Latest Updates

European Securities and Markets Authority Issues Opinion on the Proposed EU Regulation on CCP Recovery and Resolution

The European Securities and Markets Authority has issued an Opinion on the European Commission's proposed EU Regulation on CCP Recovery and Resolution. The proposal gives CCPs' national regulators under the European Market… more

GameStop Currently Investigating Possible Data Breach

GameStop is the most recent potential victim of cyber data breach, and the company recently hired a leading security firm to conduct an investigation into allegations that the company’s website was hacked and that customer data and… more

Even a Well-Crafted Non-Compete May Not Get You Injunctive Relief

No doubt, having a properly drafted agreement is critical if you wish to prevent a former employee from competing against you or soliciting your customers. But, simply having a clear and straight-forward agreement may not be enough to… more

SEC changes filing cover pages, raises thresholds for EGCs and crowdfunding

The SEC has adopted a number of technical amendments to the Jumpstart Our Business Startups Act (the JOBS Act) to conform its existing rules and regulations to the requirements of the JOBS Act and implement statutory inflation… more

FINRA Proposes Desk Commentary Safe Harbor

The safe harbor would offer relief from certain requirements of FINRA’s research rules, but significant compliance obligations and questions remain. On April 12, 2017, the Financial Industry Regulatory Authority, Inc. (FINRA)… more

Privacy Shield certifications reach 2,000, still far short of Safe Harbor

Timothy Toohey was quoted in an article published by CQ Roll Call on April 24, 2017, about the number of Privacy Shield-certified companies under the new program allowing transfers of personal data from Europe to the United States… more

Tackling Tax Reform – Part II: The Legislative Process

On April 11, 2017, we discussed what constitutes Tax Reform. In this blog post, we will explore the process by which Tax Reform will likely be created. After reading this post, if it seems to you that the legislative process for making… more

AML and Sanctions: 2017 Trends and Developments

Over the past year, regulators continued to actively examine compliance, introduce new and heightened requirements, recalibrate global priorities, and aggressively pursue enforcement. This report reviews recent trends and developments… more

Protected Class Status Information: Think Before You Ask

An April 25th article in Fortune magazine caught our attention this week. Its title is “Goldman Sachs Wants to Know if You Are Gay” and it discusses Goldman’s efforts to measure its success in hiring LGBT applicants. Chief among the… more

Final EU Guidelines on Converting Debt to Equity in Bail-in Published

The European Banking Authority has published final Guidelines on the setting of rates of conversion of debt to equity in bail-in under the Bank Recovery and Resolution Directive. The Guidelines are addressed to national resolution… more

UK Prudential Regulation Authority Publishes Final Consolidated Guidance on Remuneration

The Prudential Regulation Authority has published a Policy Statement and final consolidated Supervisory Statement on its expectations on remuneration. In the latter part of 2016, the PRA consulted on its proposed changes to its… more

Financial Services Weekly News - April 2017 #4

Editor's Note - State Regulators Sue OCC Over Federal FinTech Charter. On April 26, the Conference of State Bank Supervisors (CSBS) sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for the District… more

The ABCs of Fund Finance: Credit Facilities for Secondaries Funds and Funds of Funds

Private equity funds raised the second-highest level of capital for investments in secondary private equity interests in 2016. According to Preqin, 19 funds secured $23 billion in investor capital.1 This level was surpassed only in… more

Banks and Credit Unions Agree to a (Temporary) Cease Fire

It’s not every day that community bankers and credit unions agree. Whether it is over tax-exempt status or capital requirements, we have become accustomed to the battle between community banks and credit unions. For example, an entire… more

Manatt on Medicaid: Monthly Expansion Recap - April 2017

Emerging News on Expansion - Congress Restarts Debate on the AHCA, Which Would Significantly Cut Medicaid Funding and Coverage - House Republicans have revived the debate over the AHCA, and are discussing a potential vote on a… more

Nutter Bank Report, April 2017

CFPB Delays the Effective Date of New Prepaid Accounts Rule - The CFPB adopted a final rule on April 20 that delays the general effective date of its rule governing prepaid accounts by six months. The rule will now take effect on… more

A $31,000 Mistake: Failing To Manage Business Associate Agreements Proves Costly For Providers

The Center for Children’s Digestive Health (CCDH), a small, for-profit pediatric subspecialty practice that operates seven clinics in the Chicago area, has paid the U.S. Department of Health and Human Services, Office for Civil Rights… more

SEC Brings Post-MCDC Enforcement Actions Against Underwriter and Officials

On April 5, 2017 the SEC released two orders instituting cease-and-desist proceedings (consent decrees) which are the first post-MCDC cases finding securities law violations based on misstatements in official statements regarding… more

Senate Confirms Alex Acosta for Secretary of Labor

On April 27, 2017, the United States Senate confirmed the nomination of Rene Alexander "Alex" Acosta as the nation’s 27th U.S. Secretary of Labor by a bipartisan final vote of 60-38. Eight Democrats and one independent joined the… more

Your Daily Dose of Financial News

Now that NAFTA seems to have an at-least-momentary reprieve, let’s take a breath and take a look at the four major industries that would be affected by any big changes in the deal… more

Manufacturers: Avoid this Issue—Register Your Trademarks!

If you are a manufacturer and allow your distributors to use your unregistered trademarks without a contract, the Third Circuit just issued a decision that could help you retain ownership of those marks… more

Finding of Anticipation Must Be Fully Supported by Evidence of Record

Addressing the evidentiary standard for proving anticipation, the US Court of Appeals for the Federal Circuit reversed the Patent Trial and Appeal Board (PTAB) in two separate cases, finding that the PTAB’s conclusion of anticipation… more

Fifth Circuit: Discretionary Ban Does Not Mandate De Novo Review

In Ariana M. v. Humana Health Plan of Texas, Inc., No. 16-20174 (5th Cir. Apr. 21, 2017), the Firth Circuit concluded that Texas’ ban on discretionary clauses in certain insurance policies did not require a de novo review of the… more

Indecent Proposals: Tenants giving notice of intention to appoint administrators

It has long been a bone of contention for landlords that tenants can simply file a notice of intention to appoint administrators in order to get an automatic moratorium against any enforcement action. This prevents a landlord from… more

Fourth Circuit Reverses Preliminary Injunction in Transgender Student Rights Case; Adds its Two Cents

In March of 2017, the Supreme Court of the United States remanded the high profile transgender student rights case, Gloucester County School Board v. G.G. ex rel. Grimm, no 16-273, to the Fourth Circuit Court of Appeals for further… more

New Requirements for BC Joint Health and Safety Committees

If you operate a workplace in British Columbia with 10 or more workers, you may need to make some changes to your workplace health and safety practices… more

Supreme Court Hears Oral Argument in Sandoz v. Amgen -- Patent Dancing and Missing Puzzle Pieces

On April 26, 2017, the Supreme Court heard oral arguments in Sandoz Inc. v. Amgen Inc. Sandoz was represented by Deanne E. Maynard, and Amgen was represented by Seth P. Waxman. In addition, Anthony A. Yang presented the position of… more

Colorado Moves to Dismiss Suits Seeking Judgment That Bank-Originated Loans Facilitated and Serviced by Online Platforms Are Exempt From State Lending Laws

As we noted in a recent Alert, WebBank and Cross River Bank filed separate federal civil actions to enjoin the Administrator of Colorado's Uniform Consumer Credit Code from enforcing state lending laws against Avant, Inc. and Marlette… more

Qakbot: Insight into a Persistent, Polymorphic Malware from the Cyber Defense Team at K2 Intelligence

Qakbot (Qbot) first emerged in 2009 as a piece of malware designed to steal online banking credentials from infected computers. It used classic key-logger technology combined with an ability to steal active session authentication… more

CFPB Spring 2017 Supervisory Highlights focuses on mortgage origination/servicing, student loan servicing deficiencies, service provider exams

The CFPB’s newly-released Spring 2017 edition of Supervisory Highlights covers supervisory activities generally completed between September and December 2016. The report indicates that supervisory resolutions resulted in restitution… more

Manhattan March for Science

The March for Science in Manhattan was smaller than the January 2017 Women’s March in Washington, but large enough that the “entry point” for us was changed from 62nd Street to 64th and then to 68th Street as we moved up Broadway to… more

UK: FCA General Insurance and Protection Sector Views 2017

The FCA has outlined the current trends, risks and its overall assessment of the General Insurance sector in its 2017 Sector Views, published last week… more

Department of Homeland Security ("DHS") Announces New Office for Victims of Illegal Immigrant Crime

DHS Secretary John F. Kelly announced yesterday the official launch of the U.S. Immigration and Customs Enforcement (“ICE”) Victims of Immigration Crime Engagement Office (“VOICE”), designed to assist victims of crimes committed by… more

The SEC’s Long-Awaited Security-Based Swaps Rules May Be Approaching

The SEC has proposed all of its major Title VII rules regulating the security-based swaps market. The authors discuss the current status of this and related rulemakings, the relief the SEC has granted, and the provisions of the rules… more

Defect in Patent Assignment Results in IPR Challenge Effectively Going Unopposed

Old Republic’s IPR petition was effectively unopposed due to a defect in the chain of assignment, which led the PTAB to hold all claims unpatentable without considering arguments or evidence submitted in favor of patentability in Old… more

Rite Aid Wins Summary Judgment in TCPA Action Involving Prerecorded, Automated Call for Flu Shot Reminder

In an outright win for pharmacies, the U.S. District Court for the Southern District of New York, in the attached opinion, granted Rite Aid’s motion for summary judgment in a class action alleging violations of the TCPA… more

Extensions to the double tax treaty passport scheme

The double tax treaty passport (DTTP) scheme was introduced in 2010 as a mechanism to simplify the process by which non-UK lenders could receive interest payments from UK borrowers without deduction for withholding tax under the terms… more

Pfizer Files for IPR of Two Biogen Patents Directed to Rituximab

In the past few days, Pfizer has filed petitions for IPR of two of Biogen’s patents related to rituximab: IPR2017-01166 on U.S. Patent 8,329,172 and IPR2017-01167 on U.S. Patent 8,577,244. According to the petitions, the patents are… more

Hiring Under-18 Workers This Summer?

If you plan to employ anyone under 18 years old for the summer, you should be thoroughly familiar with the child-labor limitations prescribed under the federal Fair Labor Standards Act… more

Trump Administration Releases Tax Reform Framework

On April 26, 2017, the Trump Administration announced several key tax reform proposals. Broadly resembling the Trump campaign platform, the proposals furnish only a high-level aspirational framework for wide-ranging reforms, the… more

Hoverboard Fire - A Tragedy that Should Not Have Happened

Tragedy recently struck a Harrisburg, Pennsylvania family when a fire caused by a recharging hoverboard consumed their home, killing a 3-year-old girl, injuring several others and almost bringing the structure to the ground. According… more

Global Employee Equity at a glance: United Arab Emirates

Stock Option Plans: Employment - Labor Concerns - There is a risk of employees claiming that they are entitled to compensation for loss of rights under the Plan where the Plan is amended or discontinued or where their… more

Effective May 1 Redesigned Green Cards will be Issued

Earlier this month the U.S. Citizenship and Immigration Services USCIS) announced that redesigned Permanent Resident Card (also known as a Green Card) and the Employment Authorization Document(EAD) will begin being issued on May 1… more

FINRA Proposes Broad Range of Amendments to Corporate Financing Rule

On April 12, 2017, the US Financial Industry Regulatory Authority, Inc. (“FINRA”) published proposed amendments to FINRA Rule 5110, which regulates the terms and arrangements of securities underwriting conducted by FINRA member… more

In Case You Missed It - Interesting Items for Corporate Counsel - April 2017

A host of things happened in the last few months regarding Conflict Minerals, although likely not much that will affect what a public company reports on its Form SD, due May 31. (Spoiler alert: The same thing companies have reported in… more

Soundboard Technology Calls Qualify as Robocalls Under TCPA

This past Monday, the United States District Court for the District of Columbia upheld a Federal Trade Commission (“FTC”) interpretation of the Telephone Consumer Protection Act (“TCPA”) which held that marketing calls placed through… more

Sixth Circuit Dismisses ERISA Stock Drop Action Against Cliffs Natural Resources

The Sixth Circuit affirmed the dismissal of ERISA stock drop claims by participants in the Cliffs Natural Resources’ 401(k) Plan. The participants alleged fiduciary breach claims based on public and non-public information arising out… more

Facial Recognition Technology: A How-To Guide

Facial recognition technology uses algorithms that map facial features – such as the distance between a person’s eyes, or the width of a person’s nose – and compares those features to a database of known individuals. Organizations may… more

This Week In Securities Litigation

Two former senior executives of Magyar Telecom, controlled by Deutsche Telekom AG, resolved long running FCPA charges with the Commission. The charges stem from the 2011 settlements of the company with the SEC and DOJ tied to… more

Apotex Citizen Petition Seeks to Heighten Regulatory Requirements for Biosimilar Competition

Last week, Apotex filed a Citizen Petition requesting that FDA “take certain actions to ensure a robust approval process” for proposed biosimilars to Amgen’s Neulasta (pegfilgrastim). Among its requests, Apotex asks that FDA require… more

Readers' Choice 2017
Reporters on Deadline
Contributor Spotlight

Our broker-dealer practice draws upon our expertise in regulatory, capital markets and enforcement matters. We have become a resource for our broker-dealer, investment adviser and bank clients on…

[ About | Legal Updates ]

Watch This

Feedback? Tell us what you think of the new jdsupra.com!