Morrison & Foerster LLP

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

See All Updates »

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

See All Updates »

Financial Services Report - Spring 2015

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

Arbitration, Banking Sector, Consumer Financial Products, FIRREA, Mobile Banking

See All Updates »

CPSC Civil Penalty Trend Continues

At the end of last year, we reported that the U.S. Consumer Product Safety Commission issued $12.2 million in civil penalties in 2014, more than double the amount issued in 2013. The number of companies fined increased as well…more

Civil Monetary Penalty, Consumer Product Safety Commission, Consumer Product Safety Improvement Act, CPSC, General Electric

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

CPSC Civil Penalty Trend Continues

At the end of last year, we reported that the U.S. Consumer Product Safety Commission issued $12.2 million in civil penalties in 2014, more than double the amount issued in 2013. The number of companies fined increased as well…more

Civil Monetary Penalty, Consumer Product Safety Commission, Consumer Product Safety Improvement Act, CPSC, General Electric

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

OCIE Targets Never-Before-Examined Investment Companies for Compliance Exams

The SEC’s Office of Compliance Inspections and Examinations in a Risk Alert dated April 20, 2015, announced a program targeting investment companies that have never been examined for focused, risk-based compliance examinations. …more

Industry Examinations, Investment Funds, OCIE, Risk Alert, SEC

See All Updates »

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

See All Updates »

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

See All Updates »

IP Newsletter - January 2015

In This Issue: - Castle Defense: Federal Circuit Reinforces Patent Damages Gate in VirnetX - Standards Patent Licensing: Always Apportionment, Sometimes Stacking - Supreme Court to Consider Good-Faith Belief…more

Biotechnology, Cisco, Expert Testimony, FRAND, Good Faith

See All Updates »

Shifting Course: Expanding the Scope of Permissible Cuba Transactions

The Treasury Department’s Office of Foreign Assets Control (“OFAC”) has issued its first set of amendments to the Cuban Assets Control Regulations (“CACR”) to begin implementing a major policy shift in United States–Cuba…more

BIS, CACR, Cross-Border Transactions, Cuba, Export Administration Regulations

See All Updates »

FHFA Announces Minimum Capital and Liquidity Requirements for Non-Bank Servicers

On January 30, 2015, the Federal Housing Finance Agency (FHFA) proposed new minimum financial eligibility requirements for non-bank sellers and servicers of mortgage loans to Fannie Mae and Freddie Mac (the GSEs). The proposed…more

Fannie Mae, Freddie Mac, Leverage Capital Ratio, Liquidity Coverage Ratio, Mortgage Servicers

See All Updates »

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

See All Updates »

Co-Bidder Status in Tender Offers

The recent Allergan litigation in California District Court involved the allegation that Pershing Square Capital Management, LP (together with certain of its affiliates, “Pershing Square”) had violated the prohibition, under…more

Allergan Inc, Co-Bidder, Disclosure Requirements, Filing Requirements, Pershing Square Management

See All Updates »

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

See All Updates »

The SEC Defines “Voting Equity Securities” for Purposes of the Rule 506(d) Bad Actor Disqualification Rules

The SEC is continuing to tie up some loose ends left over from the adoption of the Rule 506(d) bad actor disqualification rules. Certainty regarding these open items will be beneficial for issuers and placement agents of…more

Disqualification, Equity Securities, Issuers, Rule 506(d), SEC

See All Updates »

The New Frontier in Interest Based Advertising: FTC Shifts Focus to Cross-Device Tracking

As consumers increasingly connect to the Internet using multiple devices—such as mobile phones, tablets, computers, TVs and wearable devices—advertising technology companies have rapidly developed capabilities to reach the same…more

Cross-Device, Data Collection, Electronic Devices, FTC, Mobile Devices

See All Updates »

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

See All Updates »

Big Data Series: Part 1: Privacy - “Big Data is not a game played by different rules”

Big data is now big business. In recent years, due to the exponential growth in the capability of technology to undertake data analytics on a massive scale, organisations have started to appreciate the potential hidden value…more

Analytics, Big Data, FCRA, FTC, ICO

See All Updates »

Morrison & Foerster Quarterly News Tax Talk - Volume 7, No.4 January 2015

In This Issue: - Congress Passes Year-End Tax Extenders Bill - House Adopts New “Dynamic Scoring” Rule - Foreign Fund Engaged in Lending and Stock Distribution Not Protected by “Trading in Stock or Securities”…more

Dividends, Federal Taxes, Foreign Lending, LLC, REIT

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

MoFo Global Procurement Quarterly: Winter 2015

In This Issue: - Protection of Security Relevant Information vs. Enhancement of Global Competition – Germany's "No Spy Decree" for Public Tenders under Continuous Scrutiny - RWIND Tenderer Test: Objective or…more

Cybersecurity, DOJ, Enforcement Actions, EU, Germany

See All Updates »

CPSC Civil Penalty Trend Continues

At the end of last year, we reported that the U.S. Consumer Product Safety Commission issued $12.2 million in civil penalties in 2014, more than double the amount issued in 2013. The number of companies fined increased as well…more

Civil Monetary Penalty, Consumer Product Safety Commission, Consumer Product Safety Improvement Act, CPSC, General Electric

See All Updates »

Final IRS Regulations Under Section 162(m) Will Impact Transition Rule Applicable to Newly Public Companies

On March 31, 2015, the IRS issued final regulations under Section 162(m), the tax code provision which limits the deduction for compensation paid to certain public company executive officers. As signaled by the proposed…more

Corporate Taxes, Executive Compensation, IRS, Proposed Regulation, Publicly-Traded Companies

See All Updates »

Engle: a mass tort run amok

In This Issue: -Facts -2006 Florida Supreme Court decision -Failure to investigate -Eleventh Court decision -Comment The Eleventh Circuit's recent decision in In re Engle Cases…more

Class Action, Investigations, Loss of Consortium, Mass Tort Litigation, Wrongful Death

See All Updates »

California Governor Orders 25% Cut in Water Use—What It Means for Businesses

California is experiencing a drought of epic proportions. To meet this challenge, on April 1, 2015, California Governor Jerry Brown issued Executive Order B-29-15 to usher in an aggressive statewide plan for reducing water use…more

Drought, Emergency Response, Executive Orders, Jerry Brown, Water Conservation

See All Updates »

China Update: Privacy Law and Network Security Developments

The past 16 months have been eventful in China in connection with privacy law and network security developments. Key privacy law developments included: .. the coming into effect of new privacy provisions of the…more

China, Consumer Protection Act, Criminalization, Privacy Laws, Security and Privacy Controls

See All Updates »

IP Newsletter - April 2015

In This Issue: - Federal Circuit Affirms PTO in First Appeal of an Inter Partes Review Decision - EU Copyright: No Resale of Digital Content Except for Software? - Qualcomm Agrees to $975 Million Fine and…more

Broadest Reasonable Interpretation Standard, China, Copyright, EU, Fraud

See All Updates »

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

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

See All Updates »

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

See All Updates »

It’s Not Unusual: California Supreme Court Declines to Expand “Unusual Circumstances” Exception to CEQA Categorical Exemptions

In an important and highly anticipated decision under the California Environmental Quality Act (CEQA), the California Supreme Court overturned a Court of Appeal’s decision that would have severely limited public agencies’…more

Appeals, Berkeley Hillside v City of Berkeley, CA Supreme Court, Categorical Exemptions, CEQA

See All Updates »

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

See All Updates »

MoFo Global Procurement Quarterly: Winter 2015

In This Issue: - Protection of Security Relevant Information vs. Enhancement of Global Competition – Germany's "No Spy Decree" for Public Tenders under Continuous Scrutiny - RWIND Tenderer Test: Objective or…more

Cybersecurity, DOJ, Enforcement Actions, EU, Germany

See All Updates »

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

See All Updates »

CFPB Announces Field Hearing on Arbitration

On February 23, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Newark, New Jersey, on March 10, 2015, to discuss the topic of arbitration. We anticipate that the CFPB will…more

Arbitration, CFPB, Dodd-Frank

See All Updates »

OMB and Federal Agencies Publish Final Rule on Grants and Cooperative Agreements

On December 19, 2014, the White House Office of Management and Budget (OMB) and 28 federal agencies published in the Federal Register a consolidated interim final rule to implement OMB’s December 2013 final guidance on…more

Cooperative Agreements, Educational Institutions, Federal Grants, Final Guidance, Non-Profits

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

Financial Services Report - Spring 2015

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

Arbitration, Banking Sector, Consumer Financial Products, FIRREA, Mobile Banking

See All Updates »

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

See All Updates »

European Patent Office Finds Plants and Plant Products Patent-Eligible

On March 25, the Enlarged Board of Appeal (EBA) of the European Patent Office (EPO) handed a victory to those seeking to protect plant inventions in Europe. The EBA found that the essentially biological processes exclusion of…more

EU, European Patent Office, Patent-Eligible Subject Matter, Patents, Plant Patents

See All Updates »

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

See All Updates »

China’s Draft Foreign Investment Law: A Paradigm Shift in Regulation of Foreign Investment

On January 19, 2015, China’s Ministry of Commerce (“MOFCOM”) released for public comment a draft Foreign Investment Law; “FIL”) along with an accompanying explanatory note (“Note”). The deadline for comments is February 17,…more

China, Foreign Investment, MOFCOM

See All Updates »

From EMIR to Eternity? - The EU Financial Regulatory Agenda Into 2015 and Beyond

2014 was a very active year for financial regulation in the European Union (EU). There was a push to finalise much of the outstanding primary legislation on the regulatory reform agenda in advance of the European Parliamentary…more

EMIR, EU, European Commission, Financial Regulatory Reform

See All Updates »

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

See All Updates »

California FTB to Consider Revisions to Combination Regulations for Mixed Financial and Non-Financial Reporting Groups

The California Franchise Tax Board (FTB) has announced the scheduling of an Interested Parties Meeting (IPM) for December 4, 2014 on the topic of possible regulatory efforts regarding the proper treatment of mixed bank/financial…more

Banks, Corporate Taxes, Financial Institutions, Franchise Tax Board, Interested Parties

See All Updates »

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

See All Updates »

Employment Law Commentary - October 2014

California Legislative Update - Welcome back to our annual review of new laws that may impact California employers! This year’s highlights include California’s new paid sick leave law, additions to sexual harassment…more

Child Labor, Employer Liability Issues, FEHA, Independent Contractors, Joint Employers

See All Updates »

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

See All Updates »

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

See All Updates »

China’s Draft Foreign Investment Law: A Paradigm Shift in Regulation of Foreign Investment

On January 19, 2015, China’s Ministry of Commerce (“MOFCOM”) released for public comment a draft Foreign Investment Law; “FIL”) along with an accompanying explanatory note (“Note”). The deadline for comments is February 17,…more

China, Foreign Investment, MOFCOM

See All Updates »

Proposed Prop 65 Rules Won't Please Calif. Businesses

California’s Proposition 65 warning requirements (Health & Safety Code Sections 25249.6 et seq.) have long been a major concern for businesses that want their products offered for sale in the state’s large marketplace…more

Labeling, Proposition 65, Safe Harbors, Warning Labels

See All Updates »

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

See All Updates »

Socially Aware - Volume 5, Issue 7 - December 2014

In This Issue: - What’s in a Like? - R.I.P.: The Facebook “Like” Gate - Facebook Dislikes Fake Likes - Privacy in the Cloud: A Legal Framework for Moving Personal Data to the Cloud - Click it…more

Advertising, Clickwrap Agreements, Cloud-Based Services, COPPA, Counterfeiting

See All Updates »

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

See All Updates »

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

See All Updates »

Federal Circuit Addresses Damages in the Hatch-Waxman Context

On April 7, 2015, the United States Court of Appeals for the Federal Circuit issued its decision in Astrazeneca AB v. Apotex Corp., No. 2014-1221, affirming an award of a reasonable royalty of 50% in a case arising from the…more

Apotex, Appeals, AstraZeneca, Damages, Hatch-Waxman

See All Updates »

Ninth Circuit Offers Guidance to Defendants Seeking to Establish Removal Jurisdiction

The Supreme Court recently denied a petition for a writ of certiorari in Leite v. Crane Co., 49 F.3d 1117 (9th Cir. 2014), cert. denied, 574 U.S. ___ (2014) (No. 14-119), a case in which the Ninth Circuit established the…more

Federal Jurisdiction, Federal Rules of Civil Procedure, Jurisdiction, Removal

See All Updates »

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

See All Updates »

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

See All Updates »

When Is “Payment Authorization” the Same as a “Payment”? Seventh Circuit Weighs In

A divided Seventh Circuit found that the Truth in Lending Act (TILA), 15 U.S.C. § 1601 et seq., requires mortgage servicers to credit online electronic payments on the day the customer authorizes the payment, despite not…more

Electronic Payment Transactions, Mortgage Servicers, Popular, TILA

See All Updates »

Morrison & Foerster Quarterly News Tax Talk - Volume 7, No.4 January 2015

In This Issue: - Congress Passes Year-End Tax Extenders Bill - House Adopts New “Dynamic Scoring” Rule - Foreign Fund Engaged in Lending and Stock Distribution Not Protected by “Trading in Stock or Securities”…more

Dividends, Federal Taxes, Foreign Lending, LLC, REIT

See All Updates »

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

See All Updates »

Status Updates - April 2015 #2

Bad ads. New research shows that 5% of the people visiting Google-related websites are using computers infected with programs that insert illegitimate ads onto web pages; as a result, these web surfers see ads that site…more

Advertising, Amazon, Google, Internet of Things, Mobile Payments

See All Updates »

Internet Licensing - The Licensing Journal, Vol. 34, No. 10, Pg 29–31

Implementing and Enforcing Online Terms of Use - Operators of social media platforms and other Web sites must manage a large number of risks resulting from their interactions with users. In an effort to maintain a degree…more

Browsewrap Agreement, Clickwrap Agreements, Prior Express Consent, Social Media, Terms of Service

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

Narrowing Of FCA Public Disclosure Bar Continues

On Feb. 25, 2015, the Sixth Circuit became the latest federal court of appeals to weigh in on the scope of the False Claims Act’s public disclosure bar in its decision in United States ex rel. Whipple v. Chattanooga-Hamilton…more

False Claims Act, Government Investigations, Healthcare Fraud, Hospitals, Medicare

See All Updates »

Regulation A+: Final Rules Offer Important Capital Raising Alternatives

Overview - Yesterday, March 25, 2015, the Securities and Exchange Commission voted unanimously to adopt final rules to implement the rulemaking mandate of Title IV of the JOBS Act by adopting amendments to Regulation A…more

Final Rules, Issuers, JOBS Act, Regulation A, SEC

See All Updates »

Conviction of First Foreign Official at Trial for Money Laundering Based on Underlying FCPA Bribery Scheme Upheld

Following on the heels of its landmark 2014 ruling in United States v. Esquenazi, the Eleventh Circuit has issued another important decision addressing the Foreign Corrupt Practices Act (FCPA) in a related case, United States v…more

Bribery, Criminal Conspiracy, Criminal Prosecution, FCPA, Foreign Official

See All Updates »

TRIA Extension Fails: An Initial Guide to Next Steps

To the surprise of many, Congress failed to extend the Terrorism Risk Insurance Act of 2002 ("TRIA"), which is set to expire at the end of this year. Many hope that TRIA in some form will be re-authorized early in 2015 and,…more

Terrorism Insurance, TRIA

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

See All Updates »

IP Newsletter - April 2015

In This Issue: - Federal Circuit Affirms PTO in First Appeal of an Inter Partes Review Decision - EU Copyright: No Resale of Digital Content Except for Software? - Qualcomm Agrees to $975 Million Fine and…more

Broadest Reasonable Interpretation Standard, China, Copyright, EU, Fraud

See All Updates »

SEC Remarks at the Practising Law Institute’s Program Titled “SEC Speaks in 2015”

On February 20, 2015, several representatives from the SEC spoke at the Practising Law Institute’s program titled “SEC Speaks in 2015,” including Chair Mary Jo White and Commissioner Louis A. Aguilar. Ms. White provided…more

Asset-Backed Securities, Credit Rating Agencies, Derivatives, Dodd-Frank, Enforcement

See All Updates »

China’s Draft Foreign Investment Law: A Paradigm Shift in Regulation of Foreign Investment

On January 19, 2015, China’s Ministry of Commerce (“MOFCOM”) released for public comment a draft Foreign Investment Law; “FIL”) along with an accompanying explanatory note (“Note”). The deadline for comments is February 17,…more

China, Foreign Investment, MOFCOM

See All Updates »

IP Newsletter - January 2015

In This Issue: - Castle Defense: Federal Circuit Reinforces Patent Damages Gate in VirnetX - Standards Patent Licensing: Always Apportionment, Sometimes Stacking - Supreme Court to Consider Good-Faith Belief…more

Biotechnology, Cisco, Expert Testimony, FRAND, Good Faith

See All Updates »

IP Newsletter - January 2015

In This Issue: - Castle Defense: Federal Circuit Reinforces Patent Damages Gate in VirnetX - Standards Patent Licensing: Always Apportionment, Sometimes Stacking - Supreme Court to Consider Good-Faith Belief…more

Biotechnology, Cisco, Expert Testimony, FRAND, Good Faith

See All Updates »

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

See All Updates »

Context, Reasons, Hedges, and Disclaimers: The Supreme Court’s Ruling in Omnicare May Shape Whether and How Companies Express Opinions

The Supreme Court’s decision yesterday in Omnicare Inc. v. The Laborers District Council Construction Industry Pension Fund, No. 13-435 (U.S. March 23, 2015) articulated the standard of liability for statements of opinion. At…more

Omnicare, Omnicare v Laborers District Council, Pharmacies, Registration Statement, SCOTUS

See All Updates »

A Comparison of FINRA Proposed Rule 2241 (Equity) v. Proposed Rule 2242 (Debt)

In November 2014, and further amended in February 2015, FINRA announced a comprehensive revision of the equity research rule currently numbered as NASD Rule 2711 and proposed a debt research rule modeled on the equity research…more

FINRA, NASD, Proposed Regulation

See All Updates »

Appellate Court Gets It Right: Realistic Product Use Data Can Be Used by Businesses to Defend Lawsuits

California’s First District Court of Appeal issued a unanimous and potentially far-reaching and precedent-setting decision on March 17, 2015, siding with businesses in our defeat of a lawsuit that sought to require cancer and…more

Beech-Nut, Food Labeling, Labeling, Proposition 65

See All Updates »

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

See All Updates »

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

See All Updates »

Morrison & Foerster Quarterly News Tax Talk - Volume 7, No.4 January 2015

In This Issue: - Congress Passes Year-End Tax Extenders Bill - House Adopts New “Dynamic Scoring” Rule - Foreign Fund Engaged in Lending and Stock Distribution Not Protected by “Trading in Stock or Securities”…more

Dividends, Federal Taxes, Foreign Lending, LLC, REIT

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

Agencies Issue Guidance for Foreign Banking Entities on the Application of the Marketing Restriction for the Volcker Rule’s SOTUS Covered Fund Exemption

On Friday, February 27, 2015, the Volcker Inter-Agency Group posted a new frequently asked question (FAQ 13), clarifying the scope of the so-called “marketing restriction” under the SOTUS covered fund exemption. The SOTUS…more

Covered Funds, Exemptions, Foreign Banks, Marketing, Trade Restrictions

See All Updates »

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

See All Updates »

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

See All Updates »

CFPB Finalizes Rule Suspending Quarterly Submission of Credit Card Agreements

On April 15, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced a final rule (“Final Rule”) that suspends for one year the requirement under the Truth in Lending Act and implemented by Regulation Z that credit…more

Banking Sector, CFPB, Consumer Lenders, Credit Card Agreements, Final Rules

See All Updates »

Financial Services Report - Winter 2014

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

Arbitration, Banking Sector, Banks, Consumer Financial Products, Dodd-Frank

See All Updates »

NTIA Kicks Off Drone Privacy Best Practice Process

Federal efforts to formulate a series of rules governing the commercial use of drones, or unmanned aircraft systems (“UAS”), took another step forward on March 5, 2015, when the National Telecommunications and Information…more

Drones, FAA, NTIA, Privacy Laws, U.S. Commerce Department

See All Updates »

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

See All Updates »

2014 Insider Trading Annual Review

Overview of Insider Training Law - “Insider trading” is an ambiguous and overinclusive term. Trading by insiders includes both legal and illegal conduct. The legal version occurs when certain corporate insiders – including…more

Enforcement, Enforcement Actions, Illegal Tipping, Insider Trading, Material Misstatements

See All Updates »

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

See All Updates »

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

See All Updates »

SEC Annual Conference Highlights 2014 Accomplishments and Promises to Turn Up the Heat in 2015

With Chair Mary Jo White in her second year at the helm, the Securities and Exchange Commission showcased its efforts, improvements, and enforcement successes at this year’s SEC Speaks Conference. The Commission highlighted that…more

Broker-Dealer, Enforcement Actions, FCPA, Financial Reporting, Fraud

See All Updates »

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

See All Updates »

Socially Aware - Volume 6, Issue 1 - January/February 2015

In This Issue: - Good Rep: Social Media Assets in M&A Transactions - Narrow Vision: Did Anti-Glass Hysteria Contribute to the Demise of Google Glass? - Forced to Cyber-Spy: Court Rules Parents Can Be Held…more

Business Assets, Cloud-Based Services, Contract Negotiations, Facebook, FTC

See All Updates »

Context, Reasons, Hedges, and Disclaimers: The Supreme Court’s Ruling in Omnicare May Shape Whether and How Companies Express Opinions

The Supreme Court’s decision yesterday in Omnicare Inc. v. The Laborers District Council Construction Industry Pension Fund, No. 13-435 (U.S. March 23, 2015) articulated the standard of liability for statements of opinion. At…more

Omnicare, Omnicare v Laborers District Council, Pharmacies, Registration Statement, SCOTUS

See All Updates »

Final IRS Regulations Under Section 162(m) Will Impact Transition Rule Applicable to Newly Public Companies

On March 31, 2015, the IRS issued final regulations under Section 162(m), the tax code provision which limits the deduction for compensation paid to certain public company executive officers. As signaled by the proposed…more

Corporate Taxes, Executive Compensation, IRS, Proposed Regulation, Publicly-Traded Companies

See All Updates »

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

See All Updates »

Big Data Series: Part 1: Privacy - “Big Data is not a game played by different rules”

Big data is now big business. In recent years, due to the exponential growth in the capability of technology to undertake data analytics on a massive scale, organisations have started to appreciate the potential hidden value…more

Analytics, Big Data, FCRA, FTC, ICO

See All Updates »

MoFo Global Procurement Quarterly: Winter 2015

In This Issue: - Protection of Security Relevant Information vs. Enhancement of Global Competition – Germany's "No Spy Decree" for Public Tenders under Continuous Scrutiny - RWIND Tenderer Test: Objective or…more

Cybersecurity, DOJ, Enforcement Actions, EU, Germany

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

Agencies Issue Guidance for Foreign Banking Entities on the Application of the Marketing Restriction for the Volcker Rule’s SOTUS Covered Fund Exemption

On Friday, February 27, 2015, the Volcker Inter-Agency Group posted a new frequently asked question (FAQ 13), clarifying the scope of the so-called “marketing restriction” under the SOTUS covered fund exemption. The SOTUS…more

Covered Funds, Exemptions, Foreign Banks, Marketing, Trade Restrictions

See All Updates »

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

See All Updates »

IP Newsletter - April 2015

In This Issue: - Federal Circuit Affirms PTO in First Appeal of an Inter Partes Review Decision - EU Copyright: No Resale of Digital Content Except for Software? - Qualcomm Agrees to $975 Million Fine and…more

Broadest Reasonable Interpretation Standard, China, Copyright, EU, Fraud

See All Updates »

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

See All Updates »

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

See All Updates »

New UK Withholding Tax Exemption Set to Boost the UK Private Placement Market

On 4 December, George Osborne in his Autumn Statement, announced a new UK withholding tax exemption for interest payments on UK private placements. The announcement was followed by draft legislative clauses with the Finance Bill…more

Exemptions, Private Placements, UK, Withholding Tax

See All Updates »

Shifting Course: Expanding the Scope of Permissible Cuba Transactions

The Treasury Department’s Office of Foreign Assets Control (“OFAC”) has issued its first set of amendments to the Cuban Assets Control Regulations (“CACR”) to begin implementing a major policy shift in United States–Cuba…more

BIS, CACR, Cross-Border Transactions, Cuba, Export Administration Regulations

See All Updates »

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

See All Updates »

Morrison & Foerster Quarterly News Tax Talk - Volume 7, No.4 January 2015

In This Issue: - Congress Passes Year-End Tax Extenders Bill - House Adopts New “Dynamic Scoring” Rule - Foreign Fund Engaged in Lending and Stock Distribution Not Protected by “Trading in Stock or Securities”…more

Dividends, Federal Taxes, Foreign Lending, LLC, REIT

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

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

See All Updates »

Ninth Circuit Offers Guidance to Defendants Seeking to Establish Removal Jurisdiction

The Supreme Court recently denied a petition for a writ of certiorari in Leite v. Crane Co., 49 F.3d 1117 (9th Cir. 2014), cert. denied, 574 U.S. ___ (2014) (No. 14-119), a case in which the Ninth Circuit established the…more

Federal Jurisdiction, Federal Rules of Civil Procedure, Jurisdiction, Removal

See All Updates »

New HSR Filing Thresholds for 2015

On January 15, 2015, the U.S. Federal Trade Commission (FTC), the agency charged with administering the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”), as amended, and its filing requirements, announced the…more

Filing Fees, FTC, Hart-Scott-Rodino Act, Jurisdiction, Threshhold Requirements

See All Updates »

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

See All Updates »

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

See All Updates »

Difficulty in Understanding? ESMA Consultation Paper on Complex Debt Instruments and Structured Deposits

On 24 March 2015, the European Securities and Markets Authority (ESMA) published a Consultation Paper setting out draft guidelines on complex debt instruments and structured deposits. Background - The Consultation…more

Complex Financial Products, Deposit Accounts, ESMA, EU, MiFID

See All Updates »

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

See All Updates »

FTC Issues Landmark Report on Internet of Things

The FTC has released its much anticipated report on the Internet of Things (“IoT”) – a topic that has been top-of-mind for many companies. The FTC’s report, “Internet of Things: Privacy & Security in a Connected World” (the…more

Cybersecurity, FTC, Information Reports, Internet, Internet of Things

See All Updates »

May State and Local Governments Control Low-Flying Drones?

Most of the attention paid to drones has focused on issues of aviation and Federal Aviation Administration (FAA) authority. Yet much of the impact of low-flying drones will fall, not on the national air transportation system,…more

Drones, Federal Aviation Act, Local Ordinance, Preemption, Privacy Laws

See All Updates »

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 Crim