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UK Government Publishes Statutory Guidance on the Meaning of “Significant Influence or Control” in Connection With PSC Registers

The Corporate & Financial Weekly Digest edition of January 8 discussed draft guidance published by the UK Government’s Department for Business, Innovation and Skills (BIS) in December 2015 on the meaning of persons with “significant…more

FDA Issues Draft Guidance on ‘Emerging Signals’

New guidance could present liability concerns for device manufacturers. On December 31, 2015, the Food and Drug Administration (FDA or Agency) issued a Draft Guidance for Industry titled “Public Notification of Emerging Postmarket…more

UK Regulator Publishes Final Rules on Implementing the Undertakings for Collective Investment in Transferable Securities Directive V

The Financial Conduct Authority published a Policy Statement and final rules on the Implementation of the Undertakings for Collective Investment in Transferable Securities Directive V. The Policy Statement sets out final rules…more

Subsidizing Student Health Insurance With Stipends – New Agency Guidance and Relief

On February 5, 2016, the Departments of the Treasury, Labor, and Health and Human Services (the Departments) issued guidance addressing the application of market reforms and other provisions of the Affordable Care Act (ACA) to student…more

Illinois Legislative Changes and a State Supreme Court Decision Substantially Help Employers Challenge Unemployment Claims

Two recent developments substantially affect unemployment benefits in Illinois. First, on January 3, 2016, the Illinois Unemployment Insurance Act (820 ILCS 405/602(A)) (“Act”) was amended to make it much easier for employers to…more

Focus on Tax Controversy and Litigation - New Partnership Audit Procedures May Dramatically Affect the Assessment and Collection of Taxes Relating to Partnership Activities

In addition to the discussion of the new partnership audit rules, this month’s issue features articles regarding a recent district court decision in Ellis v. United States regarding the attorney-client privilege and work product…more

The President’s FY 2017 Budget Contains Substantial Funding for Cybersecurity

The president’s FY 2017 budget, released today, includes cybersecurity as a national priority. The budget would invest $19 billion in overall federal resources for cybersecurity that are intended to support a broad-based cybersecurity…more

Sandusky Meets Upjohn: A Reminder To In House Counsel

Companies facing a crisis often turn to in house counsel to investigate the facts that precipitated the crisis. In house counsel’s first step often is to interview corporate employees with knowledge of those facts. Experienced in house…more

Business Opportunities in Iran for US Automotive Manufacturers through non-US Subsidiaries

Implementation Day for the Iranian JCPOA - January 16, 2016 marked Implementation Day for the Joint Comprehensive Plan of Action (JCPOA), as the US Secretary of State confirmed that the International Atomic Energy Agency verified…more

Northern Gateway: BC Supreme Court Rules that British Columbia Must Issue its Own EA Decision and Consult First Nations

In Coastal First Nations v British Columbia (Environment), 2016 BCSC 34, the court decided British Columbia must issue its own environmental decision and consult First Nations on the Northern Gateway Project (NGP), instead of deferring…more

FAQs Regarding The ACA's Employer Reporting Requirements And Delay Of Reporting Requirements (Part 2 Of 2)

A few weeks ago, we provided the most Frequently Asked Questions regarding the employer reporting requirements under The Patient Protection and Affordable Care Act (the "ACA"), which are generally effective beginning January 1, 2015…more

Celltrion's Proposed REMICADE® Biosimilar Recommended for Approval

On February 10, 2016, the FDA's Arthritis Advisory Committee recommended approval of biologics license application ("BLA") 125544 submitted by Celltrion, Inc. for CT-P13, a proposed biosimilar to Janssen Biotech Inc.'s REMICADE…more

Economic sanctions and trade

Easing of economic sanctions against Iran - The International Atomic Energy Agency’s recent certification that the Government of Iran has met its obligations under the P5+1 Nuclear Agreement resulted in the United States and…more

Illinois Appellate Court Upholds Finding of Consumer Fraud Act Violation in Sales Tax Overcollection Case

The Illinois Appellate Court recently affirmed a finding for a plaintiff individual, upholding the circuit court’s conclusion that defendant Sears, Roebuck and Co. (Sears) violated the Consumer Fraud and Deceptive Business Practices…more

Manatt on Health Reform: Weekly Highlights - February 2016 #2

CMS details requirements for Kentucky's transition to HealthCare.gov; a new special enrollment period is established for subsidy-eligible individuals who failed to file their 2014 taxes; and President Obama sends his final budget…more

Tax Relief for Identity Protection Services

In 2015, following numerous customer data security breaches at major U.S. companies, the IRS announced special tax relief to breach victims who were provided identity protection services as a result of the breach. In January 2016, the…more

20 Days Left to File Your Annual HIPAA Breach Report

Did your organization experience a HIPAA breach involving fewer than 500 individuals in 2015? If so, remember to submit your mandatory report to the Secretary of HHS no later than February 29, 2016, through the online breach portal…more

EPA and DOJ Cannot Sugarcoat This: SCOTUS Stays the Clean Power Plan

On February 9, 2016, the Supreme Court stayed EPA’s Clean Power Plan rule. No matter how much EPA and DOJ proclaim that this says nothing about the ultimate results on the merits, the CPP is on very shaky ground at this point…more

Chobani Yogurt Ad Campaign Enjoined – A Healthy Result for Yoplait and Dannon

When I opened up a newspaper a few weeks ago and saw an ad by Chobani for its Simply 100 Greek Yogurt, my first thought was, “that’s going to provoke a false advertising dispute.” Here’s what Chobani said about its competitor Yoplait:…more

Supervisory “Concerns” with Shareholder Protection Arrangements

In December 2015 (following years of sporadic and seemingly random criticism) of shareholder protection arrangements, the Board of Governors of the Federal Reserve System issued guidance that the Federal Reserve “may” object to a…more

Italy implements the Bank Recovery and Resolution Directive

On January 1, 2016, two Italian legislative decrees that implement the Bank Recovery and Resolution Directive No. 2014/59/EU ("BRRD") in Italy came into force in full. Executive Summary - The Bank Recovery and Resolution…more

Cybersecurity and international data transfer

In 2016, cybersecurity will dominate the agenda of the C-Suite. However, that will not be the only data governance concern for organizations. Re-tooling how organizations move data internationally will also be a major pre-occupation of…more

A Meaningful Shift in Super Bowl Ads

The Super Bowl ads this year were much like the game itself – maybe one remarkable catch, a few fumbles, and heavy on defense. Some even deserved a penalty flag – like the one for toe fungus and the revolting puppy-monkey-baby (and…more

Blog: Illinois Bankruptcy Court Articulates Low Threshold for Equitable Subordination of Insider Secured Loan

For a distressed company running low on capital, an investment from insiders may represent a last best hope for survival. Insiders may be willing to risk throwing good money after bad for a chance to save the company even when any…more

2016 Trends #7: Renewed Focus on Boosting Whistleblower Rights and Squashing Retaliation

To help prepare compliance professionals for the year ahead, we’ve talked with industry experts, our colleagues at NAVEX Global, and ethics and compliance professionals from our more than 12,500 client organizations to gather insights…more

CFPB Urges 25 Largest Banks To Do More To Create or Promote Deposit Accounts

On February 3, the Consumer Financial Protection Bureau (CFPB) sent a letter to the nation’s top 25 retail banking companies urging them to do more to create or promote deposit accounts designed to meet consumers’ financial needs. The…more

WSGR Obtains First-of-Its-Kind Precedent on California's Automatic Renewal Law

A host of Silicon Valley companies have been targeted by suits claiming that recurring payments the companies receive for services have been obtained in violation of California's Automatic Renewal Law (ARL), Business and Professions…more

Do The Secretary Of State’s Criteria For Determining “Generally Recognized Presidential Candidates” Violate The APA?

Earlier this week, the California Secretary of State released his list of “generally recognized presidential candidates”. These are the individual whose names will appear on California’s June 2016 primary ballot. The Secretary of…more

New Year's Resolution? Review Your Sales Pay Plan

Many dealerships give little thought to their sales pay plans. After all, they’re simple and straightforward, right? X% of the front gross and Y% of the back end gross, plus whatever bonuses you choose to give. About as simple as you…more

IREG Update - California Commissioner calls for divestiture from carbon-based investments

California Commissioner calls for divestiture from carbon-based investments - California Insurance Commissioner Dave Jones calls for insurance industry divestment from thermal coal and announces a new requirement for disclosure…more

United States Supreme Court Grants Stay of EPA's 111(d) Clean Power Plan Rule

On February 9, 2016, the United States Supreme Court granted a stay of EPA's 111(d) Clean Power Plan rule imposing emissions limits on existing power plants. This stay effectively blocks the implementation of this highly controversial…more

OCC Releases Dodd-Frank Stress Test Scenarios for 2016

On January 28, the Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios that will be used in the upcoming stress tests for covered institutions with more than $10 billion in assets. The…more

Anti-corruption

Focus on the US - An active FCPA docket anticipated - When compared to prior years, 2015 was relatively quiet for Foreign Corrupt Practices Act (FCPA) enforcement actions in the US. Although the total number of enforcement…more

UK Regulator Extends the Senior Manager and Certification Regime

The Financial Conduct Authority published a Policy Statement and final rules on the application of the Senior Manager and Certification Regimes to wholesale market activities, such as algorithmic and high-frequency trading. The SM&CR…more

This Valentine's Day, Telling Your Employees "I Love You" Could Get You Sued

Of all the heartfelt gestures you can make this Valentine’s Day – sending roses, a box of chocolates, or even just a greeting card – perhaps nothing means more than simply saying “I love you.” But an employer who did just that, and…more

Campaigns Push on to New Hampshire

If you read one thing... - The field of candidates has narrowed following the conclusion of the Iowa caucuses; however, there is no clear front-runner for either party. - Republicans continue to spar over flat tax…more

Does an Adult Dog Bite Victim Need to Hire a Lawyer?

When we think of serious dog bites, we often think of children who are innocently mauled by a vicious dog. Children, however, are not the only victims of dog bite attacks. Regardless of age, if you or a loved one has been injured by an…more

Supreme Court Halts Clean Power Plan Implementation Pending Judicial Review

Taking what many are calling an unprecedented step, the Supreme Court yesterday, in a 5-4 “party line” vote, granted a stay of the Environmental Protection Agency’s (EPA) Clean Power Plan (CPP), halting the compliance requirements of…more

A Primer on Competition Investigations in Canada

The Competition Bureau just telephoned. They have started an "inquiry". Your company is about to receive a "section 11 Order". What's happening, and what's next?…more

Trends, Challenges, Tech: E-Discovery Enters a New Era

E-Discovery is no longer in its infancy. A decade has passed since the 2006 FRCP amendment that made ESI discoverable, and in that time legal teams have been working out how best to successfully accomplish this process. Now, simply…more

Questionable Retaliation Theory Gets Traction

Since our earliest postings, we have warned of a notion, prevalent among employee counsel, that an employer plan sponsor unlawfully retaliates against an employee by reducing her work hours in order to deprive her of ACA “full-time”…more

One Step Closer to a Federal Private Cause of Action for Trade Secret Misappropriation: The Defend Trade Secrets Act

On January 28, 2016, the Senate’s Committee on the Judiciary voted in favor of the Defend Trade Secrets Act (the “Act”), which would create a federal private cause of action for trade secret theft…more

Blog: Heath Provisions in President’s Budget Take Aim at Drug Prices and Opioid Abuse

Today, the President sent Congress the $4 trillion Fiscal Year 2017 Budget Proposal – his last while in office. While the Budget on the whole is dead on arrival in the Republican-controlled Congress, there are provisions worth noting…more

Worth Another Look: Schools that Teach

Standing by last year’s budget themes, Gov. Tom Wolf encouraged the state legislature today to fund “schools that teach.” Warning that failure to fully fund the state’s education system could result in teacher layoffs, crowded…more

Advance Conflict Waivers Ineffective Where Subsequent Events Giving Rise To Conflict Not Disclosed, Thus Precluding “Informed Consent” By Client

In Sheppard, Mullin, Richter & Hampton, LLP v. J-M Manufacturing Co., Inc. (January 29, 2016 - No B256314), Division Four of the Second Appellate District rejected an advance waiver of conflicts included in a law firm’s standard…more

[Video]WORD OF THE DAY® – WKSI

WKSI or another way to say VIP? Partner Cathy Birkeland explains the term WKSI from the Book of Jargon® – US Corporate and Bank Finance. Latham & Watkins' innovative Book of Jargon® series demystifies legal and business jargon. The…more

Plaintiff Precluded from Offering Expert Testimony in Opposition to Summary Judgment where Plaintiff Failed to Timely Designate His Experts

In Perry v. Bakewell, (Filed 2/3/2016, No. B264027) the California Court of Appeal, Second District, held that Plaintiff’s expert witness declarations, filed in support of his opposition to defendant’s motion for summary judgment, were…more

Succession Planning Challenges – No Real Surprises Here

There is a well-deserved and surprising focus on succession planning within many law firms right now. The “well deserved” focus is justified because these firms are trying to bridge/balance the immediate needs and expectations of the…more

That’s the Way the Cookie Crumbles – Court Grants Motion for Summary Judgment in Favor of “Empire” TV Series

On February 1, 2016, U.S. District Judge Percy Anderson ruled that Twentieth Century Fox Television’s (“Fox’s”) use of the term “Empire” in the network’s hit TV series was protected by the First Amendment. Judge Anderson found that use…more

Was An Individual "Identified" In A Decision Notice?

The Upper Tribunal in Christian Bittar v The Financial Conduct Authority [2015] UKUT 602 (TCC), 10 November 2015 considered a claim by a former employee of Deutsche Bank (the Bank), Mr Bittar, who argued that he had been prejudicially…more

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