Reed Smith

Financial Services Regulatory Bulletin - December 2014

In this issue: - CFPB Issues Final Rule on Regulation P: Annual Privacy Notices Can Be Delivered By Posting Online - ‘It Takes Hutzpah!’: D.C. Federal Judge Issues Stunning Rebuke of HUD Disparate Impact Rule…more

Annual Notices, CFPB, Debt Collectors, Disability Benefits, Discrimination

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China Auditor Update: SEC and Chinese Audit Firms "Settle" for the Status Quo

In an Order of Settlement released February 6, 2015, the SEC agreed to stay the administrative action against the Chinese affiliates of the “Big Four” accounting firms for refusing to turn over their audit work papers relating…more

Auditors, China, Deloitte, Enforcement Actions, Ernst & Young

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Court of Appeal provides useful reminder on narrow application of litigation privilege

In the case of Rawlinson & Hunter Trustees SA v Akers & Another the Court of Appeal considered the parameters of litigation privilege, providing a useful reminder of how narrow the protection is and the care that must be taken…more

Appeals, Document Productions, Litigation Privilege, Litigation Strategies, Third-Party

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Medical Monitoring For Soft Drink Purchasers: Not The Choice For This Generation

Those of us who have been paying at least marginal attention to developments in popular culture and product liability law—not necessarily the fanatical level of attention to these subjects paid by certain of our…more

Medical Monitoring, PepsiCo, Pleading Standards, Pleadings, Proposition 65

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Indonesia’s Presidential Elections Dispute and Idul Fitri 2014 – Are You and Your Company Prepared?

On July 9, within just a few hours of the polls closing in the tightly contested presidential election in the world’s third-largest democracy – the Republic of Indonesia – the only two contestants running had claimed victory…more

Election Laws

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Continuation of Russian Sanctions

Since March 2014, Reed Smith has been closely monitoring developments relating to the situation in the Ukraine and reporting them as Client Alerts and blog updates. We have set out below a brief summary of the EU’s…more

EU, Russia, Sanctions, Ukraine

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Using Pennsylvania Law to Defend the Heinz Merger with Berkshire Hathaway and 3G Capital

Over the past several years, shareholder litigation challenging mergers and acquisitions has become a virtual certainty in any sizeable deal. A recent decision from a state court in Pittsburgh illustrates how Pennsylvania law…more

Berkshire Hathaway, Business Judgment Rule, Corporate Governance, Derivative Suit, Fiduciary Duty

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Expo 2020 – Part 2: Sustainability

One of three main themes of Expo 2020 is sustainability. During the event, the participants will explore and discuss the development of sustainable sources of energy and water. However, sustainability is not just a theme…more

Energy, Green Buildings, Renewable Energy, Sustainability, Water

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REMIT Registration: What do you need to know?

The EU Regulation on Wholesale Energy Market Integrity and Transparency (REMIT)1 came into force on 28 December 2011. It establishes an insider trading, market manipulation, disclosure, registration and transaction reporting…more

Energy Sector, EU, REMIT

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Financial Services Regulatory Bulletin - December 2014

In this issue: - CFPB Issues Final Rule on Regulation P: Annual Privacy Notices Can Be Delivered By Posting Online - ‘It Takes Hutzpah!’: D.C. Federal Judge Issues Stunning Rebuke of HUD Disparate Impact Rule…more

Annual Notices, CFPB, Debt Collectors, Disability Benefits, Discrimination

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Technology-Assisted Review: Please Show Me Your Seed Set

It has been three years since Magistrate Judge Andrew Peck issued his February 2012 decision in Da Silva Moore v. Publicis Groupe & MSL Group, 287 F.R.D. 182 (S.D.N.Y. 2012), judicially accepting for the first time the use of…more

Da Silva Moore, Discovery, Electronically Stored Information, Popular, Predictive Coding

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IP/IT & Media Newsletter - Issue 1/2014

In this issue: - Apps and Data Privacy – New Guidelines from the German DPAs New Developments in Cybersecurity Regulation - Refer-a-Friend Functionality on the Internet – Federal Court underpins its view…more

Data Protection, ECJ, EU, EU Data Protection Laws, Mobile Apps

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Whole Foods’ Proposal for Proxy Access Is Sufficient to Exclude Shareholder Proposal

In a closely watched development, the SEC’s Division of Corporation Finance Staff (Staff) granted no-action relief in early December to Whole Foods Market, Inc. (Whole Foods, or the Company) in response to the Company’s request…more

No-Action Relief, Proxy Season, Proxy Statements, SEC, Shareholder Proposals

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Extension clauses in FOB contracts

The High Court has recently considered the purpose and effect of the GAFTA FOB contract “Extension of Delivery” clause, which entitles a buyer to claim an extension to the delivery period. This alert considers the conclusions…more

Extensions, GAFTA, Shipping, Time Extensions, UK

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U.S. Court of Appeals Provides Long-Awaited Guidance Regarding Whether an Entity Should be Considered an ‘Instrumentality’ of a Foreign Government under the FCPA

In a decision with significant implications regarding the application of the Foreign Corrupt Practices Act (“FCPA”), the U.S. Court of Appeals for the Eleventh Circuit has clarified the framework for determining whether an…more

Appeals, DOJ, FCPA, Foreign Entities, Foreign Official

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Delaware Court of Chancery Upholds Validity of Forum Selection Bylaws

On June 25, 2013, in a judicial development that should ease the burden of multi-jurisdiction litigation, Chancellor Leo E. Strine, Jr. of the Delaware Court of Chancery held that forum selection bylaws adopted by the respective…more

Bylaws, Forum, Forum Selection Clause, Forum Shopping, Jurisdiction

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SEC Announces Enforcement Actions Relating to Section 16 Reporting Violations

On September 10, the SEC announced enforcement actions against 28 individuals and investment companies for failing to promptly report their holdings of and transactions in public company stock. The SEC also brought charges…more

Compliance, Enforcement, Enforcement Actions, Reporting Requirements, SEC

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Network Interference: A Legal Guide to the Commercial Risks and Rewards of the Social Media Phenomenon (3rd Edition)

In this edition: - Introduction - Advertising & Marketing - Brand Protection & Reputational Management - Copyright (EU) - Copyright (U.S.) - Data Privacy & Security -…more

Copyright, Cybersecurity, Data Protection, EU, FDA

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UK update - Type 2 diabetes controlled by diet is not automatically a disability

In Metroline Travel v Stoute, the Employment Appeal Tribunal (“EAT”) decided that employees with type 2 diabetes controlled by diet (rather than medication) are not automatically protected by disability discrimination…more

Disability Discrimination, UK, UK Employment Appeal Tribunal

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New Hybrid Pension Plan Guidance

The IRS recently issued new final and proposed regulations that provide welcome guidance to sponsors of hybrid pension plans. Hybrid pension plans, such as cash balance plans and pension equity plans, are defined benefit plans…more

Employee Benefits, Final Rules, Hybrid Plan, IRS, Pensions

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What is your broker up to? Broker found to have authority to enter into a fixture and guarantee

Mitsui OSK Lines Ltd v Salgaocar Mining Industries Private Ltd (2015) (Unreported) - After extensive negotiations, London brokers fixed a 10-year charterparty on behalf of their principals, the Charterers. The Charterers…more

Arbitration, Charterparties, Maritime Transport, Mining, Shipping

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CARB’s Invalidation of Offset Credits Highlights Importance of Risk Allocation

On October 8, 2014, the California Air Resources Board (CARB) issued a preliminary determination invalidating more than 230,000 offset credits on grounds that an Arkansas-based chlorofluorocarbons (CFCs) incinerator was not in…more

California Air Resources Board, Cap-and-Trade, CFCs, Contract Drafting, EPA

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Foreign Investments in France Subject to the Prior Authorisation of the French Government

Since 2005, France has enacted various regulations in order to control foreign investments in French companies operating in specified sectors considered as being strategic or sensitive. As a result of these regulations,…more

EU, Foreign Investment, Investors

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UK power generation assets: optimisation and monetisation

In recent years, the UK power sector has seen owners and/or operators of generation assets increasingly reflect on their commercial strategies with respect to their operations. In the case of power plants, this has involved a…more

Energy, Power Plants, UK, Utilities Sector

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Supreme Court’s Denial of Review Lets Stand Influential Opinion Defining FCPA “Instrumentality”

The U.S. Supreme Court on Monday, October 6, 2014, chose not to take an appeal regarding a vague and potent provision of the United States’ international bribery statute, the Foreign Corrupt Practices Act (“FCPA”)…more

Corporate Counsel

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FDA Releases Planning Board's Report on National Medical Device Postmarket Surveillance System

FDA has released the Medical Device Postmarket Surveillance System Planning Board’s report, Strengthening Patient Care: Building an Effective National Medical Device Surveillance System, which outlines recommended steps toward…more

FDA, Medical Devices

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Commercial Restructuring & Bankruptcy Alert - February 2015

In This Issue: - Minority Holders Gain Leverage Through Recent Interpretation of Trust Indenture Act - New Jersey Joins Number of States Creating Specialty Business Courts - Credit Bid Rights Bolstered in…more

Bankruptcy Code, Business Court Division, Commercial Bankruptcy, Construction Loans, Consumer Bankruptcy

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SEC Announces Enforcement Actions Relating to Section 16 Reporting Violations

On September 10, the SEC announced enforcement actions against 28 individuals and investment companies for failing to promptly report their holdings of and transactions in public company stock. The SEC also brought charges…more

Compliance, Enforcement, Enforcement Actions, Reporting Requirements, SEC

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CMBS 2.0 IN FOCUS: Class X – a Class Act!

The emergence of European CMBS 2.0 can be directly traced back to Deutsche Bank’s Deco 2011-CSPK which closed in June 2011. Since that issuance, there have been several deals brought to the market by not only Deutsche Bank but…more

Class X Notes, CMBS, Commercial Mortgage Securitization, Deutsche Bank, EU

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Indonesia’s Presidential Elections Dispute and Idul Fitri 2014 – Are You and Your Company Prepared?

On July 9, within just a few hours of the polls closing in the tightly contested presidential election in the world’s third-largest democracy – the Republic of Indonesia – the only two contestants running had claimed victory…more

Election Laws

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Whistleblower Protection Around the World

Welcome to Reed Smith’s monthly global employment law blog post. This month’s post covers the protection afforded to whistleblowers around the world. France - Under French law, employees cannot be sanctioned,…more

France, Germany, Hong Kong, UK, Whistleblower Protection Policies

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IRS Releases New Guidance on Beginning of Construction - Aug 2014

On August 8, 2014, the Internal Revenue Service (“IRS”) issued Notice 2014-46 (the “Notice”), which clarified certain aspects of the beginning of construction requirement that must be satisfied for taxpayers to qualify for…more

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

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Enforced subject access requests now a criminal offence in the UK

In September 2014 we reported on the UK’s intention to stamp out a practice commonly known as “enforced subject access requests”. This concerned the previously dormant section 56 of the UK Data Protection Act 1998 (‘DPA’),…more

Criminal Background Checks, Criminal Prosecution, Subject Access Request, UK

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New Jersey Casts a Broader Net (Opinion Rule)

It wasn’t too long ago that, down the shore, New Jersey hosted one of the most notorious litigation hellholes in the country. That’s not the case anymore, as the current (2014-15) ATRA Judicial Hellholes report explains in a…more

Car Accident, Daubert Standards, Expert Testimony, Motorcycle Accidents, Statement of Opinion

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Reed Smith LLP Advises Multistate Tax Commission Work Group on Class Action and False Claims Act Model Statutes

Last week, the Multistate Tax Commission (the “MTC”) conducted its 2015 Winter Committee Meetings in Kansas City, Missouri. Among the agenda topics were model provisions concerning the application of consumer class action and…more

Class Action, False Claims Act, Multistate Tax Commission, Working Groups

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Network Interference: A Legal Guide to the Commercial Risks and Rewards of the Social Media Phenomenon (3rd Edition)

In this edition: - Introduction - Advertising & Marketing - Brand Protection & Reputational Management - Copyright (EU) - Copyright (U.S.) - Data Privacy & Security -…more

Copyright, Cybersecurity, Data Protection, EU, FDA

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Governor Baker Names Mark Nunnelly New Commissioner of Revenue

Today, Mark Nunnelly, a former Managing Director of Bain Capital, was named the new Commissioner of the Department of Revenue. Mr. Nunnelly replaces outgoing Commissioner Amy Pitter effective March 30, 2015…more

Administrative Appointments, Charlie Baker

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Energy Charter Treaty and the YUKOS/Russia experience

On 28 July 2014, the Permanent Court of Arbitration in the Hague published a final award in an Energy Charter Treaty (ECT) arbitration that has been active for the past decade, ordering the Russian Federation (Russia) to pay…more

Arbitration, Energy, International Arbitration, Russia

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U.S. Supreme Court Upholds Fourth Circuit Victory for Omnicare, Inc. in High-profile, Precedent-setting False Claims Act Case

On October 6, 2014, the U.S. Supreme Court denied review of a groundbreaking Fourth Circuit decision affirming the dismissal of a novel False Claims Act suit against Reed Smith client Omnicare, Inc. In its February 2014…more

DOJ, False Claims Act, Omnicare, Prescription Drugs, Qui Tam

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Intra-EU supplies of digital services and VAT – new place of supply rules and VAT Mini One Stop Shop (MOSS)

On 1 January 2015, new rules will take effect to determine where intra-EU supplies of “digital services” to consumers will be deemed to take place for VAT purposes. This is a major change which will affect any person who makes…more

Digital Services, EU, New Regulations, VAT

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Network Interference: A Legal Guide to the Commercial Risks and Rewards of the Social Media Phenomenon (3rd Edition)

In this edition: - Introduction - Advertising & Marketing - Brand Protection & Reputational Management - Copyright (EU) - Copyright (U.S.) - Data Privacy & Security -…more

Copyright, Cybersecurity, Data Protection, EU, FDA

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What’s in the Pensions Pipeline for 2014?

How the time flies. With 2013 having now drawn to a close, the attention of pension trustees and employers has turned to what pensions issues 2014 may bring. We have discussed some of the likely “agenda items” below…more

Employee Benefits, Income Taxes, Pensions, Retirement, UK

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CFPB Updates - March 2015

CFPB Report Claims Arbitration “Less Beneficial To Consumers” than Individual or Class Litigation, Foreshadows Attempt to Impose Restrictions in Future - On March 10, Director Richard Cordray of the Consumer Financial…more

Arbitration, CFPB, Class Action, Consumer Financial Products, Richard Cordray

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Faulty Workmanship Can Be An Accident

After a spate of bad decisions for policyholders on whether general liability policies can ever provide coverage for construction liabilities, three courts, in the past few weeks, have done an about-face, holding that there is…more

Commercial General Liability Policies, Construction Defects, Subcontractors

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No Planning for Change of Use?

We have all seen a lot of publicity on the government’s proposals to speed up and simplify the system for getting planning permission to kick start the economy. From 30 May 2013 various changes of use can be made without the…more

Affordable Housing, Change of Use, Economic Development, Housing Developers, Office Space

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Financial Industry Regulatory Update - December 2014

In this issue: - The Financial Services (Banking Reform) Act 2013 - Proprietary Treading And Ring Fencing (EU) - Shadow Banking - Mobile Banking And Payments - Stress Testing And Asset…more

Banking Sector, Capital Requirements, Financial Regulatory Reform, Mobile Apps, Mobile Payments

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The High Court has confirmed the effectiveness of contractual carve-out by bank of duty of care and advisory relationship and that a bank did not owe a fiduciary duty

Facts - Barclays Bank plc acted as agent and offshore security trustee under a Facility Agreement, whereby a syndicate of lenders, including Barclays Capital, lent US$45 million in late 2007 to Svizera, a Dutch company,…more

Barclays, Duty of Care, Lenders

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The JOBS Act – Where Are We Now – 2014?

On April 5, 2012, President Barack Obama signed the Jumpstart Our Business Startups Act (the “JOBS Act”) into law. The stated purpose of the JOBS Act was to increase job creation and stimulate economic growth. Often referred to…more

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The SEC and the Pharmaceutical Industry - Recent Commentary by the SEC's Enforcement Director Identifies Areas of SEC Focus Applicable to the Industry

Recently, the United States Securities and Exchange Commission’s (“SEC”) Enforcement Director, Andrew Ceresney (“Ceresney”), spoke to pharmaceutical compliance personnel at the CBI’s Annual Pharmaceutical Compliance Congress and…more

Disclosure Requirements, FCPA, FDA, Internal Controls, Pharmaceutical

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Pennsylvania Tax Developments - A Reed Smith Quarterly Update: November 2014

This is a brief update on recent Pennsylvania tax developments. Does New Governor Mean More Tax Reform? In the recent gubernatorial election, challenger Tom Wolf (D) defeated incumbent Governor Tom Corbett (R). If…more

Department of Revenue, Freight Forwarding, Gross Receipts Tax, Mining Tax, Offsets

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Under New Law, a Big Win for Small Community Banks

Under a law enacted this month, a small bank exemption to acquisition debt limits will cover a far broader group of banks. The measure, signed into law by President Obama Dec. 18, would extend the applicability of the Federal…more

Banks, Capital Requirements, Community Banks, Debt Ceiling, Federal Reserve

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New Hybrid Pension Plan Guidance

The IRS recently issued new final and proposed regulations that provide welcome guidance to sponsors of hybrid pension plans. Hybrid pension plans, such as cash balance plans and pension equity plans, are defined benefit plans…more

Employee Benefits, Final Rules, Hybrid Plan, IRS, Pensions

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Medical Device Companies Face Severe FCA Penalties for TAA Violations

A spate of recent multi-million dollar settlements has shown that medical device manufacturers are subject to substantial liability under the False Claims Act (FCA) if they misstate the country of origin of their products in…more

Enforcement Actions, False Claims Act, Manufacturers, Medical Devices, Trade Agreements Act

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Commercial Restructuring & Bankruptcy Alert - June 2013

In this issue: - Make–Whole Claim in the Amount of 37% of Loan Balance is Enforced by Delaware Bankruptcy Court - Seventh Circuit Requires Competition for Insider’s New-Value Plan of Reorganization -…more

Commercial Bankruptcy, Loans, New Value Exception, New Value Plans, Reorganizations

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Department of Labor Issues Guidance Affecting Same-Sex Marriages

On September 18, 2013, the United States Department of Labor ("DOL") issued EBSA Technical Release 2013-04 ("Release"), which provides that same-sex couples who enter into marriages in jurisdictions that recognize such marriages…more

DOL, DOMA, EBSA, ERISA, IRS

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CARB’s Invalidation of Offset Credits Highlights Importance of Risk Allocation

On October 8, 2014, the California Air Resources Board (CARB) issued a preliminary determination invalidating more than 230,000 offset credits on grounds that an Arkansas-based chlorofluorocarbons (CFCs) incinerator was not in…more

California Air Resources Board, Cap-and-Trade, CFCs, Contract Drafting, EPA

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Proposed Settlement in Target Data Breach Litigation

A proposed settlement has been reached in the multi-district consumer litigation Target faces following a data breach that compromised at least 40 million credit cards during the 2013 holiday shopping season. The settlement,…more

Class Action, Data Breach, Settlement Negotiations, Target

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Litigation Alert: Trust/Owner Not 'Trade or Business' for Withdrawal Liability Purposes

Pacific Coast Shipyards Pension Fund v. Nautical Engineering, Inc. - On January 13, 2014, the U.S. District Court for the Northern District of California (the "District Court") granted a motion to dismiss, holding that a…more

ERISA, Multi-Employer Pensions, Pensions, Trustees, Trusts

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The Sunshine Physician Payment Final Rule Overview and Analysis

On February 1, 2013, the Centers for Medicare & Medicaid Services (CMS) of the Department of Health and Human Services (HHS) released the long-awaited Final Rule (Rule) to implement the “Sunshine” provisions of the Affordable…more

Affordable Care Act, CMS, Healthcare, HHS, Manufacturers

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American Airlines & US Airways Merger – Opposite positions taken by US and EU competition authorities

Whereas the European Commission has cleared under the EU Merger Regulations the proposed merger between US Airways Group and AMR Corporation, including its main subsidiary American Airlines, on 5 August 2013, the U.S. Department…more

American Airlines, Antitrust Litigation, DOJ, EU, European Commission

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An Atypical View of Causation and Harm from South Carolina

We have had some time now to ruminate over the South Carolina Supreme Court’s opinion in State of South Carolina ex rel. Wilson v. Ortho-McNeil-Janssen Pharmaceuticals, Inc., No. 2012-206987, 2015 WL 775094 (S.C. Feb. 25, 2014)…more

Civil Monetary Penalty, Enforcement Actions, FDA, FDCA, Janssen Pharmaceuticals

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Tax measures included in the French Modified Finance Bill for 2014

The Modified Finance Bill for 2014 (the Bill) was presented to the French Parliament on June 11 2014 and will be reviewed by the Finance Committee of the lower Chamber of French Parliament (Assemblee Nationale) on June 18…more

Corporate Taxes, France, Income Taxes

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Plenty for firms to think about as the FCA publishes its 2015/2016 Business Plan

The UK’s Financial Conduct Authority (FCA) has published its business plan for 2015/2016, setting out the areas on which it intends to focus over the coming year…more

Financial Conduct Authority, Strategic Enforcement Plan, UK

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(US) Revised Pennsylvania Statute Creates Power of Attorney Chaos

The Pennsylvania Legislature enacted extensive changes to Title 56 of the Decedents, Estates and Fiduciaries Code affecting powers of attorney, effective as of January 1, 2015. The amendments create a number of issues for…more

Amended Legislation, Commercial Loans, Fidcuciary Liability, Finance Lenders, Lenders

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Network Interference: A Legal Guide to the Commercial Risks and Rewards of the Social Media Phenomenon (3rd Edition)

In this edition: - Introduction - Advertising & Marketing - Brand Protection & Reputational Management - Copyright (EU) - Copyright (U.S.) - Data Privacy & Security -…more

Copyright, Cybersecurity, Data Protection, EU, FDA

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Downturn in the Oil and Gas Industry: It’s Time to Perfect Your Liens

Joint operations in the oil and gas industry long have been one of the conventional ways to reduce and spread the economic risks associated with exploration, drilling and production of crude oil and natural gas. With the recent…more

Commodities, Energy Exploration, Liens, Natural Gas, Oil & Gas

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SEC Announces 2015 Exam Priorities

The SEC Office of Compliance Inspections and Examinations (“OCIE” or the “Staff”) recently released its 2015 Exam Priorities. OCIE examines all types of SEC registrants, including investment advisers, broker-dealers, investment…more

Broker-Dealer, FINRA, Fixed Income Investments, Investment Adviser, LiquidAlts

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Delegation’s What You Need: EMIR Reporting for SPVs

Introduction - European Market Infrastructure Regulation (EMIR) has been in force since 16 August 2012. It is concerned with improving the transparency of, and reducing the risks associated with, the derivatives market…more

Derivatives, EEA, EMIR, EU, Global Economy

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FAA Takes One Small Step Toward Legalizing Commercial Use of Small Unmanned Aircraft Systems, a.k.a Drones

The Federal Aviation Administration (FAA) has long been studying the promise and perils of small unmanned aircraft systems (“UAS”), a.k.a drones. The commercial potential of UAS technology is clear. Businesses are eager to use…more

Commercial Use, Drones, FAA, Licensing Rules, NPRM

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Taxing Times for International Shippers Operating in the PRC

1 August 2014 marked the implementation date for the PRC’s new “Provisional Measures on the Collection of Tax on Non-Resident Taxpayers Engaged in International Transportation Business” 2014 No. 37 Notice. This Notice likely…more

China, Corporate Taxes, Cross-Border, Shipping

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Contract-Drafting Bulletin - February 2015, Vol.1 Issue 1

In this issue: - Does Quality Contract Drafting Matter? - Shall I Dispense with ‘Shall’? Not Entirely - Interview with a Commercial Litigator - World of Boxing LLC v. King - Comments to a Basic…more

Breach of Contract, Contract Drafting, Contract Interpretation, Legal Writing

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FERC Lightens Compliance Load for Power Traders

In a time of increasing compliance requirements and enhanced regulatory scrutiny of power trading activities, a recent Federal Energy Regulatory Commission (“FERC”) order brought some compliance relief to power traders and…more

Bulk Electric System, Electricity, Energy Sector, FERC, NERC

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Supreme Court Relies on Reed Smith Brief in Cell Phone Search Cases

The Supreme Court decided Riley v. California and United States v. Wurie yesterday, June 25, and unanimously held that the search incident to arrest doctrine does not allow law enforcement officers to search data on cell phones…more

Cell Phones, Fourth Amendment, Police, Riley v California, SCOTUS

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Skits, spoofs and satire – how the parody exception could change advertising

A recently-introduced exception to copyright protection presents a new opportunity for the advertising and creative industries to adapt existing works for comedic effect. From 1 October this year, it became permissible to use…more

Advertising, Copyright, UK

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Ofgem's Smart Meter Network Decision: UK gas and electricity consumer privacy gets broader protection

In February 2015, Ofgem (the UK’s Office of Gas and Electricity Markets) published its Decision on Extending the Smart Meter Framework to Remote Meters (the Decision). This confirms that, following a public consultation, the…more

Climate Change, Ofgem, Oil & Gas, Privacy Laws, Smart Meters

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New Mexican Anti-Money Laundering Regulations Take Effect

On October 17, 2012, Mexico passed the Ley Federal para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita (the "Anti-Money Laundering Law" or "AMLL"). The AMLL represents a major sea change in the…more

Anti-Money Laundering, Mexico, White Collar Crimes

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Bank Settles Criminal Bank Secrecy Act and Civil Fraud Charges Arising from Its Inadequate Anti-Money Laundering Program

On March 10, 2015, the U.S. Department of Justice (“DOJ”) announced a $4.9 million settlement of criminal and civil charges against CommerceWest Bank (“CommerceWest” or the “Bank”) brought pursuant to the Bank Secrecy Act…more

Anti-Money Laundering, Bank Secrecy Act, CommerceWest Bank, Criminal Prosecution, DOJ

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FCA issues guidance on how firms should use social media for financial promotions

The UK’s Financial Conduct Authority (FCA) has published its guidance on using social media for financial promotions. In the guidance, the FCA made it clear that they understand the power of social media as a…more

Consumer Financial Products, Financial Conduct Authority, Financial Promotions, New Guidance, Social Networks

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UK Bribery: Construction in the Cross-Hairs

The UK’s Serious Fraud Office has made clear that its anti-bribery investigations are focussed on two industries in particular: construction and energy. Construction firms especially are under-prepared for the risks which this…more

Bribery, SFO, UK, UK Bribery Act

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Whistleblower Protection Around the World

Welcome to Reed Smith’s monthly global employment law blog post. This month’s post covers the protection afforded to whistleblowers around the world. France - Under French law, employees cannot be sanctioned,…more

France, Germany, Hong Kong, UK, Whistleblower Protection Policies

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New York’s Revised UCC – Winds of Change (Part 1 of 2)

New York is the jurisdiction of choice for a majority of international and interstate financial transactions. Thus, lending lawyers and their clients should pay special attention to Chapter 505 of the New York Assembly Session…more

Amended Legislation, Financial Institutions, NYUCC, Secured Lenders, UCC

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Obtaining German Works Council Approval to Collect Employee E-Mail and Electronic Documents Using EnCase® Enterprise and EnCase® eDiscovery

German companies sometimes are required to collect data for legitimate business purposes, including for compliance, to investigate malfeasance, for adjudication of claims and to protect personal data of customers from misuse…more

Data Collection, Data Protection, Electronically Stored Information, Email, EU

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Reminder - New Pregnancy Discrimination Obligations and Poster for Illinois Employers

As we previously reported, as of January 1, 2015, Illinois employers with 15 or more employees are subject to new amendments to the Illinois Human Rights Act that require employers to reasonably accommodate employees affected by…more

Amended Legislation, Employer Mandates, Posting Requirements, Pregnancy, Pregnancy Discrimination

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Network Interference: A Legal Guide to the Commercial Risks and Rewards of the Social Media Phenomenon (3rd Edition)

In this edition: - Introduction - Advertising & Marketing - Brand Protection & Reputational Management - Copyright (EU) - Copyright (U.S.) - Data Privacy & Security -…more

Copyright, Cybersecurity, Data Protection, EU, FDA

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Pennsylvania Legislature Considers Further Amendments to the Guaranteed Minimum Royalty Act

Pennsylvania’s oil and gas industry has grown tremendously in the past five years and continues to grow. Along with that market growth, Pennsylvania’s oil and gas laws, regulations, and guidance documents have changed…more

Energy, Fracking, New Regulations, Oil & Gas

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Relief for documentary credits under Basel III Leverage Ratio

The Basel III Leverage Ratio has been amended following the Basel Committee on Banking Supervision’s recent publication of its paper, “Basel III Leverage Ratio Framework and Disclosure Requirements”…more

Banks, Basel III, Foreign Banks

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Indalex: The Pennsylvania Supreme Court Rejects Insurer’s Request for Review

On September 18, 2014, the Pennsylvania Supreme Court rejected the insurer’s attempt to reverse last year’s favorable ruling in Indalex Inc. v. National Union Fire Insurance Co. of Pittsburgh PA, 83 A.3d 418, 421 (Pa. Super. Ct…more

Manufacturers, Negligence, Third-Party Liability

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The Insurance Act 2015: What you need to know

The long awaited reforms to business insurance law have now been enacted in the Insurance Act 2015. It received Royal Assent on 12 February 2015 and will come into force in August 2016 and apply to all policies entered into or…more

Insurance Companies, Insurance Industry, UK

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FAR Part 12 Applies to CMS Orders on Federal Supply Schedule Contract

On Tuesday, March 10, 2015, the Court of Appeals for the Federal Circuit reversed and remanded a decision by the Court of Federal Claims, which permitted the Centers for Medicare and Medicare Services (CMS) to include contract…more

Appeals, CMS, Contract Terms, Court of Federal Claims, FAR

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Analysis of HHS OIG Proposed Rule to Amend the Anti-Kickback Safe Harbors, CMP Rules on Beneficiary Inducements & Gainsharing Regulations

On October 3, 2014, the Office of Inspector General (OIG) of the Department of Health and Human Services (HHS) published a major proposed rule that would amend the safe harbors to the Anti-Kickback Statute (AKS) and the Civil…more

Affordable Care Act, Ambulance Providers, Anti-Kickback Statute, CMP Law, Gainsharing

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Termination for convenience clauses revisited. Can they limit potential claims?

The nature of termination for convenience clauses - As mentioned in our alert of last year, click here to read, it is increasingly the case that contracts provide one and, sometimes, both of the parties, with the ability…more

Contract Disputes, Contract Drafting, Termination for Convenience, UK

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CDM Regulations 2015

The Construction, Design and Management Regulations 2015 (CDM 2015 Regulations) have now been laid before Parliament and are due to come into force on 6 April 2015, ushering in several significant changes to health and safety…more

Construction Industry, Employer Liability Issues, Health and Safety, Pending Legislation, UK

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Common time limits for trade and shipping claims – a print-out guide

Introduction - A “limitation period” is the period of time within which court or arbitration proceedings must be commenced. Every legal claim will be subject to a limitation period, imposed either by the governing law or…more

Shipping, Statute of Limitations, Trucking Industry

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Congress’ Failure to Extend Terrorism Risk Insurance Act Requires Policyholders to Act Diligently Before January 1

With the recent uptick in terrorist activity omnipresent in the news, the need for financial protection against the effects of terrorism is plainly evident. Nevertheless, Congress has now adjourned for the year without making…more

Legislative Agendas, Terrorism Insurance, TRIA

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Drug Disposal Ordinance: Supreme Court Writ Filed

On December 29, 2014, the Pharmaceutical Research and Manufacturers of America (“PhRMA”), the Biotechnology Industry Organization (“BIO”), and the Generic Pharmaceutical Association (“GPhA”) jointly filed a Petition for a Writ…more

Distributors, Dormant Commerce Clause, Petition for Writ of Certiorari, Pharmaceutical, Pharmaceutical Manufacturers

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