Bryan Cave Leighton Paisner (JD Supra United States)

2562 results for Bryan Cave Leighton Paisner (JD Supra United States)

  • New SEC Chair directs staff to propose reforms for Rule 10b5-1 plans

    Today SEC Chair Gensler announced that he has directed the staff to make recommendations on “how we might freshen up Rule 10b5-1” in order to address “real cracks in our insider trading regime.” As discussed in our March 11, 2021 post, “Wait Continues for Any SEC Public Response to Senators’ Urgent Call for Rule 10b5-1 Reform,” earlier this year several Democratic members of the Senate Committee...

  • Is 2021 the Year for Federal Cannabis Legalization?

    The ever evolving cannabis industry has experienced major developments in 2021 and the trend is expected to continue. Just this year, five U.S. states have legalized recreational cannabis use, Mexico has taken a big step towards legalization setting itself up to become the largest legal cannabis market in the world, and two pieces of U.S. federal legislation have been revived, the Marijuana...

  • Anti-Money Laundering Continues to be Among the Highest Regulatory Priorities, As Evidenced by Recent Enforcement Cases and Releases

    For the past decade, anti-money laundering (“AML”) has been at the forefront of securities regulators’ priorities.  Indeed, AML enforcement cases have resulted in some of the highest fines imposed by securities regulators, and even the most cursory review of SEC and FINRA annual examination priorities letters reveals AML-related concerns in virtually each of them in the past 10 years.

  • Momentum Shifts as Investors Consider Growing Link Between ESG and EPS

    A trio of recent developments illustrate growing support for Environmental Social and Governance (ESG) initiatives in the U.S., as well as abroad. ESG regulatory and legal risks now appear top of mind for institutional investors, as evidenced by the events described below.

  • SEC announces re-examination of proxy advisor rules and interpretations

    Newly installed Chairman Gary Gensler announced on June 1, 2021 that he is directing the SEC staff to consider whether to revisit its recent actions with respect to proxy voting advice businesses, including: ..The SEC’s 2020 proxy rule amendments. ..The SEC’s 2019 interpretation and guidance regarding solicitation.

  • FINRA Reminds Broker-Dealers of their Obligations to Safeguard Customer Information and to Build Controls Designed to Protect Customers from Fraud

    Key Takeaways: ..According to FINRA, the number of reported instances involving broker-dealer fraudulent account takeovers (ATO) and related theft is on the rise. ..As set forth in recently released FINRA Regulatory Notice 21-18 (“Notice 21-18"), FINRA reminds member firms of their continued obligation to safeguard customer information and to build controls designed to mitigate against fraud.

  • BCLP’s Competition Collective: Antitrust, Foreign Investment and Trade Insights from around the world

    Welcome to this first edition of BCLP’S Competition Collective: Antitrust, Foreign Investment and Trade Insights from around the world. This period was marked by uncertainty – and the harsh realities of the pandemic for many individuals and businesses. Against the context of the pandemic and political unrest, competition authorities globally remained extremely active. Antitrust and...

  • PFAS Air Emission Regulations

    Typically when considering the regulatory risk presented by per- and polyfluoroalkyl (“PFAS”) compounds, businesses think of the regulation of drinking water, groundwater, and consumer products. However, there is an increased awareness that air emissions are potentially a significant pathway for PFAS to enter the environment.

  • SAP Enforcement Action Underscores Importance of Ensuring Compliance Programs Address Considerations Associated with Business Partners and Identified Compliance Gaps

    On April 29, 2021, the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury, and the Bureau of Industry and Security (“BIS”) of the U.S. Department of Commerce announced settlements with German software company SAP, SE (“SAP”) to resolve violations of the Iranian Transactions and Sanctions Regulations (“ITSR”), and the Export Administration Regulations (“EAR”) stemming...

  • Antitrust Guidance by the Justice Department for Higher Education Institutions non-Standard Essential Patents Pool Reveals A Path Toward Licensing and Innovation

    The increasing intersection of antitrust and intellectual property laws has led to a number of complex legal issues for which clients often seek guidance from the Antitrust Division of the Department of Justice (“DOJ”). Earlier this year, a collaboration of fifteen private and public universities sought specific guidance from the DOJ with regard to a non-Standard Essential Patents (“SEPs”) patent

  • The New Mass Tort: Herbicides

    The modern mass tort, where thousands of personal injury cases are transferred to a single court for coordinated management, has evolved over the past two decades after courts concluded that the class action procedure was not appropriate for this type of litigation. Coordinated mass tort proceedings have come to dominate court dockets.

  • Through the Issuance of New Rules Aimed at Recidivist Brokers and the Firms That Hire Them, FINRA Loudly Exclaims to its Membership “Can you hear me now???”

    Key Takeaways:  ..After years of warning firms of the need for enhanced diligence in retaining or hiring brokers with a significant history of misconduct, FINRA has adopted new rules to address such brokers. ..As set forth in FINRA Regulatory Notice 21-09, member firms will be required to file a Continuing Membership Application (or alternatively seek a Materiality Consultation) when a...

  • COVID-19: Illinois Transitions to the “Bridge Phase” on May 14th

    Governor Pritzker has announced that on Friday, May 14, 2021, the state of Illinois will enter the “Bridge Phase” of the Restore Illinois Plan, which will increase occupancy limits for many industries. In addition, Illinoisans who can provide proof of full vaccination - defined as 14 days after receiving a final vaccine dose - or a negative COVID-19 test 1-3 days prior to an event do not count...

  • New CDC Guidance: The Vaccinated Are Free(r)

    On May 13th the Centers for Disease Control and Prevention (“CDC”) announced that “[f]ully vaccinated people can resume activities without wearing a mask or physically distancing, except where required by federal, state, local, tribal, or territorial laws, rules, and regulations, including local business and workplace guidance.”  The reduced restrictions are both a positive indicator for the

  • U.S. Biometric Laws & Pending Legislation Tracker

    The enactment of biometric privacy laws is a growing trend across the country. Existing legislation has led to a boon of class action litigation against employers, consumer-facing business, and technology companies for claimed violations of biometric privacy rights.

  • Illinois Amends Employee Sick Leave Act, Expanding Coverage to Include “Personal Care” for Covered Family Members

    Illinois Governor J.B. Pritzker recently signed into law an amendment to the Illinois Employee Sick Leave Act (ESLA), permitting employees to take leave for a covered family member’s “personal care.”

  • AMG Capital Management v. FTC - What Happened and What’s Next?

    In a unanimous ruling, the Supreme Court recently eliminated the ability of the Federal Trade Commission (“FTC”) to seek monetary relief in district court under § 13(b) of the Federal Trade Commission Act (“FTC Act”) - a power the FTC has been exercising since the 1970s.

  • SEC Chair Directs Staff to Consider New Rules to Manage Risks Highlighted by Game-Like Trading Apps

    SEC Chair Gary Gensler testified yesterday before the House Committee on Financial Services about the SEC’s efforts to assess and address the market volatility that occurred in GameStop and other “meme stocks” resulting in significant price volatility and trading volume spikes earlier this year.  Gensler said the SEC is working to determine, in the face of changes in technology and finance,...

  • International Data Flows - How to Prepare for the New EU SCCs

    The last few years have witnessed remarkable changes in the privacy world.  The GDPR, the CCPA, the invalidation of the EU-US Privacy Shield framework and the related obligations resulting from the Schrems II decision - to name just a few - have left organizations continuously needing to adapt their privacy programs to stay in front of enforcement actions and address new and evolving obligations.

  • EO Update: e-News for Charities & Nonprofits - May 2021

    Reminder to tax-exempt organizations: 990s, other forms due on May 17; information and tools available to help - The Internal Revenue Service today reminds tax-exempt organizations that operate on a calendar-year (CY) basis that certain annual information and tax returns they file with the IRS are due on May 17, 2021.

  • Employers Required to Pay Premiums for COBRA Continuation Coverage Until At Least September 30, 2021

    Employers in the U.S. should remember that they may be required to pay for employees’ COBRA coverage this year. The American Rescue Plan Act of 2021 provides that, for periods of COBRA coverage between April 1 and September 30, 2021, that were triggered by an involuntary termination of employment or a reduction of hours, 100% of the COBRA premium will be paid by the employer, health plan, or...

  • Russia Now Focal Point of Additional Sanctions and Export Controls, With an Added Bonus for Public Companies (Oh my!)

    In response to a variety of activities allegedly undertaken by Russia, the U.S. Government has imposed a series of additional sanctions and export control measures since early March. Collectively, the March and April sanctions take a variety of forms, including the suspension of entry into the United States and the denial of visas to certain non-U.S. citizens, denial of government credit and...

  • CCPA’s Third Amended Regulations

    On March 15, 2021, California Attorney General, Xavier Becerra, announced additional California Consumer Privacy Act (CCPA) regulations. These new changes went into effect on March 15, 2021.

  • Chicago Employers Must Permit Time Off For COVID-19 Vaccination, Including Paid Time Off For Mandatory Vaccinations

    Pursuant to the Chicago Vaccine Anti-Retaliation Ordinance that took effect on April 21, 2021, Chicago workers – including both employees and independent contractors – now have certain protections designed to safeguard access to a COVID-19 vaccination. Under the Ordinance, an employer, defined as any person or entity that engages the services of one or more individual for payment...

  • NYDFS Imposes Heavy Fine and Adopts Expansive View of Multi-Factor Authentication Requirements Under Cybersecurity Regulations: The Latest Lessons

    The New York Department of Financial Services (NYDFS) recently announced the resolution, through Consent Order, of its third enforcement action against entities subject to the agency’s Cybersecurity Regulations (“Cyber Regulations”). The settlement is notable because it reflects the first public interpretation of the multi-factor authentication (MFA) rule by the NYDFS - an interpretation not...

  • Latest Twists in Long and Winding Road to Board Diversity Disclosure

    The House Committee on Financial Services met virtually on April 20, 2021 to consider legislation that, among other things, would require public companies to annually disclose the voluntarily, self-identified gender, race, ethnicity and veteran status of their board directors. The Committee cited a 2017 board diversity survey finding that increased board diversity improves companies’ ability to...

  • As SPACs’ Popularity Explodes, Liability Risks Rise As Well

    Special purpose acquisition companies (“SPACs”), it seems, are everywhere.  SPACs have been around for decades, but use of a SPAC to take a company public without a traditional initial public offering (“IPO”) has recently exploded in popularity, especially in the first few months of 2021.

  • ERISA Fiduciary Obligations Expanded to Include Mitigation of Cybersecurity Risks

    The clouds have been forming on the horizon for years now: from the courts we have seen emerging lines of ERISA litigation asserting fiduciary obligations to protect the privacy rights of participants, and from the regulatory agencies we have heard an acknowledgment of the need for guidance regarding fiduciary responsibility with respect to cybersecurity risks. A call to action for plan...

  • FINRA Files Complaint Against Firm CEO/CCO for Causing Regulation S-ID Violations, In First-Ever FINRA Enforcement Case of its Kind

    FINRA recently filed a Complaint against a Chief Executive Officer and Chief Compliance Officer of a registered broker-dealer alleging, among other things, that the individual caused the broker-dealer to have wide-ranging violations of the SEC’s Identity Theft Red Flags Rule, Regulation S-ID. This is believed to be the first case FINRA has ever brought against an individual in the Reg. S-ID space,

  • DOL Flies Alone: Guidance on the 100% COBRA Subsidy under the American Rescue Plan Act of 2021

    The American Rescue Plan Act of 2021 (“ARPA”) provides that, for the period from April 1, 2021 until September 30, 2021, if an individual’s Consolidated Omnibus Budget Reconciliation Act (“COBRA”) qualifying event is an involuntary termination of employment or a reduction of hours (each, an “Assistance Eligible Individual”), then 100% of the COBRA premium is paid by the employer, health plan, or...

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