This week, we discuss a downward revision to electric vehicle manufacturer Tesla Inc.’s governance grade and the equally controversial topic of diverging ESG ratings methodologies. Investigative findings published in May this...more
We always say that your law firm website is your most important office location. While that still rings true, ensuring your actual office locations are listed correctly across the Internet is an important part of local search...more
This article describes the current challenges in developing a European MM CLO market, and how asset managers may overcome them. Originally published in Butterworths Journal of International Banking and Financial Law -...more
On February 16, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it is updating its internal supervisory appeals process for institutions seeking to appeal a compliance rating or an adverse...more
The Federal Motor Carrier Safety Administration (“FMCSA”) published an advanced notice of proposed rulemaking (“APRNM”) and request for comment on Thursday, August 29, 2023, in efforts to fulfill the Motor Carrier Safety Act...more
On 10 August 2023, the FCA published Primary Market Bulletin 45, which describes its process for developing its policy position in relation to the new ISSB standards and developing climate-related transition plan guidance for...more
Institutional Shareholder Services (ISS) recently announced plans to change its methodology for its Environmental & Social Disclosure QualityScore (ISS QualityScore). The revised ISS QualityScore is expected to take effect...more
On 13 June 2023, the European Commission published a proposal for a regulation on the transparency and integrity of ESG rating activities, following concerns about the reliability, comparability and transparency of ESG...more
An evolving landscape of reforms in the ESG ratings sector continues to pose challenges to providers of ratings and scores. International momentum to regulate ESG ratings continues as the European Commission released a...more
Environmental, social and governance (ESG) ratings are increasingly used by investors, lenders and regulators to assess the sustainability performance of companies. They can, for example, assess an entity’s exposure to, and...more
The legislation mirrors anti-“industry boycott” legislation introduced or passed in other US states and provides more explicit rubrics of prohibited factors. On May 5, 2023, Florida Governor Ron DeSantis signed into law...more
The consultation considers what a potential regulatory regime would look like, and its proposed scope. On 30 March 2023, HM Treasury published a consultation on regulating ESG ratings providers, which ties in with and...more
February 2023 has been a busy couple of months at the Federal Trade Commission. High-profile consumer protection actions and announcements span a broad spectrum of digital advertising and marketing. From “review hijacking,...more
The Marketing Rule seeks to address evolving changes in advertising and referral practices in the industry – particularly with respect to the use of the Internet, mobile applications, and social media – by providing an...more
A key outcome of the UK’s Financial Conduct Authority’s (“FCA”) ESG strategy is the promotion of integrity within the ESG-labelled securities market, supported by the growth of effective service providers. To that end, in...more
The Cozen Lens •It may be a bear market on Wall Street but it's a bull market for 2024 presidential ambitions. Even if they don't pull the lever and run, would-be candidates, left and right, need to begin the...more
On April 28, 2022, the German telecoms regulator Bundesnetzagentur (BNetzA) banned the zero-rating programs of two of the country’s largest cellular providers. A statement released by BNetzA called out Deutsche Telekom’s...more
The Call for Evidence is one of a number of measures the EU is taking as it aims to strengthen the reliability of ESG ratings. On 4 April 2022, the European Commission (Commission) published a call for evidence (Call for...more
The association noted that regulators could provide market participants with much-needed additional trust in ESG ratings and data. On 23 November 2021, the International Organization of Securities Commissions (IOSCO)...more
The Bureau of Workers’ Compensation (BWC) is proposing a new rule which will exclude COVID-19 claims from an employer’s experience rating. In proposing the new rule, the BWC noted that pandemics are generally...more
On December 22, 2020, the SEC adopted amended Rule 206(4)-1 under the Investment Advisers Act of 1940, updating the rules governing investment adviser marketing ("Marketing Rules"). The new Rule replaces the currently...more
“The SEC score(s) one for the digital age.” These are the words of SEC Commissioner Heist, though, not my own. After a nearly year-long comment period, the SEC announced last week that it was replacing its former advertising...more
Confidentiality – Electronically Stored Information – Unauthorized Access - The State Bar of California's Standing Committee on Professional Responsibility and Conduct Formal Opinion Interim 16-0002 - Risk Management...more
Previously we introduced you to the FCPA and provided updates about the positive international trends in anti-corruption legislation; efforts to punish and deter bribery; the Organization for Economic Cooperation and...more
Direct private placements of bonds under Section 4(a)(2) of the United States Securities Act can provide a flexible method of raising capital and act as a strong complement or alternative to traditional offerings of bonds,...more