News & Analysis as of

Policies and Procedures Disclosure

Katten Muchin Rosenman LLP

SEC Division of Examinations Highlights Common Deficiencies in Registered Investment Company Core Examination Areas

On November 4, the Securities and Exchange Commission's (SEC) Division of Examinations (Division) published an analysis of the most common deficiencies identified across its three core registered investment company (RIC)...more

Bass, Berry & Sims PLC

SEC Charges Former Public Company Director and CEO with Concealing Close Friendship with Company Executive

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As most public companies enter their fourth fiscal quarter and look ahead to filing their Form 10-Ks and proxy statements, a recent settlement agreement announced by the Securities and Exchange Commission (the SEC) serves as...more

Perkins Coie

Do You Have to Disclose When Your Users Are Interacting With a Bot?

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The customer service agent sympathetically responding to your chat messages about a delayed order, the player fiercely competing against you in an online match, the coach sending you motivational messages and workout advice:...more

McDermott Will & Emery

Senate Policy Roadmap Steers Generative AI Toward Transparency

In May 2024, the Bipartisan Senate AI Working Group released a roadmap to guide artificial intelligence (AI) policy in several sectors of the US economy, including intellectual property (IP)...more

Moore & Van Allen PLLC

Recent AI Laws and Regulation Updates

The legal landscape surrounding the creation, use and governance of artificial intelligence (AI) is rapidly changing and growing, imposing significant obligations on business and new rights for individuals. In recent months,...more

Warner Norcross + Judd

Final Fiduciary Rule – Part 2: Conflicted Transaction Relief for Investment Advice Fiduciaries

The U.S. Department of Labor (DOL) amended Prohibited Transaction Exemption 2020‑02 (Amended PTE 2020-02) on April 25, 2024. This amendment addresses administrative deficiencies cited in federal court decisions challenging...more

Sheppard Mullin Richter & Hampton LLP

Utah Providers – Are You Complying with the AI Policy Act?

If your organization has not updated its policies to comply with Utah’s Artificial Intelligence Policy Act (the “Act”), now is the time. As we noted in a prior blog post, this law took effect on May 1st. While it imposes...more

SEC Compliance Consultants, Inc. (SEC³)

SEC Tells Advisers What Not to Do in Advertisements

SEC’s Division of Examinations (“EXAMS”) issued a risk alert on its Initial Observations Regarding Advisers Act Marketing Rule Compliance (the “Risk Alert”), giving compliance officers an unexpected gift by sharing examples...more

Klein Moynihan Turco LLP

Sweepstakes Documents – More Than Just The Rules

In preparing to conduct a sweepstakes promotion, the first step often involves the sweepstakes operator hiring an attorney to draft a set of Contest Rules that will govern the promotion. While it makes sense to begin with the...more

Allen Barron, Inc.

Willful versus Non-Willful Conduct in the Eyes of the IRS

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What constitutes willful versus non-willful conduct in the eyes of the IRS? Why is this distinction important to the agency, especially regarding international disclosures and taxable events? We are often asked about how...more

Constangy, Brooks, Smith & Prophete, LLP

CCPA/CPRA enforcement delay overturned

In an opinion filed on Friday, California’s Third District Court of Appeal reversed a lower court ruling that postponed until the end of March the enforcement of regulations promulgated pursuant to the California Privacy...more

Spilman Thomas & Battle, PLLC

The Academic Advisor - Education Law Insights, Issue 1, January 2024

Welcome to the first issue of The Academic Advisor for 2024. In this edition, we examine the following topics of import for schools, institutions of higher education, and other education-focused organizations: -...more

Husch Blackwell LLP

Bytes and Boundaries: Why You Need an Employee AI Use Policy

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Employers know that artificial intelligence (AI) is here to stay, but so many are grappling with the initial question: where do we even begin? Recognizing the benefits of AI, many companies have decided that allowing...more

Lowenstein Sandler LLP

SEC’s 2024 Examination Priorities for Investment Advisers

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The U.S. Securities and Exchange Commission (SEC) Division of Examinations (the Division) recently released its annual Examination Priorities for fiscal year 2024 (the Report). The Report underlines the Division’s focus on...more

Society of Corporate Compliance and Ethics...

New standards require planning, policies, and procedures

On July 31, the European Commission adopted the first set of rules under the European Sustainability Reporting Standards (ESRS). The ESRS is an important follow-up to the adoption of the Corporate Sustainability Reporting...more

Snell & Wilmer

SEC’s Final Rule on Cybersecurity, Risk Management, Strategy, Governance, and Incident Disclosure

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On July 26, 2023, the Securities and Exchange Commission (the “SEC”) adopted final rules relating to enhanced cybersecurity disclosures, which became effective on September 5, 2023 (the “Final Rules”). The Final Rules apply...more

Bass, Berry & Sims PLC

Tri-Seal Compliance Note on Voluntary Self-Disclosure Released by Departments of Commerce, Justice, and Treasury

On July 26, the Department of Commerce, Department of the Treasury, and Department of Justice released a Tri-Seal Compliance Note (July Note) providing guidance on voluntary self-disclosure of potential violations of U.S....more

Faegre Drinker Biddle & Reath LLP

California Supreme Court: Whistleblower Statute Protects Employees Who Disclose Allegedly Unlawful Conduct Even When it is Already...

Recently, the California Supreme Court ruled in The People ex rel. Lilia Garcia-Brower v. Kolla’s Inc. that California’s whistleblower protection statute (Labor Code § 1102.5) protects employees who disclose unlawful conduct,...more

Seward & Kissel LLP

SEC Settles Charges with Registered Adviser for Disclosure and Policy and Procedure Violations

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Who may be interested: Registered Investment Companies; Registered Investment Advisers; Boards of Directors; Compliance Staff. Quick Take: The SEC recently settled charges against a registered investment adviser (Adviser)...more

Jackson Lewis P.C.

$35M SEC Settlement Underscores Processes, Procedures Ensuring Appropriate Public Disclosures

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In a $35 million settlement that emphasizes the “S” for social in Environmental, Social and Corporate Governance (ESG) issues in public filings, publicly traded video game developer Activision Blizzard, Inc. has agreed with...more

Davies Ward Phillips & Vineberg LLP

SEC Adopts Amendments to Insider Trading Rules and Reporting Requirements

In late 2022, the U.S. Securities and Exchange Commission (SEC) adopted final amendments to certain rules and reporting requirements concerning insider trading arrangements, including Rule 10b5-1(c) under the Securities...more

Faegre Drinker Biddle & Reath LLP

Thinking About Engaging an Influencer for Your Next Promotion? Plan Ahead!

Those running promotions such as sweepstakes or contests on social media may seek to engage influencers, or individuals with significant social media followings, to enhance their promotions’ visibility and boost engagement...more

White & Case LLP

SEC Adopts Amendments to Rule 10b5-1

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On December 14, 2022, the Securities and Exchange Commission ("SEC") adopted amendments to Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended (the "Exchange Act"). Plans adopted pursuant to Rule 10b5-1...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Amends Rules for Rule 10b5-1 Trading Plans and Adds New Disclosure Requirements

On December 14, 2022, the U.S. Securities and Exchange Commission (SEC) adopted several amendments and new disclosure requirements intended to address what it perceives may be abusive practices relating to Rule 10b5-1 trading...more

Jenner & Block

Client Alert: SEC Adopts Amendments Regarding Rule 10b5-1 Insider Trading Plans and Disclosures for Equity Awards and Gifts

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On December 14, 2022, the US Securities and Exchange Commission (the SEC) unanimously adopted amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 (the Exchange Act) and created new disclosure requirements to...more

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