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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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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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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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Decree “Sblocca Italia”: News On The Matter Of Lease

Following its publication in the Official Gazette on September 13, 2014, the Law Decree September 12, 2014 no. 133 “Urgent actions for the opening of construction sites, the realization of public infrastructures, the digital…more

Construction Industry, Construction Site, Digital Communications, EU, Infrastructure

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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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Class Certification Trends in Consumer Data Breach Litigation—Individualized Damages Theories May Preclude Certification

In the last two years, there has been a proliferation of class action lawsuits filed in response to high-profile data breaches compromising the personally identifiable information of customers of various companies. Major…more

Class Action, Class Certification, Corporate Counsel, Data Breach, Federal Rules of Civil Procedure

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New Jersey Supreme Court Calls for More Specific Language in Arbitration Agreements

Although New Jersey public policy generally favors arbitration as a method of resolving disputes, following the New Jersey Supreme Court’s unanimous holding in Atalese v. U.S. Legal Services Group L.P., companies doing business…more

Arbitration, Arbitration Agreements, Contract Drafting, Void and Unenforceable

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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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Last Call for Liner Exemptions in Australia?

The Competition Policy Review Panel (the Panel) has recommended the repeal of the current statutory exemptions for the liner shipping industry, potentially exposing conference agreements to the full rigour of Australia's…more

Australia, Shipping

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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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Regulated Campaign Spending, and Can Companies and Charities Unknowingly be in Breach of the UK Lobbying Act?

The Transparency of Lobbying, Non-Party Campaigning and Trade Union Administration Act 2014 (the “Act”) began to bite for the first time on 19 September 2014 (at least those parts relating to election campaigning). The…more

Campaign Contributions, Charitable Organizations, Lobbying, UK

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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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Australia and China Free Trade Agreement

This week, following the successful hosting of the G20 summit, the Australian Federal Government signed a declaration of intention with China to bring into force a China-Australia Free Trade Agreement (ChAFTA). The agreement…more

Australia, China, Energy, Farms, Free Trade Agreement

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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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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

Advertising, Animal Testing, Australia, Cosmetics, Energy Drinks

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North Carolina Set to Open Doors to Shale Gas Production

North Carolina has just taken significant steps forward toward potential development of the state’s shale gas resources. The Energy Modernization Act (also known as Senate Bill 786; the “Act”), ratified by the legislature and…more

Energy, Fracking, Oil & Gas, Popular, Renewable Energy

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PPSR: A Reminder to All Owners Not in Possession of Their Personal Property

In June 2013, the NSW Supreme Court in Maiden Civil (P&E) Pty Ltd; Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors [2013]…more

Australia, Personal Property, Property Owners

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OECD/G20 Base Erosion and Profit Shifting Project

On September 16, 2014, the Organisation for Economic Cooperation and Development (“OECD”) released seven reports addressing certain aspects of the base erosion and profit shifting (“BEPS”) project. The seven BEPS reports…more

BEPS, EU, European Commission, G20, Information Reports

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FATCA is Coming

At the end of May 2014, a bill was introduced to the Australian Federal Parliament to give effect to the United States' Foreign Account Tax Compliance Act (FATCA) and the intergovernmental agreement which was executed by…more

Australia, FATCA, FATCA Timeline, FFI, Intergovernmental Agreements

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Comcast v. Behrend: New Opportunities for Class Action Defendants?

The Supreme Court’s recent opinion in Comcast Corp. v. Behrend all but invites defendants to make a number of arguments when attempting to defeat class certification. The Behrend case is therefore the latest move by the U.S…more

Class Action, Class Certification, Comcast, Comcast v. Behrend, Rule 23

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Credit Law Regulatory Update – The Year in Review and What's Next?

This legal insight summarises many key points made at the 24th Annual Credit Law Conference (Conference) held on 1-3 October 2014 and attended by over 200 delegates from the financial services industry. The Conference…more

Australia, Banks, Financial Regulatory Reform

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Recent Supreme Court Decision on “Truth-in-Labeling” Has Far-Reaching Implications

On April 28, 2014, we reported on the United States Supreme Court’s involvement in the juice-labeling lawsuit between POM Wonderful LLC (“POM”) and Coca-Cola (“Coke”). In POM Wonderful LLC v. Coca-Cola Co. (“POM”), POM sued over…more

Advertising, Coca Cola, FDA, FDCA, Food Labeling

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Opportunity to Compete Act “Bans the Box” in New Jersey

On August 11, 2014, New Jersey Governor Chris Christie signed into law the “Opportunity to Compete Act.” Commonly referred to as a “Ban the Box” law, it will prohibit employers from inquiring about an applicant’s criminal…more

Background Checks, Ban the Box, Criminal Background Checks, Employer Liability Issues, Job Applicants

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Abstract Ideas: The Patent Office’s First Take on Alice Corp. v. CLS Bank International

The United States Patent Office periodically issues guidelines for Examiners, often in response to a recent court decision or new statute. These guidelines do not have the force of law, but nevertheless establish the specific…more

CLS Bank v Alice Corp, Mayo v. Prometheus, Patent Applications, Patent Examinations, Patent Litigation

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Shortcuts on the Patent Prosecution Highway

The Patent Prosecution Highway (PPH) is a program that allows applicants to leverage allowable claims in one participating office to obtain a patent faster and more efficiently for corresponding claims in another participating…more

Foreign Patent Applications, Patent Cooperation Treaty, Patent Prosecution Highway, USPTO

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For the first time Germany extradites former executive to the US on antitrust charges

Romano Pisciotti, an Italian national, was extradited from Germany in April 2014 to personally face criminal charges in the US for participating in a worldwide cartel. This is the first time an individual has been extradited…more

Antitrust Litigation, EU, Extradition

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Significant Changes to UK Consumer Law

The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 (the “Regulations”) come into force on 13 June 2014 and form the final stage of the UK’s implementation of the European Union Directive…more

Digital Goods, E-Commerce, Retailers, UK

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Virtual Currency Under Federal Anti-Money Laundering Laws: FinCEN Provides Guidance

A lot of companies transact in credits that might be called “virtual currency.” Most of these companies probably do not consider themselves financial institutions. Many have never considered the possibility that they need to…more

Anti-Money Laundering, Bitcoins, FinCEN, Virtual Currency

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Supreme Court Redefines Framework for Determining Whether a Patent Case is Exceptional and Warrants an Award of Attorney’s Fees

On April 29, 2014, the Supreme Court delivered much-anticipated decisions in the Octane and Highmark cases and redefined the framework for determining whether a patent lawsuit is “exceptional,” justifying an award of attorney’s…more

Attorney's Fees, Highmark v. Allcare, Octane Fitness v. ICON, Patent Infringement, Patent Litigation

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The 2014 Election: A Critical Juncture in Financial Services Legislation, Regulation, and Oversight

As November draws closer, the financial services industry is staking out a front row seat in tracking the outcomes of the 2014 midterm elections. The 114th Congress’ legislative agenda in this area will be shaped in large part…more

Banks, Dodd-Frank, Federal Reserve, Financial Institutions, GSE

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Credit Law Regulatory Update – The Year in Review and What's Next?

This legal insight summarises many key points made at the 24th Annual Credit Law Conference (Conference) held on 1-3 October 2014 and attended by over 200 delegates from the financial services industry. The Conference…more

Australia, Banks, Financial Regulatory Reform

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The Politics of Property: Delivery of affordable homes in the United Kingdom. A new model.

Background to affordable housing needs - England and Wales has a population of 56.2m. It is divided into 348 municipal authorities. 33 of these are in London and serve an estimated population of 8.2m. Figures regarding…more

P3s

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Turning Lemons into Lemonade: Doing Real Estate Business with the Federal Government in These Challenging Economic Times

The Federal Government is one of the largest real estate players in the United States, owning or leasing a huge portfolio of office buildings and other real estate assets across the country. The Public Building Service (“PBS”),…more

Budget Cuts, Federal Budget, Public Projects, Public-Private Partnerships, Real Estate Investments

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SEC Issues Preliminary Denial Notices for Two Nontransparent Actively Managed ETF Applications

In 2008, the Securities and Exchange Commission (“SEC” or “Commission”) approved the first actively managed exchange-traded funds (“ETFs”). The exemptive orders for those ETFs—and all active ETF exemptive orders since—have…more

Compliance, Enforcement, Enforcement Actions, ETFs, Investment Company Act of 1940

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