Morgan Lewis

New Opinion and Advisory Program for Pre-Approved 403(b) Plans

The IRS releases new procedures and sample plan language to assist 403(b) plan sponsors in obtaining pre-approval of 403(b) plan documents and to ensure documentary compliance with 403(b) requirements…more

403(b) Plans, Advisory Opinions, IRS, Pre-approval, Required Documentation

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Practical Implications from Amarin

Amarin is an important US district court opinion affirming the importance of the Second Circuit’s Caronia decision and finding that pharmaceutical and medical device companies have a constitutionally protected right to provide…more

Amarin, Caronia, FDA, FDA Approval, FDCA

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IRS Offers Tax Guidance Relating to Money Market Fund Rules

The IRS recently provided relief from the RIC distribution requirement for money market funds that receive contributions in connection with the transition to a floating NAV, enabling RICs to top up their NAVs without having to…more

Diversification Requirements, Floating NAV, Income Taxes, Insurance Industry, Internal Revenue Code (IRC)

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Court Upholds Validity of ERISA Fiduciary Indemnification

Ruling rejects DOL challenge of an agreement by a 100% ESOP-owned company to advance defense costs and indemnify a trustee…more

DOL, ERISA, ESOP, Indemnification, Legal Costs

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EU-US Privacy Shield to Replace Safe Harbor

A new personal data transfer agreement was announced on February 3, 2016 between EU and US authorities: the EU-US Privacy Shield will replace the invalidated Safe Harbor programme. Since the landmark decision of the…more

Data Protection Authority, EU, EU-US Privacy Shield, European Commission, European Court of Justice (ECJ)

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FERC Signals Intention to Closely Scrutinize Late Interventions

Movants must clear high hurdle once parties reach settlement in principle. On March 9, the Federal Energy Regulatory Commission (FERC or the Commission) issued an order in Maritimes & Northeast Pipeline, LLC (Maritimes…more

Administrative Appeals, ALJ, Federal Power Act, FERC, Intervenors

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SEC Speaks 2016: Enforcement Panels Double Down on Use of Data Analytics

Data collection and analysis continue to impact SEC’s approach to enforcement. The increasing use of data analytics to jump-start investigations and enforcement efforts dominated the panel discussion at this year’s “SEC…more

Analytics, Broker-Dealer, Corporate Counsel, Cybersecurity, Data Collection

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Nuclear Agreement Lacks Details on Relaxing Sanctions Against Iran

Although the provisions that limit Iran's nuclear program are spelled out in some detail, those related to relaxing economic sanctions against Iran are quite vague…more

Iran Sanctions, Negotiations, Nuclear Weapons, P5+1 Nations, United Nations

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Fifth Circuit Holds Deferred Compensation Plan Is Governed by ERISA

The decision details important implications for employers that use deferred compensation arrangements…more

Corporate Counsel, Deferred Compensation, Employee Benefits, ERISA

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Bank of Russia Adopts Basel III Regulation

Any subordinated debt, including Eurobonds, issued after 1 March 2013 must comply with the new rules in order to qualify as regulatory capital…more

Bank of Russia, Basel III, Bonds, Debt, Russia

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CFTC Staff Clarifies Registration Relief Available to Non-US Asset Managers

No-action relief confirms that non-US asset managers may rely on an exemption from CFTC registration when trading uncleared swaps in the United States for the accounts of their non-US clients, an issue that had been in doubt…more

CFTC, Commodity Pool, CPOs, CTA, Dodd-Frank

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Brazil Enacts Anti-Corruption Law

Companies doing business in the country should evaluate their compliance programs to avoid the law's sanctions on violators. On August 2, Brazilian President Dilma Rousseff signed Law No. 12,846/2013—unofficially called…more

Anti-Bribery, Anti-Corruption, Bribery, Compliance, FCPA

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Kazakhstan’s New Rehabilitation and Bankruptcy Law

The new law extends the grounds for shareholders’ liability and invalidation of transactions. On 26 March 2014, the new Rehabilitation and Bankruptcy Law (the New Law) took effect in Kazakhstan. The New Law supersedes the…more

Bankruptcy Reform, Commercial Bankruptcy, Shareholders

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Eastern District of Texas Adopts Limits on Asserted Patent Claims and Prior Art

Eastern District’s order aims to focus patent cases in an attempt to reduce costs. On October 29, Chief District Judge Leonard Davis of the U.S. District Court for the Eastern District of Texas signed a general order…more

Claim Construction, Discovery, Patents, Prior Art

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FTC Complaint Highlights the Need to Disclose Material Connections in Ads

The recent complaint highlights the importance of clearly and conspicuously disclosing material connections between advertisers and paid influencers, including in social media posts or in native ads. …more

Advertising, Disclosure Requirements, Fashion Industry, FTC, FTC Endorsement G