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CryptoLink - March 2024 Updates

In the House, lawmakers continue to make progress on the Clarity for Stablecoins Act (H.R. 4766). On March 19, at a press event hosted by Punchbowl News on the policy landscape for digital payments, outgoing House Financial…more

Anti-Money Laundering, CFTC, Coinbase, Copyright Office, Cryptoassets

See all updates »

The Road Ahead for Private Equity: Health Care & Life Sciences

Despite strong private equity interest in drug and device targets, policy changes in the healthcare industry have made the M&A market tricky to navigate. Healthcare has been one of the most active policy focus areas in 2023 and…more

Centers for Medicare & Medicaid Services (CMS), Drug Pricing, Inflation Reduction Act (IRA), Life Sciences, Pharmaceutical Industry

See all updates »

OMB Issues Final Buy America Rule and Guidance for Infrastructure Projects

On August 14, 2023, the Office of Management and Budget (OMB) released a pre-publication version of final guidance implementing the Build America, Buy America Act (BABAA).The guidance adds a new Part 184 in 2 C.F.R. and…more

Buy American Act, Federal Acquisition Regulations (FAR), Fiber Optic Cables, Final Rules, Infrastructure

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COBRA Premium Subsidy under the American Rescue Plan Act of 2021 and IRS Notice 2021-31

On May 18, 2021, the Internal Revenue Service (IRS) released Notice 2021-31 (the “Notice”) providing guidance in Q&A format on the application of the temporary COBRA premium assistance provisions of the American Rescue Plan Act…more

American Rescue Plan Act of 2021, COBRA, Department of Labor (DOL), Employee Benefits, Employer Group Health Plans

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ESG Sukuk: A Next Step in the Evolution of the Global Sukuk Market

In recent years, the relevance and growth of environmental, social and governance (ESG) principles in investments has captured the attention of the global business community. With Shari'ah-compliant investing also continuing to…more

Capital Markets, Corporate Governance, Corporate Social Responsibility, Environmental Social & Governance (ESG), Financial Institutions

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Autonomous Akin Update - August 2023

Our newsletter reflects the focus of Akin’s cross-practice autonomous systems and advanced mobility team on developments in the regulatory, policy, trade, intellectual property, and cybersecurity and privacy spaces. Autonomous…more

Airlines, Automation Systems, Aviation Industry, Clean Energy, Critical Infrastructure Sectors

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CPPA Issues Its First Draft of CPRA Regulations

Companies are now on the clock for comments on the new proposed California Privacy Rights Act (CPRA) regulations. On July 8, 2022, the California Privacy Protection Agency (CPPA) filed a Notice of Proposed Action, triggering a…more

California Privacy Rights Act (CPRA), Consumer Privacy Rights, Cybersecurity, Data Collection, Data Privacy

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Liability Management in Uncertain Times

The potentially significant economic downturn in 2020 triggered by the COVID-19 pandemic, and for companies in the energy sector, extremely low commodity prices, increases the likelihood that many companies may develop liquidity…more

Corporate Governance, Corporate Liability, Economic Downturn, Investment Management, Liquidity

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FTC Requires Non-Banking Financial Institutions to Report Data Security Breaches

Beginning May 11, 2024, non-banking financial institutions regulated by the Federal Trade Commission (FTC) will be required to submit notifications of data breaches or other security events that impact 500+ consumers. The FTC…more

Credit Counseling, Credit Reporting Agencies, Customer Information, Data Breach, Federal Trade Commission (FTC)

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Federal Circuit Affirms Summary Judgment in Precedential Opinion on Patent Claims Directed to Targeting Advertisements as Ineligible Subject Matter Under 35 U.S.C. § 101

The Federal Circuit recently affirmed summary judgment that patent claims directed to identifying advertisements based on search results are patent ineligible subject matter under 35 U.S.C. § 101. The court found that…more

Abstract Ideas, Advertising, Alice/Mayo, Patent Invalidity, Patent Ownership

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ArbitrateAD Rules Match Pace Set in Regional Centres

The Abu Dhabi International Arbitration Centre (ArbitrateAD) replaced the Abu Dhabi Commercial Conciliation and Arbitration Centre (ADCCAC) effective 1 February 2024. ArbitrateAD’s aim is to be “the world’s leading catalyst for…more

Arbitration, Arbitration Awards, Dispute Resolution, Foreign Arbitration Clauses, International Arbitration

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Changes to EMIR Reporting Responsibilities from 18 June 2020 – Key Considerations

Derivatives reporting responsibilities under the European Market Infrastructure Regulation (EMIR) will change from 18 June 20201, as (i) alternative investment fund managers (AIFMs) will become responsible for reporting for…more

Alternative Investment Funds, Derivatives, EMIR, EU, European Securities and Markets Authority (ESMA)

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New Year's Resolutions for the Secondaries Space

As we begin the annual ritual of making our personal New Year’s resolutions, it’s a great time for secondaries market participants to do the same. As we gear up for what is expected to be an active 2024, here are our suggestions…more

Anti-Money Laundering, Beneficial Owner, Business Transfer Agreements, Corporate Transparency Act, Fund Managers

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“Round 2” of Marketing Rule Enforcement Actions — Focus on Hypothetical Performance

On April 12, 2024, the U.S. Securities and Exchange Commission imposed fines and other sanctions on five registered investment advisers (RIAs) for violations of the Investment Adviser Marketing Rule (Rule 206(4)-1), which has…more

Broker-Dealer, Enforcement Actions, Fines, Investment Adviser, Investment Advisers Act of 1940

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SEC Approves Tick Size Pilot Program

In response to the initial proposal received last August from the national securities exchanges and the Financial Industry Regulatory Authority (FINRA), the U.S. Securities and Exchange Commission (SEC) announced on May 6, 2015,…more

Financial Industry Regulatory Authority (FINRA), Securities and Exchange Commission (SEC), Small Cap Stocks, Tick Size

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

See all updates »

The U.S. Securities and Exchange Commission's Scrutiny of Greenwashing Risks Continues with Modifications to the ’40 Act Names Rule

On September 20, 2023, the U.S. Securities and Exchange Commission (SEC) issued a final rule amending the so-called “Names Rule” (found here) that is “designed to modernize and enhance” protections under Rule 35d-1 of the…more

Capital Markets, Environmental Social & Governance (ESG), Final Rules, Greenwashing, Investment Company Act of 1940

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Florida Enacts Anti-ESG Legislation – House Bill 3 Explained

On May 2, 2023, Gov. Ron DeSantis (R-FL) signed into law House Bill 3 (HB3), legislation that, among other things, blocks the consideration of environmental, social and governance (ESG) factors in state and local investment…more

Corporate Governance, Environmental Social & Governance (ESG), Financial Institutions, Florida, Governor DeSantis

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CryptoLink - March 2024 Updates

In the House, lawmakers continue to make progress on the Clarity for Stablecoins Act (H.R. 4766). On March 19, at a press event hosted by Punchbowl News on the policy landscape for digital payments, outgoing House Financial…more

Anti-Money Laundering, CFTC, Coinbase, Copyright Office, Cryptoassets

See all updates »

What Does “Defend, Indemnify and Hold Harmless” Mean?

The phase “defend, indemnify, and hold harmless” is found in many, if not most, contracts with liability allocation provisions, across multiple industries. However, many parties do not have a complete understanding of what,…more

Allocation of Liability, Contract Drafting, Contract Terms, Duty to Defend, Duty to Indemnify

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FCA to Permit Research Bundling

The Financial Conduct Authority (FCA) is seeking views on proposed rules that would allow asset managers to opt for bundled payments for third-party investment research, reversing a significant aspect of the UK’s implementation…more

Asset Management, False Claims Act (FCA), Investment Adviser, MiFID II, Policies and Procedures

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Global Private Equity/M&A Survey 2021: Opportunities Ahead

Welcome to the Akin Gump Global Private Equity/M&A Survey 2021: Opportunities Ahead. The last 12 months have been hugely challenging for dealmakers around the world but, after an initial period of disruption following…more

Acquisitions, Capital Markets, Cross-Border, Foreign Investment, Global Dealmaking

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The Upcoming UK Hydrogen Strategy – What to Expect

The Financial Times has reported that the United Kingdom’s highly anticipated and delayed hydrogen strategy is due to be published next week. The strategy should offer clarity as to the specific policies that will be put in…more

Climate Change, Electricity, Energy Projects, Energy Sector, Hydrogen Power

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Rundown of Recent Developments in Covenant Running with the Land Tension

Concerns Raised by Sabine - The seminal decisions in Sabine Oil & Gas Corp. v. Nordheim Eagle Ford Gathering, LLC provided guidance on whether midstream and transportation providers can rely on the contractual dedications…more

Adversary Proceedings, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Contract Terms

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

See all updates »

The Post-Revlon Reaction: Pitfalls for Lenders in the Proposed Erroneous Payment Language

To address the key issue in the litigation In re: Citibank August 11, 2020 Wire Transfers, on March 19, 2021, the Loan Syndication and Trading Association (LSTA) circulated a Market Advisory that contains draft erroneous payment…more

Banking Sector, Credit Agreements, Financial Institutions, Financial Services Industry, Lenders

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UK Announces Proposals for Crypto Regulation

The UK government has announced that it plans to regulate crypto under its existing financial services regime. Under the proposals, crypto will be subject to the UK Financial Services and Markets Act 2000 and under the remit of…more

Blockchain, Cryptoassets, Cryptocurrency, Digital Assets, Financial Conduct Authority (FCA)

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“Round 2” of Marketing Rule Enforcement Actions — Focus on Hypothetical Performance

On April 12, 2024, the U.S. Securities and Exchange Commission imposed fines and other sanctions on five registered investment advisers (RIAs) for violations of the Investment Adviser Marketing Rule (Rule 206(4)-1), which has…more

Broker-Dealer, Enforcement Actions, Fines, Investment Adviser, Investment Advisers Act of 1940

See all updates »

Continued Focus on Diversifying the Boardroom

Like the preceding year, 2021 was full of unparalleled challenges for corporate directors, including new COVID-19 variants, supply chain disruptions, increased competition for talent and inflation. In this atmosphere, investors…more

Board of Directors, Corporate Governance, Diversity, Diversity and Inclusion Standards (D&I), Nasdaq

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UK Government Consultation on Proposed Power to Block Listings on National Security Grounds

Key Points - The proposed power would allow the UK Government to block initial equity listings and admissions on UK public markets on the grounds of national security. The listing of debt securities (other than…more

Blocking Power, Debt Securities, Financial Conduct Authority (FCA), HM Treasury, National Security

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Lawmakers Reach Landmark Agreement on Bipartisan, Bicameral Comprehensive Privacy Legislation

Key Points - On Sunday, April 7, Senate Commerce Committee Chair Maria Cantwell (D-WA) and House Energy and Commerce (E&C) Committee Chair Cathy McMorris Rodgers (R-WA) struck a deal on a comprehensive federal bill, the American…more

Advanced Notice of Proposed Rulemaking (ANPRM), Consumer Privacy Rights, Data Privacy, Data Protection, Privacy Laws

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Kingdom of Saudi Arabia Approves Amendments to Personal Data Protection Law and Confirms September 2023 Effective Date

On March 27, 2023, the Kingdom of Saudi Arabia (KSA) Council of Ministers approved a series of 27 amendments (the Amendments) to the KSA Personal Data Protection Law (PDPL) pursuant to Royal Decree No. M148 of 05/09/1444H (the…more

Amended Legislation, Data Protection, General Data Protection Regulation (GDPR), Personal Data, Privacy Laws

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10 Health Issues to Watch as Congress Returns from August Recess

Health care has been one of the most active issue areas in the 118th Congress. The activity by the health committees of jurisdiction in both the House and the Senate has been fueled in part by efforts to reauthorize various…more

Animal Drugs, Coronavirus/COVID-19, DEA, Department of Health and Human Services (HHS), Drug Pricing

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Drug Pricing Déjà Vu: The Biden-Harris Administration’s Fiscal Year 2024 Budget Doubles Down on Inflation Reduction Act Reforms; CMMI and MedPAC Also Weigh In.

Are Accelerated Approval Drugs a New Target for Cost Reductions? As outlined in our prior analysis, the Inflation Reduction Act (IRA) included sweeping drug pricing reforms for the Medicare program and the Biden-Harris…more

CMMI, Department of Health and Human Services (HHS), Food and Drug Administration (FDA), Inflation Reduction Act (IRA), Medicare

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

See all updates »

Reminder to Managers of New Fund Marketing Rules in the EU

1. Overview The new rules on the promotion of funds introduced by the new Cross-Border Distribution of Collective Investment Undertakings Directive and Regulation (Cross-Border Distribution of Funds (CBDF) Rules) are due to…more

AIFM, Alternative Investment Fund Managers Directive (AIFMD), Cross-Border, EU, European Securities and Markets Authority (ESMA)

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Delaware Supreme Court Rules on Impact of Seller’s Actions in Response to COVID-19 in M&A Transaction

Key Points - On December 7, 2021, the Delaware Supreme Court unanimously upheld the Court of Chancery’s decision in AB Stable VIII LLC v. MAPS Hotels and Resorts One LLC, finding that certain actions taken by the Seller in…more

Acquisitions, Coronavirus/COVID-19, DE Supreme Court, Material Adverse Effects, Merger Agreements

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Restructuring Plans and Chapter 11: A Transatlantic Perspective

When the Corporate Insolvency and Governance Act 2020 (CIGA) introduced the restructuring plan in England, comparisons with plans of reorganization under chapter 11 of the United States Bankruptcy Code (U.S. Bankruptcy Code)…more

Absolute Priority Rule, Chapter 11, Corporate Insolvency and Governance (CIG) Act 2020, Corporate Restructuring, Debtors-in-Possession

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The Road Ahead for Private Equity: Energy Transition

The energy transition posts a tremendous opportunity for private equity investors. The scale of the investment requirement makes private capital a “must have” and a broad spectrum of energy transition opportunities, particularly…more

Capital Markets, Clean Energy, Energy Sector, Investment, Investors

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SCOTUS Ruling: Pure Omissions Are Not Actionable Under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued an important decision in the case of Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165. Justice Sotomayor, writing for a unanimous Court, ruled that “pure…more

Failure To Disclose, Macquarie Infrastructure Corp v Moab Partners LP, Omissions, Rule 10(b), Rule 10b-5

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Key Medicare Issues to Watch in Lame Duck Session

Washington, D.C. is currently focused on a September continuing resolution (CR) to keep the federal government funded, but it is worth looking ahead to the broader health care horizon and the key Medicare issues that await…more

Biden Administration, Centers for Medicare & Medicaid Services (CMS), Coronavirus/COVID-19, Health Care Providers, Inflation Reduction Act (IRA)

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Unfinished Health Care Business: 10 Issues to Watch as Congress Rings in the New Year

Health care was one of the most active issue areas in 2023 and this trend is expected to continue when Congress returns in the New Year for the second session of the 118th Congress. The activity by the health committees of…more

Appropriation, Artificial Intelligence, Clinical Laboratories, Congressional Oversight, Department of Health and Human Services (HHS)

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Fall Congressional Outlook

Introduction - Congress returns from the August recess with a robust agenda and limited time to pursue it. The calendar is further constrained by the September 30 deadline to pass appropriations packages or a continuing…more

Agricultural Sector, Climate Change, Continuing Resolution, EBITDA, Energy Sector

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Conflicting Decisions Under 28 U.S.C. § 1782: How Should International Commercial Arbitration Deal With the Shifting Landscape?

On December 7, 2020, parties and practitioners in international commercial arbitration came one step closer to resolving the threshold question of the applicability of 28 U.S.C. § 1782 to international commercial tribunals…more

28 U.S.C. § 1782, Arbitration, Commercial Arbitration, Discovery, Federal Arbitration Act

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ONC Steps into AI Regulation by Imposing Requirements for ‘Predictive Decision Support Interventions’; Also Updates Information Blocking Rules

On December 13, 2023, the U.S. Department of Health and Human Services (HHS) Office of the National Coordinator for Health Information Technology (ONC) published a wide-ranging final rule, Health Data, Technology, and…more

Artificial Intelligence, Automated Decision Systems (ADS), Department of Health and Human Services (HHS), Food and Drug Administration (FDA), Health Technology

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Corporate Insolvency and Governance Act

The Corporate Insolvency and Governance Act (the “Act”) received Royal Assent on 25 June 2020 and is now in force. As anticipated in our client alert of 26 May 2020, the Act represents the most extensive changes in the…more

Coronavirus/COVID-19, Corporate Governance, Corporate Insolvency and Governance Bill 2020 (“CIGB”), Corporate Restructuring, Insolvency

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SEC Announces First Off-Channel Communications Enforcement Action Against a Standalone Private Fund Manager

On April 3, 2024, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement action against a registered investment adviser (RIA) with no ties to a broker-dealer regarding so-called “off-channel”…more

Broker-Dealer, Electronic Communications, Enforcement Actions, Fund Managers, Investigations

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SCOTUS Ruling: Pure Omissions Are Not Actionable Under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued an important decision in the case of Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165. Justice Sotomayor, writing for a unanimous Court, ruled that “pure…more

Failure To Disclose, Macquarie Infrastructure Corp v Moab Partners LP, Omissions, Rule 10(b), Rule 10b-5

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Judge Rules California State Law Does Not Prohibit Federal Forum Provisions That Seek To Avoid Cyan’s Bar on Removal of Securities Claims

- California state court held that federal forum provisions for Securities Act claims are not illegal and may be used to sidestep the bar on removal of Securities Act claims following the United States Supreme Court’s ruling in…more

Certificates of Incorporation, Cyan Inc v Beaver Cty Emps Ret Fund, Forum Selection, Jurisdiction, Removal

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NTIA Issues Important Guidance to Broadband Providers and States on Over $40 Billion Broadband Equity, Access and Deployment Program

On May 13, 2022, the U.S. Department of Commerce’s National Telecommunications and Information Administration (NTIA) released the Notice of Funding Opportunity (NOFO) for the Broadband Equity, Access and Deployment (BEAD)…more

Broadband, Critical Infrastructure Sectors, FCC, Internet Service Providers (ISPs), Telecommunications

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Private Funds Remain a Top Priority for the SEC in 2022: A Review of Recent Cases and Their Implications for Private Fund Managers

Late last year, Securities and Exchange Commission (SEC) Chair Gary Gensler warned private fund managers that they should be prepared for increased regulatory scrutiny. Shortly thereafter, in February 2022, the SEC announced a…more

Broker-Dealer, Enforcement Actions, Environmental Social & Governance (ESG), Fund Managers, Investment Adviser

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New Antidumping Duty Petition on Brass Rod from Brazil, India, Israel, Mexico, South Africa and South Korea and Countervailing Duty Petition on Brass Rod from India, Israel and South Korea

On April 27, 2023, a coalition of domestic producers of brass rod filed a petition with the United States Department of Commerce (DOC) and the U.S. International Trade Commission (ITC) seeking the imposition of antidumping (AD)…more

Anti-Dumping Duty, Countervailing Duties, Export Controls, Exports, Imports

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SCOTUS Ruling: Pure Omissions Are Not Actionable Under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued an important decision in the case of Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165. Justice Sotomayor, writing for a unanimous Court, ruled that “pure…more

Failure To Disclose, Macquarie Infrastructure Corp v Moab Partners LP, Omissions, Rule 10(b), Rule 10b-5

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Make (Whole) A Minute: Brazos Bankruptcy Update

Beginning on February 13, 2021, something unprecedented happened in the state of Texas—a winter storm caused temperatures to dip well-below freezing. This event, dubbed the “Black Swan Winter Event,” caused Texas to experience…more

Bankruptcy Code, Chapter 11, Commercial Bankruptcy, Electricity, Energy Sector

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An Opportunity for Bipartisan Action: Congress and the Biden-Harris Administration Respond to Growing Mental Health and Substance Use Challenges

In October of 2018, Congress passed the SUPPORT for Patients and Communities Act (P.L. 115-271). The comprehensive opioid treatment law passed both chambers of Congress with large bipartisan support and tackled many aspects of…more

Biden Administration, Drug & Alcohol Abuse, Mental Health, Opioid, Prescription Drugs

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Practical Considerations for Preparing Your 2015 CD&A

In anticipation of the upcoming 2015 proxy season, many companies are in the process of drafting their proxy statements. The compensation discussion and analysis (CD&A) section of the proxy statement has received a great deal…more

Corporate Governance, Executive Compensation, Proxy Season, Proxy Statements, Say-on-Pay

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CFIUS Proposes Expanded Enforcement Authorities and Increased Penalties

Key Points - On April 15, 2024, the Treasury Department published a proposed rule that would amend the Committee on Foreign Investment in the United States (CFIUS) regulations to expand CFIUS’s enforcement authorities…more

CFIUS, Comment Period, Enforcement, Filing Requirements, Foreign Investment

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The Road Ahead for Private Equity: Health Care & Life Sciences

Despite strong private equity interest in drug and device targets, policy changes in the healthcare industry have made the M&A market tricky to navigate. Healthcare has been one of the most active policy focus areas in 2023 and…more

Centers for Medicare & Medicaid Services (CMS), Drug Pricing, Inflation Reduction Act (IRA), Life Sciences, Pharmaceutical Industry

See all updates »

PCAOB Amends Process for Appointing and Removing its Hearing Officers

On January 29, 2019, the Public Company Accounting Oversight Board (PCAOB or “Board”) adopted amendments to its bylaws and rules that make the PCAOB’s appointment and removal of its hearing officers subject to the approval of…more

Administrative Law Judge (ALJ), Administrative Proceedings, Appointments Clause, Bylaws, Constitutional Challenges

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New California Laws Provide Private Right of Action for Unlawful Restrictive Covenants; Require Notice to Affected Employees by February 14, 2024

Key Points - New California statutes provide California employees with private right of action against firms that promulgate, maintain or try to enforce unlawful restrictive covenants. By February 14, 2024, firms must provide…more

California, Labor Code, Non-Compete Agreements, Non-Solicitation Agreements, Private Right of Action

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What Can Private Equity Firms Do to Re-incentivise Management?

There are a variety of options; and which might work depends upon the circumstances. There are a number of issues to consider, such as the level of consent required to make changes to the structure. There are likely significant…more

Fund Managers, Investment, Investment Management, Investors, Private Equity

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Renewed Congressional Focus on Foreign Gifts and Contract Reporting Under Section 117

Congressional Republicans are increasingly focused on ensuring that U.S. colleges and universities are properly disclosing gifts and contracts from foreign sources under Section 117 of the Higher Education Act of 1965, 20 U.S.C…more

Colleges, Department of Education, Educational Institutions, Financial Assistance Policies, Foreign Entities

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M&A Activity Remains Cool Despite Megadeals Trends in Oil & Gas Series: Part 2 of 5

It seems likely the year ahead will see only a modest rebound in mergers & acquisitions (M&A) activity. Among the challenges that remain for 2024, one challenge to further deal activity is the potential shortage of attractive…more

Acquisitions, Energy Sector, Mergers, Oil & Gas, Policies and Procedures

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Implications of US Department of Energy Decision to ‘Pause’ Authorizations of Liquefied Natural Gas Exports May Extend Beyond Delays to Pending Projects

On January 26, 2024, the Biden-Harris Administration announced that it would place a temporary “pause” on pending decisions to export liquefied natural gas (LNG) to countries with which the United States has not entered into a…more

Bilateral Investment Treaties, Climate Change, Department of Energy (DOE), Energy Policy Act, Energy Projects

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BIS Announces Key Updates to Voluntary Self-Disclosure Process

Key Points - On January 16, 2024, Matthew Axelrod, Assistant Secretary for Export Enforcement at the U.S. Department of Commerce’s BIS announced key updates to BIS’s VSD process. The updates are also now reflected on BIS’s…more

Bureau of Industry and Security (BIS), Enforcement, Export Administration Regulations (EAR), Exports, National Security

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Restructuring Plans and Chapter 11: A Transatlantic Perspective

When the Corporate Insolvency and Governance Act 2020 (CIGA) introduced the restructuring plan in England, comparisons with plans of reorganization under chapter 11 of the United States Bankruptcy Code (U.S. Bankruptcy Code)…more

Absolute Priority Rule, Chapter 11, Corporate Insolvency and Governance (CIG) Act 2020, Corporate Restructuring, Debtors-in-Possession

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SEC Ramp Up Means Increased Enforcement Coming to Crypto Platforms, DeFi Exchanges and NFTs

On May 3, the Securities and Exchange Commission (SEC) announced that it was nearly doubling the size of the Enforcement Division’s Crypto Assets and Cyber Unit in order to pursue cases involving crypto asset offerings, crypto…more

Blockchain, Cryptocurrency, Decentralized Finance (DeFi), Digital Assets, Financial Markets

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DOJ National Security Division Updates Corporate Crime Enforcement Policy and Issues Whistleblower Policy

Executive Summary - - On March 7, 2024, the NSD of the DOJ issued an updated NSD Enforcement Policy to include a new section covering VSDs in connection with mergers and acquisitions. - These updates follow repeated…more

Acquisitions, Corporate Governance, Corporate Misconduct, Department of Justice (DOJ), Due Diligence

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FCC Seeks Comment on Assigning Available Spectrum to the Public

Key Points - The FCC is seeking public comment on methods to enable access to currently unassigned spectrum in their auction inventory that can be used for wireless radio service. The Commission took this step because Congress…more

Auction, Broadband, FCC, Licensing Rules, Public Comment

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Delaware Court of Chancery Issues Precedential Decision Addressing the Impact of COVID-19 on M&A Transaction, Finding Violation of Ordinary Course Covenant but No Material Adverse Effect

In AB Stable VIII LLC v. Maps Hotels and Resorts One LLC, the Delaware Court of Chancery issued a precedential decision addressing whether a buyer could walk away from an M&A transaction because the target company’s responses to…more

Acquisitions, Buyers, Coronavirus/COVID-19, Material Adverse Effects, Merger Agreements

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M&A Activity Remains Cool Despite Megadeals Trends in Oil & Gas Series: Part 2 of 5

It seems likely the year ahead will see only a modest rebound in mergers & acquisitions (M&A) activity. Among the challenges that remain for 2024, one challenge to further deal activity is the potential shortage of attractive…more

Acquisitions, Energy Sector, Mergers, Oil & Gas, Policies and Procedures

See all updates »

U.S. and Multilateral Russia-related Trade Policy and Import Restrictions

Key Points - The United States and its allies are banning imports or increasing tariffs on Russia’s top products—crude oil, petroleum, petroleum fuels, oils, liquefied natural gas, coal, fish, seafood, alcohol,…more

Belarus, Bureau of Industry and Security (BIS), Economic Sanctions, Energy Sector, Export Controls

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California Insurance Commissioner Orders Premium Returns Due to COVID-19

- California Insurance Commissioner Ricardo Lara issued Bulletin 2020-3 requiring insurers to refund premiums to policyholders of several lines of insurance, including automobile insurance, workers compensation and property and…more

Auto Insurance, Casualty Insurance, Commercial Insurance Policies, Coronavirus/COVID-19, Department of Insurance

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2022 Economic Sanctions Year in Review and Outlook for 2023

Introduction - In 2022, the United States, European Union (EU) and United Kingdom, along with a significant number of other partners and allies, imposed an unprecedented number of economic, financial and trade sanctions on…more

Belarus, Economic Sanctions, Export Controls, Office of Foreign Assets Control (OFAC), Russia

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Liability Management Exercises: A Transatlantic Perspective

Over recent years, a prolonged period of low interest rates, together with a competitive financing market, has resulted in greater leverage and control for private companies (and their sponsors) when it comes to negotiating…more

EU, Financial Markets, Financing, Liquidity, Private Equity

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EU Parliament Votes On Climate Agenda

During the plenary session held the first week of June, the European Parliament voted on several items related to the European Union’s (EU) “Fit for 55” climate package. Debate and division continue to be strong. Key takeaways…more

Carbon Emissions, Climate Change, Emissions Trading System, Environmental Policies, EU

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International Unilateral Export Controls—An Increased Focus on Advanced Technologies

On 11 March 2024, the UK expanded its export control regime to include new controls on specific emerging technologies, such as quantum computing, semiconductor technologies and additive manufacturing, under The Export Control…more

Export Controls, France, Japan, Netherlands, Regulatory Standards

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Tribal Nations Receive Governmental Resources in CARES Act

Tribal nations are governments. As such, they are responsible for the same type of governmental functions as state and local governments such as health, education, social services, infrastructure, elderly care, public safety,…more

CARES Act, Coronavirus/COVID-19, Financial Stimulus, Health and Safety, Infectious Diseases

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Reflections on Restructurings: UK Sanctions Regulator Clears Path for Future Restructurings

On 28 March 2023, the UK Office of Financial Sanctions Implementation of HM Treasury (“OFSI”) issued the “Bond amendments and restructurings for non-Designated Persons” general licence (General Licence - INT/2023/2824812) (the…more

Economic Sanctions, HM Treasury, Office of Financial Sanctions Implementation (OFSI), Office of Foreign Assets Control (OFAC), Russia

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So, What’d I Miss??? A Flurry of New Employment Laws Impact New York Firms

Key Points - The past eight months have featured the introduction of myriad new state and city laws impacting New York firms. From amendments to the NYC Fair Chance Act and NYS Paid Family Leave Law, to the expansion of…more

Artificial Intelligence, Background Checks, Criminal Background Checks, Employer Liability Issues, Fair Chance Act

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

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What Can Private Equity Firms Do to Re-incentivise Management?

There are a variety of options; and which might work depends upon the circumstances. There are a number of issues to consider, such as the level of consent required to make changes to the structure. There are likely significant…more

Fund Managers, Investment, Investment Management, Investors, Private Equity

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Supreme Court Declines to Review 2nd Circuit Decision That Syndicated Term Loans Are Not Securities

On February 20, 2024, the U.S. Supreme Court declined to hear an appeal brought by the trustee of the Millennium Lender Claim Trust challenging the U.S. Court of Appeals for the 2nd Circuit’s August 2023 decision, in which the…more

Borrowers, Certiorari, Financial Institutions, Lenders, Motion to Dismiss

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Reminder to Managers re Upcoming Changes to EMIR Reporting

The European Market Infrastructure Regulation (EMIR) data reporting requirements apply to European Union (EU) funds and EU fund managers. UK EMIR imposes reporting requirements on UK funds and UK managers. The reporting…more

Alternative Investment Fund Managers Directive (AIFMD), EMIR, EU, Financial Conduct Authority (FCA), Fund Managers

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Proxy Advisory Firms Issue 2023 Voting Guidelines

As companies begin preparing for the 2023 proxy season, we note that Institutional Shareholder Services Inc. (ISS) and Glass Lewis, the leading providers of corporate governance solutions and proxy advisory services, issued…more

Corporate Governance, Glass Lewis, Institutional Shareholder Services (ISS), Investment Adviser, Investment Management

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Navigating Relief Under the CARES Act in the Entertainment Industry

- The Paycheck Protection Program (PPP), contained within the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) signed by President Trump on March 27, 2020, creates a $349 billion loan facility to…more

CARES Act, Coronavirus/COVID-19, Economic Injury Disaster Loans, Entertainment Industry, Federal Loans

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

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Eleventh Circuit Decision “Marks” a Further Shift in the TCPA Landscape

Key Points - On January 27, 2020, the 11th Circuit held that telephone equipment must randomly or sequentially generate numbers in order to constitute an “automatic telephone dialing system” (ATDS) under the Telephone…more

ATDS, Auto-Dialed Calls, Class Action, Debt Collection, FCC

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2016 Changes to Delaware Law Go into Effect

Amendments to the Delaware General Corporation Law - Several significant amendments to the Delaware General Corporation Law (the DGCL) were signed into law on June 16, 2016, and went into effect on August 1, 2016.1 Most…more

Amended Regulation, Appraisal, Delaware General Corporation Law, Delaware Limited Liability Company Act, Limited Partnerships

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“When you are a hammer, the world is a nail” – SEC and PCAOB Senior Staff Signal Increased SEC and PCAOB Gatekeeper Enforcement

Key Points - SEC Enforcement and PCAOB Enforcement both are pursuing more significant sanctions against auditors, particularly with respect to civil money penalties. Expect 2023 enforcement against auditors to focus on…more

Auditors, Audits, Corporate Governance, Enforcement Actions, PCAOB

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New Year's Resolutions for the Secondaries Space

As we begin the annual ritual of making our personal New Year’s resolutions, it’s a great time for secondaries market participants to do the same. As we gear up for what is expected to be an active 2024, here are our suggestions…more

Anti-Money Laundering, Beneficial Owner, Business Transfer Agreements, Corporate Transparency Act, Fund Managers

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FCC Seeks Comment on Assigning Available Spectrum to the Public

Key Points - The FCC is seeking public comment on methods to enable access to currently unassigned spectrum in their auction inventory that can be used for wireless radio service. The Commission took this step because Congress…more

Auction, Broadband, FCC, Licensing Rules, Public Comment

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President Biden Nominates Bipartisan Trio to FERC

On February 29, 2024, President Joe Biden nominated three individuals to the Federal Energy Regulatory Commission (FERC or the Commission): Judy W. Chang (Democrat), David Rosner (Democrat) and Lindsay S. See (Republican). As…more

FERC, Joe Biden, Nominations

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Commerce Imposes Significant New Controls on Advanced Semiconductors

On October 17, 2023, the Commerce Department’s Bureau of Industry and Security (BIS) released three rules amending the Export Administration Regulations (EAR) that significantly build on the October 7, 2022 semiconductor…more

Bureau of Industry and Security (BIS), China, Deadlines, Entity List, Export Administration Regulations (EAR)

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BIS Announces Key Updates to Voluntary Self-Disclosure Process

Key Points - On January 16, 2024, Matthew Axelrod, Assistant Secretary for Export Enforcement at the U.S. Department of Commerce’s BIS announced key updates to BIS’s VSD process. The updates are also now reflected on BIS’s…more

Bureau of Industry and Security (BIS), Enforcement, Export Administration Regulations (EAR), Exports, National Security

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Fifth Circuit Invalidates DACA: What the Decision Means for DACA Recipients and Their Employers

Key Points - Fifth Circuit Court of Appeals ruled that the DACA program violates the Administrative Procedure Act. Court remanded the case to the District Court in light of the newly published DACA regulation…more

DACA, Department of Homeland Security (DHS), Employment Authorization Documents (EAD), Form I-9, Immigration Procedures

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Proposed Constitutional Reform in Mexican Power Sector

On October 1, 2021, Mexico’s President Andrés Manuel López Obrador submitted to the House of Representatives a bill to amend the Mexican constitution in respect of the electric power sector. The bill aims to reassert the Mexican…more

Constitutional Amendment, Electricity, Energy Projects, Energy Reform, Energy Sector

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PJM Board Moves Forward with MOPR Overhaul

The board of managers of PJM Interconnection, L.L.C. (PJM) has directed PJM to prepare a proposal for filing with the Federal Energy Regulatory Commission (FERC) that will substantially reform the Minimum Offer Price Rule (MOPR)…more

Electric Generation Suppliers, Electricity, Energy Market, Energy Policy, Energy Sector

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

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UK Government Backed Financing 2.0: Coronavirus Large Business Interruption Loan Scheme for UK Businesses Now Live

Further to the Chancellor’s announcement on April 3, 2020, of the introduction of the Coronavirus Large Business Interruption Loan Scheme (CLBILS), the CLBILS that is aimed at larger U.K. businesses is now live and the following…more

Business Interruption, Commercial Loans, Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (the CLBILS), Coronavirus/COVID-19

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Fourth (and Final?) Act in the Kabab-Ji Saga—What Law Governs the Arbitration Agreement (Law of the Seat or Law of the Underlying Contract)?

On 28 September 2022, the French Cour de cassation upheld the French Court of Appeal’s decision in Kabab-Ji SAL v. Kout Food Group that the law of the seat, rather than the law governing the underlying contract, governed issues…more

Arbitration, Arbitration Agreements, Choice-of-Law, France, Franchise Agreements

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The UK’s New Subsidy Regime: Not a Return to the 1970s and the Government Picking Winners?

The UK government introduced into Parliament a wholesale change to its State aid rules under the new Subsidy Control Bill on 30 June 2021 (the “Bill”). The regime, which is set to come into effect in H1 2022, subject to…more

Competition, European Commission, National Security, State Aid, UK

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Pursuing Capital for Growth Trends in Oil & Gas Series: Part 1 of 5

The past year has been broadly characterized as one of limited public market activity and rising interest rates putting a dampener on access to capital. For the oil & gas industry, the volume of debt & equity offerings remained…more

Capital Markets, Energy Sector, Initial Public Offering (IPO), Investment, Investors

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BIS Has New Authorities to Impose Controls over Activities of US Persons in Support of Foreign Military, Security, or Intelligence Services

Key Points - The Export Control Reform Act of 2018 has been amended to give BIS the authority to regulate services and other activities of U.S. persons, wherever located, when in support of foreign “military, security, or…more

Bureau of Industry and Security (BIS), Export Administration Regulations (EAR), Export Control Reform Act (ECRA), Export Controls, Exports

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Amendments to Concert Party Presumptions in the Takeover Code

The UK Takeover Panel (the “Panel”) has introduced amendments to the definition of “acting in concert” under the Takeover Code (the “Code”) and, in particular, the circumstances in which the Panel will presume parties to be…more

Investors, Publicly-Traded Companies, Shareholders, Takeover Bids, UK

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SEC Charges Corporate Insiders in Going-Privates for Failing to Update Schedule 13Ds

The Securities and Exchange Commission (SEC) announced on March 13, 2015, that it had charged eight officers, directors and major shareholders for failing to file amendments to their Schedule 13Ds to disclose steps to take their…more

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Liability Management Exercises: A Transatlantic Perspective

Over recent years, a prolonged period of low interest rates, together with a competitive financing market, has resulted in greater leverage and control for private companies (and their sponsors) when it comes to negotiating…more

EU, Financial Markets, Financing, Liquidity, Private Equity

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Trends in Special Situations & Private Credit 2024

With 2023 characterized by record inflation, constraints in the syndicated lending environment and rising interest rates, credit funds were able to step in to provide flexible, tailored and relationship-based financing to…more

Acquisitions, Cooperation Agreement, Credit Agreements, EBITDA, Hybrid Capital Instruments

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Sixth Circuit Weighs In on Multiemployer Plan Withdrawal Liability Assumptions

On September 28, 2021, in Sofco Erectors v. Trustees of the Ohio Operating Engineers Pension Fund, No. 20-3639/3671, 2021 BL 367718 (6th Cir. Sept. 28, 2021), the 6th Circuit Court of Appeals issued the first major appeals court…more

Employee Benefits, Employee Retirement Income Security Act (ERISA), Interest Rates, Multiemployer Plan, Pensions

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Trends in Oil & Gas: 2023 and the Year Ahead

The past 12 months have been some of the trickiest to navigate for oil & gas companies in recent memory. Despite high energy prices and record cashflows, there is still uncertainty about what future paths to growth might look…more

Acquisitions, Capital Raising, Energy Sector, FERC, Financing

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SCOTUS Ruling: Pure Omissions Are Not Actionable Under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued an important decision in the case of Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165. Justice Sotomayor, writing for a unanimous Court, ruled that “pure…more

Failure To Disclose, Macquarie Infrastructure Corp v Moab Partners LP, Omissions, Rule 10(b), Rule 10b-5

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SEC Fines 16 Firms More Than $81 Million for Off-Channel Communications

Key Points - Last week, the SEC announced settlements with 16 broker-dealers, dually registered broker-dealers and investment advisers, and affiliated investment advisers in connection with their failures to maintain and…more

Broker-Dealer, Civil Monetary Penalty, Compliance, Investment Adviser, Investment Advisers Act of 1940

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UK CMA Publishes Thoughtful Report on AI Foundation Models

On 18 September 2023, following its initial review of artificial intelligence (AI) foundation models (FMs), the UK Competition and Markets Authority (CMA) published its eagerly awaited report (the “Report”).The Report has been…more

Artificial Intelligence, Consumer Protection Laws, Diversity, Fair Dealing Exception, Machine Learning

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DOJ Criminal Division Announces New Round of Revisions to Corporate Enforcement Policy

Key Points - On January 17, 2023, Assistant Attorney General Kenneth A. Polite, Jr. announced revisions to the DOJ Criminal Division’s corporate enforcement policy that offer new incentives to self-disclose corporate…more

Compliance, Department of Justice (DOJ), FCPA Corporate Enforcement Policy (CEP), Federal Sentencing Guidelines, Foreign Corrupt Practices Act (FCPA)

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California Passes New Equal Pay Law

If you read one thing... - California legislature has passed amendments to the California Fair Pay Act, which the Governor has said he will sign into law. - The amendments expand protections against inequality in…more

Amended Legislation, Employee Rights, Employer Liability Issues, Equal Pay, Fair Pay Act

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Capitalizing on Merger Arbitrage Investment Opportunities in Asia Pacific Markets

Returns from Asia-Pacific merger arbitrage positions have proved consistently attractive over time, offering the additional benefit of portfolio diversification when compared to other equity strategies where returns are more…more

Acquisitions, Appraisal, Arbitrage, Asia Pacific, Foreign Investment

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COVID-19 Across Asia: Your Essential Toolkit in the Rapidly Changing Commercial and Legal Risk Landscape

Whatever your business—whether you are an investor looking at new investments, managing existing positions or planning exits, or a corporate concerned with protecting and enhancing your business—the current public health crisis…more

Commercial Contracts, Contract Disputes, Coronavirus/COVID-19, Force Majeure Clause, Investment Management

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Florida Enacts Anti-ESG Legislation – House Bill 3 Explained

On May 2, 2023, Gov. Ron DeSantis (R-FL) signed into law House Bill 3 (HB3), legislation that, among other things, blocks the consideration of environmental, social and governance (ESG) factors in state and local investment…more

Corporate Governance, Environmental Social & Governance (ESG), Financial Institutions, Florida, Governor DeSantis

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The New U.K. Ownership and Control Transparency Regime (The PSC Regime)

If you read one thing... - U.K. corporates required to identify and record identities (including home addresses) of 25%+ holders of economics/votes/control (“PSCs”) – exclusion for most U.K. listed issuers. -…more

Directors, Primary Residence, Shareholders, Small Business Enterprise and Employment Act, Transparency

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New Year's Resolutions for the Secondaries Space

As we begin the annual ritual of making our personal New Year’s resolutions, it’s a great time for secondaries market participants to do the same. As we gear up for what is expected to be an active 2024, here are our suggestions…more

Anti-Money Laundering, Beneficial Owner, Business Transfer Agreements, Corporate Transparency Act, Fund Managers

See all updates »

SCOTUS Ruling: Pure Omissions Are Not Actionable Under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued an important decision in the case of Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165. Justice Sotomayor, writing for a unanimous Court, ruled that “pure…more

Failure To Disclose, Macquarie Infrastructure Corp v Moab Partners LP, Omissions, Rule 10(b), Rule 10b-5

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CMS Revises Policy on Texting Patient Orders

On February 8, 2024, the Centers for Medicare and Medicaid Services (CMS) released a memorandum from the Quality, Safety & Oversight Group (QSOG) updating its 2018 guidance on texting patient information among healthcare…more

Centers for Medicare & Medicaid Services (CMS), Critical Access Hospitals, Electronic Medical Records, Health Insurance Portability and Accountability Act (HIPAA), HITECH Act

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COBRA Premium Subsidy under the American Rescue Plan Act of 2021 and IRS Notice 2021-31

On May 18, 2021, the Internal Revenue Service (IRS) released Notice 2021-31 (the “Notice”) providing guidance in Q&A format on the application of the temporary COBRA premium assistance provisions of the American Rescue Plan Act…more

American Rescue Plan Act of 2021, COBRA, Department of Labor (DOL), Employee Benefits, Employer Group Health Plans

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Using Int'l Discovery Statute After High Court Limits Its Scope

Law360 has published “Using Int'l Discovery Statute After High Court Limits Its Scope” The article discusses foreign litigants’ use of U.S.-based discovery procedures pursuant to Section 1782 of the U.S. Code, as well as…more

28 U.S.C. § 1782, Discovery, Foreign Jurisdictions, Foreign Tribunals, International Arbitration

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The Hong Kong Court Refuses to Stay ‘Keepwell’ Claims

In a noteworthy decision handed down on 17 December 2021 (“Decision”), the High Court of Hong Kong recognised the Mainland China bankruptcy administrator (“Administrator”) of Peking University Founder Group Limited (PKU) and…more

Bankruptcy Reform, China, Commercial Bankruptcy, Corporate Restructuring, Cross-Border

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Clean Energy Tax Credit Transferability Guidance Issued

On June 14, 2023, the Internal Revenue Service and the Treasury Department issued (among other guidance) an expansive set of proposed regulations explaining how taxpayers can monetize 11 green energy tax credits through…more

Clean Energy, Energy Tax Incentives, Inflation Reduction Act (IRA), Investment Tax Credits, IRS

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DOL Withdraws Classification Guidance

On June 7, 2017, the U.S. Department of Labor (DOL) announced that it was withdrawing its 2015 and 2016 Administrative Interpretations regarding independent contractors and joint employment. Both interpretations were designed to…more

Administrative Interpretation, Department of Labor (DOL), Economic Realities Test, Employee Definition, Fair Labor Standards Act (FLSA)

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SEC Announces First Off-Channel Communications Enforcement Action Against a Standalone Private Fund Manager

On April 3, 2024, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement action against a registered investment adviser (RIA) with no ties to a broker-dealer regarding so-called “off-channel”…more

Broker-Dealer, Electronic Communications, Enforcement Actions, Fund Managers, Investigations

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“Round 2” of Marketing Rule Enforcement Actions — Focus on Hypothetical Performance

On April 12, 2024, the U.S. Securities and Exchange Commission imposed fines and other sanctions on five registered investment advisers (RIAs) for violations of the Investment Adviser Marketing Rule (Rule 206(4)-1), which has…more

Broker-Dealer, Enforcement Actions, Fines, Investment Adviser, Investment Advisers Act of 1940

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Liability Management Exercises: A Transatlantic Perspective

Over recent years, a prolonged period of low interest rates, together with a competitive financing market, has resulted in greater leverage and control for private companies (and their sponsors) when it comes to negotiating…more

EU, Financial Markets, Financing, Liquidity, Private Equity

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Federal Communications Commission – Broadband Labeling Requirements

Late last year, the Federal Communications Commission (“FCC” or the “Commission”) released a Report and Order (the “Order”) promulgating new disclosure requirements for broadband providers in the form of a label to be visible at…more

Broadband, FCC, Infrastructure Investment and Jobs Act (IIJA), Internet Service Providers (ISPs), Labeling

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Trends in Special Situations & Private Credit 2024

With 2023 characterized by record inflation, constraints in the syndicated lending environment and rising interest rates, credit funds were able to step in to provide flexible, tailored and relationship-based financing to…more

Acquisitions, Cooperation Agreement, Credit Agreements, EBITDA, Hybrid Capital Instruments

See all updates »

9th Circuit Provides Key Guidance for Defendants Opposing Rule 23(b)(3) Class Actions

Key Points - The en banc 9th Circuit clarified numerous rules applicable to class actions brought under Rule 23(b)(3) of the Federal Rules of Civil Procedure. The court’s watershed decision in Olean Wholesale Grocery v…more

Class Action, Class Certification, Class Members, Daubert Standards, Evidence

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NLRB’s Joint Employer Rule Vacated

The National Labor Relations Act (NLRA) gives employees the right to unionize and imposes obligations on employers to collectively bargain with unions representing their employees. Failing to recognize those rights and…more

Chamber of Commerce, Contract Terms, Employee Definition, Joint Employers, Jurisdiction

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New Antidumping and Countervailing Duty Petitions on Mattresses

On July 28, 2023, a coalition of domestic producers and wholesalers of mattresses filed petitions with the U.S. Department of Commerce (DOC) and the U.S. International Trade Commission (ITC) seeking the imposition of antidumping…more

Anti-Dumping Duty, Countervailing Duties, Cross-Border Transactions, Imports, International Trade Commission (ITC)

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Delaware Chancery’s Moelis II Decision Provides Cautionary Tale for Boards and Activists

On February 23, 2024, Vice Chancellor Travis Laster of the Delaware Court of Chancery issued his 131-page decision in West Palm Beach Firefighters’ Pension Fund v. Moelis & Co., No. 2023-0309-JTL. The case involved a challenge…more

Board of Directors, Corporate Governance, Corporations Code, Delaware, Delaware General Corporation Law

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Fall Congressional Outlook

Introduction - Congress returns from the August recess with a robust agenda and limited time to pursue it. The calendar is further constrained by the September 30 deadline to pass appropriations packages or a continuing…more

Agricultural Sector, Climate Change, Continuing Resolution, EBITDA, Energy Sector

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Top Six Predictions for Fintech M&A in 2023

Volatile technology stocks and rising interest rates put the brakes on fintech funding rounds and M&A in 2022. But even though investment activity fell from 2021’s highs, fintech deal volumes have remained well ahead of…more

Acquisitions, Financial Institutions, Financial Services Industry, FinTech, Mergers

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FCA Contemplates Revising Asset Management Regulatory Framework

The UK Financial Conduct Authority (FCA) is seeking industry feedback in a discussion paper (DP)1 on potential regulatory reform of the asset management sector. If enacted, the UK Government’s Future Regulatory Framework…more

Alternative Investment Fund Managers Directive (AIFMD), Asset Management, EU, Financial Conduct Authority (FCA), Financial Services Industry

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Make (Whole) A Minute: Takeaways from the Recent Hertz Decision on Make-Whole and Post-Petition Interest

Happy 2022, everyone! It seems fitting to kick off our Make (Whole) a Minute Update series in 2022 with an alert on make-whole. On December 22, 2021, the Bankruptcy Court for the District of Delaware ruled in favor of the…more

Bankruptcy Code, Claim Limitations, Commercial Bankruptcy, Institutional Investors, Make-Whole Premium

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“Round 2” of Marketing Rule Enforcement Actions — Focus on Hypothetical Performance

On April 12, 2024, the U.S. Securities and Exchange Commission imposed fines and other sanctions on five registered investment advisers (RIAs) for violations of the Investment Adviser Marketing Rule (Rule 206(4)-1), which has…more

Broker-Dealer, Enforcement Actions, Fines, Investment Adviser, Investment Advisers Act of 1940

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Lawmakers Reach Landmark Agreement on Bipartisan, Bicameral Comprehensive Privacy Legislation

Key Points - On Sunday, April 7, Senate Commerce Committee Chair Maria Cantwell (D-WA) and House Energy and Commerce (E&C) Committee Chair Cathy McMorris Rodgers (R-WA) struck a deal on a comprehensive federal bill, the American…more

Advanced Notice of Proposed Rulemaking (ANPRM), Consumer Privacy Rights, Data Privacy, Data Protection, Privacy Laws

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“Round 2” of Marketing Rule Enforcement Actions — Focus on Hypothetical Performance

On April 12, 2024, the U.S. Securities and Exchange Commission imposed fines and other sanctions on five registered investment advisers (RIAs) for violations of the Investment Adviser Marketing Rule (Rule 206(4)-1), which has…more

Broker-Dealer, Enforcement Actions, Fines, Investment Adviser, Investment Advisers Act of 1940

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U.S. Senate Conducts Hearing to Consider FERC Commissioner Nominations

On Thursday, March 21, 2024, the U.S. Senate Committee on Energy and Natural Resources held a full committee hearing to question President Biden’s three nominees to serve as Federal Energy Regulatory Commission (FERC or…more

FERC, Natural Gas, Nominations

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Executive Order Formalizes Telecom Foreign Investment Review

On April 4, the White House released an Executive Order establishing the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector (the “Committee”) to assess foreign ownership…more

Executive Orders, Foreign Investment, Foreign Ownership, National Security, Telecommunications

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Akin Space Law, Regulation and Policy Update - March 2024

Good Afternoon! This is Akin’s biweekly policy newsletter on space policy and regulatory developments, providing information on major space headlines and forthcoming space-related events and hearings..…more

Aerospace, Federal Aviation Administration (FAA), Innovation, Outer Space, Proposed Legislation

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FCA Consults on Publishing Information about the Opening and Progress of Investigations

The U.K. Financial Conduct Authority has published its proposed approach to publishing information about the opening and progress of investigations.1  The proposals represent a marked departure from the FCA’s current practice to…more

Confidentiality Policies, Financial Conduct Authority (FCA), Financial Services Industry, FSMA, Human Rights Act

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CFIUS Proposes Expanded Enforcement Authorities and Increased Penalties

Key Points - On April 15, 2024, the Treasury Department published a proposed rule that would amend the Committee on Foreign Investment in the United States (CFIUS) regulations to expand CFIUS’s enforcement authorities…more

CFIUS, Comment Period, Enforcement, Filing Requirements, Foreign Investment

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2020 Energy Year in Review

Dear Clients and Friends, In 2020, domestic and international energy markets were challenged by a worldwide pandemic and its effect on commodity prices, which accelerated disruptions in supply chains and impacted the energy…more

Capital Markets, Energy Sector, Energy Storage, Environmental Social & Governance (ESG), Mergers

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Revisions to the EDPB Guidelines on Consent: Cookie Walls and Scrolling Through

On May 4, 2020, the European Data Protection Board (EDPB) adopted two important revisions to its 33-page Guidelines on Consent (Guidelines) under the General Data Protection Regulation (GDPR). The Guidelines are highly…more

Consent, Cookies, Data Protection, Data Protection Authority, Data Subjects Rights

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Final Call to Respond to ICO’s Consultation on Biometric Data

The Information Commissioner’s Office (ICO), the personal data protection authority in the United Kingdom (UK), is running a public consultation on its draft guidance on biometric data which covers the requirements under the UK…more

Biometric Information, Draft Guidance, General Data Protection Regulation (GDPR), Impact Assessments, Information Commissioner's Office (ICO)

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Update (2): The NY LLC Transparency Act and Corporate Transparency Act’s Impact on Private Fund Managers

In the weeks since publishing our original alert, FinCEN released several frequently asked questions (FAQs) on the application of the Corporate Transparency Act (CTA). Private fund managers are likely to find two of these FAQs…more

Beneficial Owner, Commodity Pool, Corporate Transparency Act, Exemptions, FinCEN

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Restructuring Watch - April 2022

In this edition of Restructuring Watch, we reflect on the first court decision on the moratorium procedure, some recent schemes and restructuring plans, the lifting of the remaining pandemic-related restrictions for commercial…more

CIGA, Commercial Property Owners, Corporate Restructuring, Financial Conduct Authority (FCA), Financial Services Industry

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Justice Louis Powell and the Evolution of Modern Securities Law: A Review of a History of Securities Law in the Supreme Court

The words “Supreme Court” tend to stir up current social issues and intermingled constitutional law issues. Public news attention tends to focus on the “headlining grabbing” issues the Court considers, while less glamorous but…more

SCOTUS, Securities, Securities and Exchange Commission (SEC), Securities Litigation

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Fourth (and Final?) Act in the Kabab-Ji Saga—What Law Governs the Arbitration Agreement (Law of the Seat or Law of the Underlying Contract)?

On 28 September 2022, the French Cour de cassation upheld the French Court of Appeal’s decision in Kabab-Ji SAL v. Kout Food Group that the law of the seat, rather than the law governing the underlying contract, governed issues…more

Arbitration, Arbitration Agreements, Choice-of-Law, France, Franchise Agreements

See all updates »

2022 Compliance Developments and Calendar for Private Fund Advisers

Compliance Reminders for 2022 - Registered investment advisers to private funds clients are required to make filings with the Securities and Exchange Commission (SEC) each year and deliver certain information to their…more

Broker-Dealer, CFTC, Commodity Pool, Commodity Trading Advisors (CTAs), Compliance

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U.S. Government Authorizes Economic Sanctions on Turkey

• A new Executive Order signed October 14, 2019, authorizes U.S. sanctions related to the military conflict between Turkey and Syria, providing broad authority to impose sanctions against Turkish government agencies, officials…more

Blocked Person, Economic Sanctions, Executive Orders, Foreign Policy, Foreign Relations

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CryptoLink - March 2024 Updates

In the House, lawmakers continue to make progress on the Clarity for Stablecoins Act (H.R. 4766). On March 19, at a press event hosted by Punchbowl News on the policy landscape for digital payments, outgoing House Financial…more

Anti-Money Laundering, CFTC, Coinbase, Copyright Office, Cryptoassets

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Tribal Appropriations and Provisions Included in House Democrats’ Phase 4 Proposal – the HEROES Act

On Tuesday, May 12, 2020, House Democrats introduced H.R. 6800 – The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, also known as the CARES 2.0 bill. This $3 trillion package would provide additional…more

CARES Act, Coronavirus/COVID-19, Federal Funding, Financial Stimulus, Legislative Agendas

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SCOTUS Ruling: Pure Omissions Are Not Actionable Under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued an important decision in the case of Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165. Justice Sotomayor, writing for a unanimous Court, ruled that “pure…more

Failure To Disclose, Macquarie Infrastructure Corp v Moab Partners LP, Omissions, Rule 10(b), Rule 10b-5

See all updates »

International Trade and Customs Alert: New UFLPA Compliance Guidance: An Overview for US Importers and Supply Chain Partners

Key Points - On June 21, 2022, CBP began enforcing the UFLPA’s revisions to section 307 of the Tariff Act of 1930—19 U.SC. § 1307—by applying a rebuttable presumption that the following goods are prohibited from importation…more

China, Customs and Border Protection, Forced Labor, Imports, Supply Chain

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Landmark SEC and DOJ Insider Trading Cases Signal Increased Scrutiny of Rule 10b5-1 Plans

Key Points - On March 1, 2023, the SEC and DOJ filed insider trading charges against a public company executive alleging he traded pursuant to 10b5-1 trading plans he adopted while he was in possession of material nonpublic…more

10b5-1 Plans, Corporate Governance, Department of Justice (DOJ), Insider Trading, MNPI

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Opportunities & Landmines for Energy Companies Right Now

This episode presents the briefing “Managing the New Reality: Opportunities & Landmines for Energy Companies Right Now,” with Akin Gump corporate partner John Goodgame and financial restructuring partners Sarah Schultz, Ira…more

Board of Directors, Coronavirus/COVID-19, Counterparty Risk, Directors, Disclosure

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America’s Pharmaceutical Supply Chain: An Overview of the Policy Landscape and Potential Path Forward

For several years, policy-makers and commentators have expressed concern about the resilience of the United States’ pharmaceutical supply chain. Current U.S.-based manufacturing capabilities have been at the forefront of these…more

Biden Administration, Biomedical Advanced Research and Development Authority (BARDA), China, Competition, Coronavirus/COVID-19

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U.K. Government’s Brexit U-Turn on DAC6

In light of Brexit, the U.K. government has made the unexpected announcement that it will limit DAC6 (Directive 2018/822) reporting in the U.K. to matters involving arrangements with the effect of concealing the ultimate…more

Beneficial Owner, Common Reporting Standard (CRS), DAC6, Free Trade Agreements, International Tax Issues

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Weatherford: The U.S. and Beyond

Akin Gump lawyers who advised the Ad Hoc Group of holders of Weatherford's $7.4 billion unsecured notes explain how the restructuring was agreed and implemented using three parallel in-court procedures Weatherford is one of…more

Bankruptcy Code, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Debt Restructuring

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The Consumer Financial Protection Bureau Issues Rule That Requires Employers to Update FCRA Summary Of Rights Form

• The Consumer Financial Protection Bureau (CFPB) has issued an interim final rule requiring employers to update the summary of rights form given to applicants and employees in conjunction with a background check by a consumer…more

Adverse Action, Background Checks, Consumer Financial Protection Bureau (CFPB), Consumer Reporting Agencies, Credit Reports

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

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Midstream Acreage Contract Dedications Take a Hit in Bankruptcy

In a hotly anticipated ruling on Tuesday, Judge Chapman followed on her prior pronouncement that she was “inclined” to permit the rejection of certain gathering and processing agreements in the Sabine Oil & Gas chapter 11 cases…more

Chapter 11, Commercial Bankruptcy, Midstream Contracts, Oil & Gas

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Stemming the Tide: Seventh Circuit Deals (Final) Blow to Suspect Right of Publicity Privacy Class Actions Rising in the Courts

Over the last several years, the class action bar has targeted companies in a wave of putative class actions under state “right of publicity” statutes. Although they vary some around the edges, these statutes generally seek to…more

Class Action, Consumer Privacy Rights, Data Brokers, Illinois, Personally Identifiable Information

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CryptoLink - March 2024 Updates

In the House, lawmakers continue to make progress on the Clarity for Stablecoins Act (H.R. 4766). On March 19, at a press event hosted by Punchbowl News on the policy landscape for digital payments, outgoing House Financial…more

Anti-Money Laundering, CFTC, Coinbase, Copyright Office, Cryptoassets

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What’s New in California - December 2022

What’s New in California (WNIC) is a compilation of news stories published by outside organizations relevant to California politics and policy..…more

California, Governor Newsom, Legislative Agendas, New Legislation, State and Local Government

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U.S. Fish and Wildlife Service Issues Proposed Rule to Revise its Bald and Golden Eagle Regulations

On May 4, the U.S. Fish and Wildlife Service (Service) issued a proposed rule titled Eagle Permits; Revisions to Regulations for Eagle Incidental Take and Take of Eagle Nests, which seeks to revise the Service’s bald and golden…more

Bald and Golden Eagle Protection Act, Comment Period, Incidental Take Permits, NEPA, Proposed Regulation

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UK Spring Budget 2023: Points for Asset Managers

Introduction - On 15 March 2023, the UK government revealed the widely anticipated Spring Budget, which contained a number of measures that may be of interest to asset managers…more

Asset Management, Budgets, Corporate Taxes, International Tax Issues, Investment Funds

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Fall Congressional Outlook

Introduction - Congress returns from the August recess with a robust agenda and limited time to pursue it. The calendar is further constrained by the September 30 deadline to pass appropriations packages or a continuing…more

Agricultural Sector, Climate Change, Continuing Resolution, EBITDA, Energy Sector

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How ESG is Impacting the European Leveraged Finance Markets

As we noted here, environmental, social and governance (ESG) factors are becoming increasingly relevant across the finance markets and have impacted a range of financial instruments. The European leveraged finance market has…more

Corporate Governance, Environmental Social & Governance (ESG), EU, Key Performance Indicators (KPIs), Regulatory Requirements

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Update: NLRB’s General Counsel Provides Guidance on Severance Agreements with Broad Confidentiality and Non-Disparagement Clauses

Key Points - The NLRB’s General Counsel issued a memorandum providing her position on the NLRB’s recent decision in McLaren Macomb, holding that employers may not offer severance agreements with broad confidentiality or…more

Confidentiality Agreements, Employer Liability Issues, Employment Policies, Hiring & Firing, NLRA

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M&A Activity Remains Cool Despite Megadeals Trends in Oil & Gas Series: Part 2 of 5

It seems likely the year ahead will see only a modest rebound in mergers & acquisitions (M&A) activity. Among the challenges that remain for 2024, one challenge to further deal activity is the potential shortage of attractive…more

Acquisitions, Energy Sector, Mergers, Oil & Gas, Policies and Procedures

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Life Sciences Due Diligence: A Reference Guide for Your Life Sciences Corporate Transactions

• Life sciences companies are subject to rapidly changing regulatory obligations, government enforcement, and increasing public scrutiny. • Conducting effective legal and regulatory due diligence can mean uncovering risks and…more

Acquisitions, Anti-Kickback Statute, Due Diligence, False Claims Act (FCA), Health Care Providers

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FDA Accepts First Biosimilar Application under New Approval Pathway

July 24, 2014 was a landmark day in the biotechnology industry: Sandoz (the generic arm of Novartis) announced that the U.S. Food and Drug Administration (FDA or “the Agency”) had accepted the first application for a U.S…more

Biologics, Biologics Price Competition and Innovation Act of 2009, Biosimilars, Food and Drug Administration (FDA), Patents

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Proposed Clean Hydrogen Guidance: Limitations on Credit Availability for Green Hydrogen Projects and Paths Forward

Guidance recently issued by the Department of the Treasury and the Internal Revenue Service (IRS) in proposed regulations (REG-117631-23) will (if held to be final) have a significant impact on green hydrogen projects in the…more

Clean Energy, Comment Period, Energy Tax Incentives, Energy-Efficiency Tax Credits, Hydrogen Power

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FCA to Permit Research Bundling

The Financial Conduct Authority (FCA) is seeking views on proposed rules that would allow asset managers to opt for bundled payments for third-party investment research, reversing a significant aspect of the UK’s implementation…more

Asset Management, False Claims Act (FCA), Investment Adviser, MiFID II, Policies and Procedures

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Section 271(e)(1) Safe Harbor Applies to Importation Regardless of Intent or Actual Use

A divided panel of the Federal Circuit affirmed a district court’s grant of summary judgment of noninfringement, holding that importation of two product samples into the U.S. was reasonably related to obtaining FDA approval…more

35 U.S.C. § 271(e)(1), Dual Purpose, FDA Approval, Innovation Patent, Life Sciences

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The Road Ahead for Private Equity: Energy Transition

The energy transition posts a tremendous opportunity for private equity investors. The scale of the investment requirement makes private capital a “must have” and a broad spectrum of energy transition opportunities, particularly…more

Capital Markets, Clean Energy, Energy Sector, Investment, Investors

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COVID-19-Related Orders and Legislation Governing Business Operations, Limiting Liability and Expanding Workers’ Compensation Coverage

At the beginning of the COVID-19 crisis, the vast majority of states across the country implemented “stay at home” orders requiring the closure of, or severely restricting, nonessential business operations..…more

Coronavirus/COVID-19, Employer Liability Issues, Health and Safety, Infectious Diseases, State Labor Laws

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New Antidumping and Countervailing Duty Petitions on Frozen Warmwater Shrimp from Ecuador, India, Indonesia and Vietnam

Introduction - On October 25, 2023, the American Shrimp Processors Association (ASPA) filed petitions with the United States Department of Commerce (DOC) and the U.S. International Trade Commission (ITC), seeking antidumping…more

Anti-Dumping Duty, Bitcoin, China, Countervailing Duties, Exporters

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President Biden Signs Executive Order on Outbound Investment

Key Points - On August 9, 2023, President Biden issued a long-anticipated Executive Order on outbound investment aimed at addressing concerns related to China’s advancement in sensitive technologies critical for military,…more

Advanced Notice of Proposed Rulemaking (ANPRM), Biden Administration, CFIUS, China, Covered Transactions

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SEC Announces First Off-Channel Communications Enforcement Action Against a Standalone Private Fund Manager

On April 3, 2024, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement action against a registered investment adviser (RIA) with no ties to a broker-dealer regarding so-called “off-channel”…more

Broker-Dealer, Electronic Communications, Enforcement Actions, Fund Managers, Investigations

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Reminder to Managers of New Fund Marketing Rules in the EU

1. Overview The new rules on the promotion of funds introduced by the new Cross-Border Distribution of Collective Investment Undertakings Directive and Regulation (Cross-Border Distribution of Funds (CBDF) Rules) are due to…more

AIFM, Alternative Investment Fund Managers Directive (AIFMD), Cross-Border, EU, European Securities and Markets Authority (ESMA)

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ESG: European Regulators Publish Revised Secondary Rules and Templates for Environmental-Related Sustainability Disclosures

The European Supervisory Authorities (ESAs) have published the draft Regulatory Technical Standards (“Taxonomy RTS”) on product-level disclosures that apply to funds or portfolios that promote or make environmentally sustainable…more

Corporate Governance, Corporate Social Responsibility, Disclosure Requirements, Environmental Social & Governance (ESG), EU

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International Unilateral Export Controls—An Increased Focus on Advanced Technologies

On 11 March 2024, the UK expanded its export control regime to include new controls on specific emerging technologies, such as quantum computing, semiconductor technologies and additive manufacturing, under The Export Control…more

Export Controls, France, Japan, Netherlands, Regulatory Standards

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BIS Announces Key Updates to Voluntary Self-Disclosure Process

Key Points - On January 16, 2024, Matthew Axelrod, Assistant Secretary for Export Enforcement at the U.S. Department of Commerce’s BIS announced key updates to BIS’s VSD process. The updates are also now reflected on BIS’s…more

Bureau of Industry and Security (BIS), Enforcement, Export Administration Regulations (EAR), Exports, National Security

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Brexit: Recognition of UK Derivatives Regulation

• Under Swiss law, to fulfil the clearing, reporting and risk mitigation obligations applying to derivatives trading under foreign law, the Swiss Financial Market Supervisory Authority (FINMA) must recognize the foreign law and…more

Counterparty Risk, Cross-Border Transactions, Derivatives, EMIR, EU

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

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IRS Issues Final Regulations Regarding Certain Employee Remuneration in Excess of $1 Million Under Section 162(m) of the Code

Section 162(m) of the Internal Revenue Code of 1986 (as amended, the “Code”) imposes a $1 million deductibility limit on compensation paid by “publicly held corporations” to “covered employees.” As reported in our previous…more

Compensation & Benefits, Corporate Taxes, Covered Employees, Executive Compensation, Final Rules

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Federally Funded Research & Development: New Executive Order Pushes Federal Agencies to Take Title to Subject Inventions and Require Domestic Manufacturing

Key Points - On July 28, 2023, President Biden signed EO 14104, “Federal Research and Development in Support of Domestic Manufacturing and United States Jobs,” which aims to increase domestic manufacturing and…more

Bayh-Dole Act, Executive Orders, Federal Funding, Intellectual Property Protection, Inventions

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Compacts Renewal Ushers in New Era of Relations Between the U.S. and Freely Associated States

When President Biden signed the Consolidated Appropriations Act into law on March 9, he dramatically altered U.S. relationships with the Republic of the Marshall Islands (RMI), the Republic of Palau, and the Federated States of…more

Climate Change, Consolidated Appropriations Act (CAA), Department of Defense (DOD), Executive Orders, FDIC

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House Votes to Establish Select Committee on China

Today, the House of Representatives voted to establish a Select Committee on the strategic competition between the United States and Chinese Communist Party (H. Res. 11). The resolution passed overwhelmingly (365-65). Rep. Mike…more

China, Cybersecurity, Legislative Agendas, Trade Relations, US Trade Policies

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DOJ National Security Division Updates Corporate Crime Enforcement Policy and Issues Whistleblower Policy

Executive Summary - - On March 7, 2024, the NSD of the DOJ issued an updated NSD Enforcement Policy to include a new section covering VSDs in connection with mergers and acquisitions. - These updates follow repeated…more

Acquisitions, Corporate Governance, Corporate Misconduct, Department of Justice (DOJ), Due Diligence

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California Doubles Greenhouse Gas Emission Reduction Targets

Ten years after adopting the nation’s first program to reduce statewide greenhouse gas (GHG) emissions, California is doubling its GHG emission reduction goals while adopting new measures to reduce short-lived climate…more

Cap-and-Trade, Governor Brown, Greenhouse Gas Emissions, New Regulations, Renewable Energy

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Unfinished Health Care Business: 10 Issues to Watch as Congress Rings in the New Year

Health care was one of the most active issue areas in 2023 and this trend is expected to continue when Congress returns in the New Year for the second session of the 118th Congress. The activity by the health committees of…more

Appropriation, Artificial Intelligence, Clinical Laboratories, Congressional Oversight, Department of Health and Human Services (HHS)

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IRS Takes View That FIRPTA Exemption for Publicly Traded Stock Must Be Tested at Partnership Level

Key Points Internal IRS correspondence in the form of a recent Chief Counsel Memorandum concludes that funds structured as partnerships (e.g., master funds in a standard master-feeder structure) must determine the availability…more

Financial Services Industry, FIRPTA, Foreign Investment, Investment Funds, Investment Management

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Five Trends Shaping Payments M&A

The last 12 months have seen dramatic falls in fintech and payments valuations, but with the payments sector now a core part of the financial services ecosystem, strategic imperatives will continue to drive deals despite…more

Acquisitions, B2B Organizations, Capital Markets, Financial Services Industry, FinTech

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Supreme Court Holds That Reasonably Prudent ERISA Fiduciaries Must Monitor Recordkeeping and Investment Manager Fees for All Investments

Key Points - 401(k) plan fiduciaries have the duty to monitor reasonableness of fees for all investment options available to participants under a 401(k) plan. Offering low-fee investment options does not alleviate the…more

401k, Benefit Plan Sponsors, Breach of Duty, Defined Contribution Plans, Employee Benefits

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“When you are a hammer, the world is a nail” – SEC and PCAOB Senior Staff Signal Increased SEC and PCAOB Gatekeeper Enforcement

Key Points - SEC Enforcement and PCAOB Enforcement both are pursuing more significant sanctions against auditors, particularly with respect to civil money penalties. Expect 2023 enforcement against auditors to focus on…more

Auditors, Audits, Corporate Governance, Enforcement Actions, PCAOB

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Trends in Special Situations & Private Credit 2024

With 2023 characterized by record inflation, constraints in the syndicated lending environment and rising interest rates, credit funds were able to step in to provide flexible, tailored and relationship-based financing to…more

Acquisitions, Cooperation Agreement, Credit Agreements, EBITDA, Hybrid Capital Instruments

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So, What’d I Miss??? A Flurry of New Employment Laws Impact New York Firms

Key Points - The past eight months have featured the introduction of myriad new state and city laws impacting New York firms. From amendments to the NYC Fair Chance Act and NYS Paid Family Leave Law, to the expansion of…more

Artificial Intelligence, Background Checks, Criminal Background Checks, Employer Liability Issues, Fair Chance Act

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Make (Whole) A Minute: Takeaways from the Recent Hertz Decision on Make-Whole and Post-Petition Interest

Happy 2022, everyone! It seems fitting to kick off our Make (Whole) a Minute Update series in 2022 with an alert on make-whole. On December 22, 2021, the Bankruptcy Court for the District of Delaware ruled in favor of the…more

Bankruptcy Code, Claim Limitations, Commercial Bankruptcy, Institutional Investors, Make-Whole Premium

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Ukraine-Russia Crisis: Possible New Sanctions and Export Controls on Russia and Potential Implications for U.S. and Non-U.S. Companies

Key Points - The United States, European Union, United Kingdom and other U.S. allies are currently considering a range of severe economic measures against Russia to impose in the event of a Russian military incursion into…more

Export Administration Regulations (EAR), Export Controls, Financial Institutions, Foreign Policy, National Security

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SEC Turning Up the Heat: SolarWinds and Its CISO Charged with Fraud Regarding Cyber-related Disclosures

Key Takeaways - With the SolarWinds enforcement action, the SEC continues to ratchet up its enforcement against companies that fail to properly disclose their cybersecurity incidents and risks. By naming the SolarWinds CISO as…more

Chief Information Security Officer (CISO), Cyber Attacks, Cyber Incident Reporting, Cybersecurity, Disclosure Requirements

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SEC Continues Focus on Climate and ESG Related Issues, Announces New Climate and ESG Task Force

The Securities and Exchange Commission (SEC) continued to build on its climate and environmental, social and governance (ESG) agenda last week. On March 3, the SEC’s Division of Examinations announced the release of its 2021…more

Biden Administration, Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Proxy Voting Guidelines

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Amendments to Concert Party Presumptions in the Takeover Code

The UK Takeover Panel (the “Panel”) has introduced amendments to the definition of “acting in concert” under the Takeover Code (the “Code”) and, in particular, the circumstances in which the Panel will presume parties to be…more

Investors, Publicly-Traded Companies, Shareholders, Takeover Bids, UK

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Making Waves: The SEC Publishes Final Climate Disclosure Rules

Key Points - On Wednesday, March 6, 2024, the SEC in a 3-2 vote adopted “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (Final Rule). The Final Rule will require public companies to disclose…more

Annual Reports, Carbon Emissions, Climate Change, Corporate Governance, Disclosure Requirements

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This Week’s Climate Policy Update - April 2024 #2

Good afternoon! This is Akin’s newsletter on climate change policy and regulatory developments, providing information on major climate policy headlines from the past two weeks and forthcoming climate-related events and…more

Biden Administration, Climate Change, Coal Industry, Department of Energy (DOE), Department of the Interior

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President Signs into Law Trade Promotion Authority, Extension of TAA, Trade Preference Programs and Changes to US Trade Remedy Law

On Monday, June 29, 2015, President Obama signed into law a bill renewing Trade Promotion Authority (TPA) (H.R. 2146), as well as legislation reauthorizing Trade Adjustment Assistance (TAA 2015) and U.S. trade preference…more

Barack Obama, New Legislation, Trade Policy, Trade Promotion Agreements, Trade Relations

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New York Appellate Division Affirms Dismissal of Public Company’s Defamation Lawsuit Against Short Sellers

Key Points: - On February 9, 2021, the New York Appellate Division, First Department, affirmed the dismissal of a defamation action brought by Eros International plc, an Indian media company, against several short sellers…more

Appeals, Defamation, Free Speech, Investors, Market Manipulation

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COVID-19’s Impact on Entertainment Finance

COVID-19 has had an unprecedented effect on the entertainment industry, particularly compared to prior recessions. Studios have halted or delayed production on televisions shows and movies indefinitely, resulting in mass layoffs…more

Coronavirus/COVID-19, Entertainment Industry, Project Finance

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Congress and White House Press Ahead on AI in Health Care & Life Sciences

Last year, both Congress and the Biden-Harris administration noticeably increased their attention on Artificial Intelligence (AI). Key congressional committees explored AI implications for health care & life sciences, and the…more

AHRQ, Algorithms, Artificial Intelligence, Biden Administration, Department of Health and Human Services (HHS)

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Are Your Noncompete Agreements Dying of Old Age?

Key Points - • Tight labor markets are leading courts and legislatures to closely scrutinize noncompetes and other restrictive covenants. • If there are changes in an employee’s job and/or the company’s business, it may…more

Employer Liability Issues, Employment Contract, Fair Labor Standards Act (FLSA), Hiring & Firing, Non-Compete Agreements

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SEC Approves New Nasdaq Rules Covering Board Diversity Disclosures

On Friday, August 6, 2021, the U.S. Securities and Exchange Commission (SEC) issued an order (the “Order”) approving certain rule changes proposed by The Nasdaq Stock Market LLC (“Nasdaq”), which will require companies listed on…more

Board of Directors, Corporate Governance, Disclosure Requirements, Diversity and Inclusion Standards (D&I), Environmental Social & Governance (ESG)

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Federal Agency Settlements with Wells Fargo Illustrate Sanctions Risks Involving IT Systems

Key Points - On March 30, 2023, OFAC announced a settlement agreement with Wells Fargo for 124 apparent violations of three different sanctions programs (Iran, Syria and Sudan), all related to a legacy Wachovia Bank software…more

Compliance, Corporate Counsel, Corporate Culture, Corporate Misconduct, Economic Sanctions

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The Road Ahead for Private Equity: Inbound & Outbound Investment Regulatory Risks: CFIUS & FDI

The U.S. government has been increasing its scrutiny of inbound foreign investment for national security risks and concurrently is establishing a new program that would prohibit certain outbound investments. Both developments…more

CFIUS, Cross-Border Transactions, Foreign Direct Investment, Foreign Investment, National Security

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COVID-19-Related Orders and Legislation Governing Business Operations, Limiting Liability and Expanding Workers’ Compensation Coverage

At the beginning of the COVID-19 crisis, the vast majority of states across the country implemented “stay at home” orders requiring the closure of, or severely restricting, nonessential business operations..…more

Coronavirus/COVID-19, Employer Liability Issues, Health and Safety, Infectious Diseases, State Labor Laws

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Energy SPACs in Pursuit of an Acquisition: Spring 2019 Survey

A special purpose acquisition company (“SPAC”) is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or…more

Emerging Growth Companies, Energy Sector, Initial Public Offering (IPO), Investment Opportunities, Nasdaq

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En Banc 9th Circuit Holds Class Action Certification Is Different For Settlement Classes

• En banc 9th Circuit affirmed a $210 million settlement in multidistrict litigation against Hyundai and Kia relating to their alleged misrepresentations about the fuel efficiency of their vehicles, reversing the decision of a…more

Choice-of-Law, Class Action, Class Certification, FRCP 23, Hyundai

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COBRA Premium Subsidy under the American Rescue Plan Act of 2021 and IRS Notice 2021-31

On May 18, 2021, the Internal Revenue Service (IRS) released Notice 2021-31 (the “Notice”) providing guidance in Q&A format on the application of the temporary COBRA premium assistance provisions of the American Rescue Plan Act…more

American Rescue Plan Act of 2021, COBRA, Department of Labor (DOL), Employee Benefits, Employer Group Health Plans

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Courts Should Finally Rule That the False Claims Act Qui Tam Provisions Are Unconstitutional

Last term, in U.S. ex rel. Polansky v. Exec. Health Res., Inc., three Justices noted that there are “substantial arguments” that the False Claims Act’s (FCA) qui tam provisions do not conform with Article II of the Constitution…more

Article II, Department of Justice (DOJ), Enforcement, False Claims Act (FCA), Investigations

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PTAB Ruling Highlights a Petitioner’s Burden for Qualifying an Internet Screenshot as a “Printed Publication”

In a recent decision issued in Louisiana-Pacific Corp. v. Huber Engineered Woods LLC, the Patent Trial and Appeal Board addressed the showing that a petitioner for inter partes review must make to demonstrate that an asserted…more

Corporate Counsel, Evidence, Inter Partes Review (IPR) Proceeding, Internet, Obviousness

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Trends in Special Situations & Private Credit 2024

With 2023 characterized by record inflation, constraints in the syndicated lending environment and rising interest rates, credit funds were able to step in to provide flexible, tailored and relationship-based financing to…more

Acquisitions, Cooperation Agreement, Credit Agreements, EBITDA, Hybrid Capital Instruments

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SEC Chair Gensler Warns of a New Era of Cyber-Securities Laws

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), signaled a new era of cybersecurity law (and accompanying enforcement) in his keynote address “Cybersecurity and Securities Laws” on January 24, 2022, at…more

Cyber Attacks, Cybersecurity, Data Breach, Data Protection, Data Security

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Fall Congressional Outlook

Introduction - Congress returns from the August recess with a robust agenda and limited time to pursue it. The calendar is further constrained by the September 30 deadline to pass appropriations packages or a continuing…more

Agricultural Sector, Climate Change, Continuing Resolution, EBITDA, Energy Sector

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Insurance Coverage Questions In Light of Coronavirus

COVID-19 continues to have an unprecedented effect on business operations throughout the world. While the availability of insurance coverage for pandemic-related losses is still far from certain, it is imperative that business…more

Business Interruption, Commercial General Liability Policies, Coronavirus/COVID-19, D&O Insurance, Infectious Diseases

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Mexico’s Energy Industry: Round 3.1: Mexico Adds Another Success in Latest Shallow Water Tender

On March 27, 2018, the Comisión Nacional de Hidrocarburos (“CNH”) completed the Presentation and Opening of Bid Proposals for the First Tender of Round Three (“Round 3.1”), which was first announced on September 29, 2017. Round…more

Bids, Energy Exploration, Energy Reform, Energy Sector, Joint Venture

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UK Government Proposes New AI Regulatory Regime

The UK government (the “Government”) has published proposals for a new regulatory framework for artificial intelligence (the “White Paper”). Its goal is to “provide a clear, pro-innovation regulatory environment” to make Great…more

Artificial Intelligence, Cybersecurity, Data Protection, EU, Innovative Technology

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SFC Issues Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers

Key Points - The Fund Manager Code of Conduct will be amended to require fund managers managing collective investment schemes to take climate-related risks into consideration in their investment and risk management processes…more

Climate Change, Code of Conduct, Consultation, Disclosure Requirements, Environmental Social & Governance (ESG)

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Fifth Circuit Upholds Indian Child Welfare Act as Constitutional

On Friday, August 9, 2019, in Brackeen v. Bernhardt, No. 18-11479, the U.S. Court of Appeals for the 5th Circuit declared that the Indian Child Welfare Act (ICWA) and its implementing federal regulations (“the Final Rule”) are…more

Administrative Procedure Act, Anti-Commandeering, Appeals, Child Custody, Constitutional Challenges

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The SEC Wins ‘Shadow Insider Trading’ Trial

On Friday, April 5, 2024, a San Francisco jury found the defendant liable in SEC v. Panuwat, the closely watched litigated enforcement action brought by the U.S. Securities and Exchange Commission (SEC) relating to so-called…more

Enforcement Actions, Fund Managers, Insider Trading, Investors, Jury Verdicts

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SCOTUS Ruling: Pure Omissions Are Not Actionable Under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued an important decision in the case of Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165. Justice Sotomayor, writing for a unanimous Court, ruled that “pure…more

Failure To Disclose, Macquarie Infrastructure Corp v Moab Partners LP, Omissions, Rule 10(b), Rule 10b-5

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The New Burden of Proof for Private Ratings

In this issue of Make (Whole) A Minute, we examine the new ratings rationale reporting requirements being implemented by the NAIC’s Securities Valuation Office. Insurance regulators have long sought greater transparency into…more

Burden of Proof, Capital Markets, Investment, NAIC, New Regulations

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Nokia and Daimler Settle Standard-Essential Patent Licensing Dispute, Potentially Impacting Auto-Industry FRAND Licensing

Key Points - This settlement resolves multiple German lawsuits Nokia filed against Daimler asserting SEPs and Daimler’s complaint against Nokia before the European Commission. - Daimler argued Nokia’s licensing activity…more

European Commission, FRAND, IP License, Nokia, Patent Litigation

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CARES Act Summary – Title IV—Economic Stabilization and Assistance to Severely Distressed Sectors of the U.S. Economy

The law provides $500 billion to Treasury’s Exchange Stabilization Fund to provide liquidity to eligible businesses, states and municipalities related to losses incurred as a result of coronavirus by providing loans, loan…more

Air Carriers, CARES Act, Coronavirus/COVID-19, Economic Downturn, Federal Loans

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From Private Equity Ownership to PBMs and Drug Pricing: Congress Scrutinizes the Health Care Industry

Congress is taking a closer look at business practices in the health care sector and considering bipartisan reforms in light of increasing consolidation and its perceived affects on patient access and affordability. Various…more

Department of Health and Human Services (HHS), Drug Pricing, Federal Trade Commission (FTC), Health Care Providers, Healthcare Reform

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The UK’s New Subsidy Regime: Not a Return to the 1970s and the Government Picking Winners?

The UK government introduced into Parliament a wholesale change to its State aid rules under the new Subsidy Control Bill on 30 June 2021 (the “Bill”). The regime, which is set to come into effect in H1 2022, subject to…more

Competition, European Commission, National Security, State Aid, UK

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Compacts Renewal Ushers in New Era of Relations Between the U.S. and Freely Associated States

When President Biden signed the Consolidated Appropriations Act into law on March 9, he dramatically altered U.S. relationships with the Republic of the Marshall Islands (RMI), the Republic of Palau, and the Federated States of…more

Climate Change, Consolidated Appropriations Act (CAA), Department of Defense (DOD), Executive Orders, FDIC

See all updates »

Untapped Potential: The Opportunity in Biomethane Production

Biomethane is indistinguishable from natural gas and can be deployed as a drop-in renewable replacement to natural gas without the need for adaptation of network infrastructure or end-user equipment. The scale of opportunity…more

Clean Energy, Climate Change, Energy Policy, Energy Sector, Environmental Policies

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ADGM Entities May Now Own Property in Abu Dhabi

Qualifying Abu Dhabi Global Market (ADGM) entities, including special purpose vehicles, foundations and real estate investment funds, may now hold title to property in Abu Dhabi (onshore and in the free zone) thanks to an…more

Abu Dhabi Global Markets (ADGM), Asset Management, Economic Development, Fund Managers, Investment Funds

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Navigating Relief Under the CARES Act in the Entertainment Industry

- The Paycheck Protection Program (PPP), contained within the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) signed by President Trump on March 27, 2020, creates a $349 billion loan facility to…more

CARES Act, Coronavirus/COVID-19, Economic Injury Disaster Loans, Entertainment Industry, Federal Loans

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Freight Rail Couplers from China and Mexico Subject to New AD/CVD Petitions

Key Points - U.S. producers filed a new petition on freight rail couplers from China and Mexico that could subject those products to antidumping and countervailing duties. In 2021, China and Mexico made up a combined 75…more

Anti-Dumping Agreement, China, Countervailing Duties, Imports, International Trade Commission (ITC)

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Concurrent Delay – Is the English Court of Appeal's Clarification Conclusive?

• The Court of Appeal has held that a clause denying an extension of time to a Contractor if there is concurrent delay is enforceable and is not contrary to the so-called “prevention principle.” • The Court of Appeal declined…more

Appeals, Claim Procedures, Construction Contracts, Construction Disputes, Construction Industry

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Four Elections for One Seat: Compliance Tips for California’s 2024 US Senate Race

Elections - California will host four elections in 2024 to fill the U.S. Senate seat held by the late Senator Dianne Feinstein and filled by Governor Newsom’s appointment of Senator Laphonza Butler. Sen. Butler has announced…more

Compliance, Contribution Limits, Disclosure Requirements, Federal Election Commission (FEC), PACs

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DOJ National Security Division Updates Corporate Crime Enforcement Policy and Issues Whistleblower Policy

Executive Summary - - On March 7, 2024, the NSD of the DOJ issued an updated NSD Enforcement Policy to include a new section covering VSDs in connection with mergers and acquisitions. - These updates follow repeated…more

Acquisitions, Corporate Governance, Corporate Misconduct, Department of Justice (DOJ), Due Diligence

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Court of Appeal Blazes 'Middle Ground' Approach to PAGA Intervention

On August 18, 2022, the California Court of Appeal (Fifth District) decided Porras v. Chipotle Servs., LLC, No. F081113, 2022 WL 3499646, rejecting a former employee’s attempt to vacate a $4.9 million Private Attorneys General…more

Employer Liability Issues, Former Employee, Labor Regulations, Private Attorneys General Act (PAGA), Standing

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FinCEN Proposes New Rule to Expand Anti-Money Laundering Requirements for Investment Advisers

Key Points - On February 13, 2024, FinCEN issued an NPRM that seeks to include certain investment advisers in the definition of “financial institution” under the BSA. As described in the NPRM as well as in FinCEN’s fact sheet,…more

AML/CFT, Anti-Money Laundering, Bank Secrecy Act, Chief Compliance Officers, Due Diligence

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Federal District Court in Alabama Holds Corporate Transparency Act Unconstitutional and Enjoins Enforcement Against Plaintiffs

A U.S. District Court judge in Alabama recently ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA, which was enacted on January 1, 2021, directs the U.S. Department of the Treasury’s Financial Crimes…more

Appeals, Corporate Transparency Act, Enforcement, FinCEN, Injunctions

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Private Credit Insights: Exploring the Challenges of Side Letters in Financing Transactions

As private credit continues its rise as a key source of flexible capital for traditional private equity, there has been a growing focus by credit funds on the use and role of side letters in financing transactions. In many…more

Corporate Financing, Creditors, Investment Management, Private Equity, Private Equity Firms

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CEQ Instructs Federal Agencies to Consider Climate Change Impacts During NEPA Reviews

On August 2, 2016, the Council on Environmental Quality (CEQ) released a Final Guidance for Federal Departments and Agencies on Consideration of Greenhouse Gas Emissions and the Effects of Climate Change in National…more

Climate Change, Environmental Assessments, Environmental Impact Report (EIR), Final Guidance, Greenhouse Gas Emissions

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Opportunities for the US Oil & Gas Industry in the Energy Transition Trends in Oil & Gas Series: Part 4 of 5

Policies and incentives supporting the energy transition, combined with strong oil & gas cashflows and growing concerns over energy security, have enhanced efforts to modernize the industry and invest in technologies that will…more

Energy Policy, Energy Sector, Oil & Gas, Renewable Energy

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Who is in Control? Considerations for Significant Equityholders in the Current Business Environment

Equity investors and sponsors are actively reviewing the financial needs and business operations of their portfolio companies. As a result of the economic upheaval and government-mandated social restrictions imposed by the…more

Board of Directors, Controlling Stockholders, Coronavirus/COVID-19, Corporate Governance, Fiduciary Duty

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Overlooked Patent Cases: Indirect Infringement Developments

Allegations of indirect patent infringement require, among other things, pleading that the defendant had knowledge of the asserted patent. It is not well-settled law, however, whether notice of a complaint itself satisfies this…more

Declaratory Judgments, Federal Rule 12(b)(6), Indirect Infringement, Motion to Dismiss, Patent Infringement

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Akin Space Law, Regulation and Policy Update - April 2024

Good Afternoon! This is Akin’s biweekly policy newsletter on space policy and regulatory developments, providing information on major space headlines and forthcoming space-related events and hearings..…more

Aerospace, Defense Sector, Department of Defense (DOD), FCC, Federal Aviation Administration (FAA)

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SCOTUS Ruling: Pure Omissions Are Not Actionable Under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued an important decision in the case of Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165. Justice Sotomayor, writing for a unanimous Court, ruled that “pure…more

Failure To Disclose, Macquarie Infrastructure Corp v Moab Partners LP, Omissions, Rule 10(b), Rule 10b-5

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California Insurance Commissioner Orders Premium Returns Due to COVID-19

- California Insurance Commissioner Ricardo Lara issued Bulletin 2020-3 requiring insurers to refund premiums to policyholders of several lines of insurance, including automobile insurance, workers compensation and property and…more

Auto Insurance, Casualty Insurance, Commercial Insurance Policies, Coronavirus/COVID-19, Department of Insurance

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Securing Bankable Construction Delivery Terms for Energy Transition Projects

Rapid deployment of new technology is required to achieve ambitious greenhouse gas emissions reduction targets. The scope and diversity of deployment required will see participation by new market entrants and a likely reliance…more

Construction Industry, Energy Sector, Investment, Licensing Rules, Renewable Energy

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Industry Updates from the UT Renewable Energy Law Conference

Akin Gump recently co-sponsored the 16th Annual Renewable Energy Law Conference, presented by The University of Texas School of Law and The Oil, Gas and Energy Resources Law Section of the State Bar of Texas. Due to COVID-19…more

Coronavirus/COVID-19, Electricity, Energy Market, Energy Projects, Energy Sector

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Major Gift Planning Opportunities for 2024

The federal gift, estate and generation-skipping transfer (GST) tax exemptions for 2024 are historically high and present significant tax-free gifting opportunities next year.The gift and estate tax exemptions will increase to…more

Beneficiaries, Estate-Tax Exemption, Generation-Skipping Transfer, Gift-Tax Exemption, Grantor Retained Annuity Trusts (GRATs)

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The Road Ahead for Private Equity: Energy Transition

The energy transition posts a tremendous opportunity for private equity investors. The scale of the investment requirement makes private capital a “must have” and a broad spectrum of energy transition opportunities, particularly…more

Capital Markets, Clean Energy, Energy Sector, Investment, Investors

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United States’ Commitments, Partnerships and Initiatives at COP26

Executive Summary - During the recent United Nations Climate Change Conference of the Parties, or "COP26," the United States' "whole-of-government" approach to climate change was on full display, with the Biden-Harris…more

Climate Change, COP, Energy Sector, Environmental Policies, Environmental Social & Governance (ESG)

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Section 271(e)(1) Safe Harbor Applies to Importation Regardless of Intent or Actual Use

A divided panel of the Federal Circuit affirmed a district court’s grant of summary judgment of noninfringement, holding that importation of two product samples into the U.S. was reasonably related to obtaining FDA approval…more

35 U.S.C. § 271(e)(1), Dual Purpose, FDA Approval, Innovation Patent, Life Sciences

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Tribal Nations Receive Governmental Resources in CARES Act

Tribal nations are governments. As such, they are responsible for the same type of governmental functions as state and local governments such as health, education, social services, infrastructure, elderly care, public safety,…more

CARES Act, Coronavirus/COVID-19, Financial Stimulus, Health and Safety, Infectious Diseases

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DoD Updates Section 1260H List of Chinese Military Companies Operating Directly or Indirectly in the United States

Key Points - On January 31, 2024, the Department of Defense (DoD) released an update to its list of “Chinese military companies” that are “operating directly or indirectly in the United States” in accordance with the statutory…more

Bureau of Industry and Security (BIS), China, Department of Defense (DOD), Executive Branch, Military Contracts

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Autonomous Akin Update - February 2024 (Part 2)

Our newsletter reflects the focus of Akin’s cross-practice autonomous systems and advanced mobility team on developments in the regulatory, policy, trade, intellectual property, and cybersecurity and privacy spaces. Autonomous…more

Aircraft, Cybersecurity, Driverless Cars, Drones, Electric Vehicles

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International Unilateral Export Controls—An Increased Focus on Advanced Technologies

On 11 March 2024, the UK expanded its export control regime to include new controls on specific emerging technologies, such as quantum computing, semiconductor technologies and additive manufacturing, under The Export Control…more

Export Controls, France, Japan, Netherlands, Regulatory Standards

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The Hong Kong Court Refuses to Stay ‘Keepwell’ Claims

In a noteworthy decision handed down on 17 December 2021 (“Decision”), the High Court of Hong Kong recognised the Mainland China bankruptcy administrator (“Administrator”) of Peking University Founder Group Limited (PKU) and…more

Bankruptcy Reform, China, Commercial Bankruptcy, Corporate Restructuring, Cross-Border

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OMB Issues Final Buy America Rule and Guidance for Infrastructure Projects

On August 14, 2023, the Office of Management and Budget (OMB) released a pre-publication version of final guidance implementing the Build America, Buy America Act (BABAA).The guidance adds a new Part 184 in 2 C.F.R. and…more

Buy American Act, Federal Acquisition Regulations (FAR), Fiber Optic Cables, Final Rules, Infrastructure

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COVID-19-Related Orders and Legislation Governing Business Operations, Limiting Liability and Expanding Workers’ Compensation Coverage

At the beginning of the COVID-19 crisis, the vast majority of states across the country implemented “stay at home” orders requiring the closure of, or severely restricting, nonessential business operations..…more

Coronavirus/COVID-19, Employer Liability Issues, Health and Safety, Infectious Diseases, State Labor Laws

See all updates »

International Unilateral Export Controls—An Increased Focus on Advanced Technologies

On 11 March 2024, the UK expanded its export control regime to include new controls on specific emerging technologies, such as quantum computing, semiconductor technologies and additive manufacturing, under The Export Control…more

Export Controls, France, Japan, Netherlands, Regulatory Standards

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New UAE Bankruptcy Law – Key Features You Need to Know

On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy…more

Bankruptcy Court, Foreign Bankruptcies, New Legislation, New Regulations, Regulatory Agenda

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Biden Administration Reviewing Comments on Interim Final ICTS Rule

Key Points - On January 19, 2021, the U.S. Commerce Department published an interim final rule (IFR) to implement Executive Order 13873 of May 15, 2019, on “Securing the Information and Communications Technology and Services…more

Biden Administration, CFIUS, Critical Infrastructure Sectors, Foreign Adversaries, Interim Final Rules (IFR)

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Pitfalls and Issues for Lenders to Consider in Connection with LIBOR to SOFR Transition

The upcoming transition from LIBOR, which is published by ICE Benchmark Administration Limited (IBA), to the Secured Overnight Funds Rate (SOFR), which is published by the New York Federal Reserve Bank (NYFRB), has prompted a…more

Alternative Reference Rates Committee (ARRC), ICE Benchmark Administration (IBA), Interest Rates, Leveraged Finance, Libor

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Federal Circuit: Narrow Definition of Skill in the Art Dooms Expert’s Testimony

In Kyocera Senco Industrial Tools Inc. v. International Trade Commission, the Federal Circuit held that an expert who did not possess the specific defined level of ordinary skill in the art could not testify about infringement,…more

Administrative Law Judge (ALJ), Claim Construction, Expert Testimony, International Trade Commission (ITC), Patent Infringement

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Florida Enacts Anti-ESG Legislation – House Bill 3 Explained

On May 2, 2023, Gov. Ron DeSantis (R-FL) signed into law House Bill 3 (HB3), legislation that, among other things, blocks the consideration of environmental, social and governance (ESG) factors in state and local investment…more

Corporate Governance, Environmental Social & Governance (ESG), Financial Institutions, Florida, Governor DeSantis

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FTC and DOJ Announce Temporary Suspension of Early Termination Grants

Key Points Federal Trade Commission (FTC) and Department of Justice Antitrust Division (DOJ) have temporarily suspended discretionary grants of early termination of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust…more

Acquisitions, Antitrust Provisions, Department of Justice (DOJ), Federal Trade Commission (FTC), Filing Fees

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Cross-Border Implications of the FCA’s Consultation Paper on Publishing Information About the Opening and Progress of Investigations

Last month, the United Kingdom Financial Conduct Authority (FCA) announced that it is considering new procedures under which it would publicly identify firms that are under investigation as soon as the investigation has been…more

Cross-Border, Department of Justice (DOJ), Disclosure Requirements, Enforcement, Financial Conduct Authority (FCA)

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Lawmakers Reach Landmark Agreement on Bipartisan, Bicameral Comprehensive Privacy Legislation

Key Points - On Sunday, April 7, Senate Commerce Committee Chair Maria Cantwell (D-WA) and House Energy and Commerce (E&C) Committee Chair Cathy McMorris Rodgers (R-WA) struck a deal on a comprehensive federal bill, the American…more

Advanced Notice of Proposed Rulemaking (ANPRM), Consumer Privacy Rights, Data Privacy, Data Protection, Privacy Laws

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SCOTUS Remands Securities Class Action Back to the 2nd Circuit

On June 21, 2021, the U.S. Supreme Court issued its opinion in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System,1 vacating the 2nd Circuit’s previous decision and remanding for further consideration as to whether…more

Arkansas Teacher Retirement System v Goldman Sachs Group, Burden of Persuasion, Class Action, Class Certification, Conflicts of Interest

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CryptoLink - March 2024 Updates

In the House, lawmakers continue to make progress on the Clarity for Stablecoins Act (H.R. 4766). On March 19, at a press event hosted by Punchbowl News on the policy landscape for digital payments, outgoing House Financial…more

Anti-Money Laundering, CFTC, Coinbase, Copyright Office, Cryptoassets

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The Coronavirus and M&A Transactions: MAE Clauses

In late 2019, COVID-19 (more commonly known as the coronavirus) began to spread throughout mainland China, and has since spread around the world, affecting numerous lives and businesses. As a result, companies spanning a wide…more

Acquisitions, Buyers, Contract Termination, Contract Terms, Coronavirus/COVID-19

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FCC Seeks Comment on Assigning Available Spectrum to the Public

Key Points - The FCC is seeking public comment on methods to enable access to currently unassigned spectrum in their auction inventory that can be used for wireless radio service. The Commission took this step because Congress…more

Auction, Broadband, FCC, Licensing Rules, Public Comment

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Congressional Health Policy Outlook for 2023

The House and Senate convened this week to kick off the 118th Congress. Republicans control the House after four years of a Democratic majority. House Republicans have a very slim majority, with only 222 seats to the Democrats’…more

Biden Administration, Centers for Disease Control and Prevention (CDC), Congressional Budget Resolution, Health Care Providers, Health Insurance Portability and Accountability Act (HIPAA)

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Commerce Focuses National Security Scrutiny on 'Connected Vehicle' Supply Chain

On March 1, 2024, the Department of Commerce (Commerce), Bureau of Industry and Security (BIS), through its Office of Information and Communication Technology and Services (ICTS), released an advanced notice of proposed…more

Advanced Notice of Proposed Rulemaking (ANPRM), Bureau of Industry and Security (BIS), China, Executive Orders, Foreign Adversaries

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Generative AI Cannot Meet Authorship Requirement for Copyright Protection, District Court Rules

A recent decision by Judge Beryl Howell in the United States District Court for the District of Columbia (“D.C. District Court”) affirmed that human authorship is required for copyright registration. In granting the United…more

Algorithms, Artificial Intelligence, Authorship, Copyright, Copyright Office

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SFC Issues Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers

Key Points - The Fund Manager Code of Conduct will be amended to require fund managers managing collective investment schemes to take climate-related risks into consideration in their investment and risk management processes…more

Climate Change, Code of Conduct, Consultation, Disclosure Requirements, Environmental Social & Governance (ESG)

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The (Carbon) Cost of Doing Business: Private Companies Prepare to Assess and Report GHG Emissions to Value Chain Partners

The U.S. Securities and Exchange Commission’s (SEC) proposed amendments on climate-related disclosures would require public companies, or “registrants,” to provide detailed climate-related information in their registration…more

Climate Change, Corporate Governance, Disclosure Requirements, Environmental Social & Governance (ESG), Greenhouse Gas Emissions

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Commerce Publishes Final Revised AD/CVD Regulations

Key Points - On September 20, Commerce published in the Federal Register updated regulations affecting its administration of new shipper reviews, scope inquiries and circumvention inquiries. The new regulations go into…more

Anti-Dumping Duty, Countervailing Duties, Country of Origin, Customs and Border Protection, Exports

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

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NYDFS Amended Cybersecurity Rules: Overview of Upcoming Deadlines

On November 1, 2023, the New York Department of Financial Services (NYDFS) announced the adoption of amendments to its Cybersecurity Regulation 23 NYCRR Part 500 (“Amended Cybersecurity Rules” or “Amended Rules”). NYDFS adopted…more

Banks, Cybersecurity, Cybersecurity Framework, Data Protection, Financial Institutions

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IRS Takes View That FIRPTA Exemption for Publicly Traded Stock Must Be Tested at Partnership Level

Key Points Internal IRS correspondence in the form of a recent Chief Counsel Memorandum concludes that funds structured as partnerships (e.g., master funds in a standard master-feeder structure) must determine the availability…more

Financial Services Industry, FIRPTA, Foreign Investment, Investment Funds, Investment Management

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Unified Patent Court to Officially Open in Europe

A Unified Patent Court (UPC) is expected to officially open its doors in Europe in late 2022 or early 2023. The UPC is a patent‑specific court established by 24 participating European Union (EU) member states, with the goal of…more

EU, European Patent Office, Intellectual Property Protection, Patent Applications, Patent Litigation

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Reminder to Managers of New Fund Marketing Rules in the EU

1. Overview The new rules on the promotion of funds introduced by the new Cross-Border Distribution of Collective Investment Undertakings Directive and Regulation (Cross-Border Distribution of Funds (CBDF) Rules) are due to…more

AIFM, Alternative Investment Fund Managers Directive (AIFMD), Cross-Border, EU, European Securities and Markets Authority (ESMA)

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Adler Restructuring Plan Set Aside: Reflections on the English Court of Appeal’s Landmark Ruling

In one of the most highly anticipated judgments in the European restructuring market in recent years, on 23 January 2024, the English Court of Appeal overturned the High Court’s decision sanctioning the Adler restructuring plan…more

Appeals, Commercial Bankruptcy, Corporate Restructuring, Creditors, Cross-Border

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Green and Sustainability-Linked Private Placements by EU and UK Issuers

Environmental, social and governance (ESG) factors are becoming increasingly relevant across a range of financial investments. This has been driven in part by changes in the legal and regulatory landscape, including increased…more

Capital Markets, Corporate Governance, Department of Labor (DOL), Employee Retirement Income Security Act (ERISA), Environmental Social & Governance (ESG)

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Negotiating Style Causes Trouble in Delaware Minority Buyout

For majority stockholders in Delaware companies, the complications and added expenses often caused by minority stockholders may result in a decision to buy out that minority, simplify the company’s capital structure and…more

Controlling Stockholders, Minority Shareholders, Shareholder Litigation, Shareholders

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The New PRC Personal Information Protection Law

On August 20, 2021, the 30th session of the Standing Committee of the 13th National People’s Congress (NPC) adopted China’s new PRC Personal Information Protection Law (PIPL), which will take effect on November 1, 2021. The new…more

China, Criminal Liability, Cybersecurity, Data Collection, Data Privacy

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SEC Brings First-Ever ‘Alternative Data’ Enforcement Action

Key Points - The SEC has charged App Annie, Inc. and its former CEO with violations of Section 10(b) of the Exchange Act and Rule 10b-5, which constitute the primary mechanism for enforcing insider trading violations. This…more

Anti-Fraud Provisions, Confidential Information, Corporate Counsel, Enforcement Actions, Fund Managers

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U.S. Senate Conducts Hearing to Consider FERC Commissioner Nominations

On Thursday, March 21, 2024, the U.S. Senate Committee on Energy and Natural Resources held a full committee hearing to question President Biden’s three nominees to serve as Federal Energy Regulatory Commission (FERC or…more

FERC, Natural Gas, Nominations

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CryptoLink - March 2024 Updates

In the House, lawmakers continue to make progress on the Clarity for Stablecoins Act (H.R. 4766). On March 19, at a press event hosted by Punchbowl News on the policy landscape for digital payments, outgoing House Financial…more

Anti-Money Laundering, CFTC, Coinbase, Copyright Office, Cryptoassets

See all updates »

SEC Proposes Changes to Rules Governing Integration of Exempt Offerings and General Solicitation

On March 4, 2020, the Securities and Exchange Commission (SEC) published a release entitled “Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets” (the…more

Capital Formation, Entrepreneurs, Exemptions, General Solicitation, Investment Opportunities

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Unfinished Health Care Business: 10 Issues to Watch as Congress Rings in the New Year

Health care was one of the most active issue areas in 2023 and this trend is expected to continue when Congress returns in the New Year for the second session of the 118th Congress. The activity by the health committees of…more

Appropriation, Artificial Intelligence, Clinical Laboratories, Congressional Oversight, Department of Health and Human Services (HHS)

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Timeline: Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence

On October 30, 2023, the Biden administration issued its long-awaited artificial intelligence (AI) executive order (EO), which issues directives to over 20 federal agencies, with the deadline for implementation spanning between…more

Artificial Intelligence, Biden Administration, Critical Infrastructure Sectors, Department of Defense (DOD), Department of Health and Human Services (HHS)

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Fourth (and Final?) Act in the Kabab-Ji Saga—What Law Governs the Arbitration Agreement (Law of the Seat or Law of the Underlying Contract)?

On 28 September 2022, the French Cour de cassation upheld the French Court of Appeal’s decision in Kabab-Ji SAL v. Kout Food Group that the law of the seat, rather than the law governing the underlying contract, governed issues…more

Arbitration, Arbitration Agreements, Choice-of-Law, France, Franchise Agreements

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Federal District Court in Alabama Holds Corporate Transparency Act Unconstitutional and Enjoins Enforcement Against Plaintiffs

A U.S. District Court judge in Alabama recently ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA, which was enacted on January 1, 2021, directs the U.S. Department of the Treasury’s Financial Crimes…more

Appeals, Corporate Transparency Act, Enforcement, FinCEN, Injunctions

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Trends in Special Situations & Private Credit 2024

With 2023 characterized by record inflation, constraints in the syndicated lending environment and rising interest rates, credit funds were able to step in to provide flexible, tailored and relationship-based financing to…more

Acquisitions, Cooperation Agreement, Credit Agreements, EBITDA, Hybrid Capital Instruments

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CryptoLink - March 2024 Updates

In the House, lawmakers continue to make progress on the Clarity for Stablecoins Act (H.R. 4766). On March 19, at a press event hosted by Punchbowl News on the policy landscape for digital payments, outgoing House Financial…more

Anti-Money Laundering, CFTC, Coinbase, Copyright Office, Cryptoassets

See all updates »

From Private Equity Ownership to PBMs and Drug Pricing: Congress Scrutinizes the Health Care Industry

Congress is taking a closer look at business practices in the health care sector and considering bipartisan reforms in light of increasing consolidation and its perceived affects on patient access and affordability. Various…more

Department of Health and Human Services (HHS), Drug Pricing, Federal Trade Commission (FTC), Health Care Providers, Healthcare Reform

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Proxy Advisory Firms Issue 2023 Voting Guidelines

As companies begin preparing for the 2023 proxy season, we note that Institutional Shareholder Services Inc. (ISS) and Glass Lewis, the leading providers of corporate governance solutions and proxy advisory services, issued…more

Corporate Governance, Glass Lewis, Institutional Shareholder Services (ISS), Investment Adviser, Investment Management

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UK-US Data Bridge

On 8 June 2023, the UK Prime Minister and the US President jointly announced a commitment to a renewed partnership between the countries, and a framework for economic and diplomatic co-operation (the “Atlantic Declaration”1)…more

Cybersecurity, Data Protection, EU, EU Data Protection Laws, General Data Protection Regulation (GDPR)

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House and Senate Schedules for 2017 Reveal an Increased Workload for Lawmakers

As the second session of the 114th Congress comes to a close, the House and Senate are busy preparing for the first session of the 115th Congress, which will convene on January 3, 2017. The House will be in session for 145 days,…more

Legislative Agendas, Trump Administration

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New Antidumping and Countervailing Duty Petitions on Frozen Warmwater Shrimp from Ecuador, India, Indonesia and Vietnam

Introduction - On October 25, 2023, the American Shrimp Processors Association (ASPA) filed petitions with the United States Department of Commerce (DOC) and the U.S. International Trade Commission (ITC), seeking antidumping…more

Anti-Dumping Duty, Bitcoin, China, Countervailing Duties, Exporters

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The SEC Wins ‘Shadow Insider Trading’ Trial

On Friday, April 5, 2024, a San Francisco jury found the defendant liable in SEC v. Panuwat, the closely watched litigated enforcement action brought by the U.S. Securities and Exchange Commission (SEC) relating to so-called…more

Enforcement Actions, Fund Managers, Insider Trading, Investors, Jury Verdicts

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FTC Proposes Updates to COPPA Rule

On January 18, 2024, the Federal Trade Commission (FTC) discussed its long-anticipated proposed changes for the Children’s Online Privacy Protection Rule (COPPA) in an open meeting. Released in a notice of proposed…more

Biometric Information, COPPA, Data Retention, Data Security, Disclosure Requirements

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UK Mini-Budget - Helpful for Asset Managers

The government’s 2022 Growth Plan, deceptively referred to as the “mini-budget,” has brought in notable changes likely to impact the funds industry. In particular, a number of the changes will help ensure the continued…more

Asset Management, Corporate Taxes, Employment Tax, Income Taxes, International Tax Issues

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Five Takeaways from the UN Climate Change Conference (COP26)

Reflecting back on the 26th meeting of the Conference of the Parties to the U.N. Framework Convention on Climate Change (UNFCCC), or “COP26,” it may well become known as the “Pledge and Commitment COP.” Governments, businesses,…more

Climate Change, COP, Energy Sector, Environmental Policies, Paris Agreement

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The New U.K. Ownership and Control Transparency Regime (The PSC Regime)

If you read one thing... - U.K. corporates required to identify and record identities (including home addresses) of 25%+ holders of economics/votes/control (“PSCs”) – exclusion for most U.K. listed issuers. -…more

Directors, Primary Residence, Shareholders, Small Business Enterprise and Employment Act, Transparency

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New Antidumping and Countervailing Duty Petitions on Frozen Warmwater Shrimp from Ecuador, India, Indonesia and Vietnam

Introduction - On October 25, 2023, the American Shrimp Processors Association (ASPA) filed petitions with the United States Department of Commerce (DOC) and the U.S. International Trade Commission (ITC), seeking antidumping…more

Anti-Dumping Duty, Bitcoin, China, Countervailing Duties, Exporters

See all updates »

The New PRC Personal Information Protection Law

On August 20, 2021, the 30th session of the Standing Committee of the 13th National People’s Congress (NPC) adopted China’s new PRC Personal Information Protection Law (PIPL), which will take effect on November 1, 2021. The new…more

China, Criminal Liability, Cybersecurity, Data Collection, Data Privacy

See all updates »

Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

See all updates »

The Road Ahead for Private Equity: Antitrust and Merger Control

Recent actions by antitrust agencies globally deliver on their promises for increased scrutiny of private equity sponsored transactions and strategies in at least three ways…more

Acquisitions, Antitrust Provisions, Competition, EU, Federal Trade Commission (FTC)

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New California Laws Provide Private Right of Action for Unlawful Restrictive Covenants; Require Notice to Affected Employees by February 14, 2024

Key Points - New California statutes provide California employees with private right of action against firms that promulgate, maintain or try to enforce unlawful restrictive covenants. By February 14, 2024, firms must provide…more

California, Labor Code, Non-Compete Agreements, Non-Solicitation Agreements, Private Right of Action

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AI Concerns of WGA and SAG-AFTRA: What Is Allowed?

The rise of the use of generative artificial intelligence (GAI) to produce original written material has left authors and writers across industries feeling threatened. This was one major factor that led to the Writers Guild of…more

Actors, Artificial Intelligence, Compensation, Entertainment Industry, Labor Disputes

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New York High Court Adopts Business Judgment Rule for Going-Private Transactions When Certain Minority Shareholder Protections Are In Place

Background of Kenneth Cole Productions Shareholder Litigation - The case involved Kenneth Cole Productions (KCP), a public New York corporation well-known as the designer and marketer of shoes, apparel and accessories. In…more

Business Judgment Rule, Controlling Stockholders, Going-Private Transactions, Kenneth Cole, Share Classes

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Fluoropolymer Focus

As federal and state governments race to regulate a class of chemicals known as per- and polyfluoroalkyl substances (PFAS), their broad efforts sweep in thousands of individual chemicals—from those for which scientific consensus…more

Department of Defense (DOD), Environmental Protection Agency (EPA), New Legislation, PFAS, Reporting Requirements

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SEC Turning Up the Heat: SolarWinds and Its CISO Charged with Fraud Regarding Cyber-related Disclosures

Key Takeaways - With the SolarWinds enforcement action, the SEC continues to ratchet up its enforcement against companies that fail to properly disclose their cybersecurity incidents and risks. By naming the SolarWinds CISO as…more

Chief Information Security Officer (CISO), Cyber Attacks, Cyber Incident Reporting, Cybersecurity, Disclosure Requirements

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Section 271(e)(1) Safe Harbor Applies to Importation Regardless of Intent or Actual Use

A divided panel of the Federal Circuit affirmed a district court’s grant of summary judgment of noninfringement, holding that importation of two product samples into the U.S. was reasonably related to obtaining FDA approval…more

35 U.S.C. § 271(e)(1), Dual Purpose, FDA Approval, Innovation Patent, Life Sciences

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Pitfalls and Issues for Lenders to Consider in Connection with LIBOR to SOFR Transition

The upcoming transition from LIBOR, which is published by ICE Benchmark Administration Limited (IBA), to the Secured Overnight Funds Rate (SOFR), which is published by the New York Federal Reserve Bank (NYFRB), has prompted a…more

Alternative Reference Rates Committee (ARRC), ICE Benchmark Administration (IBA), Interest Rates, Leveraged Finance, Libor

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

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CryptoLink - March 2024 Updates

In the House, lawmakers continue to make progress on the Clarity for Stablecoins Act (H.R. 4766). On March 19, at a press event hosted by Punchbowl News on the policy landscape for digital payments, outgoing House Financial…more

Anti-Money Laundering, CFTC, Coinbase, Copyright Office, Cryptoassets

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

See all updates »

International Unilateral Export Controls—An Increased Focus on Advanced Technologies

On 11 March 2024, the UK expanded its export control regime to include new controls on specific emerging technologies, such as quantum computing, semiconductor technologies and additive manufacturing, under The Export Control…more

Export Controls, France, Japan, Netherlands, Regulatory Standards

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Federal Prosecutors Investigating Fraud in Paycheck Protection Program

Federal prosecutors are investigating possible fraud by applicants to the Paycheck Protection Program (PPP), Bloomberg News and other outlets report. The program makes loans available to small businesses to cover certain…more

CARES Act, Criminal Investigations, Department of Justice (DOJ), Federal Loans, Federal Prosecutors

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Clean Vehicle Tax Credit – Foreign Entity of Concern Rules Proposed

On December 1, 2023, the Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations (REG-118492-23) with additional guidance on the excluded entities provision in the section 30D clean vehicle…more

Clean Energy, Compliance, Department of Energy (DOE), Electric Vehicles, Foreign Entities

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New UAE Bankruptcy Law – Key Features You Need to Know

On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy…more

Bankruptcy Court, Foreign Bankruptcies, New Legislation, New Regulations, Regulatory Agenda

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Landmark SEC and DOJ Insider Trading Cases Signal Increased Scrutiny of Rule 10b5-1 Plans

Key Points - On March 1, 2023, the SEC and DOJ filed insider trading charges against a public company executive alleging he traded pursuant to 10b5-1 trading plans he adopted while he was in possession of material nonpublic…more

10b5-1 Plans, Corporate Governance, Department of Justice (DOJ), Insider Trading, MNPI

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The Road Ahead for Private Equity: Energy Transition

The energy transition posts a tremendous opportunity for private equity investors. The scale of the investment requirement makes private capital a “must have” and a broad spectrum of energy transition opportunities, particularly…more

Capital Markets, Clean Energy, Energy Sector, Investment, Investors

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Germany Further Tightens Rules on Foreign Direct Investment

Key Points - On April 27, 2021, the German government adopted the 17th Regulation for the Amendment of the German Foreign Trade Regulation (Außenwirtschaftsverordnung (AWV)). The regulation, which came into force on May 1,…more

Acquisitions, Amended Regulation, Critical Infrastructure Sectors, Cross-Border Transactions, EU Screening Regulation

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So, What’d I Miss??? A Flurry of New Employment Laws Impact New York Firms

Key Points - The past eight months have featured the introduction of myriad new state and city laws impacting New York firms. From amendments to the NYC Fair Chance Act and NYS Paid Family Leave Law, to the expansion of…more

Artificial Intelligence, Background Checks, Criminal Background Checks, Employer Liability Issues, Fair Chance Act

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The EU Corporate Sustainability Reporting Directive (CSRD) – Application from FY 2024

Background - The application of the European Union’s (EU)  Corporate Sustainability Reporting Directive (CSRD) is to be phased in from the start of 2024 and will require in-scope companies to make disclosures on the risks and…more

Corporate Culture, Disclosure Requirements, Environmental Social & Governance (ESG), EU, Reporting Requirements

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SEC Re-Proposes Rule to Prohibit Material Conflicts of Interest in Securitizations

On January 25, 2023, the U.S. Securities and Exchange Commission (SEC) re-proposed rules1 (the “Proposed Rule”) to implement Section 27B of the Securities Act of 1933, as amended (“Section 27B”), which was mandated by Section…more

Asset-Backed Securities, Dodd-Frank, Proposed Rules, Securities Act of 1933, Securities and Exchange Commission (SEC)

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ArbitrateAD Rules Match Pace Set in Regional Centres

The Abu Dhabi International Arbitration Centre (ArbitrateAD) replaced the Abu Dhabi Commercial Conciliation and Arbitration Centre (ADCCAC) effective 1 February 2024. ArbitrateAD’s aim is to be “the world’s leading catalyst for…more

Arbitration, Arbitration Awards, Dispute Resolution, Foreign Arbitration Clauses, International Arbitration

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The Road Ahead for Private Equity: Debt Finance

Throughout 2023, we have continued to see activity in the debt finance markets, but the higher cost of capital, ongoing geopolitical uncertainties and mismatch in buyer/seller pricing expectations meant that deals have been…more

Acquisitions, Competition, EU, Investment, Investors

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District Court Dismisses Infringement Claims Because the Patent Recited a Patent-Ineligible Method for Real-Time Billable Time Tracking on a Computer

Judge Engelmayer in the Southern District of New York recently granted a motion to dismiss the complaint because the patent-in-suit is directed to patent-ineligible subject matter under 35 U.S.C. § 101. The patent is directed to…more

Inventive Concept Test, Patent Litigation, Patent-Eligible Subject Matter, Patent-in-Suit, Patents

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EPA IG's Concerns About Oversight of Hospital Disinfectants Reinforces Need for Robust Infection Control Programs

On September 19, 2016, the Inspector General (IG) for the Environmental Protection Agency (EPA) issued the latest in a long line of reports identifying flaws in EPA’s process for ensuring the efficacy of hospital-grade,…more

Chemicals, Environmental Protection Agency (EPA), Food and Drug Administration (FDA), GAO, Healthcare Facilities

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The Supreme Court Holds That a Showing of Willfulness is Not a Precondition to Recover Profits for Federal Trademark Infringement

- In Romag Fasteners Inc. v. Fossil Inc. et al., the Supreme Court held that a showing of a defendant’s willfulness is not a prerequisite for recovering an infringer’s profits for trademark infringement under the Lanham Act. …more

§ 1125(a), § 1125(c), Appeals, Burden of Proof, Charge-Filing Preconditions

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EEOC Publishes Updated Guidance on Employer COVID-19 Policies

While the Equal Employment Opportunity Commission’s (EEOC) May 28, 2021 guidance (the “EEOC Guidance”) largely is consistent with its previous pronouncements regarding employer mandatory COVID-19 policies, including policies…more

Americans with Disabilities Act (ADA), Civil Rights Act, Coronavirus/COVID-19, Employer Liability Issues, Employment Policies

See all updates »

Cannabis in 2024: HHS Rescheduling Recommendation and SAFER Banking

Key Points - The scientific review supporting HHS’s recommendation to DEA that cannabis be reclassified from a Schedule I to a Schedule III drug was published on January 12, 2024. Classifying cannabis as a Schedule III substance…more

Banking Acts, Biden Administration, Cannabis Products, Controlled Substances Act, DEA

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WTO MC13 Should Take Inspiration from UAE Success

At the end of last year, World Trade Organization (WTO) members agreed that the 13th Ministerial Conference (MC13) of the WTO will take place in Abu Dhabi, the capital of the United Arab Emirates (UAE), in February 2024. There…more

Foreign Direct Investment, Intellectual Property Protection, Trade Agreements, TRIPS Agreement, United Arab Emirates (UAE)

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FTC Updates HSR Filing Fees and Revises Thresholds for 2024; Minimum Size for Reportable Transactions Increases to $119.5 Million

Key Points - The HSR Act requires parties that meet certain transaction size and other tests to file premerger notification forms for mergers and other transactions with both the Federal Trade Commission (FTC) and Department…more

Antitrust Division, Department of Justice (DOJ), Federal Trade Commission (FTC), Filing Fees, Hart-Scott-Rodino Act

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The Agencies Release Consolidated Merger Guidelines: Insights from the Latest Signal for Expanded Merger Enforcement

On July 19, 2023, the Federal Trade Commission (FTC) and the Antitrust Division of the Department of Justice (DOJ) (collectively, the “Agencies”) issued a draft update of the Merger Guidelines (hereinafter, the “Proposed Merger…more

Competition, Department of Justice (DOJ), Federal Trade Commission (FTC), Horizontal Merger Guidelines, Merger Controls

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Implications of US Department of Energy Decision to ‘Pause’ Authorizations of Liquefied Natural Gas Exports May Extend Beyond Delays to Pending Projects

On January 26, 2024, the Biden-Harris Administration announced that it would place a temporary “pause” on pending decisions to export liquefied natural gas (LNG) to countries with which the United States has not entered into a…more

Bilateral Investment Treaties, Climate Change, Department of Energy (DOE), Energy Policy Act, Energy Projects

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Autonomous Akin Update - February 2024 (Part 2)

Our newsletter reflects the focus of Akin’s cross-practice autonomous systems and advanced mobility team on developments in the regulatory, policy, trade, intellectual property, and cybersecurity and privacy spaces. Autonomous…more

Aircraft, Cybersecurity, Driverless Cars, Drones, Electric Vehicles

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Trends in Special Situations & Private Credit 2024

With 2023 characterized by record inflation, constraints in the syndicated lending environment and rising interest rates, credit funds were able to step in to provide flexible, tailored and relationship-based financing to…more

Acquisitions, Cooperation Agreement, Credit Agreements, EBITDA, Hybrid Capital Instruments

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CPPA Releases Public Comments for CPRA Regulations

Public comments to recently published regulations governing compliance with the California Privacy Rights Act (CPRA) show that stakeholders sharply disagree on multiple areas of the CPRA. Seventy submissions totaling nearly 900…more

California Consumer Privacy Act (CCPA), California Privacy Rights Act (CPRA), Consumer Privacy Rights, Cybersecurity, Data Collection

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New Antidumping Duty Petition On Boltless Steel Shelving Units Prepackaged For Sale From India, Malaysia, Taiwan, Thailand And Vietnam

On April 25, 2023, a domestic producer of boltless steel shelving filed a petition with the United States Department of Commerce (DOC) and the U.S. International Trade Commission (ITC) seeking the imposition of antidumping (AD)…more

Anti-Dumping Duty, Countervailing Duties, Export Controls, Imports, International Trade Commission (ITC)

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U.S. Government Imposes Expansive, Novel and Plurilateral Export Controls Against Russia and Belarus

Key Points - As part of highly coordinated U.S. government and allied and partner country responses to Russia’s further invasion of Ukraine, and Belarus’ enabling of it, BIS imposed on February 24, 2022, and March 2, 2022,…more

Belarus, Belarus Sanctions, Bureau of Industry and Security (BIS), Economic Sanctions, Export Administration Regulations (EAR)

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Major Gift Planning Opportunities for 2024

The federal gift, estate and generation-skipping transfer (GST) tax exemptions for 2024 are historically high and present significant tax-free gifting opportunities next year.The gift and estate tax exemptions will increase to…more

Beneficiaries, Estate-Tax Exemption, Generation-Skipping Transfer, Gift-Tax Exemption, Grantor Retained Annuity Trusts (GRATs)

See all updates »

Commerce Focuses National Security Scrutiny on 'Connected Vehicle' Supply Chain

On March 1, 2024, the Department of Commerce (Commerce), Bureau of Industry and Security (BIS), through its Office of Information and Communication Technology and Services (ICTS), released an advanced notice of proposed…more

Advanced Notice of Proposed Rulemaking (ANPRM), Bureau of Industry and Security (BIS), China, Executive Orders, Foreign Adversaries

See all updates »

International Unilateral Export Controls—An Increased Focus on Advanced Technologies

On 11 March 2024, the UK expanded its export control regime to include new controls on specific emerging technologies, such as quantum computing, semiconductor technologies and additive manufacturing, under The Export Control…more

Export Controls, France, Japan, Netherlands, Regulatory Standards

See all updates »

EEOC Publishes Updated Guidance on Employer COVID-19 Policies

While the Equal Employment Opportunity Commission’s (EEOC) May 28, 2021 guidance (the “EEOC Guidance”) largely is consistent with its previous pronouncements regarding employer mandatory COVID-19 policies, including policies…more

Americans with Disabilities Act (ADA), Civil Rights Act, Coronavirus/COVID-19, Employer Liability Issues, Employment Policies

See all updates »

CMS Revises Policy on Texting Patient Orders

On February 8, 2024, the Centers for Medicare and Medicaid Services (CMS) released a memorandum from the Quality, Safety & Oversight Group (QSOG) updating its 2018 guidance on texting patient information among healthcare…more

Centers for Medicare & Medicaid Services (CMS), Critical Access Hospitals, Electronic Medical Records, Health Insurance Portability and Accountability Act (HIPAA), HITECH Act

See all updates »

Could Future COVID-19 Relief Allow COD Income Deferral?

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) (P.L. 116-136), signed into law March 27, contained numerous business relief provisions, one of which was a repeat from the 2008-2009 financial crisis. While the…more

Borrowers, Coronavirus/COVID-19, Debtors, Income Taxes, Tax Deferral

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A Momentous Year for PAGA

The past year saw appellate courts weigh in on a number of critical questions regarding the Private Attorneys General Act (PAGA), headlined by the U.S. Supreme Court’s ruling in Viking River Cruises, Inc. v. Moriana, 142 S. Ct…more

Appellate Courts, Constitutional Challenges, Employer Liability Issues, Federal Arbitration Act, Private Attorneys General Act (PAGA)

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Recent ESG-Developments Affecting The Energy Industry

On Wednesday, May 26, 2021, a series of events transpired that could have long-lasting impacts on the energy industry and which seem likely to accelerate that industry’s evolving responses to environmental, social and governance…more

Corporate Governance, Energy Sector, Environmental Social & Governance (ESG), Exxon Mobil, Oil & Gas

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Delaware Chancery’s Moelis II Decision Provides Cautionary Tale for Boards and Activists

On February 23, 2024, Vice Chancellor Travis Laster of the Delaware Court of Chancery issued his 131-page decision in West Palm Beach Firefighters’ Pension Fund v. Moelis & Co., No. 2023-0309-JTL. The case involved a challenge…more

Board of Directors, Corporate Governance, Corporations Code, Delaware, Delaware General Corporation Law

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Red Notice Newsletter - April 2020

ANTICORRUPTION DEVELOPMENTS - New Guilty Plea in College Admissions Scandal - On April 21, 2020, Jorge Salcedo, a former tennis coach at a prominent California university, entered into a plea agreement related to his alleged…more

Anti-Corruption, Bureau of Industry and Security (BIS), Civil Monetary Penalty, College Admissions, Corruption

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Lawmakers Reach Landmark Agreement on Bipartisan, Bicameral Comprehensive Privacy Legislation

Key Points - On Sunday, April 7, Senate Commerce Committee Chair Maria Cantwell (D-WA) and House Energy and Commerce (E&C) Committee Chair Cathy McMorris Rodgers (R-WA) struck a deal on a comprehensive federal bill, the American…more

Advanced Notice of Proposed Rulemaking (ANPRM), Consumer Privacy Rights, Data Privacy, Data Protection, Privacy Laws

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Podcast: Mental Health & Well-Being in the Legal Industry with Kim Koopersmith, Patrick Krill

This episode debuts a series of conversations between Akin Gump chairperson Kim Koopersmith and thought leaders in and around the legal industry. In this episode, she speaks with Patrick Krill, an authority on addiction and…more

American Bar Association (ABA), Corporate Culture, Law Firm Associates, Law Firm Ownership, Law Firm Partners

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Digital Markets Act—The New Era of EU Digital Regulation for Big Tech

Key Points - The co-legislators of the EU have provisionally agreed on new rules to limit the market power of big technology platforms. The provisionally agreed-upon text1 of the Digital Markets Act (DMA) establishes a…more

Competition, Digital Services, EU, European Commission, FRAND

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BIS Announces Key Updates to Voluntary Self-Disclosure Process

Key Points - On January 16, 2024, Matthew Axelrod, Assistant Secretary for Export Enforcement at the U.S. Department of Commerce’s BIS announced key updates to BIS’s VSD process. The updates are also now reflected on BIS’s…more

Bureau of Industry and Security (BIS), Enforcement, Export Administration Regulations (EAR), Exports, National Security

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Commerce Focuses National Security Scrutiny on 'Connected Vehicle' Supply Chain

On March 1, 2024, the Department of Commerce (Commerce), Bureau of Industry and Security (BIS), through its Office of Information and Communication Technology and Services (ICTS), released an advanced notice of proposed…more

Advanced Notice of Proposed Rulemaking (ANPRM), Bureau of Industry and Security (BIS), China, Executive Orders, Foreign Adversaries

See all updates »

Top 10 Topics for Directors in 2020: Economic Downturn

Significant economic, regulatory and political uncertainties in 2020 should prompt board of directors members to evaluate, and take steps to mitigate, potential downside risks facing their businesses. Certain challenges commonly…more

Board of Directors, Breach of Duty, Capital Markets, Chapter 11, Commercial Bankruptcy

See all updates »

CMS Revises Policy on Texting Patient Orders

On February 8, 2024, the Centers for Medicare and Medicaid Services (CMS) released a memorandum from the Quality, Safety & Oversight Group (QSOG) updating its 2018 guidance on texting patient information among healthcare…more

Centers for Medicare & Medicaid Services (CMS), Critical Access Hospitals, Electronic Medical Records, Health Insurance Portability and Accountability Act (HIPAA), HITECH Act

See all updates »

U.S. Withholding on Synthetic Trades over U.S. Equities (Section 871(m)) – Additional Delay of Full Implementation until 2023

• The broader application of Section 871(m) has again been delayed, this time until January 1, 2023 and as a result, investment funds with non-U.S. feeders or investors up the chain should generally expect to incur U.S…more

Broker-Dealer, Dividend-Equivalent Transactions, Dividends, ETFs, IRS

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PTAB Institutes IPR Despite Delayed Sotera Stipulation

The Patent Trial and Appeal Board granted institution of inter partes review after petitioner submitted a Sotera stipulation to patent owner via email, several days after patent owner’s preliminary response. The board rejected…more

Email, Inter Partes Review (IPR) Proceeding, Patent Ownership, Patent Trial and Appeal Board

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Coronavirus, the Economic Impact and the Board’s Role

We are all in this together: In these rapidly changing times, more than ever, the Board needs to play its role with active engagement, thoughtfulness and resolve. Management is juggling the day-to-day business impact and should…more

Board of Directors, Coronavirus/COVID-19, D&O Insurance, Fiduciary Duty, Leadership

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Weatherford: The U.S. and Beyond

Akin Gump lawyers who advised the Ad Hoc Group of holders of Weatherford's $7.4 billion unsecured notes explain how the restructuring was agreed and implemented using three parallel in-court procedures Weatherford is one of…more

Bankruptcy Code, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Debt Restructuring

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UK CMA Publishes Thoughtful Report on AI Foundation Models

On 18 September 2023, following its initial review of artificial intelligence (AI) foundation models (FMs), the UK Competition and Markets Authority (CMA) published its eagerly awaited report (the “Report”).The Report has been…more

Artificial Intelligence, Consumer Protection Laws, Diversity, Fair Dealing Exception, Machine Learning

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Service of Complaint Without Exhibits Does Not Trigger the One-Year Time Bar to File IPR

The Patent Trial and Appeal Board held that service of a bare complaint without exhibits did not trigger the one-year time bar under 35 U.S.C. § 315(b), which requires the filing of a petition for inter partes review within one…more

Federal Rules of Civil Procedure, Inter Partes Review (IPR) Proceeding, Patent Infringement, Patent Litigation, Patent Trial and Appeal Board

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Fourth (and Final?) Act in the Kabab-Ji Saga—What Law Governs the Arbitration Agreement (Law of the Seat or Law of the Underlying Contract)?

On 28 September 2022, the French Cour de cassation upheld the French Court of Appeal’s decision in Kabab-Ji SAL v. Kout Food Group that the law of the seat, rather than the law governing the underlying contract, governed issues…more

Arbitration, Arbitration Agreements, Choice-of-Law, France, Franchise Agreements

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Legal Brexit: Energy - Oil & Gas

On 23 June 2016, the UK electorate voted in a referendum to leave the European Union (EU). This outcome is expected to have far-reaching consequences for UK industry, including the oil & gas sector. These include: short- to…more

EU, Member State, Oil & Gas, Popular, Referendums

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EEOC Releases New AI Guidance for Employers

On May 18, 2023, the U.S. Equal Employment Opportunity Commission (EEOC) issued new technical guidance on how to measure adverse impact when employment selection tools use artificial intelligence (AI), titled “Assessing Adverse…more

Algorithms, Artificial Intelligence, Civil Rights Act, Employer Liability Issues, Equal Employment Opportunity Commission (EEOC)

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Federal Circuit Finds Written Description Support for Narrow Claim Range via Disclosure of Broader Ranges, Vacates PTAB Decision

The Federal Circuit recently vacated a PTAB decision that claims of an “e-cigarette” patent were unpatentable for lack of written description under 35 U.S.C. § 112. The question on appeal was whether a claimed range was…more

Appeals, E-Cigarettes, Patent Trial and Appeal Board, Patent Validity, Post-Grant Review

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Implications for Section 220 ‘Books and Records’ Demands Following High River Limited Partnership

In High River Ltd. P’ship v. Occidental Petroleum Corp., No. CV 2019-0403-JRS, 2019 WL 6040285 (Del. Ch. Nov. 14, 2019), the Court of Chancery of the state of Delaware recently refused to hold that Section 220 books and records…more

Board of Directors, Books & Records, Breach of Duty, Corporate Governance, Delaware General Corporation Law

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UK to Withdraw from Energy Charter Treaty

On 22 February 2024, the UK announced it is withdrawing from the Energy Charter Treaty (ECT) on the basis that it is incompatible with the energy transition, being the 11th state to do so. However, ECT protections for existing…more

Energy Charter Treaty, Energy Sector, Fossil Fuel, Investment, Renewable Energy

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The Road Ahead for Private Equity: Energy Transition

The energy transition posts a tremendous opportunity for private equity investors. The scale of the investment requirement makes private capital a “must have” and a broad spectrum of energy transition opportunities, particularly…more

Capital Markets, Clean Energy, Energy Sector, Investment, Investors

See all updates »

'Speak Out Act' Is the Latest #MeToo Law to Impact Firms

Key Points - The new law prohibits judicial enforcement of confidentiality and non-disparagement provisions with respect to sexual harassment and sexual assault disputes. The law covers provisions entered into before a…more

#MeToo, Anti-Discrimination Policies, Anti-Harassment Policies, Corporate Culture, Employee Training

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Four Elections for One Seat: Compliance Tips for California’s 2024 US Senate Race

Elections - California will host four elections in 2024 to fill the U.S. Senate seat held by the late Senator Dianne Feinstein and filled by Governor Newsom’s appointment of Senator Laphonza Butler. Sen. Butler has announced…more

Compliance, Contribution Limits, Disclosure Requirements, Federal Election Commission (FEC), PACs

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FCA Contemplates Revising Asset Management Regulatory Framework

The UK Financial Conduct Authority (FCA) is seeking industry feedback in a discussion paper (DP)1 on potential regulatory reform of the asset management sector. If enacted, the UK Government’s Future Regulatory Framework…more

Alternative Investment Fund Managers Directive (AIFMD), Asset Management, EU, Financial Conduct Authority (FCA), Financial Services Industry

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Developments in Reserve-Based Lending Facilities Trends in Oil & Gas Series: Part 3 of 5

While the traditional reserve-based lending (RBL) market for domestic exploration & production (E&P) companies did not move significantly during 2023, it is noteworthy to observe a few trends…more

Debt Market, Exploration and Production Assets, Geopolitical Risks, Lending, Oil & Gas

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Make (Whole) A Minute: Takeaways from the Recent Hertz Decision on Make-Whole and Post-Petition Interest

Happy 2022, everyone! It seems fitting to kick off our Make (Whole) a Minute Update series in 2022 with an alert on make-whole. On December 22, 2021, the Bankruptcy Court for the District of Delaware ruled in favor of the…more

Bankruptcy Code, Claim Limitations, Commercial Bankruptcy, Institutional Investors, Make-Whole Premium

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With Courts Closed, Arbitration Offers Promising Alternative for Entertainment Disputes

The COVID-19 pandemic, and the resulting stay-at-home orders by government agencies, have drastically impacted federal and state court proceedings. This impact will be magnified over the coming months, especially in courts, like…more

Arbitration, Arbitration Agreements, Coronavirus/COVID-19, Court Closures, Entertainment Industry

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IRS Takes View That FIRPTA Exemption for Publicly Traded Stock Must Be Tested at Partnership Level

Key Points Internal IRS correspondence in the form of a recent Chief Counsel Memorandum concludes that funds structured as partnerships (e.g., master funds in a standard master-feeder structure) must determine the availability…more

Financial Services Industry, FIRPTA, Foreign Investment, Investment Funds, Investment Management

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Generative AI Cannot Meet Authorship Requirement for Copyright Protection, District Court Rules

A recent decision by Judge Beryl Howell in the United States District Court for the District of Columbia (“D.C. District Court”) affirmed that human authorship is required for copyright registration. In granting the United…more

Algorithms, Artificial Intelligence, Authorship, Copyright, Copyright Office

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The Key Dynamics of Private Debt

Executive summary • Despite the COVID-19 pandemic, 2020 still saw robust private equity (PE) activity relative to historical activity, with well over 5,000 completed transactions even amid a drop in aggregate deal value to…more

Coronavirus/COVID-19, Debt Financing, Debt Market, EBITDA, Fund Managers

See all updates »

Major Gift Planning Opportunities for 2024

The federal gift, estate and generation-skipping transfer (GST) tax exemptions for 2024 are historically high and present significant tax-free gifting opportunities next year.The gift and estate tax exemptions will increase to…more

Beneficiaries, Estate-Tax Exemption, Generation-Skipping Transfer, Gift-Tax Exemption, Grantor Retained Annuity Trusts (GRATs)

See all updates »

UK Spring Budget 2023: Points for Asset Managers

Introduction - On 15 March 2023, the UK government revealed the widely anticipated Spring Budget, which contained a number of measures that may be of interest to asset managers…more

Asset Management, Budgets, Corporate Taxes, International Tax Issues, Investment Funds

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Bridging the Bid-Ask Spread in the Oil Patch

Hope on the sell side and price volatility led to a wide bid-ask spread in 2015 and resulted in fewer financial sponsor-backed mergers and acquisitions transactions in the oil patch. Of late, prices have further plunged,…more

Commodities, Earn-Outs, Financial Sponsors, Oil & Gas

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ESG Investing Listed Among ‘Significant Areas of Focus’ for SEC Examination Division

On March 30, 2022, the U.S. Securities and Exchange Commission’s (SEC) Division of Examinations (the “Division”) released its 2022 examination priorities. The Division announced an enhanced focus on five “significant areas”: (i)…more

Business Strategies, Corporate Governance, Environmental Social & Governance (ESG), Publicly-Traded Companies, SEC Examination Priorities

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Autonomous Akin Update - February 2024 (Part 2)

Our newsletter reflects the focus of Akin’s cross-practice autonomous systems and advanced mobility team on developments in the regulatory, policy, trade, intellectual property, and cybersecurity and privacy spaces. Autonomous…more

Aircraft, Cybersecurity, Driverless Cars, Drones, Electric Vehicles

See all updates »

Full Implementation of Section 871(m) Further Delayed Until 2025: Impacting US Withholding on Swaps over US Stocks and Narrow-Based Indices

Key Points - The broader application of Section 871(m) has again been delayed, this time until January 1, 2025, and, as a result, investment funds with non-U.S. feeders or investors up the chain should generally expect to…more

Broker-Dealer, Dividend-Equivalent Transactions, Internal Revenue Code (IRC), IRS, Qualified Derivatives Dealers (QDDs)

See all updates »

Employee Benefits and Executive Compensation Aspects of the CARES Act

In response to the coronavirus pandemic, Congress recently passed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). President Donald Trump signed the CARES Act into law on March 27, 2020. Below is a…more

Benefit Plan Sponsors, CARES Act, Coronavirus/COVID-19, Employee Benefits, Employee Retirement Income Security Act (ERISA)

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Supreme Court Declines to Review 2nd Circuit Decision That Syndicated Term Loans Are Not Securities

On February 20, 2024, the U.S. Supreme Court declined to hear an appeal brought by the trustee of the Millennium Lender Claim Trust challenging the U.S. Court of Appeals for the 2nd Circuit’s August 2023 decision, in which the…more

Borrowers, Certiorari, Financial Institutions, Lenders, Motion to Dismiss

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

See all updates »

Liability Management in Uncertain Times

The potentially significant economic downturn in 2020 triggered by the COVID-19 pandemic, and for companies in the energy sector, extremely low commodity prices, increases the likelihood that many companies may develop liquidity…more

Corporate Governance, Corporate Liability, Economic Downturn, Investment Management, Liquidity

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NLRB’s Joint Employer Rule Vacated

The National Labor Relations Act (NLRA) gives employees the right to unionize and imposes obligations on employers to collectively bargain with unions representing their employees. Failing to recognize those rights and…more

Chamber of Commerce, Contract Terms, Employee Definition, Joint Employers, Jurisdiction

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Judge Rules California State Law Does Not Prohibit Federal Forum Provisions That Seek To Avoid Cyan’s Bar on Removal of Securities Claims

- California state court held that federal forum provisions for Securities Act claims are not illegal and may be used to sidestep the bar on removal of Securities Act claims following the United States Supreme Court’s ruling in…more

Certificates of Incorporation, Cyan Inc v Beaver Cty Emps Ret Fund, Forum Selection, Jurisdiction, Removal

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Delaware Chancery’s Moelis II Decision Provides Cautionary Tale for Boards and Activists

On February 23, 2024, Vice Chancellor Travis Laster of the Delaware Court of Chancery issued his 131-page decision in West Palm Beach Firefighters’ Pension Fund v. Moelis & Co., No. 2023-0309-JTL. The case involved a challenge…more

Board of Directors, Corporate Governance, Corporations Code, Delaware, Delaware General Corporation Law

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Commerce Imposes Significant New Controls on Advanced Semiconductors

On October 17, 2023, the Commerce Department’s Bureau of Industry and Security (BIS) released three rules amending the Export Administration Regulations (EAR) that significantly build on the October 7, 2022 semiconductor…more

Bureau of Industry and Security (BIS), China, Deadlines, Entity List, Export Administration Regulations (EAR)

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Just Right: Delaware Court of Chancery Adopts ‘Goldilocks’ Approach to Accrual of Red-Flag Caremark Claims

Key Takeaways - In a case of first impression, the Delaware Court of Chancery issued a decision that could give investors more time to sue corporate directors and officers for Caremark breach of fiduciary duty claims. Under…more

Breach of Duty, Caremark claim, Fiduciary Duty, Motion to Dismiss, Oversight Duties

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Ukraine-Russia Crisis: Possible New Sanctions and Export Controls on Russia and Potential Implications for U.S. and Non-U.S. Companies

Key Points - The United States, European Union, United Kingdom and other U.S. allies are currently considering a range of severe economic measures against Russia to impose in the event of a Russian military incursion into…more

Export Administration Regulations (EAR), Export Controls, Financial Institutions, Foreign Policy, National Security

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The New PRC Personal Information Protection Law

On August 20, 2021, the 30th session of the Standing Committee of the 13th National People’s Congress (NPC) adopted China’s new PRC Personal Information Protection Law (PIPL), which will take effect on November 1, 2021. The new…more

China, Criminal Liability, Cybersecurity, Data Collection, Data Privacy

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Trends in Oil & Gas: 2023 and the Year Ahead

The past 12 months have been some of the trickiest to navigate for oil & gas companies in recent memory. Despite high energy prices and record cashflows, there is still uncertainty about what future paths to growth might look…more

Acquisitions, Capital Raising, Energy Sector, FERC, Financing

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Syndicates Beware—DIFC Court Reaffirms Expansive Approach to Jurisdiction

DIFC Court jurisdiction – Judicial Authority Law – Syndicated agreements - Introduction In a decision that will be of particular interest for insurers and lenders entering into syndicated agreements, the Dubai International…more

DIFC, Dubai, Jurisdiction, Reinsurance Agreements, Syndication

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UK Government Consultation on Proposed Power to Block Listings on National Security Grounds

Key Points - The proposed power would allow the UK Government to block initial equity listings and admissions on UK public markets on the grounds of national security. The listing of debt securities (other than…more

Blocking Power, Debt Securities, Financial Conduct Authority (FCA), HM Treasury, National Security

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Department of Justice Memorandum Provides Guidance for Evaluating Dismissal of Qui Tam FCA Cases

• Department of Justice (DOJ) has released a memorandum detailing seven nonexhaustive factors to be considered by its attorneys in making the important determination of whether to dismiss False Claims Act (FCA) qui tam actions…more

Department of Justice (DOJ), Dismissals, Enforcement Actions, False Claims Act (FCA), Frivolous Lawsuits

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Proposed Clean Hydrogen Guidance: Limitations on Credit Availability for Green Hydrogen Projects and Paths Forward

Guidance recently issued by the Department of the Treasury and the Internal Revenue Service (IRS) in proposed regulations (REG-117631-23) will (if held to be final) have a significant impact on green hydrogen projects in the…more

Clean Energy, Comment Period, Energy Tax Incentives, Energy-Efficiency Tax Credits, Hydrogen Power

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The Hong Kong Court Refuses to Stay ‘Keepwell’ Claims

In a noteworthy decision handed down on 17 December 2021 (“Decision”), the High Court of Hong Kong recognised the Mainland China bankruptcy administrator (“Administrator”) of Peking University Founder Group Limited (PKU) and…more

Bankruptcy Reform, China, Commercial Bankruptcy, Corporate Restructuring, Cross-Border

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California Climate Disclosure Legislation Clears Critical Hurdles

Legislation to “prevent corporate greenwashing” by requiring major companies doing business in California to publicly disclose their scope 1, 2 and 3 greenhouse gas (GHG) emissions has cleared two critical committees…more

California, California Air Resources Board, Climate Change, Corporate Governance, Disclosure Requirements

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DOJ Criminal Division Announces New Round of Revisions to Corporate Enforcement Policy

Key Points - On January 17, 2023, Assistant Attorney General Kenneth A. Polite, Jr. announced revisions to the DOJ Criminal Division’s corporate enforcement policy that offer new incentives to self-disclose corporate…more

Compliance, Department of Justice (DOJ), FCPA Corporate Enforcement Policy (CEP), Federal Sentencing Guidelines, Foreign Corrupt Practices Act (FCPA)

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Liability Management Exercises: A Transatlantic Perspective

Over recent years, a prolonged period of low interest rates, together with a competitive financing market, has resulted in greater leverage and control for private companies (and their sponsors) when it comes to negotiating…more

EU, Financial Markets, Financing, Liquidity, Private Equity

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Sundance 2019: Megadeals Return and Diversity Comes into Focus

Hollywood made its annual descent upon Park City, Utah, from January 24, 2019 through February 3, 2019, for another year of deal-making at the preeminent indie playground, the Sundance Film Festival. From Amazon Studio’s…more

Artificial Intelligence, Augmented Reality, Diversity, Film Industry, Motion Picture Industry

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The Global Impact of COVID-19 on Corporate Transactions

COVID-19, also known as the novel coronavirus, has spread rapidly throughout the globe since it first emerged in China at the end of 2019. As governments, businesses and individuals all take measures to protect against the…more

Acquisitions, Condition Precedent, Contract Disputes, Contract Termination, Coronavirus/COVID-19

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

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International Unilateral Export Controls—An Increased Focus on Advanced Technologies

On 11 March 2024, the UK expanded its export control regime to include new controls on specific emerging technologies, such as quantum computing, semiconductor technologies and additive manufacturing, under The Export Control…more

Export Controls, France, Japan, Netherlands, Regulatory Standards

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U.S. Senate Conducts Hearing to Consider FERC Commissioner Nominations

On Thursday, March 21, 2024, the U.S. Senate Committee on Energy and Natural Resources held a full committee hearing to question President Biden’s three nominees to serve as Federal Energy Regulatory Commission (FERC or…more

FERC, Natural Gas, Nominations

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Fluoropolymer Focus

As federal and state governments race to regulate a class of chemicals known as per- and polyfluoroalkyl substances (PFAS), their broad efforts sweep in thousands of individual chemicals—from those for which scientific consensus…more

Department of Defense (DOD), Environmental Protection Agency (EPA), New Legislation, PFAS, Reporting Requirements

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Defense Options After Calif. High Court Call-Recording Ruling

On April 1, the California Supreme Court ruled in Smith v. LoanMe Inc. that California Penal Code Section 632.7 prohibits both parties to a communication and nonparties, such as an individual who covertly intercepts and…more

Audio Recording, CA Supreme Court, Confidential Communications, Confidential Information, Eavesdropping

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Fourth Circuit Rules Omission of Marriott’s Data Vulnerabilities Not Actionable Because Challenged Statements Were Not False When Made

Key Points - Fourth Circuit points to SEC guidance on “less is more” approach to cybersecurity disclosures, while finding such disclosures did not violate federal securities laws. Omissions of data vulnerabilities were not…more

Corporate Counsel, Cybersecurity, Disclosure Requirements, Failure To Disclose, Marriott

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United States v. Salman: Supreme Court Reaffirms “Friends With Benefits” Test In Insider Trading Cases

On December 6, 2016, in an opinion written by Justice Alito, the Supreme Court unanimously affirmed the Ninth Circuit’s decision in Salman v. United States, a closely-watched insider trading tipping case. Salman builds upon…more

Criminal Prosecution, Dirks v SEC, Illegal Tipping, Insider Trading, Material Nonpublic Information

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Ninth Circuit Rejects Heightened State-of-Mind Pleading Requirement for Section 14(e) Claims

Key Points - The 9th Circuit, disagreeing again with the 2nd, 3rd, 5th, 6th, and 11th Circuits, reaffirmed that claims under Section 14(e) of the Exchange Act do not require a showing of scienter. In the 9th Circuit’s…more

Class Action, Pleading Standards, PSLRA, Scienter, Securities Exchange Act

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Coinbase Court Embraces ‘Ecosystem’ Approach to Identifying Crypto-Asset Securities

Key Points - In a thorough decision, a federal district judge in New York largely denied Coinbase’s motion for judgment on the pleadings in a case brought by the SEC. Applying the plaintiff-friendly standards required at the…more

Bitcoin, Coinbase, Cryptoassets, Howey, Investment

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This Week’s Climate Policy Update - April 2024 #2

Good afternoon! This is Akin’s newsletter on climate change policy and regulatory developments, providing information on major climate policy headlines from the past two weeks and forthcoming climate-related events and…more

Biden Administration, Climate Change, Coal Industry, Department of Energy (DOE), Department of the Interior

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Reminder to Managers re Upcoming Changes to EMIR Reporting

The European Market Infrastructure Regulation (EMIR) data reporting requirements apply to European Union (EU) funds and EU fund managers. UK EMIR imposes reporting requirements on UK funds and UK managers. The reporting…more

Alternative Investment Fund Managers Directive (AIFMD), EMIR, EU, Financial Conduct Authority (FCA), Fund Managers

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OFAC Issues Venezuela Sanctions Relief Package Focused on Oil, Gas and Gold Sectors and Secondary Market Trading in Response to Election Commitments

Key Points - On October 18, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) took action to relax certain U.S. sanctions on Venezuela in response to the signing of an electoral roadmap…more

Debt, Divestment, Economic Sanctions, Goldman Sachs, Office of Foreign Assets Control (OFAC)

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US Seeks Comments on Text for WIPO Genetic Resources Treaty

Summary - Last year the World Intellectual Property Organization (WIPO), under a threat of a vote, accelerated negotiations on an international legal instrument related to intellectual property (IP) and genetic resources…more

Biotechnology, Comment Period, Deadlines, Genetic Materials, Intellectual Property Protection

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International Unilateral Export Controls—An Increased Focus on Advanced Technologies

On 11 March 2024, the UK expanded its export control regime to include new controls on specific emerging technologies, such as quantum computing, semiconductor technologies and additive manufacturing, under The Export Control…more

Export Controls, France, Japan, Netherlands, Regulatory Standards

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The New York Supreme Court Enforces New York’s State Law Prohibiting Mandatory Arbitration of Employment Discrimination Claims and Refuses to Compel Arbitration in Harassment Lawsuit

- On July 13, 2020, the New York Supreme Court in Andowah Newton v. LVMH Moët Hennessy Louis Vuitton Inc., Sup. Ct., N.Y. County, July 13, 2020, J. Nock, Index No. 154178/2019, slip op at p. 16, allowed the plaintiff employee…more

Arbitration, Arbitration Agreements, Employee Handbooks, Employer Liability Issues, Employment Discrimination

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2021 Year in Review - Civil Fraud

Welcome to our 2021 round-up for civil fraud litigation, complex crossborder disputes and asset recovery. In this publication, we consider some of the key cases and developments in English law and practice from the past year…more

Arbitration Agreements, Contempt, Criminal Prosecution, Cryptoassets, Evidence

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Nokia and Daimler Settle Standard-Essential Patent Licensing Dispute, Potentially Impacting Auto-Industry FRAND Licensing

Key Points - This settlement resolves multiple German lawsuits Nokia filed against Daimler asserting SEPs and Daimler’s complaint against Nokia before the European Commission. - Daimler argued Nokia’s licensing activity…more

European Commission, FRAND, IP License, Nokia, Patent Litigation

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BIS Announces Key Updates to Voluntary Self-Disclosure Process

Key Points - On January 16, 2024, Matthew Axelrod, Assistant Secretary for Export Enforcement at the U.S. Department of Commerce’s BIS announced key updates to BIS’s VSD process. The updates are also now reflected on BIS’s…more

Bureau of Industry and Security (BIS), Enforcement, Export Administration Regulations (EAR), Exports, National Security

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CFTC Staff Extends Relief with Respect to Certain Position Limit Aggregation Requirements

Key Points - Until August 12, 2025, CPOs and CTAs may continue to file position limit disaggregation notices upon request, rather than prospectively, and exempt CTAs may continue to rely upon the “independent account…more

Aggregation Rules, CFTC, CPO, Investment Management, No-Action Letters

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USTR Releases Section 301 China Tariff Necessity Review Comment Form

On November 1, USTR released a comment form prescribing the submission format for public comments in the “necessity review” process for the Section 301 China tariffs. USTR first announced the public comment phase of the…more

Exclusions, Imports, Section 301, Tariffs, Trade Relations

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Akin Space Law, Regulation and Policy Update - April 2024

Good Afternoon! This is Akin’s biweekly policy newsletter on space policy and regulatory developments, providing information on major space headlines and forthcoming space-related events and hearings..…more

Aerospace, Defense Sector, Department of Defense (DOD), FCC, Federal Aviation Administration (FAA)

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Commerce Proposes ICTS Changes for Connected Software Applications

Key Points - On November 26, 2021, the U.S. Department of Commerce issued a notice of proposed rulemaking related to “connected software applications” (“apps”) that aims to expressly incorporate transactions involving apps…more

Executive Orders, Foreign Adversaries, National Security, Notice of Proposed Rulemaking (NOPR), Proposed Rules

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California Court Rules That A PAGA Claim Does Not Survive The Plaintiff’s Death

While there are many similarities between class claims and representative claims under the Private Attorneys General Act (PAGA), the different nature of the two types of claims produces divergent results in some contexts. A…more

Cal Code of Civil Procedure, Class Action, Private Attorneys General Act (PAGA), Putative Class Actions, Standing

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Could Future COVID-19 Relief Allow COD Income Deferral?

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) (P.L. 116-136), signed into law March 27, contained numerous business relief provisions, one of which was a repeat from the 2008-2009 financial crisis. While the…more

Borrowers, Coronavirus/COVID-19, Debtors, Income Taxes, Tax Deferral

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DOD and Other Agencies Seek to Enhance Contractors’ Cyber and Supply Chain Security

The Department of Defense (DOD) and its component services and agencies are taking several independent steps to assess and enhance their cyber and supply chain security that will directly or indirectly affect DOD contractors and…more

Airlines, Aviation Industry, Critical Infrastructure Sectors, Cyber Incident Reporting, Cybersecurity

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SEC Adopts Final Rules on Cybersecurity Risk Management, Strategy, Governance and Incident Disclosure by Public Companies

On July 26, 2023, the U.S. Securities and Exchange Commission (SEC) adopted final rules that generally require public companies to disclose (i) material cybersecurity incidents within four business days after determining the…more

Corporate Governance, Cyber Incident Reporting, Cybersecurity, Disclosure Requirements, Final Rules

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Autonomous Akin Update - February 2024 (Part 2)

Our newsletter reflects the focus of Akin’s cross-practice autonomous systems and advanced mobility team on developments in the regulatory, policy, trade, intellectual property, and cybersecurity and privacy spaces. Autonomous…more

Aircraft, Cybersecurity, Driverless Cars, Drones, Electric Vehicles

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CryptoLink - January 2023

Whether or not there is a thaw in the long “crypto winter,” U.S. policymakers seem determined to bring some regulatory certainty to the industry. And, contrary to claims that the dramatic events of last fall would undercut the…more

Blockchain, CFTC, Cryptocurrency, Digital Assets, Financial Markets

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Impact of SCOTUS Affirmative Action Ruling on Employers

Key Takeaways - In Students for Fair Admissions, Inc. v. President and Fellows of Harvard College, the U.S. Supreme Court overturned its past precedent and held that the goal of achieving a diverse student body cannot…more

Affirmative Action, Civil Rights Act, College Admissions, Educational Institutions, Equal Protection

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Reviewing the 2022 SCOTUS Term

In this special episode, Akin Supreme Court and appellate practice head Pratik Shah and partner Aileen McGrath look back at the tumultuous 2022 Supreme Court Term…more

Affirmative Action, Appeals, Clean Water Act, Constitutional Challenges, Eighth Amendment

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SEC Votes to Adopt Rule Amendments in Order to Facilitate Electronic Submission of Documents

On November 17, 2020, the Securities and Exchange Commission (SEC) voted to adopt amendments to Regulation S-T and the Electronic Data Gathering, Analysis and Retrieval system (EDGAR) Filer Manual (EDGAR Filer Manual) to permit…more

Authentication, E-Signatures, EDGAR, Electronic Filing, Publicly-Traded Companies

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California Court of Appeal Approves Limiting or Striking Unmanageable PAGA Claims

In Wesson v. Staples The Office Superstore, LLC, the California Court of Appeal held that “courts have inherent authority to ensure that PAGA claims can be fairly and efficiently tried and, if necessary, may strike claims that…more

Class Action, Class Certification, Due Process, Employer Liability Issues, Employment Litigation

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Defense Production Act – What Does the March 18th Executive Order Mean?

The Defense Production Act (DPA) of 1950 (50 U.S.C. §§ 4501 et seq.) grants the President broad authority to prioritize and allocate health resources. This includes two very separate and distinct authorities to (1) “require the…more

Coronavirus/COVID-19, Defense Production Act, Executive Orders, Infectious Diseases, Medical Supplies

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Regulatory, Political and Policy Issues Trends in Oil & Gas Series: Part 5 of 5

2023 saw two megadeals in the oil & gas industry that have led to calls from environmental interest groups for the FTC to intervene despite a lack of obvious antitrust issues. Whether the FTC will sue to block the deals remains…more

Antitrust Provisions, Enforcement, Federal Trade Commission (FTC), FERC, Infrastructure

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Clean Vehicle Tax Credit – Foreign Entity of Concern Rules Proposed

On December 1, 2023, the Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations (REG-118492-23) with additional guidance on the excluded entities provision in the section 30D clean vehicle…more

Clean Energy, Compliance, Department of Energy (DOE), Electric Vehicles, Foreign Entities

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FCA to Permit Research Bundling

The Financial Conduct Authority (FCA) is seeking views on proposed rules that would allow asset managers to opt for bundled payments for third-party investment research, reversing a significant aspect of the UK’s implementation…more

Asset Management, False Claims Act (FCA), Investment Adviser, MiFID II, Policies and Procedures

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CMS Revises Policy on Texting Patient Orders

On February 8, 2024, the Centers for Medicare and Medicaid Services (CMS) released a memorandum from the Quality, Safety & Oversight Group (QSOG) updating its 2018 guidance on texting patient information among healthcare…more

Centers for Medicare & Medicaid Services (CMS), Critical Access Hospitals, Electronic Medical Records, Health Insurance Portability and Accountability Act (HIPAA), HITECH Act

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The SEC’s 2022 Examination Priorities: A Focus on ESG Investing

The U.S. Securities and Exchange Commission’s (SEC) Division of Examinations (the “Division”), on March 30, 2022, released its 2022 examination priorities (the “Division’s 2022 priorities”), highlighting the “annual publication…more

Corporate Governance, Environmental Social & Governance (ESG), Examination Priorities, Publicly-Traded Companies, SEC Examination Priorities

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ESG Investing Listed Among ‘Significant Areas of Focus’ for SEC Examination Division

On March 30, 2022, the U.S. Securities and Exchange Commission’s (SEC) Division of Examinations (the “Division”) released its 2022 examination priorities. The Division announced an enhanced focus on five “significant areas”: (i)…more

Business Strategies, Corporate Governance, Environmental Social & Governance (ESG), Publicly-Traded Companies, SEC Examination Priorities

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Despite Its Allure, Litigation Funding Is Just ‘The Cost of Doing Business’ for Class Counsel

A federal district court rejected a novel request from class counsel for reimbursement of counsel’s litigation funding expenses. According to the court in Perez v. Rash Curtis & Assoc., No. 16-03396 (N.D. Cal. October 1, 2021),…more

Class Action, Class Members, Fee Awards, FRCP 23(e), Litigation Fees & Costs

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The SEC Speaks in 2016: Division of Corporation Finance Panel

Senior members of the Division of Corporation Finance (“Corp Fin”) of the U.S. Securities and Exchange Commission (SEC) gathered with two former SEC commissioners at the Practising Law Institute’s annual “SEC Speaks” conference…more

Administrative Interpretation, Crowdfunding, Dodd-Frank, Fixing America’s Surface Transportation Act (FAST Act), Professional Conferences

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Top 10 Topics for Directors in 2017

Here is our annual list of hot topics for the boardroom in the coming year: Corporate strategy: Oversee the development of the corporate strategy in an increasingly uncertain and volatile world economy with new and more…more

Antitrust Provisions, Board of Directors, CFIUS, Corporate Governance, Cybersecurity

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UK CMA Publishes Thoughtful Report on AI Foundation Models

On 18 September 2023, following its initial review of artificial intelligence (AI) foundation models (FMs), the UK Competition and Markets Authority (CMA) published its eagerly awaited report (the “Report”).The Report has been…more

Artificial Intelligence, Consumer Protection Laws, Diversity, Fair Dealing Exception, Machine Learning

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The EU Corporate Sustainability Reporting Directive (CSRD) – Application from FY 2024

Background - The application of the European Union’s (EU)  Corporate Sustainability Reporting Directive (CSRD) is to be phased in from the start of 2024 and will require in-scope companies to make disclosures on the risks and…more

Corporate Culture, Disclosure Requirements, Environmental Social & Governance (ESG), EU, Reporting Requirements

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New California Laws Provide Private Right of Action for Unlawful Restrictive Covenants; Require Notice to Affected Employees by February 14, 2024

Key Points - New California statutes provide California employees with private right of action against firms that promulgate, maintain or try to enforce unlawful restrictive covenants. By February 14, 2024, firms must provide…more

California, Labor Code, Non-Compete Agreements, Non-Solicitation Agreements, Private Right of Action

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SEC Votes to Adopt Rule Amendments to Modernize Disclosures of Business, Legal Proceedings, and Risk Factors Under Regulation S-K

On August 26, 2020, the Securities and Exchange Commission (SEC) voted to adopt amendments that modernize the description of business (Item 101), legal proceedings (Item 103) and risk factor disclosures (Item 105) that…more

Amended Rules, Corporate Governance, Disclosure Requirements, Publicly-Traded Companies, Registration Statement

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Despite Its Allure, Litigation Funding Is Just ‘The Cost of Doing Business’ for Class Counsel

A federal district court rejected a novel request from class counsel for reimbursement of counsel’s litigation funding expenses. According to the court in Perez v. Rash Curtis & Assoc., No. 16-03396 (N.D. Cal. October 1, 2021),…more

Class Action, Class Members, Fee Awards, FRCP 23(e), Litigation Fees & Costs

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The Entertainment Industry During COVID-19

In this episode, Akin Gump entertainment practice head Chris Spicer and partner Alissa Miller talk about the entertainment industry in the U.S. and overseas and the impact that COVID-19 has had on production and financing…more

Coronavirus/COVID-19, Entertainment Industry, Internet Streaming, Investment Opportunities

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SEC Staff Extends ‘Net’ Performance Presentation Requirement to Case Studies

As a general principle, the Marketing Rule requires registered investment advisers to include net performance alongside any presentation of gross performance. Market practice on whether or how this principle applies to case…more

Asset Management, Broker-Dealer, Compliance, Investment Adviser, Investment Management

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CHIPS Act – Upstream Supply Chain Projects: Notice of Funding Opportunity Released

On June 23, 2023, the U.S. Department of Commerce released revisions to the original CHIPS Act Notice of Funding Opportunity (NOFO) to detail the application requirements for upstream suppliers seeking financial assistance for…more

Funding Opportunities, Manufacturers, Semiconductors, Supply Chain, Technology Sector

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UPDATE: COVID-19 Stimulus: The Federal Reserve Revises the Terms of its Corporate Bond and Loan Facility – What Issuers Should Know

On March 23, 2020, the Federal Reserve announced several new measures aimed at confronting the economic fallout from the COVID-19 pandemic and keeping credit markets functioning. One of these measures is the establishment of a…more

Coronavirus/COVID-19, Corporate Bonds, Federal Reserve, Financial Stimulus, Liquidity

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Unveiling the Highlights: A Recap of CES, the Global Technology Trade Show in Las Vegas | Akin Intelligence

In this episode of OnAir with Akin, lobbying and public policy partner Hans Rickhoff and senior counsel Reggie Babin lead a discussion with international trade partner Christian Davis, senior policy advisor Virgil Miller, and…more

Algorithms, Artificial Intelligence, Biden Administration, Innovative Technology, Machine Learning

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The Road Ahead for Private Equity: Reflections and Predictions

The year 2023 will be remembered as a challenging one for private equity (PE), with complexities to navigate on many fronts. Traditional debt financing was expensive and scarce, expectations on valuations were tricky to…more

Antitrust Provisions, Carbon Capture and Sequestration, CFIUS, China, Corporate Transparency Act

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Akin Space Law, Regulation and Policy Update - April 2024

Good Afternoon! This is Akin’s biweekly policy newsletter on space policy and regulatory developments, providing information on major space headlines and forthcoming space-related events and hearings..…more

Aerospace, Defense Sector, Department of Defense (DOD), FCC, Federal Aviation Administration (FAA)

See all updates »

New UAE Bankruptcy Law – Key Features You Need to Know

On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy…more

Bankruptcy Court, Foreign Bankruptcies, New Legislation, New Regulations, Regulatory Agenda

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SEC Re-Proposes Rule to Prohibit Material Conflicts of Interest in Securitizations

On January 25, 2023, the U.S. Securities and Exchange Commission (SEC) re-proposed rules1 (the “Proposed Rule”) to implement Section 27B of the Securities Act of 1933, as amended (“Section 27B”), which was mandated by Section…more

Asset-Backed Securities, Dodd-Frank, Proposed Rules, Securities Act of 1933, Securities and Exchange Commission (SEC)

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This Week’s Climate Policy Update - April 2024 #2

Good afternoon! This is Akin’s newsletter on climate change policy and regulatory developments, providing information on major climate policy headlines from the past two weeks and forthcoming climate-related events and…more

Biden Administration, Climate Change, Coal Industry, Department of Energy (DOE), Department of the Interior

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SEC Announces First Off-Channel Communications Enforcement Action Against a Standalone Private Fund Manager

On April 3, 2024, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement action against a registered investment adviser (RIA) with no ties to a broker-dealer regarding so-called “off-channel”…more

Broker-Dealer, Electronic Communications, Enforcement Actions, Fund Managers, Investigations

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District Court Precludes Experienced Patent Attorney from Testifying as Expert Based on Lack of Pertinent Technical Expertise

A district court recently precluded a patent attorney from testifying as an expert in a patent infringement lawsuit where the proposed expert lacked the requisite technical expertise to assist the trier of fact in understanding…more

Expert Testimony, Patent Infringement, Patent Litigation, Patent Ownership, Patent Validity

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Don’t Forget to Update the Covers of Your SEC Forms

On Wednesday, April 12, 2017, a final rule became effective that added two new “check box” items to the covers of Securities Act and Exchange Act forms relating to an issuer’s status as an emerging growth company (EGC)..…more

Emerging Growth Companies, Securities Act, Securities and Exchange Commission (SEC), Securities Exchange Act, Updated Forms

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President Biden’s American Jobs Plan: A Bold Mandate for Infrastructure Investment

On March 31, 2021, President Joe Biden unveiled the American Jobs Plan (the “Plan”), an eight-year, $2 trillion investment to modernize and improve U.S. infrastructure, generate jobs and economic growth, and promote American…more

Biden Administration, Climate Change, Drinking Water, Electric Vehicles, Energy Efficiency

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Licenses for Exports to Russia Related to Commercial Space Launches Must be Granted by September 1, 2021

As part of the United States’ response to Russia’s use of chemical weapons against Russian opposition figure Aleksey Navalny, the U.S. State Department applied a policy of denial to licenses and other approvals for exports to…more

Arms Embargo, Directorate of Defense Trade Controls (DDTC), Export Administration Regulations (EAR), Export Controls, Foreign Relations

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Amendments to Proxy Advisor Rules Become Effective

On September 19, 2022, amendments to the Securities and Exchange Commission (SEC) rules governing proxy solicitations became effective. The amendments, proposed on November 17, 2021, seek to address concerns by investors and…more

Corporate Governance, Final Rules, Investment Adviser, Proxy Advisors, Proxy Advisory Firms

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Utah Consumer Privacy Act: What Businesses Need to Know

With the recent signing of the Utah Consumer Privacy Act (UCPA) by Gov. Spencer J. Cox on March 24, 2022, Utah has become the fourth state to enact a comprehensive law addressing consumer data privacy, joining California,…more

Consumer Privacy Rights, Cybersecurity, Data Collection, Data Privacy, Data Processors

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The Hong Kong Court Refuses to Stay ‘Keepwell’ Claims

In a noteworthy decision handed down on 17 December 2021 (“Decision”), the High Court of Hong Kong recognised the Mainland China bankruptcy administrator (“Administrator”) of Peking University Founder Group Limited (PKU) and…more

Bankruptcy Reform, China, Commercial Bankruptcy, Corporate Restructuring, Cross-Border

See all updates »

Kingdom of Saudi Arabia Approves Amendments to Personal Data Protection Law and Confirms September 2023 Effective Date

On March 27, 2023, the Kingdom of Saudi Arabia (KSA) Council of Ministers approved a series of 27 amendments (the Amendments) to the KSA Personal Data Protection Law (PDPL) pursuant to Royal Decree No. M148 of 05/09/1444H (the…more

Amended Legislation, Data Protection, General Data Protection Regulation (GDPR), Personal Data, Privacy Laws

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Clean Energy Tax Credit Transferability Guidance Issued

On June 14, 2023, the Internal Revenue Service and the Treasury Department issued (among other guidance) an expansive set of proposed regulations explaining how taxpayers can monetize 11 green energy tax credits through…more

Clean Energy, Energy Tax Incentives, Inflation Reduction Act (IRA), Investment Tax Credits, IRS

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Autonomous Akin Update - July 2023

Our newsletter reflects the focus of Akin’s cross-practice autonomous systems and advanced mobility team on developments in the regulatory, policy, trade, intellectual property, and cybersecurity and privacy spaces. Autonomous…more

Algorithms, Artificial Intelligence, Automation Systems, Business Development, Business Strategies

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SFC Issues Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers

Key Points - The Fund Manager Code of Conduct will be amended to require fund managers managing collective investment schemes to take climate-related risks into consideration in their investment and risk management processes…more

Climate Change, Code of Conduct, Consultation, Disclosure Requirements, Environmental Social & Governance (ESG)

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Adler Restructuring Plan Set Aside: Reflections on the English Court of Appeal’s Landmark Ruling

In one of the most highly anticipated judgments in the European restructuring market in recent years, on 23 January 2024, the English Court of Appeal overturned the High Court’s decision sanctioning the Adler restructuring plan…more

Appeals, Commercial Bankruptcy, Corporate Restructuring, Creditors, Cross-Border

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In Wake of In re Cellect, District Court Interprets Safe Harbor Statute and Finds Patent Not Invalid for Obviousness-Type Double Patenting

The District Court for the District of Delaware recently held on summary judgment that a patent with 2,295 days of combined patent term adjustment (PTA) and patent term extension (PTE) was not invalid for obviousness-type double…more

Generic Drugs, Hatch-Waxman, Intellectual Property Protection, Obviousness, Obviousness-Type Double Patenting (ODP)

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DOJ Criminal Division Announces New Round of Revisions to Corporate Enforcement Policy

Key Points - On January 17, 2023, Assistant Attorney General Kenneth A. Polite, Jr. announced revisions to the DOJ Criminal Division’s corporate enforcement policy that offer new incentives to self-disclose corporate…more

Compliance, Department of Justice (DOJ), FCPA Corporate Enforcement Policy (CEP), Federal Sentencing Guidelines, Foreign Corrupt Practices Act (FCPA)

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The SEC Wins ‘Shadow Insider Trading’ Trial

On Friday, April 5, 2024, a San Francisco jury found the defendant liable in SEC v. Panuwat, the closely watched litigated enforcement action brought by the U.S. Securities and Exchange Commission (SEC) relating to so-called…more

Enforcement Actions, Fund Managers, Insider Trading, Investors, Jury Verdicts

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Developments in Reserve-Based Lending Facilities Trends in Oil & Gas Series: Part 3 of 5

While the traditional reserve-based lending (RBL) market for domestic exploration & production (E&P) companies did not move significantly during 2023, it is noteworthy to observe a few trends…more

Debt Market, Exploration and Production Assets, Geopolitical Risks, Lending, Oil & Gas

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Handshake Agreement to Assign Does Not Provide Basis for Common Ownership to Exclude Prior Art

The Patent Trial and Appeal Board recently found claims directed to a web-based point of sale system and method unpatentable as obvious after conducting a thorough examination of whether a reference with one common inventor…more

Financial Obligations, Inventors, Patent Ownership, Patent Trial and Appeal Board, Prior Art

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FinCEN Proposes New Rule to Expand Anti-Money Laundering Requirements for Investment Advisers

Key Points - On February 13, 2024, FinCEN issued an NPRM that seeks to include certain investment advisers in the definition of “financial institution” under the BSA. As described in the NPRM as well as in FinCEN’s fact sheet,…more

AML/CFT, Anti-Money Laundering, Bank Secrecy Act, Chief Compliance Officers, Due Diligence

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USTR and DOC Seeking Public Comments on Digital Trade Issues under the Indo-Pacific Economic Framework

Key Points - On March 11, 2022, USTR and DOC requested public comments on the trade pillar of the Indo-Pacific Economic Framework, with both requests including a focus on digital trade issues. Comments are due to both…more

Cross-Border Transactions, Digital Goods, Digital Services, Free Trade Agreements, Goods or Services

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The Road Ahead for Private Equity: Debt Finance

Throughout 2023, we have continued to see activity in the debt finance markets, but the higher cost of capital, ongoing geopolitical uncertainties and mismatch in buyer/seller pricing expectations meant that deals have been…more

Acquisitions, Competition, EU, Investment, Investors

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New Amendments to the UAE Commercial Companies Law of 2015 – Activities with Strategic Impact

We previously released a client alert outlining key amendments to the UAE’s Companies Law, which came into effect on June 1, 2021. Most importantly, these amendments eliminated a section of the Companies Law that required 51…more

Department of Economic Development, Foreign Direct Investment, Private Funds, Regulatory Authority, United Arab Emirates (UAE)

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DoD Updates Section 1260H List of Chinese Military Companies Operating Directly or Indirectly in the United States

Key Points - On January 31, 2024, the Department of Defense (DoD) released an update to its list of “Chinese military companies” that are “operating directly or indirectly in the United States” in accordance with the statutory…more

Bureau of Industry and Security (BIS), China, Department of Defense (DOD), Executive Branch, Military Contracts

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NLRB’s Joint Employer Rule Vacated

The National Labor Relations Act (NLRA) gives employees the right to unionize and imposes obligations on employers to collectively bargain with unions representing their employees. Failing to recognize those rights and…more

Chamber of Commerce, Contract Terms, Employee Definition, Joint Employers, Jurisdiction

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UK Mini-Budget - Helpful for Asset Managers

The government’s 2022 Growth Plan, deceptively referred to as the “mini-budget,” has brought in notable changes likely to impact the funds industry. In particular, a number of the changes will help ensure the continued…more

Asset Management, Corporate Taxes, Employment Tax, Income Taxes, International Tax Issues

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Ukraine-Russia Crisis: Possible New Sanctions and Export Controls on Russia and Potential Implications for U.S. and Non-U.S. Companies

Key Points - The United States, European Union, United Kingdom and other U.S. allies are currently considering a range of severe economic measures against Russia to impose in the event of a Russian military incursion into…more

Export Administration Regulations (EAR), Export Controls, Financial Institutions, Foreign Policy, National Security

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FERC Announces Major Policy Changes for Certification of Natural Gas Facilities, Including Consideration of Greenhouse Gas Emission

On February 18, 2022, the Federal Energy Regulatory Commission (“FERC” or the “Commission”) issued two interconnected policy statements (the “Policy Statements”) regarding its review and certification of interstate natural gas…more

Energy Sector, Environmental Impact Statements, FERC, Greenhouse Gas Emissions, Natural Gas Act

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Restructuring Plans and Chapter 11: A Transatlantic Perspective

When the Corporate Insolvency and Governance Act 2020 (CIGA) introduced the restructuring plan in England, comparisons with plans of reorganization under chapter 11 of the United States Bankruptcy Code (U.S. Bankruptcy Code)…more

Absolute Priority Rule, Chapter 11, Corporate Insolvency and Governance (CIG) Act 2020, Corporate Restructuring, Debtors-in-Possession

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CFTC Settlement Asserts Data Breach Disclosure Requirement for Future Commission Merchants

On September 12, 2019, the Commodity Futures Trading Commission (CFTC) announced a settlement with Phillip Capital Inc. (PCI or the “Company”), a registered futures commission merchant (FCM), after hackers successfully…more

CFTC, Chief Compliance Officers, Cybersecurity, Data Breach, Data Security

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China Fintech – the Beginning of a New Regulatory Era?

This alert outlines the recent potentially seismic shifts in the Fintech regulatory landscape affecting the regulation and commercial business model of China’s online micro-lending company ("MLC") sector – a part of the Mainland…more

Anti-Monopoly, Antitrust Provisions, Banking Regulators, China, Consumer Lenders

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New Antidumping and Countervailing Duty Petitions on Frozen Warmwater Shrimp from Ecuador, India, Indonesia and Vietnam

Introduction - On October 25, 2023, the American Shrimp Processors Association (ASPA) filed petitions with the United States Department of Commerce (DOC) and the U.S. International Trade Commission (ITC), seeking antidumping…more

Anti-Dumping Duty, Bitcoin, China, Countervailing Duties, Exporters

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“Round 2” of Marketing Rule Enforcement Actions — Focus on Hypothetical Performance

On April 12, 2024, the U.S. Securities and Exchange Commission imposed fines and other sanctions on five registered investment advisers (RIAs) for violations of the Investment Adviser Marketing Rule (Rule 206(4)-1), which has…more

Broker-Dealer, Enforcement Actions, Fines, Investment Adviser, Investment Advisers Act of 1940

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Supreme Court and 1st Circuit Significantly Curtail Scope of Federal Property Fraud Statutes

Key Points- In two landmark decisions, the Supreme Court and the 1st Circuit significantly pared back the scope of the federal mail and wire fraud statutes. In Ciminelli v. United States, a political corruption case, the…more

Ciminelli v US, False Claims Act (FCA), Fraudulent Inducement, Intangible Property, Mail Fraud

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'Speak Out Act' Is the Latest #MeToo Law to Impact Firms

Key Points - The new law prohibits judicial enforcement of confidentiality and non-disparagement provisions with respect to sexual harassment and sexual assault disputes. The law covers provisions entered into before a…more

#MeToo, Anti-Discrimination Policies, Anti-Harassment Policies, Corporate Culture, Employee Training

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The UK’s New Subsidy Regime: Not a Return to the 1970s and the Government Picking Winners?

The UK government introduced into Parliament a wholesale change to its State aid rules under the new Subsidy Control Bill on 30 June 2021 (the “Bill”). The regime, which is set to come into effect in H1 2022, subject to…more

Competition, European Commission, National Security, State Aid, UK

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The EU Corporate Sustainability Reporting Directive (CSRD) – Application from FY 2024

Background - The application of the European Union’s (EU)  Corporate Sustainability Reporting Directive (CSRD) is to be phased in from the start of 2024 and will require in-scope companies to make disclosures on the risks and…more

Corporate Culture, Disclosure Requirements, Environmental Social & Governance (ESG), EU, Reporting Requirements

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Make (Whole) A Minute: Takeaways from the Recent Hertz Decision on Make-Whole and Post-Petition Interest

Happy 2022, everyone! It seems fitting to kick off our Make (Whole) a Minute Update series in 2022 with an alert on make-whole. On December 22, 2021, the Bankruptcy Court for the District of Delaware ruled in favor of the…more

Bankruptcy Code, Claim Limitations, Commercial Bankruptcy, Institutional Investors, Make-Whole Premium

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English Court Upholds Challenge to US$11 Billion Arbitration Award for Fraud

The English Court has upheld a challenge to an US$11 billion arbitration award against Nigeria on grounds that it was obtained fraudulently and “only by practising the most severe abuses of the arbitral process”, contrary to…more

Arbitration, Arbitration Awards, Bribery, Corruption, Fraud

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FERC Announces Major Policy Changes for Certification of Natural Gas Facilities, Including Consideration of Greenhouse Gas Emission

On February 18, 2022, the Federal Energy Regulatory Commission (“FERC” or the “Commission”) issued two interconnected policy statements (the “Policy Statements”) regarding its review and certification of interstate natural gas…more

Energy Sector, Environmental Impact Statements, FERC, Greenhouse Gas Emissions, Natural Gas Act

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IRS Publishes Initial Guidance on Wage and Apprenticeship Requirements

The Internal Revenue Service (IRS) released its eagerly-anticipated guidance (the PWA Notice) regarding the prevailing wage and apprenticeship requirements under the Inflation Reduction Act (IRA). The publication of the PWA…more

Apprenticeships, Department of Labor (DOL), Inflation Reduction Act (IRA), Investment Tax Credits, IRS

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Unfinished Health Care Business: 10 Issues to Watch as Congress Rings in the New Year

Health care was one of the most active issue areas in 2023 and this trend is expected to continue when Congress returns in the New Year for the second session of the 118th Congress. The activity by the health committees of…more

Appropriation, Artificial Intelligence, Clinical Laboratories, Congressional Oversight, Department of Health and Human Services (HHS)

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PTAB: Dynamic Drinkware Written Description Requirement Inapplicable to Post-AIA Patents

The Federal Circuit held in Dynamic Drinkware, LLC v. Nat’l Graphics, Inc., 800 F.3d 1375, 1378 (Fed. Cir. 2015) that for a pre-AIA 35 U.S.C. § 102(e) prior-art reference to be entitled to a provisional application’s priority…more

Applications, Patent Examinations, Patent Trial and Appeal Board, Pre-AIA Patents, Prior Art

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200% Tariff Imposed on Russia Aluminum; CBP Releases Extensive New Reporting Requirements for Covered Aluminum and Derivative Aluminum Articles, Regardless of Origin

Key Points - On February 24, the one-year anniversary of Russia’s invasion of Ukraine, President Joe Biden announced, via Presidential Proclamation 10522, an additional 200% ad valorem tariff on Russian origin aluminum (and…more

Aluminum Sales, Customs and Border Protection, Guidance Update, Imports, Presidential Proclamations

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Commerce Imposes Significant New Controls on Advanced Semiconductors

On October 17, 2023, the Commerce Department’s Bureau of Industry and Security (BIS) released three rules amending the Export Administration Regulations (EAR) that significantly build on the October 7, 2022 semiconductor…more

Bureau of Industry and Security (BIS), China, Deadlines, Entity List, Export Administration Regulations (EAR)

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Trends in Special Situations & Private Credit 2024

With 2023 characterized by record inflation, constraints in the syndicated lending environment and rising interest rates, credit funds were able to step in to provide flexible, tailored and relationship-based financing to…more

Acquisitions, Cooperation Agreement, Credit Agreements, EBITDA, Hybrid Capital Instruments

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International Unilateral Export Controls—An Increased Focus on Advanced Technologies

On 11 March 2024, the UK expanded its export control regime to include new controls on specific emerging technologies, such as quantum computing, semiconductor technologies and additive manufacturing, under The Export Control…more

Export Controls, France, Japan, Netherlands, Regulatory Standards

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CFIUS Proposes Expanded Enforcement Authorities and Increased Penalties

Key Points - On April 15, 2024, the Treasury Department published a proposed rule that would amend the Committee on Foreign Investment in the United States (CFIUS) regulations to expand CFIUS’s enforcement authorities…more

CFIUS, Comment Period, Enforcement, Filing Requirements, Foreign Investment

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Lawmakers Reach Landmark Agreement on Bipartisan, Bicameral Comprehensive Privacy Legislation

Key Points - On Sunday, April 7, Senate Commerce Committee Chair Maria Cantwell (D-WA) and House Energy and Commerce (E&C) Committee Chair Cathy McMorris Rodgers (R-WA) struck a deal on a comprehensive federal bill, the American…more

Advanced Notice of Proposed Rulemaking (ANPRM), Consumer Privacy Rights, Data Privacy, Data Protection, Privacy Laws

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Arizona Increased Tax Credit for Renewable Energy Facilities Used for Self-Consumption by Five Times per Facility

Arizona has enacted Arizona House Bill 2670 (adding Arizona Revised Statute 41-1520 and amending Arizona Revised Statutes 42-5063, 42-5159, 42-6012, 43-1083.04 and 43-1164.05), which includes taxpayer-friendly revisions to the…more

Energy Projects, Energy Sector, New Legislation, Renewable Energy, Tax Credits

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Federal District Court in Alabama Holds Corporate Transparency Act Unconstitutional and Enjoins Enforcement Against Plaintiffs

A U.S. District Court judge in Alabama recently ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA, which was enacted on January 1, 2021, directs the U.S. Department of the Treasury’s Financial Crimes…more

Appeals, Corporate Transparency Act, Enforcement, FinCEN, Injunctions

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CARES Act Summary – Employees, Unemployment Insurance, and Assistance to State and Local Governments

Assistance to State, Local and Tribal Governments - The CARES Act establishes a $150 billion “Coronavirus Relief Fund” for state, local and tribal governments to use to cover any costs related to COVID-19 that had not been…more

Business Closures, CARES Act, Compensation & Benefits, Coronavirus/COVID-19, Employee Retention

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The Supreme Court Holds that State Courts Have Jurisdiction over Certain Securities Class Actions

• The United States Supreme Court held that certain securities class actions affecting issuer defendants may be brought in state court and may not be removed to federal court. • The decision will likely extend or expand the…more

Class Action, Cyan Inc v Beaver Cty Emps Ret Fund, Jurisdiction, Removal, SCOTUS

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2021 Year in Review - Civil Fraud

Welcome to our 2021 round-up for civil fraud litigation, complex crossborder disputes and asset recovery. In this publication, we consider some of the key cases and developments in English law and practice from the past year…more

Arbitration Agreements, Contempt, Criminal Prosecution, Cryptoassets, Evidence

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International Unilateral Export Controls—An Increased Focus on Advanced Technologies

On 11 March 2024, the UK expanded its export control regime to include new controls on specific emerging technologies, such as quantum computing, semiconductor technologies and additive manufacturing, under The Export Control…more

Export Controls, France, Japan, Netherlands, Regulatory Standards

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New Cuba Sanctions Measures Prohibit “People to People” Travel to Cuba and Restrict Use of Commercial Aircraft and Recreational and Passenger Vessels

In a June 4 announcement, the Trump administration further ratcheted up U.S. sanctions and export controls against Cuba by prohibiting group “people-to-people” travel to Cuba and the use of noncommercial aircraft and passenger…more

Aircraft, Airline Passengers, Bureau of Industry and Security (BIS), Cuba, Export Administration Regulations (EAR)

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Trends in Oil & Gas: 2023 and the Year Ahead

The past 12 months have been some of the trickiest to navigate for oil & gas companies in recent memory. Despite high energy prices and record cashflows, there is still uncertainty about what future paths to growth might look…more

Acquisitions, Capital Raising, Energy Sector, FERC, Financing

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Federal District Court in Alabama Holds Corporate Transparency Act Unconstitutional and Enjoins Enforcement Against Plaintiffs

A U.S. District Court judge in Alabama recently ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA, which was enacted on January 1, 2021, directs the U.S. Department of the Treasury’s Financial Crimes…more

Appeals, Corporate Transparency Act, Enforcement, FinCEN, Injunctions

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Treasury Tribal Advisory Committee Meeting Set for September 18, 2019

On Thursday, August 22, the Department of the Treasury will publish a notice in the Federal Register announcing that the Treasury Tribal Advisory Committee (TTAC) will meet on Wednesday, September 18, from 9:00 a.m.–4:30 p.m…more

Native American Issues, Public Comment, Tribal Governments, U.S. Treasury

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Update: NLRB’s General Counsel Provides Guidance on Severance Agreements with Broad Confidentiality and Non-Disparagement Clauses

Key Points - The NLRB’s General Counsel issued a memorandum providing her position on the NLRB’s recent decision in McLaren Macomb, holding that employers may not offer severance agreements with broad confidentiality or…more

Confidentiality Agreements, Employer Liability Issues, Employment Policies, Hiring & Firing, NLRA

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200% Tariff Imposed on Russia Aluminum; CBP Releases Extensive New Reporting Requirements for Covered Aluminum and Derivative Aluminum Articles, Regardless of Origin

Key Points - On February 24, the one-year anniversary of Russia’s invasion of Ukraine, President Joe Biden announced, via Presidential Proclamation 10522, an additional 200% ad valorem tariff on Russian origin aluminum (and…more

Aluminum Sales, Customs and Border Protection, Guidance Update, Imports, Presidential Proclamations

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Four Elections for One Seat: Compliance Tips for California’s 2024 US Senate Race

Elections - California will host four elections in 2024 to fill the U.S. Senate seat held by the late Senator Dianne Feinstein and filled by Governor Newsom’s appointment of Senator Laphonza Butler. Sen. Butler has announced…more

Compliance, Contribution Limits, Disclosure Requirements, Federal Election Commission (FEC), PACs

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Patentability and predictability in AI-assisted drug discovery

Artificial intelligence (AI) and machine learning (ML) are ushering in a new era in drug discovery. The AlphaFold2 system developed by Google’s Deepmind was able to predict the 3D structures of over 200 million proteins - with…more

Artificial Intelligence, Copyright Office, Disclosure Requirements, Inventors, Machine Learning

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FCA to Permit Research Bundling

The Financial Conduct Authority (FCA) is seeking views on proposed rules that would allow asset managers to opt for bundled payments for third-party investment research, reversing a significant aspect of the UK’s implementation…more

Asset Management, False Claims Act (FCA), Investment Adviser, MiFID II, Policies and Procedures

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US Seeks Comments on Text for WIPO Genetic Resources Treaty

Summary - Last year the World Intellectual Property Organization (WIPO), under a threat of a vote, accelerated negotiations on an international legal instrument related to intellectual property (IP) and genetic resources…more

Biotechnology, Comment Period, Deadlines, Genetic Materials, Intellectual Property Protection

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Commerce Imposes Significant New Controls on Advanced Semiconductors

On October 17, 2023, the Commerce Department’s Bureau of Industry and Security (BIS) released three rules amending the Export Administration Regulations (EAR) that significantly build on the October 7, 2022 semiconductor…more

Bureau of Industry and Security (BIS), China, Deadlines, Entity List, Export Administration Regulations (EAR)

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“When you are a hammer, the world is a nail” – SEC and PCAOB Senior Staff Signal Increased SEC and PCAOB Gatekeeper Enforcement

Key Points - SEC Enforcement and PCAOB Enforcement both are pursuing more significant sanctions against auditors, particularly with respect to civil money penalties. Expect 2023 enforcement against auditors to focus on…more

Auditors, Audits, Corporate Governance, Enforcement Actions, PCAOB

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Delaware Supreme Court Rules on Impact of Seller’s Actions in Response to COVID-19 in M&A Transaction

Key Points - On December 7, 2021, the Delaware Supreme Court unanimously upheld the Court of Chancery’s decision in AB Stable VIII LLC v. MAPS Hotels and Resorts One LLC, finding that certain actions taken by the Seller in…more

Acquisitions, Coronavirus/COVID-19, DE Supreme Court, Material Adverse Effects, Merger Agreements

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DOJ National Security Division Updates Corporate Crime Enforcement Policy and Issues Whistleblower Policy

Executive Summary - - On March 7, 2024, the NSD of the DOJ issued an updated NSD Enforcement Policy to include a new section covering VSDs in connection with mergers and acquisitions. - These updates follow repeated…more

Acquisitions, Corporate Governance, Corporate Misconduct, Department of Justice (DOJ), Due Diligence

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New Antidumping and Countervailing Duty Petitions on Frozen Warmwater Shrimp from Ecuador, India, Indonesia and Vietnam

Introduction - On October 25, 2023, the American Shrimp Processors Association (ASPA) filed petitions with the United States Department of Commerce (DOC) and the U.S. International Trade Commission (ITC), seeking antidumping…more

Anti-Dumping Duty, Bitcoin, China, Countervailing Duties, Exporters

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Exploring European Bonds, Loans and Covenants

Akin Gump London-based financial restructuring partner Liz Osborne and finance partners Amy Kennedy and Stephen Peppiatt discuss European bonds, loans and the various flavors of covenants in the current liquidity constrained…more

Banking Sector, Bonds, Borrowers, Coronavirus/COVID-19, Corporate Finance

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Executive Order Outlines Expansive National Security Considerations for CFIUS

Key Points - EO 14083 provides updated guidance to CFIUS regarding its consideration of U.S. national security risk factors and is aimed at confronting evolving and emerging threats to U.S. technological leadership, U.S…more

Biden Administration, CFIUS, Critical Infrastructure Sectors, Executive Orders, FIRRMA

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The NFL Draft and Your Board: Structuring a Winning Team

The NFL draft is upon us and I have heard commentators talk a lot about what makes a winning team. Having a winning team, of course, requires putting the right players on the field. In the draft and otherwise, NFL teams look for…more

Board of Directors, Business Development, Corporate Counsel, Corporate Governance, Diversity

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FERC Announces Major Policy Changes for Certification of Natural Gas Facilities, Including Consideration of Greenhouse Gas Emission

On February 18, 2022, the Federal Energy Regulatory Commission (“FERC” or the “Commission”) issued two interconnected policy statements (the “Policy Statements”) regarding its review and certification of interstate natural gas…more

Energy Sector, Environmental Impact Statements, FERC, Greenhouse Gas Emissions, Natural Gas Act

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Three New UK Laws Impacting Autonomous Vehicles, Digital Markets and Personal Data

On 7 November 2023, in the King’s Speech, the UK government announced three draft laws aimed at supporting tech companies’ growth and competitiveness: the Automated Vehicles Bill (AV Bill), the Digital Markets, Competition and…more

Data Protection, Digital Single Market, Driverless Cars, EU, Mergers

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Adler Restructuring Plan Set Aside: Reflections on the English Court of Appeal’s Landmark Ruling

In one of the most highly anticipated judgments in the European restructuring market in recent years, on 23 January 2024, the English Court of Appeal overturned the High Court’s decision sanctioning the Adler restructuring plan…more

Appeals, Commercial Bankruptcy, Corporate Restructuring, Creditors, Cross-Border

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New “Shadow Insider Trading” SEC Enforcement Action -- Four Lessons for Private Fund Managers

Last week, the U.S. Securities and Exchange Commission filed a complaint in federal court in California premised on the novel legal theory that the insider trading laws apply where an insider uses confidential information…more

Acquisitions, Confidential Information, Enforcement Actions, Insider Trading, Material Nonpublic Information

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Using Int'l Discovery Statute After High Court Limits Its Scope

Law360 has published “Using Int'l Discovery Statute After High Court Limits Its Scope” The article discusses foreign litigants’ use of U.S.-based discovery procedures pursuant to Section 1782 of the U.S. Code, as well as…more

28 U.S.C. § 1782, Discovery, Foreign Jurisdictions, Foreign Tribunals, International Arbitration

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Treasury Removes UAE from List of Countries Requiring Cooperation with an International Boycott

Key Points - On April 8, the Treasury Department removed the UAE from its list of countries requiring cooperation with an international boycott, thereby removing the UAE from the scope of the Treasury Department’s…more

Antiboycott Requirements, Boycotts, Export Administration Regulations (EAR), Export Controls, Income Taxes

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DOJ National Security Division Updates Corporate Crime Enforcement Policy and Issues Whistleblower Policy

Executive Summary - - On March 7, 2024, the NSD of the DOJ issued an updated NSD Enforcement Policy to include a new section covering VSDs in connection with mergers and acquisitions. - These updates follow repeated…more

Acquisitions, Corporate Governance, Corporate Misconduct, Department of Justice (DOJ), Due Diligence

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Implications of US Department of Energy Decision to ‘Pause’ Authorizations of Liquefied Natural Gas Exports May Extend Beyond Delays to Pending Projects

On January 26, 2024, the Biden-Harris Administration announced that it would place a temporary “pause” on pending decisions to export liquefied natural gas (LNG) to countries with which the United States has not entered into a…more

Bilateral Investment Treaties, Climate Change, Department of Energy (DOE), Energy Policy Act, Energy Projects

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Tribal Appropriations and Provisions Included in House Democrats’ Phase 4 Proposal – the HEROES Act

On Tuesday, May 12, 2020, House Democrats introduced H.R. 6800 – The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, also known as the CARES 2.0 bill. This $3 trillion package would provide additional…more

CARES Act, Coronavirus/COVID-19, Federal Funding, Financial Stimulus, Legislative Agendas

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FCA Rules on Diversity and Inclusion for Listed Company Boards and Executive Management

The Financial Conduct Authority (FCA) has announced that in-scope issuers for financial years starting on or after April 1, 2022, will be required to provide disclosures with respect to the diversity of their boards and…more

Board of Directors, Corporate Governance, Diversity, Diversity and Inclusion Standards (D&I), Financial Conduct Authority (FCA)

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How Hollywood is Adapting due to COVID-19

As COVID-19 and its related concerns have rapidly taken over every facet of everyday life, it’s easy to get overwhelmed with all of its negative effects. Hollywood, in particular, is being hit hard as productions come to a halt…more

Centers for Disease Control and Prevention (CDC), Coronavirus/COVID-19, Entertainment Industry, EU, Internet Streaming

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CryptoLink - March 2024 Updates

In the House, lawmakers continue to make progress on the Clarity for Stablecoins Act (H.R. 4766). On March 19, at a press event hosted by Punchbowl News on the policy landscape for digital payments, outgoing House Financial…more

Anti-Money Laundering, CFTC, Coinbase, Copyright Office, Cryptoassets

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SCOTUS Ruling: Pure Omissions Are Not Actionable Under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued an important decision in the case of Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165. Justice Sotomayor, writing for a unanimous Court, ruled that “pure…more

Failure To Disclose, Macquarie Infrastructure Corp v Moab Partners LP, Omissions, Rule 10(b), Rule 10b-5

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USPTO Director Issues Second Sua Sponte Precedential Decision Addressing Abuse of Process

In the wake of her October 4, 2022 Precedential OpenSky decision, the United States Patent and Trademark Office Director Katherine Vidal issued another precedential decision further clarifying the actions that should be…more

Abuse of Process, Inter Partes Review (IPR) Proceeding, Patent Infringement, Patent Litigation, Patents

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Renewed Congressional Focus on Foreign Gifts and Contract Reporting Under Section 117

Congressional Republicans are increasingly focused on ensuring that U.S. colleges and universities are properly disclosing gifts and contracts from foreign sources under Section 117 of the Higher Education Act of 1965, 20 U.S.C…more

Colleges, Department of Education, Educational Institutions, Financial Assistance Policies, Foreign Entities

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CFTC Turns Spotlight on the Voluntary Carbon Markets

The Commodity Futures Trading Commission (CFTC) is joining other federal agencies in the move toward a whole-of-government approach to the mitigation of climate-related financial risk. The CFTC has taken steps this…more

Carbon Emissions, CFTC, Climate Change, Energy Sector, Environmental Social & Governance (ESG)

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UK CMA Publishes Thoughtful Report on AI Foundation Models

On 18 September 2023, following its initial review of artificial intelligence (AI) foundation models (FMs), the UK Competition and Markets Authority (CMA) published its eagerly awaited report (the “Report”).The Report has been…more

Artificial Intelligence, Consumer Protection Laws, Diversity, Fair Dealing Exception, Machine Learning

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Navigating the Holding Foreign Companies Accountable Act – The Road to Delisting or Redemption for China-based Companies

Since March, pursuant to the new Holding Foreign Companies Accountable Act (HFCAA), the U.S. Securities and Exchange Commission (SEC) has “identified” more than 135 companies that relied on auditors headquartered in mainland…more

Audits, China, Corporate Governance, Foreign Corporations, PCAOB

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Fluoropolymer Focus

As federal and state governments race to regulate a class of chemicals known as per- and polyfluoroalkyl substances (PFAS), their broad efforts sweep in thousands of individual chemicals—from those for which scientific consensus…more

Department of Defense (DOD), Environmental Protection Agency (EPA), New Legislation, PFAS, Reporting Requirements

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FCA to Permit Research Bundling

The Financial Conduct Authority (FCA) is seeking views on proposed rules that would allow asset managers to opt for bundled payments for third-party investment research, reversing a significant aspect of the UK’s implementation…more

Asset Management, False Claims Act (FCA), Investment Adviser, MiFID II, Policies and Procedures

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Restructuring Plans and Chapter 11: A Transatlantic Perspective

When the Corporate Insolvency and Governance Act 2020 (CIGA) introduced the restructuring plan in England, comparisons with plans of reorganization under chapter 11 of the United States Bankruptcy Code (U.S. Bankruptcy Code)…more

Absolute Priority Rule, Chapter 11, Corporate Insolvency and Governance (CIG) Act 2020, Corporate Restructuring, Debtors-in-Possession

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SCOTUS Remands Securities Class Action Back to the 2nd Circuit

On June 21, 2021, the U.S. Supreme Court issued its opinion in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System,1 vacating the 2nd Circuit’s previous decision and remanding for further consideration as to whether…more

Arkansas Teacher Retirement System v Goldman Sachs Group, Burden of Persuasion, Class Action, Class Certification, Conflicts of Interest

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Sustainability/ESG Policy and Regulatory Update

Akin’s newsletter on environmental, social and corporate governance (ESG) policy and regulatory developments, provides a timely digest of ESG topics, news items and other relevant information regarding significant ESG policy…more

Climate Change, Corporate Governance, Disclosure Requirements, Environmental Social & Governance (ESG), EU

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“Round 2” of Marketing Rule Enforcement Actions — Focus on Hypothetical Performance

On April 12, 2024, the U.S. Securities and Exchange Commission imposed fines and other sanctions on five registered investment advisers (RIAs) for violations of the Investment Adviser Marketing Rule (Rule 206(4)-1), which has…more

Broker-Dealer, Enforcement Actions, Fines, Investment Adviser, Investment Advisers Act of 1940

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SEC Adopts New Interpretation of Fiduciary Duty

On June 5, 2019, the Securities and Exchange Commission (SEC) adopted a comprehensive interpretation (the “Interpretation”) of the fiduciary duties that investment advisers owe to their clients under the Investment Advisers Act…more

Best Interest Standard, Broker-Dealer, Conflicts of Interest, Duty of Care, Duty of Loyalty

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FTC Updates HSR Filing Fees and Revises Thresholds for 2024; Minimum Size for Reportable Transactions Increases to $119.5 Million

Key Points - The HSR Act requires parties that meet certain transaction size and other tests to file premerger notification forms for mergers and other transactions with both the Federal Trade Commission (FTC) and Department…more

Antitrust Division, Department of Justice (DOJ), Federal Trade Commission (FTC), Filing Fees, Hart-Scott-Rodino Act

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Trends in Special Situations & Private Credit 2024

With 2023 characterized by record inflation, constraints in the syndicated lending environment and rising interest rates, credit funds were able to step in to provide flexible, tailored and relationship-based financing to…more

Acquisitions, Cooperation Agreement, Credit Agreements, EBITDA, Hybrid Capital Instruments

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Unfinished Health Care Business: 10 Issues to Watch as Congress Rings in the New Year

Health care was one of the most active issue areas in 2023 and this trend is expected to continue when Congress returns in the New Year for the second session of the 118th Congress. The activity by the health committees of…more

Appropriation, Artificial Intelligence, Clinical Laboratories, Congressional Oversight, Department of Health and Human Services (HHS)

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Electric Utility Securitizations—Plant Closings

Given the significant number of nuclear plants (approaching 20) and coal-fired plants (approaching 400) that have been recently closed or designated for closing, or are at risk of closing, utilities not already considering…more

Bond Financing, Coal-Fired Plants, Duke Energy, Nuclear Power, Securitization

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The ‘Eddie Murphy Rule’ Earns Its Moniker: The CFTC Brings a Classic Insider Trading Case

While it took a few decades to surface, the fact pattern set forth in the movie “Trading Places” has finally come to pass. However, instead of the alleged wrongdoers bribing a U.S. government official for a sneak peek at orange…more

Breach of Duty, CFTC, Confidential Information, Enforcement, Insider Trading

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The Agencies Release Consolidated Merger Guidelines: Insights from the Latest Signal for Expanded Merger Enforcement

On July 19, 2023, the Federal Trade Commission (FTC) and the Antitrust Division of the Department of Justice (DOJ) (collectively, the “Agencies”) issued a draft update of the Merger Guidelines (hereinafter, the “Proposed Merger…more

Competition, Department of Justice (DOJ), Federal Trade Commission (FTC), Horizontal Merger Guidelines, Merger Controls

See all updates »

“Round 2” of Marketing Rule Enforcement Actions — Focus on Hypothetical Performance

On April 12, 2024, the U.S. Securities and Exchange Commission imposed fines and other sanctions on five registered investment advisers (RIAs) for violations of the Investment Adviser Marketing Rule (Rule 206(4)-1), which has…more

Broker-Dealer, Enforcement Actions, Fines, Investment Adviser, Investment Advisers Act of 1940

See all updates »

Federal Circuit Affirms Summary Judgment in Precedential Opinion on Patent Claims Directed to Targeting Advertisements as Ineligible Subject Matter Under 35 U.S.C. § 101

The Federal Circuit recently affirmed summary judgment that patent claims directed to identifying advertisements based on search results are patent ineligible subject matter under 35 U.S.C. § 101. The court found that…more

Abstract Ideas, Advertising, Alice/Mayo, Patent Invalidity, Patent Ownership

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Corp Fin Updates Procedures for Rule 14a-8 No-Action Requests and Posts No-Action Responses Chart

On November 21, 2019, the Division of Corporation Finance (Corp Fin) of the Securities and Exchange Commission (SEC) provided additional detail regarding how it would process responses to Rule 14a-8 no-action requests to exclude…more

Corp Fin, Corporate Governance, No-Action Letters, Proxy Season, Proxy Statements

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FERC Announces Major Policy Changes for Certification of Natural Gas Facilities, Including Consideration of Greenhouse Gas Emission

On February 18, 2022, the Federal Energy Regulatory Commission (“FERC” or the “Commission”) issued two interconnected policy statements (the “Policy Statements”) regarding its review and certification of interstate natural gas…more

Energy Sector, Environmental Impact Statements, FERC, Greenhouse Gas Emissions, Natural Gas Act

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Top 10 Topics for Directors in 2021

Welcome to Top 10 Topics in 2021: A Brave New World - The world has changed a lot since our 2020 report. A global pandemic; an ongoing reckoning on race, inequality and social justice; a climate crisis; an economic shock;…more

Biden Administration, Coronavirus/COVID-19, Corporate Governance, Cybersecurity, Diversity and Inclusion Standards (D&I)

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SCOTUS Ruling: Pure Omissions Are Not Actionable Under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued an important decision in the case of Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165. Justice Sotomayor, writing for a unanimous Court, ruled that “pure…more

Failure To Disclose, Macquarie Infrastructure Corp v Moab Partners LP, Omissions, Rule 10(b), Rule 10b-5

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U.S. Senate Conducts Hearing to Consider FERC Commissioner Nominations

On Thursday, March 21, 2024, the U.S. Senate Committee on Energy and Natural Resources held a full committee hearing to question President Biden’s three nominees to serve as Federal Energy Regulatory Commission (FERC or…more

FERC, Natural Gas, Nominations

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Liability Risk in De-SPAC Transactions

On April 8, 2021, John Coates, the Acting Director of the Securities and Exchange Commission’s (SEC) Division of Corporation Finance, released a public statement expressing concern about claims of some practitioners and…more

Initial Public Offering (IPO), Material Misstatements, PSLRA, Public Statements, Registration Statement

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UPDATE: COVID-19 Stimulus: The Federal Reserve Revises the Terms of its Corporate Bond and Loan Facility – What Issuers Should Know

On March 23, 2020, the Federal Reserve announced several new measures aimed at confronting the economic fallout from the COVID-19 pandemic and keeping credit markets functioning. One of these measures is the establishment of a…more

Coronavirus/COVID-19, Corporate Bonds, Federal Reserve, Financial Stimulus, Liquidity

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The Road Ahead for Private Equity: Reflections and Predictions

The year 2023 will be remembered as a challenging one for private equity (PE), with complexities to navigate on many fronts. Traditional debt financing was expensive and scarce, expectations on valuations were tricky to…more

Antitrust Provisions, Carbon Capture and Sequestration, CFIUS, China, Corporate Transparency Act

See all updates »

USCIS Announces Rules for H-1B Lottery

Key points: - H-1B lottery will be open from March 9 until March 25, 2021. - There will be no changes from last year’s lottery rules. - Priority for higher-paid H-1B applicants will not be implemented in 2021, but…more

Biden Administration, Department of Homeland Security (DHS), H-1B, Highly-Skilled Workers Visa, Immigration Procedures

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Akin Space Law, Regulation and Policy Update - April 2024

Good Afternoon! This is Akin’s biweekly policy newsletter on space policy and regulatory developments, providing information on major space headlines and forthcoming space-related events and hearings..…more

Aerospace, Defense Sector, Department of Defense (DOD), FCC, Federal Aviation Administration (FAA)

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Akin Space Law, Regulation and Policy Update - April 2024

Good Afternoon! This is Akin’s biweekly policy newsletter on space policy and regulatory developments, providing information on major space headlines and forthcoming space-related events and hearings..…more

Aerospace, Defense Sector, Department of Defense (DOD), FCC, Federal Aviation Administration (FAA)

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SEC Re-Proposes Rule to Prohibit Material Conflicts of Interest in Securitizations

On January 25, 2023, the U.S. Securities and Exchange Commission (SEC) re-proposed rules1 (the “Proposed Rule”) to implement Section 27B of the Securities Act of 1933, as amended (“Section 27B”), which was mandated by Section…more

Asset-Backed Securities, Dodd-Frank, Proposed Rules, Securities Act of 1933, Securities and Exchange Commission (SEC)

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Dubai Passes Landmark Law Regulating Virtual Assets (Including Cryptocurrencies)

On February 28, 2022, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai, approved Law No. 4 of 2022 on the Regulation of Virtual Assets in the Emirate of Dubai (the “Virtual Assets Law”). The landmark…more

Blockchain, Cryptocurrency, Digital Assets, Digital Currency, Dubai

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State and Industry Leaders Highlight Clout and Environmental Stewardship at Virtual Texas Energy Day

During the 2021 Texas Energy Day, hosted by Todd Staples of the Texas Oil and Gas Association at the Texas state capitol, event speakers aimed to strengthen support for the oil and gas industry and impart a message of strength…more

Carbon Emissions, Electricity, Energy Efficiency, Energy Sector, Environmental Policies

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Update (2): The NY LLC Transparency Act and Corporate Transparency Act’s Impact on Private Fund Managers

In the weeks since publishing our original alert, FinCEN released several frequently asked questions (FAQs) on the application of the Corporate Transparency Act (CTA). Private fund managers are likely to find two of these FAQs…more

Beneficial Owner, Commodity Pool, Corporate Transparency Act, Exemptions, FinCEN

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DOL Issues Final Amendment to the QPAM Exemption

On April 2, 2024, the U.S. Department of Labor (DOL) announced its final amendment to prohibited transaction class exemption 84-14 (the QPAM Exemption). The QPAM Exemption is a broad-based class exemption relied upon by many…more

Criminal Convictions, Department of Labor (DOL), Employee Retirement Income Security Act (ERISA), Internal Revenue Code (IRC), Investment

See all updates »

Lawmakers Reach Landmark Agreement on Bipartisan, Bicameral Comprehensive Privacy Legislation

Key Points - On Sunday, April 7, Senate Commerce Committee Chair Maria Cantwell (D-WA) and House Energy and Commerce (E&C) Committee Chair Cathy McMorris Rodgers (R-WA) struck a deal on a comprehensive federal bill, the American…more

Advanced Notice of Proposed Rulemaking (ANPRM), Consumer Privacy Rights, Data Privacy, Data Protection, Privacy Laws

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AI Concerns of WGA and SAG-AFTRA: What Is Allowed?

The rise of the use of generative artificial intelligence (GAI) to produce original written material has left authors and writers across industries feeling threatened. This was one major factor that led to the Writers Guild of…more

Actors, Artificial Intelligence, Compensation, Entertainment Industry, Labor Disputes

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Restructuring Watch - April 2022

In this edition of Restructuring Watch, we reflect on the first court decision on the moratorium procedure, some recent schemes and restructuring plans, the lifting of the remaining pandemic-related restrictions for commercial…more

CIGA, Commercial Property Owners, Corporate Restructuring, Financial Conduct Authority (FCA), Financial Services Industry

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The Road Ahead for Private Equity: Energy Transition

The energy transition posts a tremendous opportunity for private equity investors. The scale of the investment requirement makes private capital a “must have” and a broad spectrum of energy transition opportunities, particularly…more

Capital Markets, Clean Energy, Energy Sector, Investment, Investors

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Compacts Renewal Ushers in New Era of Relations Between the U.S. and Freely Associated States

When President Biden signed the Consolidated Appropriations Act into law on March 9, he dramatically altered U.S. relationships with the Republic of the Marshall Islands (RMI), the Republic of Palau, and the Federated States of…more

Climate Change, Consolidated Appropriations Act (CAA), Department of Defense (DOD), Executive Orders, FDIC

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USPTO Director: Invalidity Judgment by District Court Does Not Foreclose Inter Partes Review

In a sua sponte review, USPTO Director Kathy Vidal continued her refinement of the PTAB’s “discretionary denial” practice. Specifically, the Director vacated the Board’s decision to deny institution in Volvo Penta of the…more

Denial of Institution, Inter Partes Review (IPR) Proceeding, Patent Litigation, Patent Trial and Appeal Board, Patents

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Six Lessons for Private Fund Managers

In the last three weeks, the Division of Enforcement of the U.S. Securities and Exchange Commission has filed several complaints and resolved a number of open enforcement actions involving investment advisers. At first glance,…more

Cherry Picking, Enforcement Actions, Fund Managers, Investment Adviser, Private Funds

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'Speak Out Act' Is the Latest #MeToo Law to Impact Firms

Key Points - The new law prohibits judicial enforcement of confidentiality and non-disparagement provisions with respect to sexual harassment and sexual assault disputes. The law covers provisions entered into before a…more

#MeToo, Anti-Discrimination Policies, Anti-Harassment Policies, Corporate Culture, Employee Training

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Court Orders CFIUS to Increase Transparency but Rejects Review of Presidential Determination

A recent decision by the D.C. Circuit has prompted much speculation about possible changes to the traditionally opaque and secretive national security review process administered by the Committee on Foreign Investment in the…more

CFIUS, Exon-Florio, Foreign Investment, Transparency

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Liu v. SEC – Supreme Court Establishes Important Limitations on SEC Disgorgement

- In Liu v. SEC, No. 18-1501, the Supreme Court upheld the SEC’s ability to obtain disgorgement as a form of equitable relief in civil actions in federal court, pursuant to 15 U.S.C. § 78u(d)(5). - However, the Court…more

15 U.S.C. § 78u(d)(5), Administrative Authority, Business Expenses, Calculation of Damages, Corporate Misconduct

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

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U.S. Withholding Tax and Reporting Action Items for Investment Funds and Asset Managers (Fall 2018)

• Foreign Investor Forms W-8: An update of Forms W-8 on file for non-U.S. investors is generally recommended by December 31, 2018 to ensure that a date of birth (DOB) and non-U.S. taxpayer identification number (Foreign TIN) are…more

Asset Management, Certifications, Common Reporting Standard (CRS), Controlling Person, Derivatives

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Delaware Supreme Court Rules on Impact of Seller’s Actions in Response to COVID-19 in M&A Transaction

Key Points - On December 7, 2021, the Delaware Supreme Court unanimously upheld the Court of Chancery’s decision in AB Stable VIII LLC v. MAPS Hotels and Resorts One LLC, finding that certain actions taken by the Seller in…more

Acquisitions, Coronavirus/COVID-19, DE Supreme Court, Material Adverse Effects, Merger Agreements

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FCC Seeks Comment on Assigning Available Spectrum to the Public

Key Points - The FCC is seeking public comment on methods to enable access to currently unassigned spectrum in their auction inventory that can be used for wireless radio service. The Commission took this step because Congress…more

Auction, Broadband, FCC, Licensing Rules, Public Comment

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The Road Ahead for Private Equity: Private Funds & Dealmaking

Fundraising’s Effect on Dealmaking - Fundraising has been challenging over the past 12 months, primarily driven by the fact that distributions have slowed as a result of the lack of exit opportunities…more

Acquisitions, Commodity Trading Advisors (CTAs), Domestic Dealmaking, Investors, Mergers

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The Post-Revlon Reaction: Pitfalls for Lenders in the Proposed Erroneous Payment Language

To address the key issue in the litigation In re: Citibank August 11, 2020 Wire Transfers, on March 19, 2021, the Loan Syndication and Trading Association (LSTA) circulated a Market Advisory that contains draft erroneous payment…more

Banking Sector, Credit Agreements, Financial Institutions, Financial Services Industry, Lenders

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The SEC Wins ‘Shadow Insider Trading’ Trial

On Friday, April 5, 2024, a San Francisco jury found the defendant liable in SEC v. Panuwat, the closely watched litigated enforcement action brought by the U.S. Securities and Exchange Commission (SEC) relating to so-called…more

Enforcement Actions, Fund Managers, Insider Trading, Investors, Jury Verdicts

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Clean Vehicle Tax Credit – Foreign Entity of Concern Rules Proposed

On December 1, 2023, the Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations (REG-118492-23) with additional guidance on the excluded entities provision in the section 30D clean vehicle…more

Clean Energy, Compliance, Department of Energy (DOE), Electric Vehicles, Foreign Entities

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Washington State Expands Privacy Protections for Health Data

On April 27, 2023, Washington Governor Jay Inslee signed the My Health My Data Act (the “Act”) into law, establishing new limits on the collection, use and sharing of “consumer health data” and creating numerous compliance…more

Cybersecurity, Data Privacy, Data Protection, Federal Trade Commission (FTC), Health Care Providers

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NLRB’s Joint Employer Rule Vacated

The National Labor Relations Act (NLRA) gives employees the right to unionize and imposes obligations on employers to collectively bargain with unions representing their employees. Failing to recognize those rights and…more

Chamber of Commerce, Contract Terms, Employee Definition, Joint Employers, Jurisdiction

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Adler Restructuring Plan Set Aside: Reflections on the English Court of Appeal’s Landmark Ruling

In one of the most highly anticipated judgments in the European restructuring market in recent years, on 23 January 2024, the English Court of Appeal overturned the High Court’s decision sanctioning the Adler restructuring plan…more

Appeals, Commercial Bankruptcy, Corporate Restructuring, Creditors, Cross-Border

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Ninth Circuit Rejects Heightened State-of-Mind Pleading Requirement for Section 14(e) Claims

Key Points - The 9th Circuit, disagreeing again with the 2nd, 3rd, 5th, 6th, and 11th Circuits, reaffirmed that claims under Section 14(e) of the Exchange Act do not require a showing of scienter. In the 9th Circuit’s…more

Class Action, Pleading Standards, PSLRA, Scienter, Securities Exchange Act

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The Road Ahead for Private Equity: Debt Finance

Throughout 2023, we have continued to see activity in the debt finance markets, but the higher cost of capital, ongoing geopolitical uncertainties and mismatch in buyer/seller pricing expectations meant that deals have been…more

Acquisitions, Competition, EU, Investment, Investors

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Court of Appeal Defines Standard of Review for PAGA Settlements

On November 30, 2021, the California Court of Appeal (First District) issued its decision in Moniz v. Adecco USA, Inc., Case No. A159410, 2021 WL 5578298, which defines the standard for courts to apply when reviewing settlements…more

Class Action, Employer Liability Issues, Labor Code, Private Attorneys General Act (PAGA), Standard of Review

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Courts Should Finally Rule That the False Claims Act Qui Tam Provisions Are Unconstitutional

Last term, in U.S. ex rel. Polansky v. Exec. Health Res., Inc., three Justices noted that there are “substantial arguments” that the False Claims Act’s (FCA) qui tam provisions do not conform with Article II of the Constitution…more

Article II, Department of Justice (DOJ), Enforcement, False Claims Act (FCA), Investigations

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New Year's Resolutions for the Secondaries Space

As we begin the annual ritual of making our personal New Year’s resolutions, it’s a great time for secondaries market participants to do the same. As we gear up for what is expected to be an active 2024, here are our suggestions…more

Anti-Money Laundering, Beneficial Owner, Business Transfer Agreements, Corporate Transparency Act, Fund Managers

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SEC Set the Stage for Potential ESG Reporting Requirements

On February 24, 2021, Acting Securities and Exchange Commission (SEC) Chair Allison Herren Lee issued a statement directing the Division of Corporation Finance to “enhance its focus on climate-related disclosure in public…more

Climate Change, Corporate Governance, Disclosure Requirements, Environmental Social & Governance (ESG), Publicly-Traded Companies

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Commerce Imposes Significant New Controls on Advanced Semiconductors

On October 17, 2023, the Commerce Department’s Bureau of Industry and Security (BIS) released three rules amending the Export Administration Regulations (EAR) that significantly build on the October 7, 2022 semiconductor…more

Bureau of Industry and Security (BIS), China, Deadlines, Entity List, Export Administration Regulations (EAR)

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Red Notice Newsletter - March 2016

ANTICORRUPTION DEVELOPMENTS – Olympus to Pay $646 Million for Anti­Kickback and FCPA Violations - Early this month, Olympus Corp. of the Americas (OCA) settled government investigations related to violations of the…more

Anti-Kickback Statute, BSA/AML, Cuba, Economic Sanctions, Export Controls

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Federal District Court in Alabama Holds Corporate Transparency Act Unconstitutional and Enjoins Enforcement Against Plaintiffs

A U.S. District Court judge in Alabama recently ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA, which was enacted on January 1, 2021, directs the U.S. Department of the Treasury’s Financial Crimes…more

Appeals, Corporate Transparency Act, Enforcement, FinCEN, Injunctions

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Hot Issues in 2024 for TMT Companies

2024 is shaping up to be a busy year in Washington for telecom, media and technology (TMT) companies. A number of notable topics will require public comment this year, including net neutrality, digital discrimination, data…more

Artificial Intelligence, Broadband, Consumer Protection Laws, FCC, Federal Aviation Administration (FAA)

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SEC Adopts Amendments Regarding Share Repurchase Disclosure

On May 3, 2023, the Securities and Exchange Commission (SEC) adopted amendments requiring disclosure related to issuers’ share repurchases. Item 703 of Regulation S-K currently requires issuers to disclose information about…more

Corporate Governance, Disclosure Requirements, Form 10-K, Form 10-Q, Publicly-Traded Companies

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Updated Compensation Peer Groups for ISS and Glass Lewis

Institutional Shareholder Services (“ISS”) is now accepting updates to a company’s list of self-selected peers until 8:00PM EST on December 11, 2015. In determining the comparison group used by ISS in its evaluation of a…more

Glass Lewis, Institutional Shareholder Services (ISS), Pay-for-Performance, Peer Review, Say-on-Pay

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Corporate-Law Firm Pro Bono Partnerships

In this episode, Akin Gump pro bono partner Steven Schulman; Rick McMurtry, senior VP and associate GC at WarnerMedia; and Jay Reidy, assistant VP and senior legal counsel at AT&T discuss pro bono partnerships between law firms…more

Corporate Counsel, Corporate Law Departments, Law Firm Associates, Law Firm Partners, Law Practice Management

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Make (Whole) A Minute: Brazos Bankruptcy Update

Beginning on February 13, 2021, something unprecedented happened in the state of Texas—a winter storm caused temperatures to dip well-below freezing. This event, dubbed the “Black Swan Winter Event,” caused Texas to experience…more

Bankruptcy Code, Chapter 11, Commercial Bankruptcy, Electricity, Energy Sector

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DOJ Antitrust Targets Directors Serving on Boards of Competing Companies

Key Points - Seven directors have resigned from the boards of five companies in response to U.S. DOJ concerns that their positions potentially violated Section 8 of the Clayton Act, 15 U.S.C. § 19, which prohibits a person…more

Antitrust Provisions, Competition, Department of Justice (DOJ), Interlocking Directorate, Section 8

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FinCEN Proposes New Rule to Expand Anti-Money Laundering Requirements for Investment Advisers

Key Points - On February 13, 2024, FinCEN issued an NPRM that seeks to include certain investment advisers in the definition of “financial institution” under the BSA. As described in the NPRM as well as in FinCEN’s fact sheet,…more

AML/CFT, Anti-Money Laundering, Bank Secrecy Act, Chief Compliance Officers, Due Diligence

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IRS Takes View That FIRPTA Exemption for Publicly Traded Stock Must Be Tested at Partnership Level

Key Points Internal IRS correspondence in the form of a recent Chief Counsel Memorandum concludes that funds structured as partnerships (e.g., master funds in a standard master-feeder structure) must determine the availability…more

Financial Services Industry, FIRPTA, Foreign Investment, Investment Funds, Investment Management

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Defense Department Audit Report Provides Contractors with a Roadmap to Assess and Mitigate Cybersecurity False Claims Act Risk

On December 4, the Department of Defense Office of Inspector General (DoD OIG) issued a “special” Audit Report (the Report) that provides insight into common cybersecurity weaknesses related to the protection of Controlled…more

Audits, Contractors, Controlled Unclassified Information (CUI), Cybersecurity, Department of Defense (DOD)

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FinCEN Proposes New Rule to Expand Anti-Money Laundering Requirements for Investment Advisers

Key Points - On February 13, 2024, FinCEN issued an NPRM that seeks to include certain investment advisers in the definition of “financial institution” under the BSA. As described in the NPRM as well as in FinCEN’s fact sheet,…more

AML/CFT, Anti-Money Laundering, Bank Secrecy Act, Chief Compliance Officers, Due Diligence

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‘Mission Critical’—Revisiting the Board’s Oversight Role After In re: Boeing Co.

Recent rulings in the United States and overseas, coupled with the Securities and Exchange Commission’s (SEC) recently proposed disclosure rules covering climate-risk disclosures, underscore the attention boards of directors and…more

Board of Directors, Caremark claim, Climate Change, Corporate Governance, Disclosure Requirements

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OSHA Issues Emergency Temporary Standard for COVID-19 with Vaccinate-or-Test Mandate for Private Sector Employers with 100 or More Employees

Key Points - On November 4, 2021, OSHA issued an ETS requiring that all employers with 100 or more employees ensure that their employees are fully vaccinated against COVID-19 by January 4, 2022, or tested weekly. By December 5,…more

Americans with Disabilities Act (ADA), Centers for Disease Control and Prevention (CDC), Coronavirus/COVID-19, Employer Mandates, Federal Contractors

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The Road Ahead for Private Equity: Energy Transition

The energy transition posts a tremendous opportunity for private equity investors. The scale of the investment requirement makes private capital a “must have” and a broad spectrum of energy transition opportunities, particularly…more

Capital Markets, Clean Energy, Energy Sector, Investment, Investors

See all updates »

NLRB’s Joint Employer Rule Vacated

The National Labor Relations Act (NLRA) gives employees the right to unionize and imposes obligations on employers to collectively bargain with unions representing their employees. Failing to recognize those rights and…more

Chamber of Commerce, Contract Terms, Employee Definition, Joint Employers, Jurisdiction

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2022 Post-Election Outlook

With the 2022 midterm elections now over—save for a number of undecided races—and Congress having returned for a lame-duck session, Americans for the third consecutive President have elected a new House majority in a midterm…more

Congressional Committees, Election Results, Federal Elections, General Elections, Lame Duck Session

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Delaware Chancery’s Moelis II Decision Provides Cautionary Tale for Boards and Activists

On February 23, 2024, Vice Chancellor Travis Laster of the Delaware Court of Chancery issued his 131-page decision in West Palm Beach Firefighters’ Pension Fund v. Moelis & Co., No. 2023-0309-JTL. The case involved a challenge…more

Board of Directors, Corporate Governance, Corporations Code, Delaware, Delaware General Corporation Law

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Trends in Oil & Gas: 2023 and the Year Ahead

The past 12 months have been some of the trickiest to navigate for oil & gas companies in recent memory. Despite high energy prices and record cashflows, there is still uncertainty about what future paths to growth might look…more

Acquisitions, Capital Raising, Energy Sector, FERC, Financing

See all updates »

COVID-19-Related Orders and Legislation Governing Business Operations, Limiting Liability and Expanding Workers’ Compensation Coverage

At the beginning of the COVID-19 crisis, the vast majority of states across the country implemented “stay at home” orders requiring the closure of, or severely restricting, nonessential business operations..…more

Coronavirus/COVID-19, Employer Liability Issues, Health and Safety, Infectious Diseases, State Labor Laws

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DOJ National Security Division Updates Corporate Crime Enforcement Policy and Issues Whistleblower Policy

Executive Summary - - On March 7, 2024, the NSD of the DOJ issued an updated NSD Enforcement Policy to include a new section covering VSDs in connection with mergers and acquisitions. - These updates follow repeated…more

Acquisitions, Corporate Governance, Corporate Misconduct, Department of Justice (DOJ), Due Diligence

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The Rise of Equity Capital Markets in Greater China

1. Greater China’s Stock Markets Power Ahead - With governments looking to boost the growth of domestic equity markets, the Hong Kong Stock Exchange (HKEx) has been trumpeting the benefits of its new regimes for emerging and…more

Biotechnology, Capital Markets, China, Emerging Growth Companies, Hong Kong Stock Exchange

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Lawmakers Unveil Landmark Bipartisan Privacy Proposal

Key Points - Three of the four bipartisan leaders of the House and Senate committees with jurisdiction over data privacy have struck a deal on a comprehensive federal bill, the American Data Privacy and Protection Act,…more

Cybersecurity, Data Privacy, Data Protection, Data Security, Federal Trade Commission (FTC)

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FCA to Permit Research Bundling

The Financial Conduct Authority (FCA) is seeking views on proposed rules that would allow asset managers to opt for bundled payments for third-party investment research, reversing a significant aspect of the UK’s implementation…more

Asset Management, False Claims Act (FCA), Investment Adviser, MiFID II, Policies and Procedures

See all updates »

PTAB Rejects Argument of Alleged Master Plan to Circumvent IPR Time Bar

The Patent Trial and Appeal Board rejected a patent owner’s argument that the Board should exercise its discretion to deny a petitioner’s inter partes review (IPR) petition because Petitioner failed to name a time-barred real…more

Collaboration, Inter Partes Review (IPR) Proceeding, Patent Invalidity, Patent Ownership, Patent Trial and Appeal Board

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Infrastructure Investment and Jobs Act Summary of Key Programs and Provisions

[co-author: Christina Barone] The Infrastructure Investment and Jobs Act (the “bill”) is historic bipartisan legislation that will make available $1.2 trillion in funding for infrastructure programs across the transportation,…more

Broadband, Buy America, Cybersecurity, Department of Health and Human Services (HHS), Department of Transportation (DOT)

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Fluoropolymer Focus

As federal and state governments race to regulate a class of chemicals known as per- and polyfluoroalkyl substances (PFAS), their broad efforts sweep in thousands of individual chemicals—from those for which scientific consensus…more

Department of Defense (DOD), Environmental Protection Agency (EPA), New Legislation, PFAS, Reporting Requirements

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New Antidumping and Countervailing Duty Petitions on Frozen Warmwater Shrimp from Ecuador, India, Indonesia and Vietnam

Introduction - On October 25, 2023, the American Shrimp Processors Association (ASPA) filed petitions with the United States Department of Commerce (DOC) and the U.S. International Trade Commission (ITC), seeking antidumping…more

Anti-Dumping Duty, Bitcoin, China, Countervailing Duties, Exporters

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Liability Management Exercises: A Transatlantic Perspective

Over recent years, a prolonged period of low interest rates, together with a competitive financing market, has resulted in greater leverage and control for private companies (and their sponsors) when it comes to negotiating…more

EU, Financial Markets, Financing, Liquidity, Private Equity

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DOL Issues Final Amendment to the QPAM Exemption

On April 2, 2024, the U.S. Department of Labor (DOL) announced its final amendment to prohibited transaction class exemption 84-14 (the QPAM Exemption). The QPAM Exemption is a broad-based class exemption relied upon by many…more

Criminal Convictions, Department of Labor (DOL), Employee Retirement Income Security Act (ERISA), Internal Revenue Code (IRC), Investment

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SEC Adopts Final Clawback Rules

On October 26, 2022, the U.S. Securities and Exchange Commission (SEC) adopted long-awaited final rules implementing the “clawback” provisions of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The…more

Clawbacks, Disclosure Requirements, Dodd-Frank, Executive Compensation, Incentive Compensation

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Top 10 Topics for Directors in 2020: Shareholder Activism

Gender and racial diversity on the boards of public companies, and in chief executive officer searches, continue to be central points of focus for institutional investors, lawmakers and shareholder activists. In recent months,…more

Board of Directors, Corporate Governance, Diversity, Minorities, Shareholder Activism

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The Road Ahead for Private Equity: Energy Transition

The energy transition posts a tremendous opportunity for private equity investors. The scale of the investment requirement makes private capital a “must have” and a broad spectrum of energy transition opportunities, particularly…more

Capital Markets, Clean Energy, Energy Sector, Investment, Investors

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U.S. Department of Commerce Imposes Preliminary Tariffs on Chinese Solar Products

On June 3, 2014, the U.S. Department of Commerce (DOC) announced its preliminary determination in the countervailing duty (CVD) investigation of crystalline silicon photovoltaic products (“solar products”) from China. DOC…more

China, Countervailing Duties, Customs and Border Protection, Exports, Investigations

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Major Gift Planning Opportunities for 2024

The federal gift, estate and generation-skipping transfer (GST) tax exemptions for 2024 are historically high and present significant tax-free gifting opportunities next year.The gift and estate tax exemptions will increase to…more

Beneficiaries, Estate-Tax Exemption, Generation-Skipping Transfer, Gift-Tax Exemption, Grantor Retained Annuity Trusts (GRATs)

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A Momentous Year for PAGA

The past year saw appellate courts weigh in on a number of critical questions regarding the Private Attorneys General Act (PAGA), headlined by the U.S. Supreme Court’s ruling in Viking River Cruises, Inc. v. Moriana, 142 S. Ct…more

Appellate Courts, Constitutional Challenges, Employer Liability Issues, Federal Arbitration Act, Private Attorneys General Act (PAGA)

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Recent Developments in ESG-related Litigation in the English Courts

Recently, we have been closely following a number of ongoing and fresh lawsuits brought in the English courts involving some interesting Environmental Safety Group (ESG) related issues. We explore below two notable decisions,…more

Employer Liability Issues, Environmental Social & Governance (ESG), Negligence, Nuisance, Oil Spills

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SEC Adopts Final Rules on SPACs, Shell Companies and Projections

The Securities and Exchange Commission (SEC) recently adopted final rules (available here; also see the fact sheet and press release) representing significant changes to  special purpose acquisition companies (SPACs), shell…more

Disclosure Requirements, Final Rules, Inflated Projections, Initial Public Offering (IPO), Liability

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Developments in Emissions Trading in the U.K. and EU

As the delegates of the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) (COP26) return from two hard weeks in Glasgow, significant progress has been made on establishing…more

Aviation Industry, Climate Change, Emissions Trading System, Energy Sector, Environmental Policies

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Akin Space Law, Regulation and Policy Update - April 2024

Good Afternoon! This is Akin’s biweekly policy newsletter on space policy and regulatory developments, providing information on major space headlines and forthcoming space-related events and hearings..…more

Aerospace, Defense Sector, Department of Defense (DOD), FCC, Federal Aviation Administration (FAA)

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U.S. Withholding on Synthetic Trades over U.S. Equities (Section 871(m)) – Additional Delay of Full Implementation until 2023

• The broader application of Section 871(m) has again been delayed, this time until January 1, 2023 and as a result, investment funds with non-U.S. feeders or investors up the chain should generally expect to incur U.S…more

Broker-Dealer, Dividend-Equivalent Transactions, Dividends, ETFs, IRS

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Final Rule Implementing Libor Act Confirms Use of CME Term SOFR Plus CSA for Tough Legacy Contracts

Final Rule - On December 16, 2022, the Federal Reserve Board adopted the final rule (the “Final Rule”)1 implementing the Adjustable Interest Rate (LIBOR) Act (the “Libor Act”), which establishes benchmark replacements for…more

Final Rules, Financial Institutions, Financial Services Industry, Interest Rates, Legacy Contracts

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Indonesia’s New CCS/CCUS Regulations: Promotion of Energy Transition in Southeast Asia

In March 2023, the Ministry of Energy and Mineral Resources Regulation No. 2 of 2023 was announced by Indonesia’s Minister of Energy and Mineral Resources, Arifin Tasrif, concerning Implementation of Carbon Capture and Storage,…more

Carbon Capture and Sequestration, Carbon Emissions, Cross-Border, Energy Projects, Greenhouse Gas Emissions

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New York Appellate Division Affirms Dismissal of Public Company’s Defamation Lawsuit Against Short Sellers

Key Points: - On February 9, 2021, the New York Appellate Division, First Department, affirmed the dismissal of a defamation action brought by Eros International plc, an Indian media company, against several short sellers…more

Appeals, Defamation, Free Speech, Investors, Market Manipulation

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U.S. Withholding on Synthetic Trades over U.S. Equities (Section 871(m)) – Additional Delay of Full Implementation until 2023

• The broader application of Section 871(m) has again been delayed, this time until January 1, 2023 and as a result, investment funds with non-U.S. feeders or investors up the chain should generally expect to incur U.S…more

Broker-Dealer, Dividend-Equivalent Transactions, Dividends, ETFs, IRS

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The Entertainment Industry During COVID-19

In this episode, Akin Gump entertainment practice head Chris Spicer and partner Alissa Miller talk about the entertainment industry in the U.S. and overseas and the impact that COVID-19 has had on production and financing…more

Coronavirus/COVID-19, Entertainment Industry, Internet Streaming, Investment Opportunities

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FTC and DOJ Announce Temporary Suspension of Early Termination Grants

Key Points Federal Trade Commission (FTC) and Department of Justice Antitrust Division (DOJ) have temporarily suspended discretionary grants of early termination of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust…more

Acquisitions, Antitrust Provisions, Department of Justice (DOJ), Federal Trade Commission (FTC), Filing Fees

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Implications of US Department of Energy Decision to ‘Pause’ Authorizations of Liquefied Natural Gas Exports May Extend Beyond Delays to Pending Projects

On January 26, 2024, the Biden-Harris Administration announced that it would place a temporary “pause” on pending decisions to export liquefied natural gas (LNG) to countries with which the United States has not entered into a…more

Bilateral Investment Treaties, Climate Change, Department of Energy (DOE), Energy Policy Act, Energy Projects

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BIS Announces Key Updates to Voluntary Self-Disclosure Process

Key Points - On January 16, 2024, Matthew Axelrod, Assistant Secretary for Export Enforcement at the U.S. Department of Commerce’s BIS announced key updates to BIS’s VSD process. The updates are also now reflected on BIS’s…more

Bureau of Industry and Security (BIS), Enforcement, Export Administration Regulations (EAR), Exports, National Security

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Akin Space Law, Regulation and Policy Update - April 2024

Good Afternoon! This is Akin’s biweekly policy newsletter on space policy and regulatory developments, providing information on major space headlines and forthcoming space-related events and hearings..…more

Aerospace, Defense Sector, Department of Defense (DOD), FCC, Federal Aviation Administration (FAA)

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Washington, D.C.’s New Non-Compete Law Is Now in Effect

Key Points - Originally poised to be one of the broadest non-compete bans in the country, Washington, D.C.’s scaled-back non-compete law became enforceable on October 1, 2022. The new law prohibits non-competition…more

Employer Liability Issues, Employment Contract, Hiring & Firing, Labor Regulations, Non-Compete Agreements

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Opportunities & Landmines for Energy Companies Right Now

This episode presents the briefing “Managing the New Reality: Opportunities & Landmines for Energy Companies Right Now,” with Akin Gump corporate partner John Goodgame and financial restructuring partners Sarah Schultz, Ira…more

Board of Directors, Coronavirus/COVID-19, Counterparty Risk, Directors, Disclosure

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The SEC Reminds Companies Not to Forget the ‘S’ in ESG: Activision Blizzard Reaches $35 Million Settlement Over Disclosure Controls Related to Workplace Complaints and Violation of Whistleblower Protection Rule

Key Points - On February 3, 2023, Activision Blizzard settled charges with the SEC, agreeing to pay $35 million to resolve novel claims that the company failed to maintain adequate disclosure controls to track workplace…more

Activision, Anti-Retaliation Provisions, Corporate Counsel, Disclosure Requirements, Enforcement Actions

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So, What’d I Miss??? A Flurry of New Employment Laws Impact New York Firms

Key Points - The past eight months have featured the introduction of myriad new state and city laws impacting New York firms. From amendments to the NYC Fair Chance Act and NYS Paid Family Leave Law, to the expansion of…more

Artificial Intelligence, Background Checks, Criminal Background Checks, Employer Liability Issues, Fair Chance Act

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New Guidance on the Subsidiary Exemption Under the CTA’s Beneficial Ownership Information Reporting Rule

In the two weeks since the Corporate Transparency Act (CTA) went into effect (see our alert here), the Financial Crimes Enforcement Network (FinCEN) has published several Frequently Asked Questions (FAQs) clarifying the new…more

Beneficial Owner, Beneficiaries, Corporate Entities, Corporate Transparency Act, Exemptions

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IRS Proposes Regulations to Limit Valuation Discounts for Family Businesses

On August 2, 2016, the Internal Revenue Service and the Treasury Department issued proposed regulations intended to substantially limit the use of discounts in valuing intra-family transfers of interests in family-controlled…more

Asset Valuations, Closely Held Businesses, Estate Planning, Family Businesses, IRS

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The Dubai International Arbitration Centre: How Does It Compare?

With Dubai Arbitration Week approaching, the Dubai International Arbitration Centre (“DIAC”) will again return to the fore of discussion amongst the arbitration community. As a contribution to the debate around whether DIAC will…more

Arbitration, DIFC, Dispute Resolution, Dubai, Dubai International Arbitration Center (DIAC)

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9th Circuit Provides Key Guidance for Defendants Opposing Rule 23(b)(3) Class Actions

Key Points - The en banc 9th Circuit clarified numerous rules applicable to class actions brought under Rule 23(b)(3) of the Federal Rules of Civil Procedure. The court’s watershed decision in Olean Wholesale Grocery v…more

Class Action, Class Certification, Class Members, Daubert Standards, Evidence

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Singapore Net Zero and the Role of Hydrogen

On 22nd March, Singapore’s Energy Market Authority (EMA) published the Energy 2050 Committee Report (the “Report”) in which the committee (consisting of experts from both the public and private sectors (the “Committee”)…more

Carbon Emissions, Electricity, Energy Market, Energy Projects, Energy Sector

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U.S. Department of Commerce Implements New Export Controls to Combat Malicious Cyber Activities

Key Points - On March 7, 2022, new U.S. export controls applicable to “cybersecurity items” took effect based on an interim final rule published by BIS on October 21, 2021 (the “Cyber Rule”). The controls under the Cyber…more

Bureau of Industry and Security (BIS), Cybersecurity, ECCNs, Export Administration Regulations (EAR), Export Controls

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New Antidumping and Countervailing Duty Petitions on Frozen Warmwater Shrimp from Ecuador, India, Indonesia and Vietnam

Introduction - On October 25, 2023, the American Shrimp Processors Association (ASPA) filed petitions with the United States Department of Commerce (DOC) and the U.S. International Trade Commission (ITC), seeking antidumping…more

Anti-Dumping Duty, Bitcoin, China, Countervailing Duties, Exporters

See all updates »

Patent Claims Directed to Oil-and-Gas Drilling Systems Upheld as Patent Eligible

A court in the District of Colorado recently denied dismissal of patent infringement claims, holding that the asserted claims directed to plunger lift systems for cultivating natural gas from an oil-and-gas well are patent…more

Alice/Mayo, Natural Gas, Oil & Gas, Patent Infringement, Patent-Eligible Subject Matter

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Many More Defense Contractors Now Eligible for DoD Cyberthreat Info-Sharing Program

On March 12, 2024, the Department of Defense (DoD) finalized a rule to open its Defense Industrial Base (DIB) Cybersecurity (CS) Program to all defense contractors who own or operate an unclassified information system that…more

Cyber Crimes, Cyber Threats, Cybersecurity, Department of Defense (DOD), DFARS

See all updates »

FAA Releases Infrastructure Guidelines for Creating Vertiports

Yesterday the Federal Aviation Administration (FAA) released new design guidelines for vertiports, the latest type of landing facility for electric vertical takeoff and landing (eVTOL) aircraft for Advanced Air Mobility (AAM)…more

Aircraft, Airports, Aviation Industry, Federal Aviation Administration (FAA), New Guidance

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What Does “Defend, Indemnify and Hold Harmless” Mean?

The phase “defend, indemnify, and hold harmless” is found in many, if not most, contracts with liability allocation provisions, across multiple industries. However, many parties do not have a complete understanding of what,…more

Allocation of Liability, Contract Drafting, Contract Terms, Duty to Defend, Duty to Indemnify

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CARES Act Summary – Title IV—Economic Stabilization and Assistance to Severely Distressed Sectors of the U.S. Economy

The law provides $500 billion to Treasury’s Exchange Stabilization Fund to provide liquidity to eligible businesses, states and municipalities related to losses incurred as a result of coronavirus by providing loans, loan…more

Air Carriers, CARES Act, Coronavirus/COVID-19, Economic Downturn, Federal Loans

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OFAC Issues Venezuela Sanctions Relief Package Focused on Oil, Gas and Gold Sectors and Secondary Market Trading in Response to Election Commitments

Key Points - On October 18, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) took action to relax certain U.S. sanctions on Venezuela in response to the signing of an electoral roadmap…more

Debt, Divestment, Economic Sanctions, Goldman Sachs, Office of Foreign Assets Control (OFAC)

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Hong Kong Court Confirms Cryptocurrency is “Property” in Landmark Ruling

The Hong Kong High Court (“Court”) has, for the first time, confirmed that cryptocurrencies constitute “property” under Hong Kong law and are capable of being held on trust. The landmark ruling of Re Gatecoin Limited (In…more

Cryptoassets, Cryptocurrency, Hong Kong

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Federal Income Tax Payment and Filing Deadline Delayed to July 15 Amid COVID-19 Crisis

On March 20, 2020, the Internal Revenue Service (IRS) released Notice 2020-18 (the “IRS Notice”), which provides relief from federal income tax payment and filing deadlines to U.S. taxpayers in light of the COVID-19 emergency…more

Coronavirus/COVID-19, Federal Taxes, Filing Deadlines, Income Taxes, IRS

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Dramatic Change to Federal Estate, Gift and Generation-Skipping Tax Exemptions

• Each individual’s exemptions from federal estate, gift and GST taxes have roughly doubled to approximately $11,200,000 • The increased exemptions are available only temporarily, through 2025 • We recommend that you…more

Estate Planning, Estate Tax, Federal Taxes, Generation-Skipping Transfer, Gift Tax

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USPTO Pilot Program Expedites Examination of Patent Applications Directed to Semiconductor Manufacturing In Support of CHIPS Act

Key Takeaways - To support the CHIPS Act of 2022, the USPTO initiated a pilot program that provides expedited examination of certain patent applications directed to manufacturing semiconductor devices, potentially reducing…more

Good Faith, Inventions, Inventors, Patent Applications, Patents

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Latest Opportunity Zone Rules Clarify Issues Related to Fund Structuring, Qualifying Businesses and Business Property

• The latest set of proposed opportunity zone (OZ) regulations (the “2019 proposed regulations”) provide much-needed flexibility with regard to qualified opportunity funds (“OZ Funds”) and expand the types of businesses and…more

Anti-Abuse Rule, Capital Gains, Carried Interest, Debt Financing, Intangible Property

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House Democrats Unveil Proposal to Frame Climate Legislation in 2021

- Democrats in the House Select Committee on the Climate Crisis have released a Climate Crisis Action Plan that aims to achieve net-zero emissions throughout the United States by 2050 and “net-negative” emissions by 2100,…more

Carbon Emissions, Clean Energy, Climate Change, Energy Policy, Energy Sector

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Adler Restructuring Plan Set Aside: Reflections on the English Court of Appeal’s Landmark Ruling

In one of the most highly anticipated judgments in the European restructuring market in recent years, on 23 January 2024, the English Court of Appeal overturned the High Court’s decision sanctioning the Adler restructuring plan…more

Appeals, Commercial Bankruptcy, Corporate Restructuring, Creditors, Cross-Border

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SCOTUS Ruling: Pure Omissions Are Not Actionable Under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued an important decision in the case of Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165. Justice Sotomayor, writing for a unanimous Court, ruled that “pure…more

Failure To Disclose, Macquarie Infrastructure Corp v Moab Partners LP, Omissions, Rule 10(b), Rule 10b-5

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SEC Commissioner Pushes Climate Disclosure Regulation

On October 20, 2021, during a webcast hosted by Principles for Responsible Investment and the London Stock Exchange Group (LSEG), Allison Herren Lee, Commissioner at the U.S. Securities and Exchange Commission (Commission),…more

Climate Change, Corporate Governance, Disclosure Requirements, Environmental Social & Governance (ESG), Publicly-Traded Companies

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Defense Department Audit Report Provides Contractors with a Roadmap to Assess and Mitigate Cybersecurity False Claims Act Risk

On December 4, the Department of Defense Office of Inspector General (DoD OIG) issued a “special” Audit Report (the Report) that provides insight into common cybersecurity weaknesses related to the protection of Controlled…more

Audits, Contractors, Controlled Unclassified Information (CUI), Cybersecurity, Department of Defense (DOD)

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New Proposed Rules Affecting 10b5-1 Trading Plans and Share Repurchase Programs

On December 15, 2021, the SEC proposed amendments regarding Rule 10b5-1 trading plans and share repurchase programs. The SEC proposed rules are intended to diminish information asymmetry between public companies and investors by…more

10b5-1 Plans, Affirmative Defenses, Corporate Governance, Material Nonpublic Information, Proposed Amendments

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

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Red Notice Newsletter - April 2020

ANTICORRUPTION DEVELOPMENTS - New Guilty Plea in College Admissions Scandal - On April 21, 2020, Jorge Salcedo, a former tennis coach at a prominent California university, entered into a plea agreement related to his alleged…more

Anti-Corruption, Bureau of Industry and Security (BIS), Civil Monetary Penalty, College Admissions, Corruption

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Red Notice Newsletter - April 2020

ANTICORRUPTION DEVELOPMENTS - New Guilty Plea in College Admissions Scandal - On April 21, 2020, Jorge Salcedo, a former tennis coach at a prominent California university, entered into a plea agreement related to his alleged…more

Anti-Corruption, Bureau of Industry and Security (BIS), Civil Monetary Penalty, College Admissions, Corruption

See all updates »

Effectively Managing Workforce Contraction in Turbulent Times - Part 2

The dramatic drop in the price of oil is forcing many energy-related companies to reevaluate their operations and consider steps to trim their costs. With recent developments in the industry and predictions that low oil prices…more

Hiring & Firing, Involuntary Reduction in Force, Oil & Gas, Oil Prices, Risk Management

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SEC Announces First Off-Channel Communications Enforcement Action Against a Standalone Private Fund Manager

On April 3, 2024, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement action against a registered investment adviser (RIA) with no ties to a broker-dealer regarding so-called “off-channel”…more

Broker-Dealer, Electronic Communications, Enforcement Actions, Fund Managers, Investigations

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CFTC Announces Formation of the Climate Risk Unit

On March 17, Commodity Futures Trading Commission (CFTC) Acting Chairman, Rostin Behnam, announced the establishment of the Climate Risk Unit (CRU), an interdivisional group focused on derivatives markets’ role in addressing…more

CFTC, Climate Change, Corporate Governance, Derivatives, Disclosure Requirements

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Sea Change: The SEC Makes Waves with New Proposed Climate Disclosure Rules

Key Points - On Monday, March 21, 2022, the SEC in a 3-1 vote proposed amendments to require public companies to provide certain climate-related information in their registration statements and annual reports. The amendments…more

Climate Change, Comment Period, Corporate Governance, Disclosure Requirements, Environmental Social & Governance (ESG)

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UAS Traffic Management Takes Its Next Step

Last week, the Federal Aviation Administration (FAA) and the National Aeronautics and Space Administration (NASA) jointly released a progress report on Phase 2 of the Unmanned Aircraft Systems (UAS) Traffic Management (UTM)…more

Airspace, Drones, Federal Aviation Administration (FAA), Technology Sector, Unmanned Aircraft Systems

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This Week’s Climate Policy Update - April 2024 #2

Good afternoon! This is Akin’s newsletter on climate change policy and regulatory developments, providing information on major climate policy headlines from the past two weeks and forthcoming climate-related events and…more

Biden Administration, Climate Change, Coal Industry, Department of Energy (DOE), Department of the Interior

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CFIUS Proposes Expanded Enforcement Authorities and Increased Penalties

Key Points - On April 15, 2024, the Treasury Department published a proposed rule that would amend the Committee on Foreign Investment in the United States (CFIUS) regulations to expand CFIUS’s enforcement authorities…more

CFIUS, Comment Period, Enforcement, Filing Requirements, Foreign Investment

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COVID-19: FIDIC and Claims for Additional Time & Money in International Construction Projects

The increasing and dynamic impact of the novel Coronavirus (COVID-19) is tangible. For example, on January 30, 2020, the World Health Organization declared a “public health emergency of international concern” and in the Peoples…more

Construction Contracts, Construction Industry, Construction Project, Construction Workers, Contract Price

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International Unilateral Export Controls—An Increased Focus on Advanced Technologies

On 11 March 2024, the UK expanded its export control regime to include new controls on specific emerging technologies, such as quantum computing, semiconductor technologies and additive manufacturing, under The Export Control…more

Export Controls, France, Japan, Netherlands, Regulatory Standards

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Lawmakers Reach Landmark Agreement on Bipartisan, Bicameral Comprehensive Privacy Legislation

Key Points - On Sunday, April 7, Senate Commerce Committee Chair Maria Cantwell (D-WA) and House Energy and Commerce (E&C) Committee Chair Cathy McMorris Rodgers (R-WA) struck a deal on a comprehensive federal bill, the American…more

Advanced Notice of Proposed Rulemaking (ANPRM), Consumer Privacy Rights, Data Privacy, Data Protection, Privacy Laws

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Key Medicare Issues to Watch in Lame Duck Session

Washington, D.C. is currently focused on a September continuing resolution (CR) to keep the federal government funded, but it is worth looking ahead to the broader health care horizon and the key Medicare issues that await…more

Biden Administration, Centers for Medicare & Medicaid Services (CMS), Coronavirus/COVID-19, Health Care Providers, Inflation Reduction Act (IRA)

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NLRB’s Joint Employer Rule Vacated

The National Labor Relations Act (NLRA) gives employees the right to unionize and imposes obligations on employers to collectively bargain with unions representing their employees. Failing to recognize those rights and…more

Chamber of Commerce, Contract Terms, Employee Definition, Joint Employers, Jurisdiction

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US Seeks Comments on Text for WIPO Genetic Resources Treaty

Summary - Last year the World Intellectual Property Organization (WIPO), under a threat of a vote, accelerated negotiations on an international legal instrument related to intellectual property (IP) and genetic resources…more

Biotechnology, Comment Period, Deadlines, Genetic Materials, Intellectual Property Protection

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Commerce Imposes Significant New Controls on Advanced Semiconductors

On October 17, 2023, the Commerce Department’s Bureau of Industry and Security (BIS) released three rules amending the Export Administration Regulations (EAR) that significantly build on the October 7, 2022 semiconductor…more

Bureau of Industry and Security (BIS), China, Deadlines, Entity List, Export Administration Regulations (EAR)

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The Road Ahead for Private Equity: Reflections and Predictions

The year 2023 will be remembered as a challenging one for private equity (PE), with complexities to navigate on many fronts. Traditional debt financing was expensive and scarce, expectations on valuations were tricky to…more

Antitrust Provisions, Carbon Capture and Sequestration, CFIUS, China, Corporate Transparency Act

See all updates »

UPDATE: The COVID-19 Vaccine Rollout: What Employers Need to Know

To account for legal developments since our last FAQ concerning employer COVID-19 vaccination policies, we provide updated answers to questions and address additional questions about discrimination, wage and hour, collective…more

Americans with Disabilities Act (ADA), Civil Rights Act, Coronavirus/COVID-19, Employee Incentive Plans, Employer Liability Issues

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Preserving Stockholder Value in a Volatile Market

In the wake of COVID-19, global stock prices have plummeted. Yet, the current depressed state of the markets may distort the long-term outlook of many businesses. Hostile bidders and unwelcome activists may capitalize on this…more

Board of Directors, Corporate Governance, Poison Pill, Proxy Advisors, Publicly-Traded Companies

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Highlights of DOE’s Historic Clean Hydrogen Funding Opportunity

The U.S. Department of Energy (DOE or the “Department”) recently opened the submission of Concept Papers for its $7 billion H2Hubs program, marking one of the largest investments in DOE history, with the goal of creating up to…more

Clean Energy, Department of Energy (DOE), Electricity, Energy Projects, Energy Sector

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Clean Energy Tax Credit Transferability Guidance Issued

On June 14, 2023, the Internal Revenue Service and the Treasury Department issued (among other guidance) an expansive set of proposed regulations explaining how taxpayers can monetize 11 green energy tax credits through…more

Clean Energy, Energy Tax Incentives, Inflation Reduction Act (IRA), Investment Tax Credits, IRS

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Compacts Renewal Ushers in New Era of Relations Between the U.S. and Freely Associated States

When President Biden signed the Consolidated Appropriations Act into law on March 9, he dramatically altered U.S. relationships with the Republic of the Marshall Islands (RMI), the Republic of Palau, and the Federated States of…more

Climate Change, Consolidated Appropriations Act (CAA), Department of Defense (DOD), Executive Orders, FDIC

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Many More Defense Contractors Now Eligible for DoD Cyberthreat Info-Sharing Program

On March 12, 2024, the Department of Defense (DoD) finalized a rule to open its Defense Industrial Base (DIB) Cybersecurity (CS) Program to all defense contractors who own or operate an unclassified information system that…more

Cyber Crimes, Cyber Threats, Cybersecurity, Department of Defense (DOD), DFARS

See all updates »

The Post-Revlon Reaction: Pitfalls for Lenders in the Proposed Erroneous Payment Language

To address the key issue in the litigation In re: Citibank August 11, 2020 Wire Transfers, on March 19, 2021, the Loan Syndication and Trading Association (LSTA) circulated a Market Advisory that contains draft erroneous payment…more

Banking Sector, Credit Agreements, Financial Institutions, Financial Services Industry, Lenders

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2022 Compliance Developments and Calendar for Private Fund Advisers

Compliance Reminders for 2022 - Registered investment advisers to private funds clients are required to make filings with the Securities and Exchange Commission (SEC) each year and deliver certain information to their…more

Broker-Dealer, CFTC, Commodity Pool, Commodity Trading Advisors (CTAs), Compliance

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Germany Further Tightens Rules on Foreign Direct Investment

Key Points - On April 27, 2021, the German government adopted the 17th Regulation for the Amendment of the German Foreign Trade Regulation (Außenwirtschaftsverordnung (AWV)). The regulation, which came into force on May 1,…more

Acquisitions, Amended Regulation, Critical Infrastructure Sectors, Cross-Border Transactions, EU Screening Regulation

See all updates »

Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

See all updates »

DOJ Provides Additional Incentives for Voluntary Self-Disclosures of Criminal Export Controls and Sanctions Violations

• On December 13, 2019, the Department of Justice (DOJ) revised and re-issued its “Export Controls and Sanctions Policy for Business Organizations” (the “Revised Policy”) to “provide greater clarity for companies faced with a…more

Corporate Counsel, Corporate Misconduct, Criminal Penalties, Criminal Prosecution, Department of Justice (DOJ)

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Continued Focus on Diversifying the Boardroom

Like the preceding year, 2021 was full of unparalleled challenges for corporate directors, including new COVID-19 variants, supply chain disruptions, increased competition for talent and inflation. In this atmosphere, investors…more

Board of Directors, Corporate Governance, Diversity, Diversity and Inclusion Standards (D&I), Nasdaq

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

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New EXAMS Guidance – Next Steps for Private Fund Managers

On June 8, 2023, the SEC Division of Examinations staff (EXAMS) published a risk alert focused on the new Marketing Rule (Rule 206(4)-1 under the Investment Advisers Act of 1940). While this new risk alert largely mirrors…more

Advertising, Investment Adviser, Investment Advisers Act of 1940, Investors, Marketing

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DOJ’s Civil Division Outlines Enforcement Priorities and Focus on COVID-19 Related Fraud

- The Department of Justice (DOJ) will focus its civil enforcement activity on fraud and other illegal actions relating to COVID-19, including with respect to CARES Act stimulus programs and consumer products marketed for use in…more

CARES Act, Coronavirus/COVID-19, Corporate Counsel, Department of Justice (DOJ), Enforcement Actions

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Trends in Special Situations & Private Credit 2024

With 2023 characterized by record inflation, constraints in the syndicated lending environment and rising interest rates, credit funds were able to step in to provide flexible, tailored and relationship-based financing to…more

Acquisitions, Cooperation Agreement, Credit Agreements, EBITDA, Hybrid Capital Instruments

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Rundown of Recent Developments in Covenant Running with the Land Tension

Concerns Raised by Sabine - The seminal decisions in Sabine Oil & Gas Corp. v. Nordheim Eagle Ford Gathering, LLC provided guidance on whether midstream and transportation providers can rely on the contractual dedications…more

Adversary Proceedings, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Contract Terms

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Amendments to Concert Party Presumptions in the Takeover Code

The UK Takeover Panel (the “Panel”) has introduced amendments to the definition of “acting in concert” under the Takeover Code (the “Code”) and, in particular, the circumstances in which the Panel will presume parties to be…more

Investors, Publicly-Traded Companies, Shareholders, Takeover Bids, UK

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District Court: ANDA Label including Non-Infringing Uses is Not Sufficient to Induce Infringement

In a Hatch-Waxman case, the District Court for the District of New Jersey recently found that a generic label that included an allegedly infringing permissive use did not induce infringement where the label cautioned against…more

Abbreviated New Drug Application (ANDA), Hatch-Waxman, Indirect Infringement, Non-Infringing Alternatives (NIAs), Patent Infringement

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Five Trends Shaping Payments M&A

The last 12 months have seen dramatic falls in fintech and payments valuations, but with the payments sector now a core part of the financial services ecosystem, strategic imperatives will continue to drive deals despite…more

Acquisitions, B2B Organizations, Capital Markets, Financial Services Industry, FinTech

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9th Circ. Decision Sets New Framework For Class Certification

The en banc U.S. Court of Appeals for the Ninth Circuit's recent watershed decision in Olean Wholesale Grocery Cooperative Inc. v. Bumble Bee Foods LLC established several significant benchmarks for determining class…more

Article III, Class Action, Class Certification, Class Members, En Banc Review

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The Post-Revlon Reaction: Pitfalls for Lenders in the Proposed Erroneous Payment Language

To address the key issue in the litigation In re: Citibank August 11, 2020 Wire Transfers, on March 19, 2021, the Loan Syndication and Trading Association (LSTA) circulated a Market Advisory that contains draft erroneous payment…more

Banking Sector, Credit Agreements, Financial Institutions, Financial Services Industry, Lenders

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“Round 2” of Marketing Rule Enforcement Actions — Focus on Hypothetical Performance

On April 12, 2024, the U.S. Securities and Exchange Commission imposed fines and other sanctions on five registered investment advisers (RIAs) for violations of the Investment Adviser Marketing Rule (Rule 206(4)-1), which has…more

Broker-Dealer, Enforcement Actions, Fines, Investment Adviser, Investment Advisers Act of 1940

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Private Credit Insights: Exploring the Challenges of Side Letters in Financing Transactions

As private credit continues its rise as a key source of flexible capital for traditional private equity, there has been a growing focus by credit funds on the use and role of side letters in financing transactions. In many…more

Corporate Financing, Creditors, Investment Management, Private Equity, Private Equity Firms

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ArbitrateAD Rules Match Pace Set in Regional Centres

The Abu Dhabi International Arbitration Centre (ArbitrateAD) replaced the Abu Dhabi Commercial Conciliation and Arbitration Centre (ADCCAC) effective 1 February 2024. ArbitrateAD’s aim is to be “the world’s leading catalyst for…more

Arbitration, Arbitration Awards, Dispute Resolution, Foreign Arbitration Clauses, International Arbitration

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FTC Orders Company to Delete Algorithms Made with Data Alleged to be Improperly Obtained

The Federal Trade Commission (FTC) reached a settlement with weight loss company WW International (formerly known as Weight Watchers) requiring the company to pay a $1.5 million penalty, delete the personal information of…more

Algorithms, COPPA, Corporate Counsel, Data Collection, Data Privacy

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PJM Board Moves Forward with MOPR Overhaul

The board of managers of PJM Interconnection, L.L.C. (PJM) has directed PJM to prepare a proposal for filing with the Federal Energy Regulatory Commission (FERC) that will substantially reform the Minimum Offer Price Rule (MOPR)…more

Electric Generation Suppliers, Electricity, Energy Market, Energy Policy, Energy Sector

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Newsom on GenAI: Executive Order Mandates Ethical Innovation in View of Risk

The development of artificial intelligence (AI) and particularly Generative Artificial Intelligence (GenAI) has exploded in recent years, prompting government officials including the Biden administration to call for studies and…more

Artificial Intelligence, Biden Administration, Colleges, Critical Infrastructure Sectors, Executive Orders

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DoD Updates Section 1260H List of Chinese Military Companies Operating Directly or Indirectly in the United States

Key Points - On January 31, 2024, the Department of Defense (DoD) released an update to its list of “Chinese military companies” that are “operating directly or indirectly in the United States” in accordance with the statutory…more

Bureau of Industry and Security (BIS), China, Department of Defense (DOD), Executive Branch, Military Contracts

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IRS Takes View That FIRPTA Exemption for Publicly Traded Stock Must Be Tested at Partnership Level

Key Points Internal IRS correspondence in the form of a recent Chief Counsel Memorandum concludes that funds structured as partnerships (e.g., master funds in a standard master-feeder structure) must determine the availability…more

Financial Services Industry, FIRPTA, Foreign Investment, Investment Funds, Investment Management

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UK to Withdraw from Energy Charter Treaty

On 22 February 2024, the UK announced it is withdrawing from the Energy Charter Treaty (ECT) on the basis that it is incompatible with the energy transition, being the 11th state to do so. However, ECT protections for existing…more

Energy Charter Treaty, Energy Sector, Fossil Fuel, Investment, Renewable Energy

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M&A Activity Remains Cool Despite Megadeals Trends in Oil & Gas Series: Part 2 of 5

It seems likely the year ahead will see only a modest rebound in mergers & acquisitions (M&A) activity. Among the challenges that remain for 2024, one challenge to further deal activity is the potential shortage of attractive…more

Acquisitions, Energy Sector, Mergers, Oil & Gas, Policies and Procedures

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StEPing Up to the Plate: Justice Department Restores Favored Enforcement Resolution Tool

The U.S. Department of Justice (DOJ or the “Department”) made way for the return of supplemental environmental projects (SEPs) as a tool to settle violations of federal environmental laws while delivering environmental benefits…more

Biden Administration, California Air Resources Board, Clean Air Act, Department of Justice (DOJ), Enforcement Actions

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EDTX: Bad Faith FRAND Negotiations Warrant Suspension but Not Revocation of Parties’ Obligations Under French Law

The Eastern District of Texas recently addressed two significant issues related to fair, reasonable and non-discriminatory (FRAND) negotiations under French law; namely, whether: (1) an implementer is entitled to damages…more

Bad Faith, ETSI, Federal Rules of Civil Procedure, Federal Rules of Evidence, France

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The EU Corporate Sustainability Reporting Directive (CSRD) – Application from FY 2024

Background - The application of the European Union’s (EU)  Corporate Sustainability Reporting Directive (CSRD) is to be phased in from the start of 2024 and will require in-scope companies to make disclosures on the risks and…more

Corporate Culture, Disclosure Requirements, Environmental Social & Governance (ESG), EU, Reporting Requirements

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Insurance Coverage Questions In Light of Coronavirus

COVID-19 continues to have an unprecedented effect on business operations throughout the world. While the availability of insurance coverage for pandemic-related losses is still far from certain, it is imperative that business…more

Business Interruption, Commercial General Liability Policies, Coronavirus/COVID-19, D&O Insurance, Infectious Diseases

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NTIA Issues Important Guidance to Broadband Providers and States on Over $40 Billion Broadband Equity, Access and Deployment Program

On May 13, 2022, the U.S. Department of Commerce’s National Telecommunications and Information Administration (NTIA) released the Notice of Funding Opportunity (NOFO) for the Broadband Equity, Access and Deployment (BEAD)…more

Broadband, Critical Infrastructure Sectors, FCC, Internet Service Providers (ISPs), Telecommunications

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FERC Announces Major Policy Changes for Certification of Natural Gas Facilities, Including Consideration of Greenhouse Gas Emission

On February 18, 2022, the Federal Energy Regulatory Commission (“FERC” or the “Commission”) issued two interconnected policy statements (the “Policy Statements”) regarding its review and certification of interstate natural gas…more

Energy Sector, Environmental Impact Statements, FERC, Greenhouse Gas Emissions, Natural Gas Act

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SEC Investor Alert: How to Be a Smart Investor Online

Earlier last week, the SEC’s Office of Investor Education and Advocacy issued an Investor Alert reminding investors seeking information and advice online to be wary of fraudulent investment schemes involving social media. In…more

Investors, Risk Alert, Securities and Exchange Commission (SEC), Securities Fraud, Social Media

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New Antidumping and Countervailing Duty Petitions on Frozen Warmwater Shrimp from Ecuador, India, Indonesia and Vietnam

Introduction - On October 25, 2023, the American Shrimp Processors Association (ASPA) filed petitions with the United States Department of Commerce (DOC) and the U.S. International Trade Commission (ITC), seeking antidumping…more

Anti-Dumping Duty, Bitcoin, China, Countervailing Duties, Exporters

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Coming to Terms with Materiality Judgments for SEC Financial Statements

Materiality in the context of the federal securities laws has been a topic of repeated focus by the Securities and Exchange Commission (SEC) and the courts over the years. That attention, however, has not necessarily produced…more

Audit Committee, Capital Markets, Financial Reporting, Financial Statements, GAAP

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International Unilateral Export Controls—An Increased Focus on Advanced Technologies

On 11 March 2024, the UK expanded its export control regime to include new controls on specific emerging technologies, such as quantum computing, semiconductor technologies and additive manufacturing, under The Export Control…more

Export Controls, France, Japan, Netherlands, Regulatory Standards

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The Road Ahead for Private Equity: Reflections and Predictions

The year 2023 will be remembered as a challenging one for private equity (PE), with complexities to navigate on many fronts. Traditional debt financing was expensive and scarce, expectations on valuations were tricky to…more

Antitrust Provisions, Carbon Capture and Sequestration, CFIUS, China, Corporate Transparency Act

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Supreme Court Upends Medicare 340B Drug Payment Policy

Key Points - The Supreme Court invalidated 2018 and 2019 cuts to Medicare reimbursement rates for hospital outpatient drugs acquired through the 340B Drug Pricing Program, effectively reinstating the default rate of ASP plus…more

Centers for Medicare & Medicaid Services (CMS), Department of Health and Human Services (HHS), Drug Pricing, Medicare, Pharmaceutical Industry

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China Fintech – the Beginning of a New Regulatory Era?

This alert outlines the recent potentially seismic shifts in the Fintech regulatory landscape affecting the regulation and commercial business model of China’s online micro-lending company ("MLC") sector – a part of the Mainland…more

Anti-Monopoly, Antitrust Provisions, Banking Regulators, China, Consumer Lenders

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Top 10 Topics for Directors in 2016: Proxy Access

Proxy Access - 2015 was a turning point for shareholder proposals seeking to implement proxy access, which gives certain shareholders the ability to nominate directors and include those nominees in a company’s proxy…more

CalPERS, CalSTRS, Institutional Investors, Proxy Access, Rule 14a-8(i)(9)

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FCA and PRA Publish Consultation on New Rules relating to Non-Financial Misconduct

Key Points - Following a joint Discussion Paper in 2021 issued by the FCA and the PRA, both regulators have now issued Consultation Papers proposing new rules and guidance in relation to diversity and inclusion in the…more

Corporate Governance, Corporate Misconduct, Criminal Convictions, Diversity and Inclusion Standards (D&I), Ethics

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SEC Extends COVID-19 Regulatory Relief for Public Companies, Funds and Investment Advisers and Issues Additional Guidance

Extension of COVID-19 Regulatory Relief - On March 25, 2020, the Securities and Exchange Commission (SEC) extended regulatory relief... for certain Exchange Act reports (including Form 10-Ks and Form 10-Qs) with an original…more

CD&I, Coronavirus/COVID-19, Corporate Governance, Filing Deadlines, Form 10-Q

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Akin Intelligence - March 2024

Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges over…more

Artificial Intelligence, Biden Administration, Commercial Litigation, Copyright, Corporate Governance

See all updates »

Hong Kong Court Confirms Cryptocurrency is “Property” in Landmark Ruling

The Hong Kong High Court (“Court”) has, for the first time, confirmed that cryptocurrencies constitute “property” under Hong Kong law and are capable of being held on trust. The landmark ruling of Re Gatecoin Limited (In…more

Cryptoassets, Cryptocurrency, Hong Kong

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FTC and DOJ Announce Temporary Suspension of Early Termination Grants

Key Points Federal Trade Commission (FTC) and Department of Justice Antitrust Division (DOJ) have temporarily suspended discretionary grants of early termination of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust…more

Acquisitions, Antitrust Provisions, Department of Justice (DOJ), Federal Trade Commission (FTC), Filing Fees

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Geneva Insights - April 2024

The World Trade Organization (WTO) Committee of Participants on the Expansion of Trade in Information Technology Products (ITA Committee) meets on April 11. The committee holds regular meetings twice a year to review…more

Artificial Intelligence, Blockchain, Broadcasting, China, Copyright

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Make (Whole) A Minute: Takeaways from the Recent Hertz Decision on Make-Whole and Post-Petition Interest

Happy 2022, everyone! It seems fitting to kick off our Make (Whole) a Minute Update series in 2022 with an alert on make-whole. On December 22, 2021, the Bankruptcy Court for the District of Delaware ruled in favor of the…more

Bankruptcy Code, Claim Limitations, Commercial Bankruptcy, Institutional Investors, Make-Whole Premium

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SEC Announces First Off-Channel Communications Enforcement Action Against a Standalone Private Fund Manager

On April 3, 2024, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement action against a registered investment adviser (RIA) with no ties to a broker-dealer regarding so-called “off-channel”…more

Broker-Dealer, Electronic Communications, Enforcement Actions, Fund Managers, Investigations

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The Rise of Equity Capital Markets in Greater China

1. Greater China’s Stock Markets Power Ahead - With governments looking to boost the growth of domestic equity markets, the Hong Kong Stock Exchange (HKEx) has been trumpeting the benefits of its new regimes for emerging and…more

Biotechnology, Capital Markets, China, Emerging Growth Companies, Hong Kong Stock Exchange

See all updates »

Private Credit Insights: Exploring the Challenges of Side Letters in Financing Transactions

As private credit continues its rise as a key source of flexible capital for traditional private equity, there has been a growing focus by credit funds on the use and role of side letters in financing transactions. In many…more

Corporate Financing, Creditors, Investment Management, Private Equity, Private Equity Firms

See all updates »

State Regulators Announcing Changes to Insurance Law Requirements In Response to COVID-19

Like each of us, insurance regulators throughout the United States are dealing with the COVID-19 pandemic. Like the broader insurance industry, insurtech companies are striving to ensure continued operations, and insurance…more

Coronavirus/COVID-19, Department of Insurance, Insurance Claims, Insurance Contracts, Insurance Industry

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FTC Commercial Data Surveillance Crack Down: Kochava Gains a Win in Data Privacy Suit

On May 4, 2023, an Idaho federal judge ruled that the Federal Trade Commission (FTC) needs stronger assertions of consumer harm in order for its data privacy suit against data broker/mobile analytics provider Kochava Inc…more

Corporate Counsel, Cybersecurity, Data Privacy, Data Protection, Enforcement Actions

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Supreme Court and 1st Circuit Significantly Curtail Scope of Federal Property Fraud Statutes

Key Points- In two landmark decisions, the Supreme Court and the 1st Circuit significantly pared back the scope of the federal mail and wire fraud statutes. In Ciminelli v. United States, a political corruption case, the…more

Ciminelli v US, False Claims Act (FCA), Fraudulent Inducement, Intangible Property, Mail Fraud

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The UK’s New Subsidy Regime: Not a Return to the 1970s and the Government Picking Winners?

The UK government introduced into Parliament a wholesale change to its State aid rules under the new Subsidy Control Bill on 30 June 2021 (the “Bill”). The regime, which is set to come into effect in H1 2022, subject to…more

Competition, European Commission, National Security, State Aid, UK

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Reminder to Managers re Upcoming Changes to EMIR Reporting

The European Market Infrastructure Regulation (EMIR) data reporting requirements apply to European Union (EU) funds and EU fund managers. UK EMIR imposes reporting requirements on UK funds and UK managers. The reporting…more

Alternative Investment Fund Managers Directive (AIFMD), EMIR, EU, Financial Conduct Authority (FCA), Fund Managers

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SEC Adopts Final Clawback Rules

On October 26, 2022, the U.S. Securities and Exchange Commission (SEC) adopted long-awaited final rules implementing the “clawback” provisions of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The…more

Clawbacks, Disclosure Requirements, Dodd-Frank, Executive Compensation, Incentive Compensation

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United States Intervenes in Suit Against Private Equity Firm Based on Health Care Portfolio Company's Alleged False Claims Act Violations

• In an unusual move, the government has decided to pursue a False Claims Act (FCA) suit against a private equity firm based on an alleged commission scheme at its pharmacy portfolio company to promote sales of products subject…more

Anti-Kickback Statute, Civil Monetary Penalty, Drug Compounding, Due Diligence, False Claims Act (FCA)

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Sea Change: The SEC Makes Waves with New Proposed Climate Disclosure Rules

Key Points - On Monday, March 21, 2022, the SEC in a 3-1 vote proposed amendments to require public companies to provide certain climate-related information in their registration statements and annual reports. The amendments…more

Climate Change, Comment Period, Corporate Governance, Disclosure Requirements, Environmental Social & Governance (ESG)

See all updates »

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If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

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