and strengthened enforcement towards health app companies that collect or use consumer health data. Such actions demand attention from these firms to stay in tune with this steadily changing environment. In September 2021, the FTC released a statement requiring health app companies that…
The Health Care Compliance Association (HCCA) is hosting a Healthcare Privacy Compliance Academy from December 11th to 14th in Orlando, FL. This event is particularly relevant for legal professionals specializing in healthcare law and corporate compliance. The HCCA’s Healthcare Privacy Compliance Academy aims to offer a profound understanding of effective compliance management within a healthcare…
Major law firm Goodwin Procter has implemented a system called ‘Colleague Connect,’ which will keep track of associate presence and specific location in office premises. Following the post-Labor Day expectation of in-office work at least four days a week, Goodwin Procter’s move might seem like an undue surveillance measure to some. However, the firm maintains…
In an unprecedented move, the Securities and Exchange Commission (SEC) has issued its first enforcement against a non-fungible token (NFT) offering. The SEC’s actions were against a Los Angeles-based media and entertainment company, which was charged for conducting an unregistered offering of crypto asset securities through NFTs. According to the order, the company allegedly offered…