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America Invents Act Updates Take Final Form

In a last-minute decision for the 112th Congress, the House of Representatives approved an America Invents Act (AIA) technical-revisions bill as amended by the Senate (H.R. 6621) on January 1, 2013. President Obama is expected…more

America Invents Act, Derivation Proceeding, First-to-Invent, Inter Partes Review Proceedings, Patent Reform

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Socially Aware - Volume 5, Issue 2 - April 2014

In This Issue: - Employer Access to Employee Social Media: Applicant Screening, ‘Friend’ Requests and Workplace Investigations - Driving Under the Influence (of Google Glass) - U.S. Courts’ Evolving Approaches to…more

Car Accident, Copyright, Distracted Driving, Employer Liability Issues, Google

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Financial Services Report - Fall 2014

In This Issue: - Beltway Report - Bureau Report - Mobile and Emerging Payments Report - Mortgage and Fair Lending Report - Operations Report - Preemption Report - Privacy…more

Banking Sector, Banks, CFPB, Data Breach, Debt Collection

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CPSC Emphasizes Internet Presence with New Monthly Progress Reporting Template

NEW MONTHLY PROGRESS REPORT - In May 2014, the Consumer Product Safety Commission (CPSC) rolled out a new monthly progress report for companies executing a product recall. The form is available here. The new template…more

Compliance, CPSC, Internet, Notice Requirements, Reporting Requirements

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Individual Liability: What’s Behind The Headlines?

It’s been open season on financial institutions since the 2008-2009 financial crisis (“Financial Crisis”). State and federal prosecutors and regulators are competing with each other for press coverage of their latest consent…more

Banking Crisis, Banking Sector, C-Suite Executives, CFPB, Civil Monetary Penalty

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Round 2 in Dennis v. Kellogg: Class Action Settlements with Cy Pres Relief

The district court in Dennis v. Kellogg recently granted preliminary approval of a revised class action settlement. Kellogg is a class action alleging unjust enrichment, as well as violation of California’s Unfair Competition…more

Attorney's Fees, Class Action, Cy Pres Funds, Settlement

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Looking to Litigate in Secret? Fourth Circuit Creates Hurdles for Product Manufacturers

In April, the Fourth Circuit ruled in Company Doe v. Public Citizen that a manufacturer could not hide behind a veil of secrecy even after successfully enjoining the Consumer Product Safety Commission (CPSC) from publishing an…more

CPSC, CPSIA, Manufacturers, Transparency

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Partial offers -- Time for a revival?

Although partial offers are not particularly common, with only a handful made in the past several years, in some circumstances, they could be an attractive option for companies to consider. One of the most recent was the hostile…more

Consent, EU, London Stock Exchange, Partial Offers, Regulation

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California Supreme Court Limits Commissioned-Salesperson Overtime Exemption

On Monday, the California Supreme Court issued an important decision for employers who pay salespersons on commission but don’t pay them overtime because they believe these salespersons qualify for the commissioned-salesperson…more

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Investment Management Legal + Regulatory Update -- July 2013

In This Issue: Regulatory Updates - SEC Proposes Money Market Reform; SEC Eases Ban on General Solicitation and General Advertising in Certain Private Placements; SEC and CFTC Adopt Joint Rules to Address Identity…more

Broker-Dealer, CFTC, Disclosure Requirements, FSOC, General Solicitation

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Socially Aware: The Social Media Law Update -- Volume 4, Issue 1 -- January/February 2013

In this issue of Socially Aware, our Burton Award-winning guide to the law and business of social media, we explore the challenges that arise when employers and employees battle over work-related social media accounts; we…more

Browser History Sniffing, Communications Decency Act, Copyright, Data Collection, Facebook

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California Appellate Court Requires Actual Viewing of Confidential Information in Data Breach Case Under the California Medical Information Act

In a case against Sutter Health involving records from a stolen office computer, the California Court of Appeal recently issued a decision limiting plaintiffs’ ability to state a claim and obtain statutory damages under the…more

Appeals, CMIA, Electronic Medical Records, Medical Records, Patient Confidentiality Breaches

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MoFo New York Tax Insights - Volume 5, Issue 9 - September 2014

In This Issue: - ALJ Upholds Denial of Sales Tax Refund Because Vendor Failed to First Make Refunds to Customers - HMO Held Exempt from New York City General Corporation Tax - State Tax Department Issues…more

Corporate Taxes, Dodd-Frank, False Claims Act, HMOs, Sales & Use Tax

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A View of EB-5 Program Issues from a Top SEC Enforcement Official

As participation in the U.S. Citizen and Immigration Services (USCIS) Immigrant Investor Program or “EB-5 program” grows, regulatory interest is showing a commensurate uptick. On November 20, 2013, Associate Director Stephen…more

Compliance, EB-5, Enforcement, Enforcement Actions, Immigrants

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Investment Management Legal + Regulatory Update -- September 2014

In This Issue: - Regulation: Long-Awaited Money Market Fund Rules Adopted - SEC Staff Offers Guidance Regarding Investment Advisers and Proxy Advisory Firms - SEC Staff Closes Loophole on BDC Asset Coverage…more

Banks, CFTC, Conflicts of Interest, CPO, Dodd-Frank

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Dodd-Frank Implementation: Navigating the Road Ahead

Table of Contents: Introduction; Financial Stability Reform; Resolution Planning; Agencies and Agency Oversight Reform; Securitization Reform; Derivatives Regulation; Investor Protection Reform; Credit Rating Agency Reform;…more

Capital Requirements, CFPB, Corporate Governance, Credit Ratings, Derivatives

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Recent FCA Decision Has Important Implications for Contractor Disclosures to the Government

A recent decision from the U.S. District Court for the Eastern District of Virginia has important implications for government contractors that make mandatory disclosures of improper conduct to the U.S. Government. In U.S. ex…more

DOD, False Billing, False Claims Act, Federal Contractors, OIG

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Figuring FRAND

In our December post “A FRANDlier Realm” we discussed emerging law relating to patents that are essential to technological standards, like 3G wireless telecommunications. What happens when patent owners and product makers cannot…more

FRAND, Patents, Royalties

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Global Procurement Quarterly - Summer/Fall 2014

In This Issue: - Recent Trends in FCPA Enforcement – First Half of 2014 - Ukraine/Russia–Related Sanctions - New Executive Order Places Additional Reporting Obligations on Government Contractors and Creates…more

China, Emerging Technology Companies, Enforcement Actions, FCPA, Federal Contractors

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Regulation AB II

The Securities and Exchange Commission today adopted final amendments related to Regulation AB that were first proposed in 2010.1 The changes address the offering process and disclosure and periodic reporting requirements for…more

Asset-Backed Securities, Dodd-Frank, New Amendments, Regulation AB, Reporting Requirements

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Recent Decisions Confirm That Forum Selection Bylaws Are Best Considered on a Clear Day - But May Be Beneficial Later as Well

“Exclusive forum” bylaws and charter provisions are a powerful tool for managing the risk of parallel corporate governance litigation against a company and its directors in multiple forums, allowing stockholders to bring such…more

Bylaws, Corporate Governance, Delaware General Corporation Law, Exclusive Forum, Forum Selection Clause

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New Reporting Requirement for Foreign Investments in the U.S.

Effective as of September 15, 2014, a new reporting requirement applies to a broad range of direct, and indirect, investments in the U.S. by foreign persons. The U.S. Department of Commerce’s Bureau of Economic Analysis (the…more

Final Rules, Foreign Direct Investment, Foreign Investment, Foreign Nationals, Indirect Investors

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In Delaware, Privilege Goes to the Buyer -- Court Finds Buyer Controls Attorney-Client Privilege over Seller’s Pre-Closing Communications Regarding Merger Negotiations, Unless Otherwise Agreed

The Delaware court of chancery held recently that control over a target company’s attorney-client privileged communications, including communications between the target company’s counsel and its pre-merger stockholders, passes…more

Attorney-Client Privilege, Contract Drafting, Corporate Counsel, Disqualification, Fraudulent Inducement

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Accredited Investor Definition Update

The SEC’s Investor Advisory Committee recommended on Thursday that the definition of “accredited investor” in Rule 501(a) under the Securities Act undergo some significant changes. The Committee was established pursuant to the…more

Accredited Investors, Compliance, Dodd-Frank, Investors, SEC

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Breaking Old Ground: California Again Amends Breach Law

Not to be outdone by Florida, California has yet again amended its breach law and again in groundbreaking (yet confusing) fashion. On September 30, 2014, California Governor Brown signed into law a bill (“AB 1710”) that appears…more

Breach Notification Rule, Data Breach, Identity Theft, Jerry Brown, New Legislation

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European M+A News, Fall 2014

In This Issue: - Shareholder Activism in Germany - Reinforced Ukraine-Related Sanctions on Russia - Current Developments Foreign Direct Investment into EU Increasing - Rising Confidence – European M&A…more

Blackberry, Energy, EU, European Merger Control Regulation, Foreign Investment

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Socially Aware - Volume 5, Issue 5 - August 2014

In This Issue: - Data for the Taking: Using the Computer Fraud and Abuse Act to Combat Web Scraping - Google Glass Into Europe: A Small Step or a Giant Leap? - Drugs and the Internet: FDA Distributes New…more

ABC v Aereo, Accessibility Rules, Computer Fraud and Abuse Act, DMCA, EU

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Employment Law Commentary -- Volume 26, Issue June 2014 -- Protecting Trade Secrets Globally: Comparing The U.S. And EU

International attention to misappropriation of trade secrets has never been at a higher level. In early May 2014, a U.S. federal grand jury indicted several Chinese military officials for allegedly misappropriating trade secrets…more

China, Defend Trade Secrets Act, EU, Misappropriation, Trade Secrets

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Anti-Corruption Developments to Expect in Asia in 2014

Recent anti-corruption enforcement developments in Asia should serve as a call to action for international and domestic companies operating in the region. In light of these developments — which include increased enforcement (and…more

Anti-Corruption, Asia, Compliance

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SEC Revises Guidance on Granting WKSI Waiver

On March 12, 2014, the SEC’s Division of Corporate Finance updated its guidance regarding requests for waivers by well-known seasoned issuers (“WKSIs”) that would otherwise become ineligible issuers under Rule 405 of the…more

SEC, Securities Exchange Act, Waivers, WKSIs

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Proposed Revision to China’s Copyright Law Not a Hit with Film Producers

The General Administration of Press and Publication released the Notice Regarding Request for Comments on Second Draft Revisions to the Copyright Law of the People’s Republic of China (??«????????? ??»(???????)?????????, the…more

China, Copyright, Movies, WTO

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Corruption Allegations in China Lead to a Shareholder Class Action in the U.S.

The filing of a shareholder class action has become routine following a drop in stock price after the revelation of adverse news about a company. Allegations of corruption at a public company are proving to be no different, as…more

China, Class Action, Corruption, Foreign Official, Oil & Gas

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California Supreme Court Upholds Class Action Waivers in Arbitration Agreements, but Invalidates Waivers of Representative Actions under the California Private Attorneys General Act

On June 23, the California Supreme Court provided mixed blessings to California employers. In Iskanian v. CLS Transportation, No. S204032 (June 23, 2014), the Court upheld class action waivers in arbitration agreements,…more

Arbitration, Class Action, Class Action Arbitration Waivers, CLS Transportation, Employer Liability Issues

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Form PCT/IB/382: Legal Implications in Countries with Compulsory Licensing Rules

The World Intellectual Property Organization (WIPO) added a new feature in January 2012 in an effort to promote licensing. Patent Cooperation Treaty (PCT) applicants may submit form PCT/IB/382, which informs others that the…more

Licensing Rules, Patents, WIPO

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Global Procurement Quarterly - Summer/Fall 2014

In This Issue: - Recent Trends in FCPA Enforcement – First Half of 2014 - Ukraine/Russia–Related Sanctions - New Executive Order Places Additional Reporting Obligations on Government Contractors and Creates…more

China, Emerging Technology Companies, Enforcement Actions, FCPA, Federal Contractors

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Innovator Liability Finds Sweet Home In Ala.

Earlier this month, the Supreme Court of Alabama confirmed its January 2013 holding in Weeks v. Wyeth Inc. that manufacturers of brand drugs can be liable for injuries caused by generic drugs. Though the recent ruling puts…more

Drug Manufacturers, Generic Drugs, Liability, Pharmaceutical, Pharmaceutical Manufacturers

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California Reduces Section 409A Penalty

In a victory for California employers and employees, on October 4, 2013, Governor Edmund G. Brown Jr. signed into law California Assembly Bill 1173 (“Bill 1173”), which reduces California’s additional tax on income for…more

Compensation Agreements, Penalties, Section 409A

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Drones: When, Why, and How Will the FAA Investigate Unauthorized UAS Use?

On July 15, 2014, the Federal Aviation Administration (FAA) published its latest National Policy Notice concerning drones, titled “Education, Compliance, and Enforcement of Unauthorized Unmanned Aircraft Systems Operators.” The…more

Airspace, Aviation Industry, Drones, FAA, Final Guidance

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GE food-labelling bill fails in California Senate

Despite the recent passage of a genetically engineered (GE) food-labelling law in Vermont, and similar bills appearing in legislatures in other states, proponents of labelling have again failed to pass such a law in California…more

Food Labeling, Food Manufacturers, GMO, Legislative Agendas, Pending Legislation

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Global Procurement Quarterly - Summer/Fall 2014

In This Issue: - Recent Trends in FCPA Enforcement – First Half of 2014 - Ukraine/Russia–Related Sanctions - New Executive Order Places Additional Reporting Obligations on Government Contractors and Creates…more

China, Emerging Technology Companies, Enforcement Actions, FCPA, Federal Contractors

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ITC Reasserts Jurisdiction over Electronic Transmissions in Digital Models

On April 3, 2014, the International Trade Commission (the ITC or the “Commission”) released an opinion in In the Matter of Certain Digital Models, Digital Data, and Treatment Plans for Use in Making Incremental Dental…more

Electronic Communications, ITC, Section 337

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Recent Decisions Confirm That Forum Selection Bylaws Are Best Considered on a Clear Day - But May Be Beneficial Later as Well

“Exclusive forum” bylaws and charter provisions are a powerful tool for managing the risk of parallel corporate governance litigation against a company and its directors in multiple forums, allowing stockholders to bring such…more

Bylaws, Corporate Governance, Delaware General Corporation Law, Exclusive Forum, Forum Selection Clause

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State + Local Tax Insights -- Spring 2014

In This Issue: - Where’s Walden? Finding Protection under the Due Process Clause - Upcoming Speaking Engagements - CFCs and Subpart F Income in a California Water’s-Edge Election and What’s Wrong with the Apple…more

Apple, CFCs, Due Process, Franchise Tax Board, Franchise Taxes

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SEC Launches Exam Initiative for Newly Registered Municipal Advisors

The SEC is not wasting any time making sure that newly registered municipal advisors are introduced to their regulator. On August 19, 2014, the SEC announced a two-year examination initiative for municipal advisors that…more

FINRA, Municipal Advisers, OCIE, Registration, SEC

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Drones: The FAA Grants Hollywood the First Regulatory Exemptions Permitting the Commercial Use of UAS

Yesterday the Federal Aviation Administration (FAA) granted six aerial photo and video companies exemptions from FAA regulations that—before now—wholesale banned the use of unmanned aircraft systems (UAS) for commercial purposes…more

Commercial Use, Drones, Entertainment Industry, FAA, Movies

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The AIA Technical Corrections Act Changes How Patent Term Adjustment is Calculated and Challenged

On April 1, 2013, the USPTO published an interim final rule implementing various provisions of the AIA Technical Corrections Act (“AIA TCA”). This new legislation and its implementing regulations significantly alter how patent…more

America Invents Act, Patent Reform, Patent Term Adjustment, Patents, USPTO

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Federal Contractor Minimum Wage Provisions Finalized

In July, we alerted government contractors and subcontractors to the Department of Labor’s (DoL) Proposed Rule to implement Executive Order (EO) 13658, which raises the minimum wage for covered employees working directly on, or…more

DOL, Executive Orders, Federal Contractors, Final Rules, Minimum Wage

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Litigation and enforcement in Japan: overview

What are the main dispute resolution methods used in your jurisdiction to settle large commercial disputes? Litigation - Litigation is the most frequently used dispute resolution method to settle large commercial…more

Business Litigation, Dispute Resolution, Intellectual Property Litigation, Japan, Litigation Fees & Costs

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DOD Proposes Significant Expansion of Military Lending Act Protections

On September 29, 2014, the Department of Defense (DOD) published a proposed rule in the Federal Register to amend its regulation implementing the Military Lending Act (MLA), 32 C.F.R. Part 232, to significantly expand the scope…more

Banking Sector, Banks, CFPB, Consumer Lenders, Credit Cards

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Global Procurement Quarterly - Summer/Fall 2014

In This Issue: - Recent Trends in FCPA Enforcement – First Half of 2014 - Ukraine/Russia–Related Sanctions - New Executive Order Places Additional Reporting Obligations on Government Contractors and Creates…more

China, Emerging Technology Companies, Enforcement Actions, FCPA, Federal Contractors

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Socially Aware - Volume 5, Issue 4 - July 2014

In This Issue: - European Court of Justice Strengthens the Right to Be Forgotten - California AG Offers Best Practices for Do Not Track Disclosures; Crucial Compliance Questions Left Unanswered - Snap…more

Data Protection, Do Not Track, ECJ, EU, FTC

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Hong Kong Capital Markets Quarterly News -- October 2013

In This Issue: New Sponsor Regime – Guidance Letters; Policy on Listing Overseas Companies; New Listing Decisions; New Guidance Letters; and Enforcement News Excerpt from New Sponsor Regime – Guidance Letters:…more

Enforcement, Hong Kong, Listing Standards, SFC, Stocks

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China Life Sciences - January 2013

In This Issue: Investor Q&A; Key Regulatory Issues for Strategic Life Sciences Partnerships in China; Compulsory Patent Licensing in China; and New Developments on the “Patentable Subject Matter” Requirement of U.S…more

Biotechnology, China, Compulsory Licenses, Drug Manufacturers, Foreign Copyright Protection

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Apex Inks Deal Selling Rest Of 300-MW Wind Project's Power

An Apex Clean Energy unit will sell the remaining 100 megawatts of wind energy capacity from its 300-megawatt Balko wind project through a power purchase agreement with the Western Farmers Electric Cooperative, Apex said…more

Energy, Utilities Sector, Wind Power

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Financial Services Report - Fall 2014

In This Issue: - Beltway Report - Bureau Report - Mobile and Emerging Payments Report - Mortgage and Fair Lending Report - Operations Report - Preemption Report - Privacy…more

Banking Sector, Banks, CFPB, Data Breach, Debt Collection

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White House Announces the Administration Strategy on Mitigating the Theft of U.S. Trade Secrets

On February 20, 2013, the White House released the Administration Strategy on Mitigating the Theft of U.S. Trade Secrets (the “Strategy”), which “recognizes the crucial role of trade secrets in the U.S. economy and sets out a…more

Economic Espionage Act, Mitigation, Theft of Trade Secrets Clarification Act, Trade Secrets

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Bowman v. Monsanto: Crisis Averted on IP Protection for Self-Replicating Technologies

Life science companies in general (and seed companies in particular) are breathing a sigh of relief following the Supreme Court’s decision yesterday in Bowman v. Monsanto. As Bowman wended its way through district court…more

Bowman v Monsanto, Genetically Engineered Seed, Infringement, Monsanto, Patent Exhaustion

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2013 Alternative Energy Legislative Roundup: California Continues to Move Forward on Clean Energy

California continued to add to its steady stream of laws and regulatory actions to promote renewable energy and clean technologies with significant new legislation on net metering and community solar projects. While AB 177…more

Clean Energy, Clean Tech, CPUC, Energy

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China’s Supreme Court Ruling in Haifu v. Shiheng Changes the Landscape for Value Adjustment Mechanisms in Onshore Private Equity Transactions

The Supreme People’s Court of China (the “Supreme Court”) rendered its final judgment on November 7, 2012, in the Haifu Investment Co., Ltd. v. Gansu Shiheng Nonferrous Resources Recycle Company Limited (“Haifu v. Shiheng”)…more

China, Foreign Investment, Private Equity, Shareholders, Value Adjustment Mechanisms

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Structured Thoughts: Volume 5, Issue 4 - May 30, 2014

In This Issue: - No More KIDding Around: European Parliament Approves PRIIPs Regulation - FINRA Amends Rule 5110 to Exempt Certain Collective Investment Vehicles from Its Filing Requirements - The Time for the SEC…more

Compliance, EU, Financial Regulatory Reform, FINRA, Foreign Investment

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Broker-Dealer Registration Issues Associated with Development Projects under the EB-5 Program

The EB-5 Immigrant Investor Program (the “EB-5 Program”) administered by the U.S. Citizenship and Immigration Service (USCIS) has been a significant source of capital for various real estate and other development projects…more

Broker-Dealer, Compliance, EB-5, Enforcement, Limited Partnerships

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State + Local Tax Insights -- Spring 2014

In This Issue: - Where’s Walden? Finding Protection under the Due Process Clause - Upcoming Speaking Engagements - CFCs and Subpart F Income in a California Water’s-Edge Election and What’s Wrong with the Apple…more

Apple, CFCs, Due Process, Franchise Tax Board, Franchise Taxes

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Referral Fees and Commission Sharing - When May Broker-Dealers Share Their Fees with Non-Brokers?

FINRA recently filed proposed rule changes with the SEC addressing when broker-dealers may pay referral fees or otherwise share compensation with persons who are not registered as broker-dealers. The proposed rule changes are…more

Broker-Dealer, Fee-Sharing, FINRA, Proposed Regulation, Referral Fees

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California Supreme Court Upholds Class Action Waivers in Arbitration Agreements, but Invalidates Waivers of Representative Actions under the California Private Attorneys General Act

On June 23, the California Supreme Court provided mixed blessings to California employers. In Iskanian v. CLS Transportation, No. S204032 (June 23, 2014), the Court upheld class action waivers in arbitration agreements,…more

Arbitration, Class Action, Class Action Arbitration Waivers, CLS Transportation, Employer Liability Issues

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Consumer Rights and Wrongs: Are You Ready for the New EU Consumer Contracts Rules?

From 13 June 2014, the consumer rights landscape in Europe will change. The EU Consumer Rights Directive (2011/83/EU) (the “CRD”) was introduced in 2011 with the aim of harmonising and simplifying consumer protection legislation…more

Consumer Rights Directive, EU, New Legislation

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Litigation in Japan

Each year, many American companies become involved in litigation in Japan and find the legal system to be very different from what they expected. This article explains some of the major differences between the U.S. and…more

International Litigation, Japan, Patent Litigation

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The Shortened Shanghai Free Trade Zone Negative List: One Small Step for Reform…

Amidst high hopes in the foreign investment community for a streamlined framework regulating inbound investment to the PRC, China’s State Council launched the China (Shanghai) Pilot Free Trade Zone (the “SFTZ” or “Zone”) in…more

Banking Sector, China, Foreign Investment, Free Trade Zone, Healthcare

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For Better or Worse: California Solicits Input on Further Revisions to Its Proposition 65 Regulations

Earlier this year, California’s Office of Environmental Health Hazard Assessment (OEHHA), which is charged with implementation of the State's controversial Proposition 65 law, released a “pre-regulatory” proposal to revise its…more

Chemicals, Food Manufacturers, Food Safety, OEHHA, Proposition 65

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Laying the Groundwork for Natural Gas Vehicles

Infrastructure and Regulations may Dictate Speed of Adoption - America’s shale gas revolution is making waves in transportation technology. Currently, only 1 percent of all natural-gas-fueled vehicles worldwide are…more

FERC, Natural Gas, Oil & Gas, Trucking Industry

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Copyright: Europe Explores Its Boundaries - Part 4: New UK Infringement Exceptions – The Ones That Came Back Again

In June of this year, we sent out an alert about the anticipated new UK copyright infringement exceptions. These exceptions were to be introduced based on the recommendations of the Hargreaves Review. Surprisingly, some of the…more

Copyright, Copyright Infringement, EU, Exceptions, New Legislation

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Socially Aware - Volume 5, Issue 2 - April 2014

In This Issue: - Employer Access to Employee Social Media: Applicant Screening, ‘Friend’ Requests and Workplace Investigations - Driving Under the Influence (of Google Glass) - U.S. Courts’ Evolving Approaches to…more

Car Accident, Copyright, Distracted Driving, Employer Liability Issues, Google

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Application of the Self-Employment Tax and 3.8% Net Investment Income Tax to Fund Managers

With the imposition of a new 3.8% “net investment income tax” (the “NIIT”) pursuant to Section 1411 of the Internal Revenue Code of 1986, as amended (the “Code”) on passive income and the imposition of an additional .9% on the…more

Fund Managers, Net Investment Income, Self-Employment Tax

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New Jersey punitive damages analysis ignores established precedent

Since 2008 New Jersey law has effectively granted pharmaceutical manufacturers immunity from punitive damages claims. While New Jersey state courts continue to recognise and enforce that immunity, some recent federal court…more

Damages, FDA, Fraud, Prescription Drugs, Punitive Damages

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FTC Updates Its “Dot Com Disclosures” with a Focus on Social Media Advertising

On March 12, 2013, the Federal Trade Commission (“FTC”) issued an update to its “Dot Com Disclosures” guide to advertisers on making effective online disclosures. In doing so, the FTC has driven home the points that: •…more

Advertising, Disclosure Requirements, Dot Com Disclosure Guide, FTC, Social Media

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The Epic Buckyballs® Saga Settles

May 2014 brought an ordinary end to a series of extraordinary events, with the Consumer Product Safety Commission (CPSC) settling an unprecedented proceeding against Craig Zucker, the former CEO of Buckyballs® manufacturer…more

Buckyballs, CPSC, Fifth Amendment, First Amendment, Personal Liability

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Tax Talk -- Volume 7, No. 2 -- July 2014

In This Issue: - As FATCA Begins, IRS Rolls out Withholding Forms, Increases IGA Count - IRS Issues Final Circular 230 Rules Simplifying Written Tax Advice Requirements - Mortgage CCA Raises More Questions…more

Accounting, Banks, Bitcoins, FATCA, FBAR

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The Shortened Shanghai Free Trade Zone Negative List: One Small Step for Reform…

Amidst high hopes in the foreign investment community for a streamlined framework regulating inbound investment to the PRC, China’s State Council launched the China (Shanghai) Pilot Free Trade Zone (the “SFTZ” or “Zone”) in…more

Banking Sector, China, Foreign Investment, Free Trade Zone, Healthcare

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Status Updates - October 2014 #9

Court spanks parents. In a landmark decision, the Georgia Court of Appeals ruled in Boston v. Athearn that parents can be held responsible for the social media activities of their kids. The case involved a seventh-grade boy who,…more

Copyblogger, Cyberbullying, Drivers, Facebook, Minors

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Implementing and Enforcing Online Terms of Use

Operators of social media platforms and other websites must manage a large number of risks arising from their interactions with users. In an effort to maintain a degree of predictability and mitigate some of those risks, website…more

Barnes and Noble, Browsewrap Agreement, Clickwrap Agreements, Contract Formation, Disclaimers

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New NDRC Rules Set to Facilitate China Outbound Investments

As we reported in our February 18, 2014 alert, China’s State Council adopted a new, more permissive approach to regulation of overseas direct investment (“ODI”) with the promulgation on December 2, 2013 of the Circular…more

China, Foreign Investment, NDRC, New Regulations

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Investment Management Legal + Regulatory Update -- July 2013

In This Issue: Regulatory Updates - SEC Proposes Money Market Reform; SEC Eases Ban on General Solicitation and General Advertising in Certain Private Placements; SEC and CFTC Adopt Joint Rules to Address Identity…more

Broker-Dealer, CFTC, Disclosure Requirements, FSOC, General Solicitation

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They’re Back? First District Court of Appeal Paves the Way for Possible Reinstatement of Controversial Air Quality Thresholds

California’s First District Court of Appeal issued a decision on August 13 in California Building Industry Association v. Bay Area Air Quality Management District (“CBIA”) (Case No. A135335 (Cal. Ct. App. 1st, August 13, 2013)),…more

Air Quality Standards, CEQA, Environmental Impact Report, Greenhouse Gas Emissions, Land Developers

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Summary of the Implementing Regulations for Japan’s Feed-In Tariff Law for Renewable Electric Energy

This updates our September 13, 2011 Client Alert entitled “Outline of Japan’s Feed-In Tariff Law for Renewable Electric Energy,” which summarized “The Act on Special Measures Concerning the Procurement of Renewable Electric…more

Electricity, Interconnections, Japan, Power Purchase Agreements, Purchase Price

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The Long Arm of the FCPA: Former BizJet CEO Arrested in Amsterdam, Pleads Guilty in Oklahoma

On July 24, 2014, the Department of Justice (DOJ) announced that Bernd Kowalewski, the former president and chief executive officer of BizJet International Sales and Support Inc. (“BizJet”), pleaded guilty to conspiracy to…more

Aircraft, BizJet, CEOs, Criminal Conspiracy, Deferred Prosecution Agreements

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SEC Charges Issuers, Corporate Insiders, and Other Significant Investors for Violating Laws Requiring Reporting of Transactions in Company Stock

On September 10, 2014, the U.S. Securities and Exchange Commission announced settlements with officers, directors, and significant shareholders for violating federal securities laws requiring information about their transactions…more

Directors, Enforcement Actions, Filing Requirements, Insider Trading, Officers

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Global Procurement Quarterly - Summer/Fall 2014

In This Issue: - Recent Trends in FCPA Enforcement – First Half of 2014 - Ukraine/Russia–Related Sanctions - New Executive Order Places Additional Reporting Obligations on Government Contractors and Creates…more

China, Emerging Technology Companies, Enforcement Actions, FCPA, Federal Contractors

See All Updates »

State + Local Tax Insights -- Spring 2014

In This Issue: - Where’s Walden? Finding Protection under the Due Process Clause - Upcoming Speaking Engagements - CFCs and Subpart F Income in a California Water’s-Edge Election and What’s Wrong with the Apple…more

Apple, CFCs, Due Process, Franchise Tax Board, Franchise Taxes

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The Rise of Foreign Issuer IPOs

Foreign issuer IPOs have been increasing recently as foreign issuer activity continues to improve since a marked decline in 2011 and 2012. This decline resulted in part from market volatility in the aftermath of the financial…more

Dodd-Frank, Foreign Investment, Foreign Jurisdictions, IPO, Sarbanes-Oxley

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Considerations in Obtaining Advice of Counsel to Rebut a Claim of Willfulness

In 2007, the willfulness inquiry changed significantly with the Federal Circuit’s seminal decision, In re Seagate. In addition to establishing a new twoprong test for willful infringement, the Federal Circuit in Seagate…more

America Invents Act, Opinion Letter, Patent Infringement, Patent Litigation, Patent-in-Suit

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Don’t Bet On Finding Personal Jurisdiction Where the Injury Is Felt; the Supreme Court Further Restricts the Scope of Specific Personal Jurisdiction: Walden v. Fiore

On February 25, 2014, the Supreme Court decided Walden v. Fiore, No. 12-574. The unanimous opinion reversed the Ninth Circuit’s holding that Nevada had specific personal jurisdiction over an out-of-state defendant who had known…more

Personal Jurisdiction, SCOTUS

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Beyond Basic: Supreme Court’s Halliburton Ruling Strengthens Defenses in Securities Fraud Class Actions

Today, the Supreme Court issued its ruling in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 (U.S. June 23, 2014), the most anticipated securities decision since its landmark ruling over 25 years ago in Basic, Inc. v…more

Basic v Levinson, Class Action, Fraud, Fraud-on-the-Market, Halliburton

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CROWDFUNDING—Meanwhile, at the States…

We continue to wait for the SEC to issue final crowdfunding regulations— the comment period ended in January. Meanwhile, some states have sensed an opportunity. Section 3(a)(11) of the Securities Act exempts “intrastate”…more

Crowdfunding, Funding, SEC, Securities Act of 1933

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For Better or Worse: California Solicits Input on Further Revisions to Its Proposition 65 Regulations

Earlier this year, California’s Office of Environmental Health Hazard Assessment (OEHHA), which is charged with implementation of the State's controversial Proposition 65 law, released a “pre-regulatory” proposal to revise its…more

Chemicals, Food Manufacturers, Food Safety, OEHHA, Proposition 65

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Privacy Changes Coming to China

Originally published in Privacy & Security Law on 03/18/2013. There is continued focus in China on privacy and data security issues. China still has no omnibus law, but it has promulgated some sector-specific regulations…more

Audits, China, Credit Reporting Agencies, Cross-Border, Data Breach

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IP Quarterly - Winter 2014

In This Issue: Suprema, Inc. v. ITC; Ibormeith IP, LLC v. Mercedes-Benz USA, LLC; Intellect Wireless v. HTC; and IPR’s Limited Grounds Prove Challenging for Petitioners. Excerpt from Suprema, Inc. v. ITC…more

HTC America, ITC, Mercedes-Benz, Patent Infringement, Patent Litigation

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Notice 2014-46 Provides Additional Guidance on Eligibility of Wind and Other Renewable Energy Facilities for the PTC or the ITC

On August 8, 2014, the Internal Revenue Service (IRS) released Notice 2014-46 (the “Notice”), which provides some important clarifications with respect to the requirement that construction of a project commence prior to January…more

Energy, Investment Tax Credits, IRS, Production Tax Credit, Tax Credits

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Lehman Waterfall Application and Game Station Decision

In another judicial decision springing from Lehman Brothers, as a result of the likely surplus in the estate of Lehman Brothers International (Europe) (in administration) (LBIE) after all the provable debts have been paid, Mr…more

Commercial Bankruptcy, Lehman Brothers

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FERC Proposes New Regulations on Priority Rights and Access to Generator Interconnection Facilities

On May 15, 2014, the Federal Energy Regulatory Commission (FERC) issued a Notice of Proposed Rulemaking (NOPR) on open access and priority rights with regard to Interconnection Customer’s Interconnection Facilities (ICIF). The…more

Electric Generation Suppliers, Electricity, FERC, ICIF, Market Participants

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Courts Defer to Individual Privacy Interests by Requiring Warrant To Obtain Cell Phone Data and Cell Site Records in Riley and Davis

Two recent opinions have significantly restricted the practice of warrantless collection of data stored on cell phones or by cell phone service providers. In Riley v. California the U.S. Supreme Court confirmed that a warrant is…more

Cell Phones, Mobile Devices, Riley v California, SCOTUS, Search Warrant

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FTC Warns Advertisers to Check the Fine Print in “Operation Full Disclosure”; Shot Across the Bow Could Signal Law Enforcement Actions to Come

The Federal Trade Commission (FTC) announced this week that it sent warning letters to more than 60 national advertisers regarding the inadequacy of disclosures in their television and print ads. The letters are part of an…more

Advertising, Disclosure Requirements, Enforcement, FTC, Media

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Indiana DOR Finds Economic Nexus, Disregards UPS

The Indiana Department of Revenue recently concluded that a company that earned royalty income from licensing trademarks and trade names to two of its Indiana affiliates, and had no physical presence in the state, nonetheless…more

Corporate Taxes, Department of Revenue, Foreign Entities, License Agreements, Patents

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Federal Reserve Issues Guidance on Implementation Plans and Other Enhanced Prudential Standards for Foreign Banking Organizations

On June 26, 2014, the Federal Reserve Board (“Board”) published on its website responses to frequently asked questions (“FAQs”) relating to enhanced prudential standards under Section 165 of the Dodd-Frank Act and its…more

Dodd-Frank, FBOs, Federal Reserve, Regulation YY

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The CFPB's Most Recent Consent Order: Defining "Abusive" Acts and Practices Through Enforcement

Last week, the CFPB announced a settlement with payday lender ACE Cash Express of an enforcement action for alleged unfair, deceptive, and abusive practices (UDAAP). The Consent Order reflects the CFPB’s continued focus on debt…more

CFPB, Enforcement, Enforcement Actions, Payday Loans, UDAAP

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Financial Services Report -- Winter 2012

In This Issue: Bureau Report; Operations Report; Beltway Report; Arbitration Report; Mortgage Report; Privacy Report; Preemption Report; and Plastics Report. Excerpt from the Bureau Report: World’s Most Expensive…more

American Express, CFPB, Chase Bank, Cybersecurity, Debt Collection

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CFPB to Assume a Larger Role in Virtual Currency Initiatives

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

CFPB, DHS, DOJ, GAO, Information Reports

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Financial Services Report - Fall 2014

In This Issue: - Beltway Report - Bureau Report - Mobile and Emerging Payments Report - Mortgage and Fair Lending Report - Operations Report - Preemption Report - Privacy…more

Banking Sector, Banks, CFPB, Data Breach, Debt Collection

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FTC Comments on the CFPB’s Foray into Mobile Financial Services, Emphasizing Its Extensive Consumer Protection Efforts in the Space, Including Enforcement Actions

Earlier this month, the Bureau of Consumer Protection of the Federal Trade Commission (FTC) submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to the CFPB’s June 2014 request for information (RFI)…more

CFPB, Consumer Financial Products, FTC, Mobile Apps, Mobile Payments

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FERC Proposes New Regulations on Priority Rights and Access to Generator Interconnection Facilities

On May 15, 2014, the Federal Energy Regulatory Commission (FERC) issued a Notice of Proposed Rulemaking (NOPR) on open access and priority rights with regard to Interconnection Customer’s Interconnection Facilities (ICIF). The…more

Electric Generation Suppliers, Electricity, FERC, ICIF, Market Participants

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Insider Trading Annual Review - 2013

Looking Back - 2013 witnessed several long-anticipated developments in the world of insider trading, punctuating another year of aggressive enforcement in the United States and abroad. After years of pursuit, the…more

Compliance, DOJ, Insider Trading, SEC, White Collar Crimes

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U.S. Supreme Court Abolishes the Presumption of Prudence in ERISA Stock Drop Cases

A recurring scenario in ERISA litigation involves claims against fiduciaries of 401(k) retirement plans who are alleged to have breached their fiduciary duty by failing to discontinue investment in employer stock following a…more

401k, Employee Benefits, ERISA, Fiduciary Duty, FIfth Third Bancorp v Dudenhoeffer

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Employment Law Commentary -- Volume 25, Issue 5 -- May 2013: When Is a Complaint a Complaint? After Kasten and beyond

Employees, like a lot of people, complain. Work may be too hard, it may be too easy, and for many people work may never be quite right. As they say, the grass is always greener on the other side. But when does a passing negative…more

Anti-Retaliation Provisions, Class Action, Complaint Procedures, FLSA, Hiring & Firing

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A New SEC Enforcement Direction for 2014

Each year, the SEC puts on its most informative conference of the year: The SEC Speaks. During the course of the two-day conference, held this year on February 21 and 22, the Chair and each Commissioner, as well as the most…more

Enforcement, SEC

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Motorola Mobility LLC v. AU Optronics Corp.: Seventh Circuit Clarifies Reach of U.S. Antitrust Law to Foreign Commerce

A recent decision from the Seventh Circuit, Motorola v. AU Optronics Corp., provided much-needed clarification on the scope of the Foreign Trade Antitrust Improvements Act (“FTAIA”). Specifically, the court’s decision clarifies…more

Antitrust Litigation, Antitrust Provisions, Foreign Commerce, FTAIA, Motorola

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Are Financial Institutions Ready for Cloud Computing?

Originally published in BNA’s Banking Report on January 8, 2013. The rapid growth in the availability and sophistication of cloud computing services — on-demand, scalable information technology services provided over the…more

Big Data, Cloud Computing, Data Protection

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Beyond Basic: Supreme Court’s Halliburton Ruling Strengthens Defenses in Securities Fraud Class Actions

Today, the Supreme Court issued its ruling in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 (U.S. June 23, 2014), the most anticipated securities decision since its landmark ruling over 25 years ago in Basic, Inc. v…more

Basic v Levinson, Class Action, Fraud, Fraud-on-the-Market, Halliburton

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California Reduces Section 409A Penalty

In a victory for California employers and employees, on October 4, 2013, Governor Edmund G. Brown Jr. signed into law California Assembly Bill 1173 (“Bill 1173”), which reduces California’s additional tax on income for…more

Compensation Agreements, Penalties, Section 409A

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MoFo New York Tax Insights - Volume 4, Issue 1 - January 2013

In This Issue: Court of Appeals Reverses Appellate Division, Holds that EchoStar’s Equipment Purchases Qualified as Sales for Resale; Appellate Court Holds Electronic Messaging Services Subject to Sales Tax; ALJ Finds…more

ALJ, Appeals, Domicile, Innocent Spouse Exception, QEZE Benefits

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FTC Warns Advertisers to Check the Fine Print in “Operation Full Disclosure”; Shot Across the Bow Could Signal Law Enforcement Actions to Come

The Federal Trade Commission (FTC) announced this week that it sent warning letters to more than 60 national advertisers regarding the inadequacy of disclosures in their television and print ads. The letters are part of an…more

Advertising, Disclosure Requirements, Enforcement, FTC, Media

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New FCPA Decision: How Long is the FCPA’s Reach?

A little more than a year after Deustche Telekom (“DT”) and Magyar Telekom entered into multi-million dollar settlements with the SEC and DOJ to resolve claims that the two companies violated the FCPA, three former Magyar…more

Bribery, DOJ, FCPA, Interstate Commerce, Magyar Telekom

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Developments in Multistate Taxation -- November 2013

U.S. Supreme Court - On August 23, 2013, an online retailer filed a petition for a writ of certiorari with the U.S. Supreme Court seeking review of the New York Court of Appeals’ determination that a New York statute that…more

Certiorari, Commerce Clause, Internet Taxation, Multistate Tax Commission, SALT

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SAFE Liberalizes Foreign Exchange Rules … Or Not? -- Two recent circulars from China's foreign exchange regulator represent a welcome move towards streamlined forex transactions

Is the State Administration of Foreign Exchange (“SAFE”) finally loosening its grip on foreign exchange transactions? Not exactly - the baseline principle of control and scrutiny over the flows of money into and out of China…more

China, Foreign Exchanges, SAFE, Securities

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IFLR Regulatory Capital Survey 2013 (Japan Survey)

Section 1: Basel III implementation - 1.1 How advanced is Basel III implementation in your jurisdiction? The Japan Financial Services Agency (JFSA) has issued the following revised notifications: Notification 19 of…more

Basel III, Financial Regulatory Reform, Foreign Banks, Japan

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Proposed Narrowing of Licensing Exemption under California Finance Lenders Law

The California Department of Business Oversight (“CDBO”) has proposed to narrow a long-standing interpretation of a statutory licensing exemption for certain lenders under the California Finance Lenders Law (“CFLL”)1. The…more

Bank Holding Company, Banks, Department of Business Oversight, Exemptions, Lenders

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Federal Reserve Issues Guidance on Implementation Plans and Other Enhanced Prudential Standards for Foreign Banking Organizations

On June 26, 2014, the Federal Reserve Board (“Board”) published on its website responses to frequently asked questions (“FAQs”) relating to enhanced prudential standards under Section 165 of the Dodd-Frank Act and its…more

Dodd-Frank, FBOs, Federal Reserve, Regulation YY

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Supreme Court Takes Up Landmark Disparate Impact Case, Again, Over U.S. Objections

On June 17, 2013, the Supreme Court granted certiorari in Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc., No. 11-1507, to decide whether disparate impact claims are cognizable under the Fair Housing Act (“FHA”). It…more

Certiorari, Discrimination, Disparate Impact, Eminent Domain, FHA

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Antitrust by Analogy: Developing Rules for Loyalty Rebates and Bundled Discounts

Economics has come to dominate antitrust jurisprudence. Preserving and enhancing economic welfare (in one form or another) is now the conceded goal of antitrust. Accordingly, economic analysis permeates antitrust scholarship,…more

Antitrust Litigation, Customer-Loyalty Programs, Discounts, Economic Impact Analysis, Rebates

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Supreme Court Rules Out Clean Air Act Permits for Stationary Sources Based on Greenhouse Gas Emissions…Unless You Are Getting a Permit “Anyway”

Today, a divided Supreme Court issued a highly anticipated Clean Air Act (the “Act”) decision in Utility Air Regulatory Group v. EPA. In an opinion authored by Justice Scalia, the Court rejected EPA’s application of the Act to…more

BACT, Clean Air Act, Climate Change, Environmental Policies, EPA

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Indiana DOR Finds Economic Nexus, Disregards UPS

The Indiana Department of Revenue recently concluded that a company that earned royalty income from licensing trademarks and trade names to two of its Indiana affiliates, and had no physical presence in the state, nonetheless…more

Corporate Taxes, Department of Revenue, Foreign Entities, License Agreements, Patents

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Global Procurement Quarterly - Summer/Fall 2014

In This Issue: - Recent Trends in FCPA Enforcement – First Half of 2014 - Ukraine/Russia–Related Sanctions - New Executive Order Places Additional Reporting Obligations on Government Contractors and Creates…more

China, Emerging Technology Companies, Enforcement Actions, FCPA, Federal Contractors

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Japan’s Slow Embrace of Outside Directors

The pressure on Japanese firms to appoint more outside directors is increasing. Japan has long lagged much of the rest of the world in requiring outside directors on the boards of its listed companies. The United States…more

Directors, Independent Boards, Japan

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Tax Talk -- Volume 7, No. 2 -- July 2014

In This Issue: - As FATCA Begins, IRS Rolls out Withholding Forms, Increases IGA Count - IRS Issues Final Circular 230 Rules Simplifying Written Tax Advice Requirements - Mortgage CCA Raises More Questions…more

Accounting, Banks, Bitcoins, FATCA, FBAR

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Inclusionary Housing on the Run

Several recent legal developments have cast doubt on the ability of California cities to continue using favored tools to promote construction of “inclusionary” affordable housing units. Few would dispute that the state faces a…more

Affordable Housing, Inclusionary Housing Ordinance

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Bright Outlook for Covered Bonds

This year has proven to be an interesting one for the covered bond market, and we anticipate that 2013 will bring many important new developments. During 2012, the covered bond market continued to provide attractive financing…more

Bonds, Covered Bonds, EU, Foreign Banks, SEC

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No-Action Relief Allows Business Development Companies to Hold Shares of Investment Advisers

In two separate no-action letters, the SEC staff quietly expanded the ability of business development companies (BDCs) to invest in registered investment advisers. Section 12(d)(3) of the Investment Company Act of 1940…more

Business Development Companies, Investment Company Act of 1940, No-Action Letters, No-Action Relief, SEC

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Figuring FRAND

In our December post “A FRANDlier Realm” we discussed emerging law relating to patents that are essential to technological standards, like 3G wireless telecommunications. What happens when patent owners and product makers cannot…more

FRAND, Patents, Royalties

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Developments in Unitranch Financing: Balancing Opportunity and Risks

The loan markets saw a continued rise in middle market unitranche financings in 2013. Unitranche loans combine separate senior and subordinated debt financings into a single debt instrument. While unitranche financing is not…more

Debt, Financing, Loans, Middle Market, Popular

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The Ghosts of Litigation Holds Past

Earlier this year, in the widely followed In re: Actos (Pioglitazone) Products Liability Litigation matter, a Louisiana federal jury ordered a drug manufacturer to pay $6 billion in punitive damages and $1.5 million in actual…more

Damages, Drug Manufacturers, Litigation Hold, Manufacturers, Multidistrict Litigation

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Another Small Step Forward: China Further Clarifies its Notification Procedure for Simple M&A Transactions

Earlier this year, China’s Ministry of Commerce (“MOFCOM”) implemented new regulations under the Anti-Monopoly Law (“AML”) enabling “simple” M&A and joint venture transactions to be eligible for a potentially shorter and less…more

China, Mergers, MOFCOM, Notice Requirements

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Summary of the Implementing Regulations for Japan’s Feed-In Tariff Law for Renewable Electric Energy

This updates our September 13, 2011 Client Alert entitled “Outline of Japan’s Feed-In Tariff Law for Renewable Electric Energy,” which summarized “The Act on Special Measures Concerning the Procurement of Renewable Electric…more

Electricity, Interconnections, Japan, Power Purchase Agreements, Purchase Price

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Socially Aware - Volume 5, Issue 5 - August 2014

In This Issue: - Data for the Taking: Using the Computer Fraud and Abuse Act to Combat Web Scraping - Google Glass Into Europe: A Small Step or a Giant Leap? - Drugs and the Internet: FDA Distributes New…more

ABC v Aereo, Accessibility Rules, Computer Fraud and Abuse Act, DMCA, EU

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Clearing Derivative Transactions in the EU: What You Need To Know

Key Highlights: ..All counterparties within scope of the European Market Infrastructure Regulation (“EMIR”) and subject to the clearing obligation will soon be required to centrally clear their applicable derivatives…more

Derivatives, Derivatives Clearing Organizations, EMIR, ESMA, EU

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Socially Aware: The Social Media Law Update -- Vol. 3, Issue 5 -- December 2012

In this issue of Socially Aware, our Burton Award-winning guide to the law and business of social media, we examine why social media marketing strategies should be concerned with clearing more than just copyrights; we revisit…more

COPPA, Copyright, FCRA, Free Speech, FTC

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Courts Defer to Individual Privacy Interests by Requiring Warrant To Obtain Cell Phone Data and Cell Site Records in Riley and Davis

Two recent opinions have significantly restricted the practice of warrantless collection of data stored on cell phones or by cell phone service providers. In Riley v. California the U.S. Supreme Court confirmed that a warrant is…more

Cell Phones, Mobile Devices, Riley v California, SCOTUS, Search Warrant

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4 Key Questions For Evaluating PPP Opportunities

Public-private partnerships are all the rage, as governments seek new ways to deliver public infrastructure, facilities and services in the face of daunting budget limitations and doubts about older procurement modes. PPP…more

P3s, Public-Private Partnerships

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The American Way – DPAs arrive in the UK

February 2014 marks an important landmark in the UK authorities’ ongoing efforts to fight corporate crime, international corruption and bribery. On 24 February 2014, a new Part 12 of the Criminal Procedure Rules will come into…more

Deferred Prosecution Agreements, UK

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European Commission Adopts Changes to EU Merger Rules: One Step Forward, Two Steps Back

The European Commission (the “Commission”) recently adopted a number of revisions to the EU Merger Regulation intended to streamline and speed up the EU merger review process. The new rules will enter into force on January 1,…more

EU, European Commission, Mergers

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Buyer Beware: Third Circuit Confirms Claims are Subject to Disallowance Despite Sale to Third Party

The Third Circuit in In re KB Toys, Inc. recently affirmed a decision of the Delaware District Court, holding that trade claims are subject to disallowance under section 502(d) of the Bankruptcy Code despite their subsequent…more

Bankruptcy Code, Disallowance Defense

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Second Circuit Applies “Morrison” to Reject “Listing Theory”

On May 5, 2014, the U.S. Court of Appeals for the Second Circuit decided City of Pontiac v. UBS AG, affirming the dismissal of a securities fraud complaint against UBS and holding that the Supreme Court's decision in Morrison v…more

Appeals, City of Pontiac, Extraterritoriality Rules, Foreign Exchanges, Listing Theory

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Supreme Court Unanimously Affirms Federal Circuit’s Decision in CLS Bank: Alice Corp. Pty. Ltd. v. CLS Bank Int’l, No. 13-298

On June 19, 2014, the U.S. Supreme Court affirmed the Federal Circuit’s decision holding that the method, computer-readable medium, and system claims at issue in CLS Bank are not directed to eligible subject matter under 35…more

Alice Corporation, CLS Bank, CLS Bank v Alice Corp, Mayo v. Prometheus, Patent Litigation

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CFTC Excludes Certain Swaps with Utility Special Entities from the Special Entity De Minimis Calculation for Purposes of Swap Dealer Registration

On September 26, 2014, the Commodity Futures Trading Commission (“CFTC”) published a final rule in the Federal Register permitting a person to exclude “utility operations-related swaps” entered into with “utility special…more

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Poison Pills with Lower Ownership Thresholds for Activist Investors Come Under Attack

On March 25, 2014, Daniel Loeb’s Third Point LLC filed suit against Sotheby’s and its directors in Delaware’s Court of Chancery to invalidate Sotheby’s poison pill. The board of Sotheby’s adopted the poison pill this past…more

Board of Directors, Minority Shareholders, Poison Pill, Professional Liability, Shareholder Litigation

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Structured Thoughts: Volume 5, Issue 6 - August 2014

In This Issue: - European Product Intervention - FINRA Speaks at 2014 Structured Retail Products Conference - FINRA Approves Amendments to Communication Rules – Relief from Filing for Certain FWPs -…more

Class Action, ESMA, EU, FINRA, Investment Funds

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Comcast Corp. v. Behrend: Courts Must Assess Merits of Plaintiffs’ Damages Evidence at Class Certification

Yesterday, in Comcast Corp. v. Behrend, 569 U.S. __ (2013), the Supreme Court answered a looming class certification question left open by Wal-Mart Stores, Inc. v. Dukes, 564 U.S. __ (2011): whether a putative class action…more

Class Action, Class Certification, Comcast, Comcast v. Behrend, Dukes v Wal-Mart

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IRS Issues Final Circular 230 Rules Simplifying Written Advice Requirements

On June 9, 2014, the U.S. Treasury Department and Internal Revenue Service (“IRS”) issued final regulations replacing the “covered opinion” rules under Circular 230. Effective June 12, 2014, the final rules now subject all…more

Circular 230, Disclaimers, Final Rules, U.S. Treasury

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Second Circuit Determines the Relevant Date for Determining a Chapter 15 Debtor’s “COMI”

A. INTRODUCTION - Courts in the Southern District of New York and elsewhere have issued conflicting decisions regarding the appropriate time period to consider in determining a foreign debtor’s “center of its main…more

Chapter 15, Foreign Defendants, Venue

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Cooperation Pays in Insider Trading Enforcement and Sentencing

In This Issue: - Overview - Insider Trading Law - Insider Trading Penalties - Cooperating with the Government - Cooperating with the Department of Justice - Cooperating with the Securities and Exchange…more

Compliance, Criminal Prosecution, DOJ, Enforcement, Enforcement Actions

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No Billboards, Please

Companies intending to seek funding under the JOBS Act’s crowdfunding provision gained a seeming advantage in September when the SEC removed its ban on the general solicitation or advertising of certain types of private…more

Crowdfunding, JOBS Act, Private Placements, SEC, Startups

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IP Quarterly - Winter 2014

In This Issue: Suprema, Inc. v. ITC; Ibormeith IP, LLC v. Mercedes-Benz USA, LLC; Intellect Wireless v. HTC; and IPR’s Limited Grounds Prove Challenging for Petitioners. Excerpt from Suprema, Inc. v. ITC…more

HTC America, ITC, Mercedes-Benz, Patent Infringement, Patent Litigation

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Debunking Bunk: Fourth Circuit Leaves Unresolved “Excessive” Penalties Under the False Claims Act

On December 19, 2013, in a highly anticipated decision, the Court of Appeals for the Fourth Circuit awarded $24 million in civil penalties under the False Claims Act (FCA), despite the fact that the whistleblower prosecuting the…more

Appeals, Civil Monetary Penalty, DOJ, False Claims Act, Treble Damages

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Ninth Circuit Limits Key Defense in ERISA Stock Drop Cases

On June 4, 2013, the Ninth Circuit issued an opinion in Harris v. Amgen, reversing an order granting a motion to dismiss and reviving a class action ERISA lawsuit based on allegedly imprudent investments in company stock. In…more

Amgen, Class Action, Defense Strategies, Duty of Prudence, ERISA

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Hong Kong Capital Markets Quarterly News -- October 2013

In This Issue: New Sponsor Regime – Guidance Letters; Policy on Listing Overseas Companies; New Listing Decisions; New Guidance Letters; and Enforcement News Excerpt from New Sponsor Regime – Guidance Letters:…more

Enforcement, Hong Kong, Listing Standards, SFC, Stocks

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Further Setback for the CFPB Director’s Authority?

A split panel of the U.S. Court of Appeals for the Third Circuit issued a decision yesterday holding that a “recess” appointment to the National Labor Relations Board (NLRB) was unconstitutional and invalid. NLRB v. New Vista…more

CFPB, Directors, Nominations, Recess Appointments, Richard Cordray

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Ratcheting up the Pressure: Reinforced Ukraine-related Sanctions on Russia

On September 12, 2014, the United States (“U.S.”) and European Union (“EU”) both announced expanded sanctions related to Russia and Ukraine. These measures seek to increase pressure on the Russian Government to stop threatening…more

EU, Foreign Policy, Russia, Sanctions, Ukraine

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The More Things Change, the More They Stay the Same - Key Takeaways from the FTC’s “Updated” Fred Meyer Guides

THE FTC ISSUES AMENDED FRED MEYER GUIDES - On September 24, 2014, the Federal Trade Commission (FTC) approved final amendments to the Fred Meyer Guides (“Guides”). The Guides are intended to help businesses comply with…more

Fred Meyer Guides, FTC, New Amendments, Robinson-Patman Act

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Federal Court in Manhattan “Likes” Service of Process via Facebook

On March 7, 2013, a federal court in Manhattan ruled, in Federal Trade Commission v. PCCare247 Inc., that service via Facebook is an acceptable alternative means of serving court documents on foreign defendants. Although this is…more

Facebook, Foreign Defendants, FTC, Service of Process, Social Media

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4 Key Questions For Evaluating PPP Opportunities

Public-private partnerships are all the rage, as governments seek new ways to deliver public infrastructure, facilities and services in the face of daunting budget limitations and doubts about older procurement modes. PPP…more

P3s, Public-Private Partnerships

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European M+A News, Fall 2014

In This Issue: - Shareholder Activism in Germany - Reinforced Ukraine-Related Sanctions on Russia - Current Developments Foreign Direct Investment into EU Increasing - Rising Confidence – European M&A…more

Blackberry, Energy, EU, European Merger Control Regulation, Foreign Investment

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MoFo New York Tax Insights - Volume 5, Issue 10 - October 2014

In This Issue: - State Tribunal Reverses ALJ and Allows Combined Reporting - Tribunal Finds Oxygen Cylinders Were Purchased for Resale - Appellate Court Denies Nassau County Class Action Certification in…more

Class Action, Innocent Spouse Exception, Online Sales Tax, Sales & Use Tax, State Taxes

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Department Of Justice Official Provides Fresh Guidance on What Constitutes an Effective Corporate Compliance Program

When can a corporation’s compliance program help stave off indictment? Or at least secure it more lenient treatment from the Department of Justice when resolving a case? DOJ has given fresh guidance on this issue for our…more

Chief Compliance Officers, Corporate Culture, DOJ, Guidance Update, Risk Assessment

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Lying to Examiners Can Lead Quickly to Criminal Charges

Hell hath no fury like a regulator (allegedly) lied to. This week, the SEC brought civil charges, and the U.S. Attorney for the Southern District of New York brought criminal charges, against a broker-dealer and its founder for…more

Books & Records, Broker-Dealer, Criminal Prosecution, Falsified Documents, Lying

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Cooperation Pays in Insider Trading Enforcement and Sentencing

In This Issue: - Overview - Insider Trading Law - Insider Trading Penalties - Cooperating with the Government - Cooperating with the Department of Justice - Cooperating with the Securities and Exchange…more

Compliance, Criminal Prosecution, DOJ, Enforcement, Enforcement Actions

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Summary of the Implementing Regulations for Japan’s Feed-In Tariff Law for Renewable Electric Energy

This updates our September 13, 2011 Client Alert entitled “Outline of Japan’s Feed-In Tariff Law for Renewable Electric Energy,” which summarized “The Act on Special Measures Concerning the Procurement of Renewable Electric…more

Electricity, Interconnections, Japan, Power Purchase Agreements, Purchase Price

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Capital Is Contagious— The FDIC and OCC Approve Final Risk-based Capital Rules, and the Agencies Propose a Supplemental Leverage Capital Ratio for Large U.S. Banking Organizations

Today, July 9, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”) took two significant actions on the implementation of new regulatory capital requirements in the U.S…more

Banks, Basel Committee, Basel III, FDIC, Federal Reserve

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Consultants Indicted in Japan for Paying Bribes in Vietnam

Following on the heels of Japanese trading company Marubeni’s recent admission that it violated the U.S. Foreign Corrupt Practices Act, again a Japanese company is in the crosshairs of anti-corruption regulators, but this time…more

Bribery, Consultants, Corruption, Japan, White Collar Crimes

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Investment Management Legal + Regulatory Update -- September 2014

In This Issue: - Regulation: Long-Awaited Money Market Fund Rules Adopted - SEC Staff Offers Guidance Regarding Investment Advisers and Proxy Advisory Firms - SEC Staff Closes Loophole on BDC Asset Coverage…more

Banks, CFTC, Conflicts of Interest, CPO, Dodd-Frank

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Seller Beware: California Announces Draft Plan for New Consumer Product Categories Under Its Green Chemistry Initiative

California’s toxics agency, the Department of Toxic Substances Control (DTSC), has released a draft three-year work plan identifying seven consumer product categories that may be the focus of the state’s Green Chemistry…more

Chemicals, DTSC, Green Chemistry, Manufacturers, New Regulations

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China’s Legislature Weighs in on Online Data Privacy; Other Recent Privacy Developments in China

On December 28, 2012, the Standing Committee of the National People’s Congress (“NPC”), China’s legislature, weighed in on the subject of data privacy with its promulgation of the Decision on Reinforcing the Protection of…more

China, Compliance, Data Protection, Penalties

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Notice 2014-46 Provides Additional Guidance on Eligibility of Wind and Other Renewable Energy Facilities for the PTC or the ITC

On August 8, 2014, the Internal Revenue Service (IRS) released Notice 2014-46 (the “Notice”), which provides some important clarifications with respect to the requirement that construction of a project commence prior to January…more

Energy, Investment Tax Credits, IRS, Production Tax Credit, Tax Credits

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Patent Quality: Shining Through

A New Review Process Shows the Importance of a Good Application - The newly available procedure for challenging patent validity known as inter partes review, or IPR, is forcing patent players to raise their game—from…more

Inter Partes Review Proceedings, Patent Infringement, Patent Litigation, Patents

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Tax Talk -- Volume 7, No. 2 -- July 2014

In This Issue: - As FATCA Begins, IRS Rolls out Withholding Forms, Increases IGA Count - IRS Issues Final Circular 230 Rules Simplifying Written Tax Advice Requirements - Mortgage CCA Raises More Questions…more

Accounting, Banks, Bitcoins, FATCA, FBAR

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American Express Co. v. Italian Colors Restaurant: The Supreme Court Reaffirms Its Commitment to Enforcing Arbitration Agreements

Last week’s Supreme Court decision in American Express Co. v. Italian Colors Restaurant builds on a recent line of pro-arbitration rulings – including Stolt-Nielsen, S.A. v. Animal Feeds Int’l Corp. and AT&T Mobility LLC v…more

American Express, American Express v Italian Colors Restaurant, Arbitration, Arbitration Agreements, Class Action

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Weeks II: Innovator Liability Finds a Sweet Home in Alabama

Last week, the Supreme Court of Alabama confirmed its January 2013 holding that manufacturers of brand drugs can be liable for injuries caused by generic drugs. Weeks v. Wyeth, Inc., No. 1101397, slip op. (Ala. Aug. 15, 2014)…more

Drug Manufacturers, Generic Drugs, Innovation, Pharmaceutical, Prescription Drugs

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Spoliation of Social Media Evidence: New Jersey Court Cracks Down

A March 23, 2013 decision from the U.S. District Court for the District of New Jersey serves as a cautionary tale for litigants. As a result of some arguably poor decisions by the plaintiff and likely miscommunication between…more

Discovery, Electronically Stored Information, Evidence, Facebook, Gatto v United Air Lines

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CFPB as HUD: Another Section 8 Consent Order Displays CFPB’s RESPA Approach

In a recent Real Estate Settlement Procedures Act (“RESPA”) enforcement action, the Consumer Financial Protection Bureau (“CFPB”) negotiated a consent order with Lighthouse Title, Inc. (“Lighthouse”) for alleged violations of…more

Anti-Kickback Statute, CFPB, Consent Order, HUD, Mortgages

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MoFo New York Tax Insights - Volume 5, Issue 10 - October 2014

In This Issue: - State Tribunal Reverses ALJ and Allows Combined Reporting - Tribunal Finds Oxygen Cylinders Were Purchased for Resale - Appellate Court Denies Nassau County Class Action Certification in…more

Class Action, Innocent Spouse Exception, Online Sales Tax, Sales & Use Tax, State Taxes

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A Blast from the Past: The SEC Fines Investment Adviser/Broker-Dealer for Breakpoint Violations

In a case reminiscent of the “breakpoint” enforcement actions brought 10 years ago by securities regulators, the SEC recently found that a registered investment adviser and broker-dealer overcharged clients because it improperly…more

Broker-Dealer, Enforcement Actions, Fees, Investment Adviser, SEC

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Department Of Justice Official Provides Fresh Guidance on What Constitutes an Effective Corporate Compliance Program

When can a corporation’s compliance program help stave off indictment? Or at least secure it more lenient treatment from the Department of Justice when resolving a case? DOJ has given fresh guidance on this issue for our…more

Chief Compliance Officers, Corporate Culture, DOJ, Guidance Update, Risk Assessment

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Inclusionary Housing on the Run

Several recent legal developments have cast doubt on the ability of California cities to continue using favored tools to promote construction of “inclusionary” affordable housing units. Few would dispute that the state faces a…more

Affordable Housing, Inclusionary Housing Ordinance

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Weight Watchers Class Action Dismissed Due to Plaintiff’s Failure to Properly Test the Challenged Products

On October 17, 2013, a federal district court judge in New Jersey dismissed a putative class action against Weight Watchers International, Inc. (Weight Watchers) alleging that Weight Watchers misrepresented the calorie content…more

Class Action, FDCA, Food Labeling, Misrepresentation, Weight-Loss Products

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Finalized Liquidity Coverage Ratio

The Board of Governors of the Federal Reserve System (the “Board”), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) (collectively, the “agencies”) issued the finalized…more

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