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The Delta Report – Derivatives Newsletter: September 2016

In this issue of The Delta Report, we bring you further updates on developments in the global derivatives space. In Europe, the focus is on Brexit and the newly-released EU final regulatory standards on the valuation of derivatives for…more

UK Regulator Consults on Qualification Standards for Financial Advisers

The Financial Conduct Authority published a consultation paper on proposed updates to the current appropriate qualification examination standards. Individuals within regulated firms that, for example, advise on securities, derivatives…more

Legal Brexit: Energy - Oil & Gas

On 23 June 2016, the UK electorate voted in a referendum to leave the European Union (EU). This outcome is expected to have far-reaching consequences for UK industry, including the oil & gas sector. These include: short- to…more

Federal Circuit Remands Issue of Enhanced Damages for Determination Whether this was an Egregious Case of Misconduct Beyond Typical Infringement

In WesternGeco LLC v. Ion Geophysical Corp., [2013-1527, 2014-1121, 2014-1526] (September 21, 2016), the Federal Circuit, on remand from the Supreme Court after Halo Electronics, Inc. v. Pulse Electronics, Inc., vacated the district…more

New Federal Telemedicine Grants Announced; Florida Not Listed

The U.S. Department of Agriculture just announced new grant funding awarded to seven telemedicine and 11 distance learning projects across 16 states to use technology to expand access to health care, substance misuse treatment, and…more

Bank of England Deputy Governor for Markets and Banking to Leave the Bank

The Bank of England announced the departure of Minouche Shafik, Deputy Governor for Markets and Banking…more

EU: Injunctions against intermediaries available also in the offline world

The Court of Justice of the European Union (CJEU) recently confirmed that the ability of rightholders to apply for an injunction against intermediaries whose services are used by a third party to infringe an intellectual property right…more

CEQA Allows Developers to Recover Administrative Record Costs when Reimbursing Agency

Appellate Victory for Developers and Public Agencies - A developer can recover the cost of preparing a California Environmental Quality Act administrative record, even when the lead agency, not the developer, actually prepared it…more

How Appraisal Protects Against Texas Insurance Code Abuse

Insurance practice in Texas has become somewhat rote. Typically, a petition is filed against both an insurance company (that is often not based or incorporated in Texas) and a local adjuster. In addition to a breach of contract claim…more

Virtual Porn – Real Patent Lawsuit

The porn industry is often one of the early adopters for new technologies. VR is no exception. Virtual Immersion Technologies LLC is enforcing its patent against live VR porn operators. The patent 6,409,599 (“the ’599 patent”) is…more

A Sovereign Thumb on the Scale: Appeals Court Defers to China’s Interpretation of Its Own Laws To Dismiss Antitrust Suit

The Second Circuit recently set aside a $147 million verdict against two Chinese companies accused of conspiring to fix the price and supply of vitamin C sold to U.S. buyers. In re Vitamin C Antitrust Litigation. The panel held that…more

New CA Law Requires Disclosing Known ADA Violations During Lease Negotiations

Seyfarth Synopsis: In yet another effort to reduce ADA lawsuits, California Governor Jerry Brown recently signed into law – effective immediately – legislation to encourage tenants and landlords to acknowledge and address any…more

European Central Bank Draft Guidance on Non-Performing Loans

The European Central Bank published proposed draft Guidance on non-performing loans. The proposed Guidance addresses the main aspects of strategy, governance and operations for resolving NPLs. Once finalized, the Guidance will apply to…more

Wisconsin Court Rejects Employer’s Argument That Wellness Programs Are Insulated from Disability Law

Trial to Be Scheduled on Retaliation Claim - MILWAUKEE - A federal court has ruled in favor of the U.S. Equal Employment Opportunity Commission (EEOC) in a disability discrimination case involving wellness programs filed against…more

FERC Meeting Agenda Summary - September 2016

Below are brief summaries of the agenda items for the Federal Energy Regulatory Commission’s September 22, 2016 meeting, pursuant to the agenda as issued on September 15, 2016. Agenda item G1 has not been summarized due to its omission…more

Avoiding Post-Closing Surprises after an Acquisition

Growth is a goal of nearly every company, and mergers and acquisitions are one vehicle to make growth happen. When it comes to M&A, the last thing you want is an unexpected dispute after signing on the dotted line. Acquisition and…more

Copyright Alert: The European Union Exposes Websites to Copyright Liability for Linking to Infringing Material of Third Parties

The Court of Justice of the European Union ruled on September 8, 2016 that websites that merely link to infringing material (instead of copying it) can be liable for copyright infringement. If this decision, GS Media BV v. Sanoma…more

European Commission Calls for Acceleration of Capital Markets Union

The European Commission published a Communication calling for implementation of the Capital Markets Union to be accelerated. The CMU is part of the third pillar of the Commission Investment Plan for Europe. The CMU Action Plan was…more

No Rest for the Weary: California Law on Rest Breaks

Seyfarth Synopsis: California’s rules on rest breaks are still developing. Recent cases have addressed the timing of rest breaks, and whether employees (particularly those who remain “on call”) must be relieved of all duty during…more

EEOC Issues New Retaliation Guidance

For the first time since 1998, the Equal Employment Opportunity Commission (EEOC) has issued new enforcement guidance on retaliation. Retaliation claims have been a growth industry over the last 18 years. Back in 1998 retaliation…more

CFPB Director Cordray Emphasizes Major Changes Coming to the Debt Collection Marketplace; Bradley Analysis Coming Soon

As noted previously, the Consumer Financial Protection Bureau (CFPB) published an outline on July 28, 2016, of proposed debt collection rules intended to “drastically overhaul the debt collection market.” Earlier this week, CFPB…more

Inherent Disclosure is Sufficient to Support a Priority Claim

In Yeda Research v. Abbott GmbH. [2015-1662] (September 20, 2016), the Federal Circuit affirmed the district court’s decision that U.S. Patent No. 5,344,915 was entitled to priority of its parent application, and thus was not invalid…more

Searching for Causation in ACTOS Complaint

How explicitly must a complaint sounding in antitrust allege causation? At oral argument last week, the Court of Appeals for the Second Circuit evaluated the sufficiency of the plaintiffs’ allegations that certain Takeda entities, in…more

Opportunities in challenging markets: Sale-and-Leaseback, Build-to-Suit and other new Real Estate deal structures in the UAE

Against a backdrop of lower oil prices and reduced government spending, real estate markets across the UAE have softened in recent times, resulting in tightened liquidity and contracted asset values. However, challenging market…more

Home Grown Terrorism: The FBI and DEA Need to Drop “Sting Operations” and Focus on Americans Who Are Radicalized Here

A short while ago 49 people were killed in a club in Orlando Florida. Last week bombs exploded in NYC’s Chelsea and Linden, New Jersey. These incidents reveal a very troubling issue for security in the United States. Each of the…more

WSGR Persuades Second Circuit to Overturn $150 Million Judgment Against Chinese Vitamin C Manufacturers

On September 20, 2016, the U.S. Court of Appeals for the Second Circuit issued its decision in a closely watched dispute over the question of whether foreign companies may be held liable under U.S. antitrust law for price fixing where…more

New York Court Confirms: Additional Insured Coverage Limited to Contractual Privity

On September 15, 2016, the New York Supreme Court, Appellate Division, First Department found that an additional insured endorsement provided additional insured coverage only to the entity in direct contractual privity with the named…more

Common pitfalls to avoid when preparing your PSC Register

As part of the government’s bid to increase transparency of company ownership and control, most companies and LLPs in the UK are now required to maintain a PSC (‘persons with significant control’) Register. Despite a raft of statutory…more

SEC Files Action Against Company and its General Counsel for Loss Contingency Accrual and Disclosure Failures – What to Know

SEC’s Factual Allegations - On September 9, 2016, the Securities and Exchange Commission (“SEC”) filed a complaint against RPM International Inc. (“RPM”) and its General Counsel and Chief Compliance Officer, alleging the company…more

DOT Releases New Federal Automated Vehicles Policy

On September 20, 2016, the U.S. Department of Transportation (“DOT”) issued a new federal policy (“Policy”) for self-driving vehicles, aiming to guide the safe testing and deployment of automated vehicle technologies that have the…more

Estate Planning Valuation Discounts Under Section 2704: An Update

For about a generation, families have taken minority discounts when valuing interest in closely-held businesses for estate, gift and generation-skipping transfer tax purposes. This popular estate planning technique is often used by…more

Korea Quarterly - September 2016

Controlling Costs in International Arbitration - Arbitration is an efficient means for resolving business disputes because it offers more flexibility than court proceedings and enables the parties to choose arbitrators experienced…more

Federal Circuit Applies Prosecution History Estoppel to Issued Claims Based on Amendments Made to Previously Canceled Claims

On September 8, 2016, the Federal Circuit affirmed a decision from the Eastern District of Virginia in which the district court held that UCB, Inc.’s Cimzia® antibody does not infringe Yeda’s U.S. Patent No. 6,090,923 (“the ’923…more

Post-Grant Patent Amendment – Canadian and US Options

On the long and sometimes bumpy road of patent prosecution, a Notice of Allowance can be a welcome sign that you are nearly at your destination: a granted patent. But the journey is not over yet. At the time of grant, what if you…more

Watch Out for the Cat’s Paw - Employers May Be Accountable for Low-Level Employee Actions

In the world of employment law, there is something called the “Cat’s Paw” theory of liability. The name comes from a fable dating back to the 17th century in which a clever monkey persuades a naïve cat to pull roasting chestnuts from a…more

European Banking Authority Reports on Core Funding Ratio

The EBA reports that overall there appears to be a lack of correlation in terms of outcomes and conclusions between the core funding ratio and the net stable funding ratio for the whole sample, in particular for smaller banks..…more

DOL Overtime Rule Update: Breaking News!!!!!

On September 20, 2016, two lawsuits were filed in an attempt to block the DOL’s proposed overtime rule. Wisconsin joined 20 other states in filing one suit while the U.S. Chamber of Commerce along with 50 other business groups filed…more

House of Representatives Approves Bill to Delay LTCH 25% Rule Implementation, Make Other LTCH Reforms, and Tighten Medicare Enrollment Moratorium Authority

On September 21, 2016, the House Ways and Means Committee approved H.R. 5713, the “Sustaining Healthcare Integrity and Fair Treatment Act of 2016” or “SHIFT Act.” The primary focus of the SHIFT Act is to provide an additional delay in…more

UK Immigration: SMS Request Premium Service Announced for Future Implementation

The UK Home Office has announced plans to offer an optional premium service for requests made through the Sponsor Management System (SMS). This service will allow Sponsors to pay a fee of £200 for expedited processing of certain types…more

The Public-Private Partnership Law Review: France

In France, public-private partnerships (PPPs) are implemented in many economic sectors (e.g., transport, health, justice, education, urban equipment, environment, energy efficiency, telecommunications and culture) for more than €100…more

A Major Change to the Foreign Investment Regime in China

The current Chinese foreign investment laws were enacted decades ago. Under these laws the approval process is typically time-consuming and burdensome for a foreign investor. In an attempt to streamline the regulatory framework, as…more

UK Residential Property Tax Reforms Increase IHT Liabilities

The UK Government has published a consultation document and draft legislation relating to the reforms of UK residential property taxation that are due to take effect from 6 April 2017. The new rules mean that most UK residential…more

European Patent Litigation for Life Sciences Companies: a Silver Lining to the Brexit Cloud?

The introduction of the Unified Patent Court (UPC) is undoubtedly the most significant change to the European patent landscape since the European Patent Convention of 1973. It will have a profound effect on how life sciences companies…more

Valuation of affordable housing projects in bankruptcy – a muddied landscape

Just when courts appeared to be developing a consensus on how to value affordable housing projects in bankruptcy, an opinion from the 9th Circuit Court of Appeals has muddied the landscape. In In re Sunnyslope Housing Ltd. Partnership…more

OIG Report Highlights MFCU Achievements

The OIG has released its Medicaid Fraud Control Units Fiscal Year 2015 Annual Report, which compiles data on investigations and prosecutions by the 50 MFCUs. According to the OIG, MFCUs attained 1,553 convictions in FY 2015, the…more

Sixth Circuit Lowers Bar For Plaintiff’s Standing To Sue In Data Breach Cases

On September 12, 2016, a split panel from the U.S. Court of Appeals for the Sixth Circuit held in an unpublished opinion that customers of Nationwide Mutual Insurance (“Nationwide”) could pursue claims stemming from a 2012 data breach…more

EB-5 Will Likely Be Extended as Part of Continuing Resolution Through December 9, 2016

On September 23, 2016, a draft of the Continuing Resolution (CR) began circulating in Washington, DC. The CR, which Congress will likely pass early next week, will keep the federal government running through the November election…more

Energy and Commerce Committee Clears Public Health Bills - September 2016

On September 21, 2016, the House Energy and Commerce Committee unanimously approved the following public health bills: ..H.R. 4365, Protecting Patient Access to Emergency Medications Act – to amend the Controlled Substances Act…more

ED terminates recognition of ACICS: Next steps

Yesterday afternoon, the U.S Department of Education announced its decision to end federal recognition of the Accrediting Council for Independent Colleges and Schools (ACICS), the country’s largest national accreditor, which presently…more

Flying the Unfriendly Skies

In America, there are over 98,000 flight attendants who face the risk of injury or death every time they board an aircraft. Some injuries are immediate, while others can develop slowly over time. Since 2003, nearly 34% of flight…more

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