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Compliance

  • June 19, 2019

    Facebook's Libra Prepared To Counter Privacy Concerns

    Scrutiny of Facebook’s new cryptocurrency Libra is expected to be intense, but experts say early regulatory inspection, a carefully designed governance system and a slate of established partners put the digital token on solid footing.

  • June 19, 2019

    3 Takeaways From EPA's New Power Plant Rule

    The U.S. Environmental Protection Agency is expected to face immediate pushback over its claim it has limited authority to regulate greenhouse gas emissions from existing power plants, which underpins the replacement for the Obama-era Clean Power Plan the agency finalized Wednesday. Here, Law360 delves into three key takeaways from the new rule.

  • June 19, 2019

    Regulatory Inaction Will Drive Crypto Cos. Abroad, Rep. Says

    Facebook’s decision to base its planned cryptocurrency in Switzerland rather than the U.S. could be the start of a bigger trend if Congress keeps stalling on legislation, an Ohio representative who co-authored a bill that seeks to exclude digital tokens from the statutory definition of a security said during a House hearing Wednesday.

  • June 19, 2019

    Mass. Regulator Ready To Rumble On SEC Broker Standards

    Massachusetts securities regulator William F. Galvin is confident that federal law leaves room for states to pass their own fiduciary duty rule for broker-dealers and is vigorously pursuing one of the nation’s first, telling Law360 that investors deserve better than the standards recently set by the U.S. Securities and Exchange Commission.

  • June 19, 2019

    New Bill Would Strike Big-Tech Immunity For Web Content

    A GOP senator proposed a bill Wednesday that would remove the legal shield that has long protected tech giants from being held liable for content posted by third parties, unless companies prove that their content-removal practices are politically "neutral."

  • June 19, 2019

    Ill. Health Care Co. Exec Pleads Guilty To Medicare Fraud

    The president of a health care company admitted to an Illinois federal judge Wednesday that he is guilty of billing the government for Medicare-covered services that some of his patients did not need.

  • June 19, 2019

    Mass. Securities Regulator Examining Cannabis Investments

    Massachusetts' state securities enforcement division will be taking a closer look at investment offerings involving the state's cannabis businesses, it said Wednesday, after charging a man with selling $1.3 million in unregistered cannabis securities.

  • June 19, 2019

    Bancor To Block US Users Amid Regulatory Uncertainty

    Decentralized exchange platform Bancor is planning to block U.S. residents from trading digital tokens using its web application due to "increased regulatory uncertainty" in the cryptocurrency space.

  • June 19, 2019

    San Francisco Poised To Become 1st US City To Ban E-Cigs

    San Francisco is on the verge of becoming the first U.S. city to ban e-cigarette sales after introducing an ordinance that aims to crack down on youth vaping by prohibiting the sale of flavored tobacco products and e-cigs.

  • June 19, 2019

    MoneyLion Accused Of Making Illegal Loans To NC Borrowers

    Online lending startup MoneyLion on Tuesday removed a suit to federal court accusing it of knowingly saddling North Carolina borrowers with short-term loans that have exorbitant interest rates and “draconian” terms without a license to lend in the state, in violation of state and federal law.

  • June 19, 2019

    CitiMortgage To Pay $7.8M In Calif. Escrow Interest Deal

    CitiMortgage Inc. will pay $7.8 million in overdue interest to more than 94,000 California homeowners, according to a deal the lending company made with the state’s Department of Business Oversight, stemming from a 2017 regulatory investigation.

  • June 19, 2019

    Credit Suisse Hit With Disclosure Fine In Hong Kong

    Hong Kong's securities watchdog said Wednesday it has fined Credit Suisse for failing to comply with disclosure requirements in reports released by the investment bank focusing on Hong Kong-listed securities.

  • June 19, 2019

    SEC Fights Ex-Xerox CFO's Bid To Lift 16-Year-Old Gag Order

    The U.S. Securities and Exchange Commission challenged a bid by a former Xerox executive to lift a gag order in his 16-year-old settlement with the agency, telling a New York federal court Tuesday that the man waived his First Amendment rights when he agreed to the consent judgment.

  • June 19, 2019

    EPA Finalizes Replacement Of Obama-Era Power Plant Rule

    The U.S. Environmental Protection Agency on Wednesday finalized the repeal and replacement of the Obama-era Clean Power Plan that slashes greenhouse gas emissions from existing power plants, setting the stage for a legal battle as fierce as the fight over the original rule.

  • June 18, 2019

    Cos. Report Changes In Harassment Policies Amid #MeToo

    Most major companies have changed their anti-harassment policies or training since the #MeToo movement took hold in late 2017, but they're split on whether they’ve seen broader shifts in workplace culture, according to a survey of compliance, legal and other in-house professionals released Tuesday.

  • June 18, 2019

    Wedbush To Pay $8.1M To Settle SEC's ADR Handling Claims

    The U.S. Securities and Exchange Commission said Tuesday that Wedbush Securities Inc. will pay $8.1 million to resolve claims over its alleged mishandling of “pre-released” American depositary receipts, the latest of nearly a dozen such settlements that the agency has reached with banks and brokers since 2017.

  • June 18, 2019

    Facebook's Cryptocurrency Immediately In Legislators' Sights

    Facebook announced Tuesday its intention to launch its cryptocurrency Libra, which aims to target the 1.7 billion global unbanked population by creating a global digital currency, facing immediate pushback from U.S. legislators and European officials.

  • June 18, 2019

    Canada Cos. Failed To Pay Up To $8.5B In 2014 Taxes: Report

    Canadian corporations failed to pay as much as CA$11.4 billion ($8.5 billion) in taxes for 2014, the national tax authority reported Tuesday in the first comprehensive study of Canada’s corporate tax gap — the difference between taxes owed and those collected.

  • June 18, 2019

    Cannabis Co. Leafly Adds Ex-Getty Images GC As Its Top Atty

    A Seattle-based web platform that educates users about cannabis has named as its general counsel an attorney who previously served as general counsel and senior vice president at Getty Images, the startup announced Tuesday.

  • June 18, 2019

    SEC Mulls Opening Private Offerings To A Wider Audience

    The U.S. Securities and Exchange Commission on Tuesday requested input on potential changes surrounding its regulation of private offerings, including whether rules should be eased to allow more individuals to invest in riskier securities that are normally limited to wealthy individuals.

  • June 18, 2019

    COPA Hospital Mergers Take Heat From FTC, State Regulators

    The head of the Federal Trade Commission said Tuesday he’s skeptical of the Certificates of Public Advantage programs, state mechanisms that let local hospital mergers move forward without federal oversight, garnering support from two state antitrust regulators at an agency workshop who agreed the process can be abused. 

  • June 18, 2019

    Was A $5M Fine Just The Cost Of Closing A $6B Deal?

    When the Federal Trade Commission and the U.S. Department of Justice announced that Canon and Toshiba would pay $2.5 million each to settle allegations they deliberately skirted obligations to report Canon's $6 billion purchase of Toshiba Medical Systems, the agencies pronounced it a stern warning to others who might be tempted to close mergers without providing the obligatory disclosure.

  • June 18, 2019

    Watchdog To Investigate DOI Over Monument Mineral Leases

    The U.S. Government Accountability Office has agreed to investigate whether the U.S. Department of the Interior’s move to open up a Utah national monument for oil, gas and coal development violates federal law, two Democratic members of Congress said Monday.

  • June 18, 2019

    DC Circ. Upholds SEC's Pay-To-Play Rule Over GOP Protest

    The D.C. Circuit affirmed Tuesday the U.S. Securities and Exchange Commission's authority to implement a rule meant to address "pay-to-play" practices by which government officials managing public funds might hire investment advisers based on their political contributions.

  • June 18, 2019

    Suspect Says US Can’t Charge Him With $2B Fraud In Africa

    A Lebanese salesman told a New York federal judge that the U.S. government has yet to show how it is related with $2 billion in allegedly fraudulent loans backed by the government of Mozambique.

Expert Analysis

  • How New US M&A Restrictions On China Will Affect Tech Cos.

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    The Trump administration recently launched an unprecedented regulatory blitz designed to further protect domestic information and communications technology and services from what it considers Chinese threats. These steps will constrain transactions that could expand China’s access to the U.S. market and to U.S. technology — and some have an immediate effect, say attorneys at Kirkland.

  • An Ethics And Compliance Punch List For Gov't Contractors

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    The U.S. Department of Justice recently reiterated that it will not tolerate government contractors that lack a required business and ethics compliance program. With consequences so high, now is the time for companies that have fallen behind to catch up, say Robert Tompkins and Rodney Perry at Holland & Knight.

  • What The IRS' New Cryptocurrency Guidance Should Address

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    The IRS recently announced it will be revising it's 2014 guidance on taxation of cryptocurrency. Hopefully the new rules will establish a fairer method of determining cost basis and demystify other tax consequences arising from cryptocurrency transactions, says Sean Ryan of blockchain accounting software firm NODE40.

  • Illinois Law On Job Interview AI: What Employers Must Note

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    Illinois recently passed a law targeting employers' use of artificial intelligence in job interview videos, making it the first state to legislate the use of AI in the employment context. However, several ambiguities pose potential compliance challenges, says Gary Clark at Quarles & Brady.

  • Key Differences In Nev. And Calif. Data Privacy Laws

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    Nevada’s recently enacted Senate Bill 220 gives state residents a broad right to opt out of the sale of their personal information. Companies currently preparing for the California Consumer Privacy Act cannot assume that CCPA compliance equates to compliance with S.B. 220, say Sadia Mirza and Yanni Lin at Troutman Sanders.

  • A Look At China's New Cybersecurity Guidance

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    Businesses providing services over the internet are likely to face continued challenges to comply with the expanding implementation of China's cybersecurity law, especially with respect to broadening definitions of personal information holders under new guidance, say Xiaoyan Zhang and Vincent James Barbuto of Reed Smith.

  • What Employers Can Expect From NLRB's New Reg Agenda

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    The National Labor Relations Board recently outlined its rulemaking priorities. From union election "blocking charges" to standards for determining joint employer status, Lori Armstrong Halber at Reed Smith discusses the important details from each agenda item.

  • A Guide To FCA Cooperation Credit For Life Sciences Cos.

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    Though the U.S. Department of Justice's guidelines on cooperation credit in False Claims Act matters fail to answer some key questions, they do describe how life sciences companies can cooperate without admitting liability — though companies may need to share information with the U.S. Food and Drug Administration as well, say attorneys at Ropes & Gray.

  • Financial Services Regulation For Fintech Companies: Part 2

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    In the second part of this series on regulatory challenges faced by fintech innovators, Nathan Greene and Justin Reda of Shearman & Sterling caution entrepreneurs in the financial space to be aware of when their products could be categorized as securities, and of the many regulatory obligations that can arise as a result.

  • How Purdue Opioid Win Could Bolster J&J In Okla. Trial

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    North Dakota's consumer fraud and public nuisance claims against opioid manufacturer Purdue Pharma were recently dismissed by a state court. The decision provides a framework for opioid defendants to challenge similar allegations in other jurisdictions, and may prove timely for Johnson & Johnson in its current Oklahoma trial, says Cameron Turner of Segal McCambridge.

  • The Fight Over DOJ's New Wire Act Opinion Continues

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    While the New Hampshire Lottery Commission secured an early victory this month in the court battle over the U.S. Department of Justice's drastic November 2018 shift on the Wire Act, the gambling industry remains stranded in limbo, say Christopher Tellner and Katharine Fogarty at Kaufman Dolowich.

  • NJ Tax Stop: Indirect Sales Tax Assessment Methods

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    In light of the New Jersey Division of Taxation’s continued use of indirect assessment methods in audits, we discuss the landmark decision in this arena, Yilmaz v. Division of Taxation, as well as some recent cases that provide guidance for taxpayers wishing to challenge these audits' conclusions, say attorneys at Cole Schotz.

  • Government Contractor Compliance: 1 Size Can’t Fit All

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    Contractors that do business with federal, state and local government entities face an interesting — and intensifying — predicament: How to develop a comprehensive yet straightforward compliance program that satisfies varying laws in varying jurisdictions, say Jeniffer Roberts and Katherine Veeder at Alston & Bird.

  • 5 Ways Law Firms Can Improve Their Job Interviews

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    When evaluating potential new hires, law firms should utilize structured interviews in order to create a consistent rating system that accurately and effectively assesses candidates' skills and competencies, says Jennifer Henderson of Major Lindsey.

  • Financial Services Regulation For Fintech Companies: Part 1

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    Firms in the U.S. financial sector are surrounded by a virtual moat of complex regulations, mandatory disclosures and compliance infrastructure. Nathan Greene and Justin Reda of Shearman & Sterling offer an overview of the regulatory context — and some of the crocodiles lurking in that moat — for fintech entrepreneurs entering the sector.