Latest Updates

Academic Research Council to meet on May 17

The CFPB has published a notice in the Federal Register announcing that a meeting of its Academic Research Council will be held on May 17, 2017… more

China: Whose voice is it? – The arbitral award is out… but the case is not concluded…

The Hong Kong International Arbitration Center (“HKIAC”) has recently issued its final award in the trademark litigation saga surrounding “The Voice of China”. This case is high-profile and interesting, because it involves parallel… more

Speculation, Estate Planning, and Legal Malpractice

In some will contests, lawyers will speculate that the decedent may have misled people as to his true estate plan, either out of weakness, to keep the peace, to measure reactions, to avoid uncomfortable conversations, and perhaps… more

The Internet Is Even Busier Than It Was... (And Other Top Reads of the Week)

What Duke Ellington, data privacy, cybersquatting, Donald Trump, and you being interesting on a Saturday night have in common… more

Relocation of the EU Medicines Agency – Ireland Island of Saints and Scholars

The EMA is looking for a new home. In this blog post partner Elisabethann Wright argues the case for Ireland. For thousands of years Ireland has been known as the Island of Saints and Scholars. The country is also world famous for… more

Banking & Financial Services E-Note - April 2017

In an article published in the Winter/Spring 2017 issue of Thomson Reuter’s Real Estate Finance Journal, Samantha Alves Orender provides guidance on how debtors who misuse collateral may be at risk of losing the benefit of discharging… more

Revised Assessment Framework for G-SIBs Proposed

The Basel Committee on Banking Supervision has launched a consultation proposing a revised assessment framework for global systemically important banks. The framework, first published in July 2013, identifies G-SIBs by assessing their… more

Expert Opinions are Excluded from Summary Judgment if Disclosure Requirements not Met

Wilson Dante Perry v. Bakewell Hawthorne, LLC - Supreme Court of California 2 Cal. 5th 536 (February 23, 2017) - After a trial date is set, a party may demand a simultaneous exchange of expert witness information by all parties… more

Court Of Appeal Provides Further Guidance For Data Controllers On Handling Subject Access Requests

In the first April edition of our employment law round-up we considered the Court of Appeal's decision in Dawson–Damer v. Taylor Wessing LLP [2017] EWCA Civ 74, which (amongst other things) concerned the relevance of an individual's… more

UK Regulator Requests Brexit Contingency Planning Assurance

The Prudential Regulation Authority has published a letter to CEOs and branch managers of all banks, insurers and designated investment firms undertaking cross-border activities between the UK and the remainder of the EU, including… more

ATO wins Full Federal Court decision on Cross Border Financing - Chevron Australia Holdings case

In a major Australian transfer pricing decision on Friday 21 April 2017, the Full Federal Court dismissed Chevron Australia Holdings Pty Ltd's (CAHPL) appeal related to the deductibility of interest on the Australian dollar equivalent… more

Understanding The Amended Executive Branch Gift Rules

The ethical principles that govern the conduct of federal officials have received more media attention over the past several months than at any time in recent memory. This article addresses the most pertinent rules that govern the… more

Medical Evidence And Dismissals Following Long Term Sickness Absence

In O'Brien v. Bolton St. Catherine's Academy [2017] EWCA Civ 145, the Court of Appeal agreed with the tribunal's decision at first instance that a teacher had been unfairly dismissed after more than a year's sickness absence, even… more

UK HM Treasury Publishes Updated Special Resolution Regime Code of Practice

HM Treasury has published a revised"Banking Act 2009 Special Resolution Regime Code of Practice". The Code aims to encourage financial stability by resolving institutions such as banks, building societies and certain investment firms… more

China Issues Draft Measures to Restrict the Overseas Transmission of Personal Data

The Cyberspace Administration of China (CAC) issued Draft Measures for public comment on April 11 on Security Assessment for Cross-border Transmission of Personal Information and Critical Data (the Draft Measures). The Draft Measures… more

The Limited Liability Company Agreement That Has No Name

Practitioners under California’s Revised Uniform Limited Liability Company Act will be familiar with the concept of an “operating agreement” (Cal. Corp. Code § 17701.02(s)). Indeed, I expect that nearly every LLC formed under the… more

Pennsylvania Federal District Court: Insurer’s Reliance on “Reasonable” Interpretation of Law Does Not Automatically Bar Bad Faith

On March 13, 2017, the United States District Court, Eastern District of Pennsylvania, rejected the argument that an insurer does not act in bad faith if it relies on a reasonable interpretation of unsettled case law. The court… more

Digital transformation in the aviation sector

In the aviation sector today, an effective digital strategy is critical for long-term success. The role of digital technology has changed from being a source of marginal efficiency gains to becoming the foundation for transformation… more

Global Employee Equity at a glance: Spain

Stock Option Plans: Employment - Labor Concerns - Plan benefits are considered part of an employee's salary for the purposes of calculating entitlements on termination of employment. There is a risk that an employee… more

Basel Committee on Banking Supervision Finalizes Phase 2 of Revisions to the Pillar 3 Disclosure Framework

The Basel Committee on Banking Supervision has published a consolidated and enhanced Pillar 3 disclosure framework standard. The Basel Committee announced in June 2014 that it was undertaking a review of Pillar 3. In January 2015, it… more

Japanese Variation Margin Requirements Take Effect

Following the Basel Committee on Banking Supervision and the International Organization of Securities Commissions' March 18, 2015, release of revisions to the framework for margin requirements for non-centrally cleared derivatives, the… more

The liberalization of Canadian foreign investment review continues

The Investment Canada Act (ICA) threshold for review of direct acquisitions of Canadian businesses by World Trade Organization (WTO) investors (or from WTO investors) has increased from CA$600 million to CA$800 million in enterprise… more

Unwired v. Apple: District Court Sanctions Unwired for Failing to Produce Supplemental Information after Remand

During this patent infringement action, Apple filed a motion for discovery sanctions based on a failure to produce documents after a remand. The parties apparently had agreed to limited discovery post-remand, but a dispute arose over… more

The European Conflict Minerals Regulation – What are the Key Take Away Points?

The European Conflict Minerals Regulation (the Regulation) was approved by the European Council on 3 April 2017. Publication in the Official Journal of the European Union will be the next step in the process and this could take 3-6… more

Self-Driving Vehicles Keep Getting Closer to Reality

Multiple developments recently demonstrate that self-driving vehicles continue their steady march to potential world domination. First, there was Apple meeting the application requirements for autonomous vehicle testing in California… more

Downstream drama: Iowa utility can’t recover damages from county drainage districts

The complex issues affecting agriculture and related industries came into sharp focus recently with an Iowa Supreme Court decision that considered whether one government entity can sue another for damages related to water pollution… more

CFPB weighs in on Eighth Circuit’s competent attorney standard, standing to bring FDCPA claim

The CFPB recently submitted an amicus brief to the Eighth Circuit, arguing that a debt collector cannot avoid liability under the FDCPA when it falsely represents the amount of a debt to a consumer’s attorney, rather than to the… more

Orrick's Financial Industry Week In Review

Rating Agency Developments - On April 19, 2017, Fitch issued a report entitled Airport Operating Lease ABS Rating Criteria. On April 14, 2017, Fitch issued a report entitled North America and Asia-Pacific Multiborrower CMBS… more

CJEU rules on sale of multimedia players with add-ons to illegal streaming websites

There is no end in sight regarding CJEU decisions on the meaning of “communication to the public“. On 26 April 2017, the European Court of Justice (CJEU) ruled (C-527/15 – Filmspeler) that the sale of a multimedia player with… more

Tax Court Rules that Extensions of Variable Prepaid Forward Contracts Do Not Result in Taxable Exchanges

Last week, in McKelvey v. Commissioner¸ the U.S. Tax Court held that the extension of a typical variable prepaid forward contract (“VPFC”) did not give rise to a taxable exchange to the obligor because a VPFC is solely an obligation… more

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

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