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Swap Dealer Banks Win Six Month Phase-In for Variation Margin Requirements for Most Counterparties

U.S. swap dealer banks received much needed breathing room, but not complete relief from the March 1, 2017 variation margin (VM) deadline for swaps and security-based swaps. On February 23, 2017, the Federal Reserve Board (FRB) and…more

Defamation Law Series: Massachusetts District Court Tosses Katherine McKee’s Claims Against Bill Cosby

Last week, on February 16, 2017, the United States District Court for the District of Massachusetts dismissed Katherine McKee’s claims against Bill Cosby in McKee v. Cosby. McKee was among the women who alleged that Cosby had…more

Plainfield Repeals Local Pay-to-Play Ordinance

New Jersey is home to a multitude of overlapping pay-to play laws. The State has a default statute covering pay-to-play restrictions at the municipal level. In 2006, however, the State Legislature allowed municipalities to craft their…more

Justice Department Sets Standards for Evaluation of Corporate Compliance Programs

Since the Department of Justice’s (“DOJ”) announcement of its new compliance counsel expert in November 2015, many have been waiting patiently for additional insight into the DOJ’s emphasis on corporate compliance programs. In April…more

CMS Teleconference to Discuss SNF Value-Based Purchasing Program (March 15)

On March 15, 2017, CMS is hosting a call to discuss the Skilled Nursing Facility (SNF) Value-Based Purchasing (VBP) Program, which is scheduled to begin in fiscal year 2019. The call will focus on confidential quarterly feedback…more

Is the Border Tax Crossing the Line?

It is far too early to discern the extent of any change to the relationship between the U.S. and Mexico in the face of the oft-repeated insistence of the Trump campaign to “renegotiate” NAFTA, a promise that was reiterated once Mr…more

In Which Direction Will President Trump Take The Gig Economy?

President Trump has spent much of the first month of his presidency embroiled in controversy over his immigration policies. His economic proposals – part and parcel of his campaign – have taken a backseat to attempts at immigration…more

Blog: 2017 M&A Trends Series: Appraisal Risks Factor High

So far this year, deal parties are approaching M&A with cautious optimism. This series of Cooley M&A blog posts include some brief observations that offer some M&A highlights over the past year and our thoughts for the year to…more

CMS Proposes Changes to Stabilize ACA Health Insurance Markets

At the same time Republican Congressional leaders are attempting to develop legislation to repeal and replace the Affordable Care Act (ACA), CMS has published a proposed rule that is intended to help stabilize the Affordable Insurance…more

Transparency International Publishes “Top Secret: Countries Keep Financial Crime Fighting Data to Themselves”

On February 15, 2017, Transparency International (“TI“) published the above report, recommending that national authorities engage to a greater level in making public disclosure of their countries’ anti-money laundering (“AML“)…more

Duggan’s new D-Insurance plans will be great for the auto accident lawyers, but terrible for everyone else

Does Mayor Duggan want to ‘repeal and replace’ Michigan’s auto No Fault law? Does Detroit Mayor Mike Duggan want to scrap Michigan’s auto No Fault law? Last night, during his State of the City address, the mayor signaled…more

Queen For A Day: If I Ran The World, Would I Scrap Our Employment Laws?

For those of you who don’t know Mr. Olson, he’s a libertarian. :-) I have to admit, I needed time to process this! I complain about these laws all the time, but would I really want to get rid of all protections for employees who…more

A Host of Biometric Privacy/Facial Recognition Bills Currently Circulating in State Legislatures

We’ve written extensively about the numerous lawsuits, dismissals and settlements surrounding the Illinois Biometric Information Privacy Act (BIPA). The statute, generally speaking, prohibits an entity from collecting, capturing…more

FCC Enforcement Monitor ~ February 2017

Pillsbury’s communications lawyers have published FCC Enforcement Monitor monthly since 1999 to inform our clients of notable FCC enforcement actions against FCC license holders and others. This month’s issue includes: - FCC…more

Exemptions for Security-Based Swaps

On February 10, 2017, the Securities and Exchange Commission (SEC) extended to February 11, 2018 the expiration dates of certain interim final rules relating to “exemptions under [various securities laws] for those security-based swaps…more

Bare Statutory Violation of FCRA Fails to Satisfy Standing Requirements Post-Spokeo, Says District of New Jersey in Suit Over Michaels Employment Disclosures

Michaels escaped a potential class action alleging Fair Credit Reporting Act (“FCRA”) violations late last month when a federal judge found the United States Supreme Court’s recent decision in Spokeo, Inc. v. Robbins, 136 S. Ct. 1540…more

Paid Rejection: Bankruptcy Court Allows Professional Fees Despite Trustee’s Flawed Strategy

Can a bankruptcy court deny fees requested by a professional simply because her client chose a poor strategy? The Bankruptcy Court for the District of Idaho recently rejected such a notion, holding that an accounting professional that…more

5 Important Estate Planning Lessons for Parents in Manchester by the Sea

When released in late 2016, Manchester by the Sea, directed by Kenneth Lonergan and starring Casey Affleck, received nearly unanimous critical acclaim for exploring themes related to family, personal tragedy, and grief. For estate…more

CMS Releases Proposed 2018 Medicare Advantage/Part D Reimbursement Methodologies and Policies

CMS has released its 2018 Advance Notice and Call Letter, which outline proposed updates to Medicare Advantage (MA) and Part D plan reimbursement methodologies and policies. CMS notes that it its proposed policies focus on four major…more

CIT rules on Made in USA claim

A recent ruling by the U.S. Court of International Trade (CIT) has important implications for importers and manufacturers making “Made in USA” claims for products assembled from imported components. While the case concerned compliance…more

Unauthorized Downloading and Copyright Infringement

Liability for copyright infringement can result when one downloads protected software without the copyright owner’s authorization. The Ninth Circuit was recently tasked with exploring the scope and reach of copyright protection in…more

SEC to Consider Requiring Inline XBRL Reporting and Comments on Disclosures in the Financial Services Industry

The SEC has issued a notice of a meeting to consider: Whether to propose amendments to rules and forms to require the use of the Inline XBRL format for the submission of operating company financial statement information and mutual…more

Potential Relief for Employee Option Exercises

Employees must generally recognize income for tax purposes upon the receipt of employer stock to the extent that the fair market value of the stock received is greater than the amount, if any, paid by the employee for the stock. If the…more

CFTC’s Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Transition for March 1, 2017 Compliance Date for Variation Margin and No-Action Relief From Minimum Transfer Amount Provisions

On February 13, 2017, the U.S. Commodity Futures Trading Commission (the “CFTC“) announced that, between March 1, 2017 and September 1, 2017, it would “not recommend an enforcement action against a swap dealer (SD) for failure to…more

OFAC Increases Civil Monetary Penalties

On February 10, 2017, the U.S. Treasury Department announced an increase in civil monetary penalties across a number of Treasury offices, including the Office of Foreign Assets Control (OFAC). Understanding the potential penalties for…more

FCC Announces Details for Mobility Fund Phase II

The FCC adopted an order today that establishes Phase II of the Mobility Fund. As we have previously reported, the FCC established the Mobility Fund to provide universal service subsidies to help expand and preserve 4G LTE mobile…more

Finalized New York Department of Financial Services Cybersecurity Regulation to Take Effect March 1

On February 16, 2017, the New York Department of Financial Services (NYDFS) announced the release of its finalized Cybersecurity Requirements for Financial Services Companies (“Cybersecurity Regulation”), which will take effect on…more

How Effective is Your Anti-Money Laundering Program?

At the end of January, Western Union agreed to pay the United States government $586 million to resolve allegations that it failed to maintain an effective anti-money laundering program under the Bank Secrecy Act and aided and abetted…more

CMS Schedules 2017 Meetings to Consider HCPCS Code Applications

CMS has just announced the dates for its annual meetings to discuss pending applications for new and revised HCPCS codes: - May 16 – 18, 2017: Drugs/Biologicals/Radiopharmaceuticals/Radiologic Imaging Agents - June 7 – 8…more

FCC Finalizes Criteria for CAF Phase II Auction

Yesterday the FCC approved an order that moves the nearly two billion dollar Connect America Fund (CAF) Phase II Auction competitive bidding process forward. As we have previously reported, the Phase II auction will provide support…more

DJI Drone Manufacturer Hit with Class Action Lawsuit Over Firmware Update

Last week, a class action law suit was filed against leader in the drone industry, DJI Technology, Inc. (DJI), for an allegedly harmful firmware update that occurred in December 2015 that rendered certain commercial drones in its…more

Blog: Corp Fin Refines Its Position On Proxy Access Fix-It Proposals

Corp Fin has refined its position with regard to exclusion of proposals to amend existing proxy access bylaws. As you may recall, the line drawn so far by Corp Fin has been that, where the shareholder proposal related to initial…more

Trumpdate: Tons of employment-related stuff!

The employment law week in Trumpland started out a little slow, but now we’re back in business. Acosta looking good for confirmation as Secretary of Labor. In contrast to nominee Andrew Puzder, the outlook appears good for his…more

New York Institutions: Exemption from Cybersecurity Regulations Sought by Bond Granted in Final Regulations Issued by Department of Financial Services

Last month, Bond, Schoeneck & King sought an exemption from cybersecurity regulations proposed by the New York State Department of Financial Services (DFS) for colleges, universities and other charitable organizations that would have…more

Reducing the Regulatory Stranglehold on Federally Facilitated Exchanges: Will It Work?

The Centers for Medicare and Medicaid Services (CMS) recently issued a proposed rule aimed at improving the individual and small group markets that have been plagued with instability as issuers continue exiting the Exchanges. While the…more

SEC Staff Provide New Custody Rule Guidance

On February 21, 2017 the Securities and Exchange Commission (the SEC) released new guidance concerning when a registered investment adviser is deemed to have “custody” for purposes of Adviser’s Act Rule 206(4) (the Custody Rule) in a…more

General Counsel Permitted to Use Attorney-Client Privileged Information in Whistleblower Retaliation Case

In a recent case, Wadler v. Bio-Rad Laboratories, Inc. case number 3:15-cv-02356 (2016), the federal court in the Northern District of California ruled that the plaintiff and former general counsel of Bio-Rad Laboratories could use…more

Employing Minors in the Entertainment Industry: A Primer for Employers Doing Business in Canada

Employers that hire minors must comply with a myriad of special rules designed to protect the minor employee from, among other things, dangerous work, exploitation, and abuse. Legislators and courts have gone to great lengths to…more

What to do if you suspect your EB-5 project is in trouble

Managers and Investors in EB-5 Investment Funds should regularly monitor their investments in EB-5 Projects and be ready to take protective actions if their EB-5 Projects show signs of trouble. It is vitally important for managers…more

Article 29 Working Party Releases Procedures, Template Complaint Form for Privacy Shield Complaints

On February 20, 2017, the Article 29 Working Party released procedures and a template complaint form for implementing the EU-US Privacy Shield. The procedures govern the functioning of the informal data protection authority (DPA) panel…more

Raising Startup Venture Capital: Pitfalls and Pointers

According to a study of 101 failed startups, 29% cited a lack of sufficient capital as the ultimate reason for failure. So how can you best approach your search for capital in an attempt to keep your startup from becoming just another…more

FCC Adopts Broader Exemption from Enhanced Open Internet Transparency Disclosure Requirements for Small Providers

Today, the FCC adopted an order relieving broadband providers with 250,000 or fewer connections from the enhanced transparency requirements introduced in the 2015 Open Internet Order. Compared to the prior Administration’s exemption…more

Budget and Appropriations in 2017

It will be a busy year for congressional budget and appropriations work. Currently, the FY16 appropriations remain in effect under a continuing resolution (CR). Additionally, the FY18 budget and appropriations cycles are looming and…more

The Fine Print of the Trump Administration “2-for-1” Regulatory Reduction Executive Order

President Trump has signed an executive order entitled “Reducing Regulation and Controlling Regulatory Costs,” also known informally as the “2-for-1 Order,” that directs agencies to take a number of actions aimed at deregulating a…more

AARP, AHIP, and Others File Amicus Briefs in Sandoz v. Amgen

As we have previously reported, the Supreme Court will next month hear arguments in Sandoz v. Amgen regarding the Federal Circuit’s interpretation of the BPCIA’s notice of commercial marketing requirement and patent dance provisions…more

Geolocation Privacy and Surveillance Act Introduced in US Congress

On February 15, the Geolocation Privacy and Surveillance Act (GPS Act) was introduced by a bipartisan group of US Congress members. Designed to enact comprehensive rules for both government agencies and commercial service providers…more

2nd Circuit Tilts the Scale in Favor of Discovery in Aid of Arbitration

The recent decision by the United States District Court for the Southern District of New York in In re Ex Parte Application of Kleimar N.V., No. 16-MC-355, 2016 WL 6906712 (S.D.N.Y. Nov. 16, 2016) (“Kleimar”), which allowed discovery…more

Fair Work Calls Time on Penalties

The Full Bench of the Fair Work Commission has handed down its decision on weekend and public holiday penalty rates in the Hospitality and Retail industries. This is a significant change for employers in only these two industries…more

Social Links: Google Maps gets social; Twitter puts trolls in time out; today’s teens take to chat rooms

New York City’s Conflicts of Interest Board has issued guidelines prohibiting elected officials from using official social media accounts for political purposes or having their staff draft content for their personal social media…more

Sixth Circuit Affirms Branded Drug Preemption and Trial Win

In the aftermath of Levine, with its generous interpretation of the CBE regulation and its novel “clear evidence” standard, we wondered how long it would be until we saw a court holding that a failure to warn claim with a branded…more

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