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Evonik Invests In Biosynthetic Technologies, Maker Of Biobased Lubricants

In a July 16, 2014, announcement, Evonik stated it has closed on an equity investment in Biosynthetic Technologies, LLC (BT), a specialist in biobased lubricants headquartered in Irvine, California. BT has developed and...more

The Hot IPO Market Continues

The first half of 2014 has seen the hottest IPO market in 14 years – 133 IPOs priced, raising more than $30 billion in proceeds. This is already greater than the total number of IPOs priced during 2011 and 2012. The second...more

New York DFS Proposes Sweeping Virtual Currency Licensing Scheme

Yesterday, the New York Department of Financial Services (“NYDFS”) issued a proposed rule for public comment setting forth a novel and comprehensive “BitLicense” regulatory scheme for entities engaged in “Virtual Currency...more

Biobased Companies Among Recipients Of EPA Funding

On July 14, 2014, EPA announced recipients of funding to develop and commercialize innovative, sustainable technologies to address current environmental issues. Among the recipients were the following companies pursuing...more

EU Launches € 50 Million Public-Private Biobased Industries Partnership

In a July 9, 2014, press release, the European Union (EU) announced the launch of seven public-private partnerships, established under the EU's new research funding program Horizon 2020. They represent a total investment of €...more

Software Sector Leads Pack in 2Q Venture Funding and Biotech Sector Finishes Second

Last week, the National Venture Capital Association (NVCA), a trade association representing the U.S. venture capital industry, released the results of its MoneyTree Report on venture funding for the second quarter of 2014. ...more

California Removes Statutory Restrictions On Virtual Currency

On June 28, California Governor Jerry Brown signed AB 129, which repeals a state ban on the issuance or circulation of anything but lawful money of the United States. As described in a legislative staff analysis of the bill,...more

Doing Business in Canada: Investment Incentives

INVESTMENT INCENTIVES - Generally, Canadian companies are expected to be self-supporting, but for companies involved in export development, there are several types of investment incentive programs which are designed to...more

Bank of Italy warns on Bitcoin and its illegal usage

Bitcoin and its potential usage as part of money laundering crimes as well as of crimes associated with terrorism has been the subject of concerns raised by the UIF, the harm of the Bank of Italy dedicated, among others, to...more

CFPB and federal banking regulators increase focus on cybersecurity

As part of their increased focus on cybersecurity, the CFPB and federal banking are taking steps to raise financial institutions’ awareness about the need for preparedness. On June 24, 2014, the Federal Financial Institutions...more

European Banking Authority Potential Virtual Currency Regulatory Responses

On July 4, the European Banking Authority (EBA) released an Opinion that outlines for the EU Council, the European Commission, and the European Parliament requirements that would be needed to regulate virtual currencies....more

Federal Bank Regulators Increase Focus on Cybersecurity

As banking regulators increase their focus on cybersecurity, they are taking steps to raise financial institutions’ awareness about the need for preparedness. On June 24, 2014, the Federal Financial Institutions Examination...more

OIG updated work plan adds focus to information security, compensation, and distribution of civil penalty funds

The most notable items added by the Office of Inspector General (OIG) to its work plan, updated as of July 7, 2014, are audits of the CFPB’s information security program, pay and compensation program, and distribution of...more

Business News Digest – July 2014

In this issue: - SEC v. Citigroup: A New Standard for Reviewing Consent Decrees - Credit Unions Beware – the TARP Watchdog Is Ready to Pounce - Canada's New Anti-Spam Legislation: What Does It Mean for...more

Sudden Impact

I was once interviewed live on Bloomberg radio at some god-awful hour in the morning, following a 30% drop in the share price of Ely Lily resulting from a negative decision in a patent case by the U.S. Court of Appeals in the...more

Digital Insights & Trends: The Future of Regulation in the Digital Economy

As legal advisors to providers in the digital world, we are always thinking about regulation – whether it is coming, when it is coming, and what it will mean for our clients. After all, it is our mission to keep you on the...more

MVNO – trends and contracts

Today’s news that the Post Office is to launch a Mobile Virtual Network Operator (MVNO) in partnership with EE has led us to put together a few thoughts about the market and about MVNO contracts....more

Proposed CFPB Rule Would Allow Online Posting of GLBA Privacy Notices

The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to provide customers with initial and annual notices of their privacy policies, including whether they share consumers’ non-public information with third...more

GAO Issues Report Concerning Emerging Challenges Posed by Virtual Currencies

The Government Accountability Office (the “GAO”) issued a report concerning virtual currencies (the “Report”) to the U.S. Senate’s Committee on Homeland Security and Governmental Affairs. The Report discusses emerging...more

Bank Customer – Not the Bank – Liable for Fraudulent Wire Transfer

Recent security breaches have focused attention on the allocation of risk associated with fraudulent payments. The recent U.S. 8th Circuit Court of Appeals decision in Choice Escrow & Land Title, LLC v. BancorpSouth Bank...more

GAO Urges CFPB Participation In Virtual Currency Working Groups

On June 27, the GAO released a May 2014 report regarding virtual currency. The leaders of the Senate Homeland Security and Governmental Affairs Committee asked the GAO to examine potential policy issues related to virtual...more

CFPB to Assume a Larger Role in Virtual Currency Initiatives

On June 26, 2014, the U.S. Government Accountability Office (“GAO”) released a report, entitled “Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges.” The report, delivered earlier to...more

Digital Commerce & Payments Update

In this Issue: - Insights & Trends ..The Future of Regulation in the Digital Economy - Virtual Currency ..GAO Urges CFPB Participation In Virtual Currency Working Groups ..Trade Group White Paper...more

Let’s Get Mobile: The CFPB Turns Focus to Mobile Banking

After completing most of its required rulemaking under the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) is now looking at a wide array of consumer financial products and services for additional regulation....more

FFIEC Increasingly Focuses on Cybersecurity Awareness

The Federal Financial Institutions Examination Council (FFIEC), under the leadership of its Chairman Thomas J. Curry, is increasingly focused on cybersecurity risks to financial institutions. At the end of June 2014, the...more

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