The Consumer Financial Protection Bureau (CFPB) recently issued new guidance regarding the legal requirements creditors must meet when employing artificial intelligence (AI) and other complex models. With the increasing use of such technologies in credit decisions, this guidance provides important clarification for lenders operating within the parameters of legal and regulatory constraints. Building off prior…
As previously anticipated, the “right to repair” movement continues to receive widening support as more state governments contemplate legislation in this area. Over the past year, a total of 27 states had pending legislation addressing the concept of “right to repair” laws. This year, the count goes up to a whopping 33 states that have…
In a notable legislative move, North Carolina has given the green light to the long-contemplated legislation that legalizes both mobile and in-person sports wagering. This comes after years of heated debates and standoff that saw the same legislation miss passing in the 2022 legislative session by just one vote. The recent legislation signals a significant…
2023 has marked a dynamic period across the spectrum of employment laws. With multiple federal government agencies enacting extensive measures on a range of issues, it is crucial for corporations and law firms alike to stay updated and compliant. In this context, significant attention has been drawn towards severance agreements which have been chiefly targeted…
The third day of the World Petroleum Congress (WPC) 2023 developed a deeper conversation for attendees around the use of artificial intelligence (AI) in the energy industry. In the midst of a vast array of discussions and opinions, Sébastien Gittens from Bennett Jones LLP provided valuable insights on making sense of AI’s role. Mr. Gittens,…
LegalOn, one of the largest providers of AI contract review technology in Japan, has recently entered the U.S. market. Following its successful launch last December, the company now plans to expand its services to contract drafting with the introduction of LegalOn Templates, a compilation of more than 100 standard market templates that have been created…
In a complex and ongoing dispute, Alabama voters have turned to the justices of the Supreme Court, encouraging them to remain involved in a disagreement concerning the state’s congressional map. Alabama’s request to the Supreme Court was to temporarily postpone lower-court rulings which suggested that a map, newly established this year, likely infringes upon the…
The Consumer Financial Protection Bureau (CFPB) has recently revealed on its website a final rule centered around an array of annual adjustments the institution is mandated to make under the provisions of Regulation Z (TILA). These provisions lay down the framework and implement the CARD Act, Home Ownership and Equity Protection Act (HOEPA), and the…
In an effort to improve inter-agency coordination, the U.S. Equal Employment Opportunity Commission (EEOC) and the Department of Labor’s Wage Hour Division (WHD) have begun aligning their efforts, as evident in a recent Memorandum of Understanding between the two. This alliance is set to have significant implications on employers with a complexion of information sharing,…
In our continued exploration of Islamic finance, we delve deeper into the potential use of Shari’ah-compliant repurchase transactions, more commonly referred to as “Repos”, in aiding insufficiency in short-term liquidity within the sector. This issue was previously discussed in an article titled “Repos in Islamic Finance”. The in-depth analysis of the topic, provided by White…
Bermuda is potentially set for a significant shift in its corporate income tax landscape, as the jurisdiction contemplates the adoption of a novel corporate income tax structure by January 1, 2025 or later. This change is spurred by the Organisation for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) Pillar II global…
In a significant change to labor law, The National Labor Relations Board (NLRB) issued companion decisions last month that have greatly narrowed an employer’s ability to alter the working conditions of unionized employees without engaging in bargaining with the union. This is a significant development for corporations and law firms grappling with labor issues. These…
A prominent gastroenterologist at a well-known New York City hospital has become the subject of multiple allegations of sexual misconduct, following candid revelations from patients. With both reputational and legal ramifications at stake, the unfolding situation underscores the pressing need for rigorous commitment to patient safety and ethical conduct in the medical profession. According to…
Businesses across the globe continue to tackle the complex issue of environmental, social and governance (ESG) factors. Distilling this down, the ‘S’, representing the social aspect of these considerations, has been attracting significant attention, particularly from the perspective of Human Resources (HR). On September 21st, an insightful webinar titled ‘How to tackle the ‘S’ in…
Amid growing scrutiny over proxy voting, especially concerning Environment, Social and Governance (ESG)-related resolutions, the Financial Conduct Authority (FCA), UK’s financial regulator, has initiated a consultation aimed at creating a standardised vote-reporting template for asset managers. The move, according to a June 2023 consultation and discussion paper by the FCA’s Vote Reporting Group, is envisioned…
Market volatility and plunging stock prices often push companies to contemplate the route of delisting and deregistering their shares, a process colloquially referred to as ‘going dark’. As the performance of recently public firms weakens, and favorable financing options remain scarce, a trend is emerging where more companies are struggling to meet stock exchange minimum…
It’s evident that growth remains a key focus for global law firms, a fact that is underscored by the ongoing trend of mergers, new branch launches, and structural changes aimed at offering competitive services in a global marketplace. As reported by Law.com, the aspiration seems to align more closely with a ‘too big to fail’…
The law firm CMS has commenced a redundancy process impacting corporate associate roles at their United Kingdom offices. As reported, the firm is considering the reduction of up to 19 roles due to a challenging economic backdrop. More detailed information can be found on law.com, although bear in mind that the full story might not…
The European Parliament gave the green light to the Network and Information Security 2 Directive (“NIS 2”) in 2020, broadening the reach of the Network and Information Security Directive (“NIS”). The NIS 2 Directive has added more sectors to its scope, increased security and reporting requirements, and imposed more stringent fines in case of non-compliance….
With the resilience and intelligence that come with being legal professionals, it is not uncommon for attorneys to contemplate drastic shifts in their career paths. From changing practice areas to transitioning between transactions and litigation, the desire for radical reinvention is common, especially amongst those who find themselves perpetually dissatisfied with their jobs as reported…
In a notable development, the New York State Unified Court System announced that its Managing Inspector General for Bias Matters is now taking on the role of the System’s new Inspector General. The announcement, made on Tuesday, marks a significant personnel change within one of the largest and most influential court systems in the United…
In the delicate and highly-detailed domain of mergers and acquisitions (M&A), insurance is a factor that often goes overlooked. However, disregard for this critical area can lead to unplanned financial exposure, thereby threatening the acquiring party’s economic stability. The form of the M&A transaction, the specifics of the policy, and the applicable state law all…
Labor Day in the United States, unlike other federal holidays, carries a historical significance deeply rooted in the nation’s labor history. Its origins trace back to 1894, when President Grover Cleveland signed into law a bill to recognize the contributions of American workers. The passage of this law culminated in the institutional celebration of Labor…
It has been previously reported this year that the Canadian Patent Office is set to scale up its official fees by as much as 36%, with changes taking effect from January 1, 2024. This impending increase has naturally led to patentees and applicants exploring cost-saving measures, with one open option being paying for impending Patent…
In July 2023, Ontario’s Ministry of Energy released a roadmap outlining its strategy for acquiring and maintaining the electric resources necessary to meet the province’s growing electricity demand. The comprehensive 84-page document, titled “Powering Growth: Ontario’s Plan for a Clean Energy Future,” (“the Plan”), outlines the region’s strategy for implementing production, storage, and transport infrastructures…