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New Privacy Regulations Exempt Commercial Credit Providers From EDR

Commercial credit providers and utilities are not required to join a recognised external dispute resolution scheme to participate in credit reporting until 12 March 2015. …more

Australia, Lenders, Privacy Laws

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The New 2013 Eagle Conservation Plan Guidance: Certainty for the Industry or Dust in the Wind?

The new Eagle Conservation Plan Guidance issued by the U.S. Fish & Wildlife Service (“FWS”) presents an interesting question for wind project developers and operators – does it really provide greater certainty and reduce…more

Bird Fatalities, Department of Fish and Wildlife, Renewable Energy, Wind Power

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Arbitration World

From the Editors - Welcome to the 23rd edition of Arbitration World, a publication from K&L Gates' International Arbitration Group that highlights significant developments and issues in international and domestic arbitration…more

Arbitration

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European Court of Justice Holds Google Responsible for the Processing of Personal Data from Third-Party Websites

On May 13, 2014, the European Court of Justice (ECJ) delivered a judgment in Google vs. AEPD (C-131/12, hereinafter “Google Decision”) based on the EU Data Protection Directive (Directive 95/46/EC, the “Directive”). In the…more

Data Protection, EU, First Amendment, Google, Internet

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Hit and Miss? Australian Cricket Coach Takes Swing at Adverse Action Claim

The coach of the Australian cricket team, Mickey Arthur, was dismissed a fortnight before the 2013 Ashes series commenced in England. Arthur had been appointed to the position in November 2011 for a term that was set to expire…more

Adverse Employment Action, Sports

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U.S. Supreme Court Rules Section 3 of DOMA is Unconstitutional: What Should Employee Benefit Plan Sponsors and Administrators Be Doing?

The Defense of Marriage Act (DOMA) provides a single definition of marriage, as between one man and one woman, for purposes of all federal laws, including the Internal Revenue Code and ERISA…more

COBRA, DOMA, Due Process, Employee Benefits, Employer Group Health Plans

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Investment Advisers and Funds – New Treasury Report Form for Foreign Claims and Liabilities

The Department of the Treasury recently amended Treasury International Capital (“TIC”) B forms to explicitly require reporting of cross-border claims on and liabilities to foreign residents by savings and loan holding companies…more

Cross-Border, Foreign Jurisdictions, Investment Adviser

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SEC Adopts Rule Amendments to Permit General Solicitation in Certain Private Offerings

On July 10, 2013, the Securities and Exchange Commission (“SEC”) adopted final rules to eliminate the prohibition against general solicitation and general advertising in certain securities offerings under Rule 506 of Regulation…more

Advertising, General Solicitation, JOBS Act, Private Placements, Regulation D

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EPA Proposes Strict Greenhouse Gas Emissions Standards On New Electric Utilities

The United States Environmental Protection Agency (EPA) has proposed New Source Performance Standards (NSPS) that would set carbon dioxide (CO2) emission limits for certain new fossil-fueled electric utility generating units…more

Carbon Emissions, Clean Air Act, Environmental Policies, EPA, Greenhouse Gas Emissions

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SEC Issues Rule Proposals to Amend Regulation A

On December 18, 2013, the U.S. Securities and Exchange Commission (“SEC”) issued rule proposals to amend Regulation A, implementing an important part of Title IV of the Jumpstart Our Business Startups Act of 2012 (the “JOBS…more

Bad Actors, JOBS Act, PCAOB, Regulation A, Regulation S-X

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Penmanship Lesson: Technical Defects in Massachusetts Pre-foreclosure Letters Not Grounds For Voiding Foreclosures

In a victory for common sense, the Massachusetts Supreme Judicial Court (the “SJC”) has held that MASS. GEN. LAWS ch. 244 § 35A (“Section 35A”) does not relate to “the foreclosure of mortgages by the exercise of a power of…more

Foreclosure, Mortgages

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New IRS Revenue Ruling 2014-18 and the Use of Hedge Fund Stock Options

The Internal Revenue Service has issued Revenue Ruling 2014-18 (the “Ruling”) to clarify that stock options and stock-settled stock appreciation rights (“SARs”), properly designed, can be used as a form of compensation to…more

Compensation & Benefits, Deferred Compensation, Hedge Funds, IRC, IRS

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Allocation of FATCA Withholding Risk in Financial Transactions Outside the United States

The U.S. Treasury Department has delayed implementation of FATCA once again. However, this delay may be the last, and a phased implementation of FATCA is scheduled to begin on July 1, 2014. FATCA introduces the potential for…more

Extraterritoriality Rules, FATCA, FFIs, International Tax Issues, U.S. Treasury

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Board Responsibilities Under SEC's Money Market Fund Reform

On July 23, 2014, the Securities and Exchange Commission (the SEC) adopted final rules governing the structure and operation of money market funds (MMFs), in a release adopting amendments to Rule 2a-7 (Rule) under the Investment…more

Board of Directors, Financial Regulatory Reform, Money Market Funds, SEC

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CFTC Adopts Harmonization Rules for Investment Advisers that are Commodity Pool Operators of Registered Funds

On August 13, 2013, the Commodity Futures Trading Commission (“CFTC”) adopted long-awaited harmonization rules (“Harmonization Rules”) for operators of registered investment companies (“Registered Funds”) that are subject to…more

CFTC, CPO, Disclosure Requirements, Harmonization Rules, Investment Adviser

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The Projects and Construction Review, Chapter 22 "Italy"

The current state of Italian project finance is the result of a trend initiated more than 20 years ago, when public resources started to become scarce and the construction or infrastructure needed private funds to be carried…more

Arbitration, Bonds, Cross-Border, EU, Foreign Investment

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New EU Regulation Strengthens Customs Authorities’ Ability to Take Action against Counterfeits

Customs authorities in the European Union (“EU”) countries are being given new enforcement tools with the adoption on 1 January 2014 of Council Regulation No. 608/2013 (the “New Regulation”). The New Regulation provides broader…more

Counterfeiting, Customs and Border Protection, EU

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IRS Changes Position on Certain Income Earned by State-Chartered Credit Unions

In a recent memorandum (found here), the IRS issued instructions to all exempt organization examiners on the applicability of unrelated business income tax (“UBIT”) to certain income earned by state-chartered credit unions…more

Business Taxes, Corporate Taxes, Credit Unions, Income Taxes, IRS

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U.S. Bank v. Indian Harbor: Insurers Face Another Restitution/Disgorgement Setback

In a recent decision, the United States District Court for the District of Minnesota held that insurers could not use the so-called restitution/disgorgement defense to avoid covering amounts that their insured bank agreed to…more

Affirmative Defenses, Banks, Disgorgement, Overdraft Fees, Restitution

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Protection of Collateral for Uncleared Swaps—the Importance of Initial Margin Segregation

On November 6, 2013, the U.S. Commodity Futures Trading Commission (“CFTC”) published final rules that require swap dealers and major swap participants (“Registered Entities”) to notify end-users of their right to require…more

CFTC, Final Rules, Major Swap Participants, Swap Dealers

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Creation of a new industrial property right in France: the "geographical indication of industrial and handicraft products"

The French law no.2014-344 on consumer protection, named "Hamon Act" (for the name of the Ministry in charge of this reform) and dated March 17, 2014, creates a new industrial property right: the "Geographical Indications…more

Copyright, EU, Industrial Space, National Origin, Patents

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The Projects and Construction Review, Chapter 22 "Italy"

The current state of Italian project finance is the result of a trend initiated more than 20 years ago, when public resources started to become scarce and the construction or infrastructure needed private funds to be carried…more

Arbitration, Bonds, Cross-Border, EU, Foreign Investment

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New Disclosure Rules for Extractive Companies Coming Into Force Soon

UK companies, including UK subsidiaries of EU companies, face tougher anti-corruption rules from next year. Under chapter 10 of the EU Accounting Directive (2013/34/EU) (“the Accounting Directive”) and the EU Transparency…more

Anti-Corruption, Compliance, Disclosure Requirements, EU, Extractive Industry Transparency Rule

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Removal of Credit Ratings References

On July 23, 2014, in connection with the adoption of final rules governing the structure and operation of money market funds, the Securities and Exchange Commission (SEC) re-proposed amendments to Rule 2a-7 to implement Section…more

Credit Ratings, Dodd-Frank, Financial Regulatory Reform, Money Market Funds, SEC

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The New World Wide Web: FATCA Inspires a Global Effort to Fight Tax Evasion

The rapid evolution of the Foreign Account Tax Compliance Act (“FATCA”) from a U.S. driven effort to crack down on U.S. offshore tax evaders into an information reporting mechanism being considered for adoption throughout the…more

Due Diligence, EU, European Commission, FATCA, Intergovernmental Agreements

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New Protections for Pregnant Employees under New Jersey Law

On January 21, 2014, New Jersey Governor Chris Christie signed a bill into law that adds pregnancy as a protected classification under New Jersey’s Law Against Discrimination (“LAD”) and requires employers to provide reasonable…more

Employee Rights, Pregnancy, Pregnancy Discrimination

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CFTC Adopts Harmonization Rules for Investment Advisers that are Commodity Pool Operators of Registered Funds

On August 13, 2013, the Commodity Futures Trading Commission (“CFTC”) adopted long-awaited harmonization rules (“Harmonization Rules”) for operators of registered investment companies (“Registered Funds”) that are subject to…more

CFTC, CPO, Disclosure Requirements, Harmonization Rules, Investment Adviser

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Federal Judge Enjoins NCAA Player Likeness Rules as Illegal Price Fixing

On August 8, 2014, a California federal judge ruled that college athletes can share in the billions of dollars generated from media contracts, finding that restraints imposed by the National Collegiate Athletic Association…more

Antitrust Provisions, College Athletes, NCAA, Price-Fixing, Students

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Global Food, Drug and Medical Device Newsletter

In this issue: Legislative Updates: - (i) USA - (ii) EU - (iii) China - (iv) Australia - (v) Japan. - Featured Articles: - (i) Caffeinated Energy Drinks - a Global Perspective - (ii)…more