U.S. Department of Justice Announces Expanded Criminal Trade Secrets Enforcement Targeting China
On Thursday, U.S. Attorney General Jeff Sessions ordered the creation of a “China Initiative” expanding and accelerating U.S. criminal trade secrets ...
The Ropes Recap: Mergers & Acquisitions Law News
Welcome to the Q3 edition of our Mergers & Acquisitions newsletter – The Ropes Recap. This includes contributions from over 45 deal professionals around the ...
The SUPPORT Act of 2018: New All-Payor Anti-Kickback Provisions; Broader Telehealth and Other Coverage
On October 24, 2018, the President signed a far-reaching bill addressing issues related to opioid use and abuse—the Substance Use-Disorder Prevention ...
A Closer Look At CMS' Drug Price Disclosure Proposal
This article by partners Kellie Combs, Douglas Hallward-Driemeier, Peter Brody, Tom Bulleit and Albert Cacozza was published by ...
SEC Staff Issues New Guidance on Shareholder Proposals
On October 23, 2018, the SEC’s Division of Corporation Finance (the Division) issued Staff Legal Bulletin No. 14J (SLB 14J) on shareholder proposals ...
Declining to Follow Northstar, New York Federal Court Dismisses Breach of Contract Claim Against Mutual Fund for Purported Violation of Concentration Policy
In a victory for the mutual fund industry, a federal district court in New York rejected the attempt of fund shareholders to assert a breach ...
Deemed-Issuers Election under Section 817(h)
On October 16, the IRS issued guidance on the application of the Section 817(h) diversification test to specified agency-issued mortgaged-backed securities underlying ...
Implementing Internal Controls in Cyberspace – Old Wine, New Skins
On October 16, 2018, the SEC issued a Section 21(a) investigative report (the “Report”),1 cautioning public companies to consider cyber threats ...
CMS Issues Proposed Rule to Require Disclosure of List Price in Direct-to-Consumer Advertising for Prescription Drugs and Biological Products
On October 15, 2018, the Centers for Medicare & Medicaid Services (“CMS”) released a proposed rule regarding the disclosure of pricing information in ...
Ropes & Gray’s Investment Management Update – August-September 2018
The following summarizes recent legal developments of note affecting the mutual fund/investment management industry: CCO Representations May Replace Routine Quarterly Board Determinations In an ...
Fifty State Attorneys General Reach Settlement over Cyber-Incident Disclosure
Uber Technologies, Inc. has reached a settlement with the attorneys general for all fifty states and the District of Columbia regarding allegations that Uber had ...
What New Bank Charters Mean For Fintech
This article by partner Mark Nuccio and associates Gideon Blatt and Stephanie Ragland was published by Law360 on October ...
CFIUS Pilot Program: Immediate Implications for Investors and Investment Targets
On October 10, 2018, the U.S. Department of the Treasury issued temporary regulations—a “pilot program”—to implement certain provisions ...
UK Court dismisses first challenge to new AML powers
The UK National Crime Agency (NCA) has successfully defended the first challenge to its new power to require individuals to explain how they have acquired ...
U.K. financial regulator issues £16.4 million fine for cyber fraud — and it’s not even GDPR
The U.K. Financial Conduct Authority (“FCA”) on Monday (1 October 2018) fined Tesco Personal Finance plc (“Tesco Bank”) £16 ...
IRS Considers Giving More Ventures Access to Tax-Free Spinoffs
On September 25, 2018, the IRS announced that it is considering guidance on the treatment of spinoffs involving business ventures engaged in research and development ...
Petrobras Reaches $1.78 billion FCPA Resolution
On September 27, the DOJ and SEC and Petróleo Brasileiro S.A. (“Petrobras”), Brazil's state-owned energy company, reached the ...
Notable September Developments in the Cryptocurrency Space
Three notable developments occurred this month in the cryptocurrency space: in U.S. v. Zaslavskiy, a federal judge permitted a criminal case to proceed based ...
OCC Opens Door for Fintech National Banks
Following the Office of the Comptroller of Currency’s (the “OCC”) July issuance of a policy statement1 and supplement to its licensing ...
China’s Health Authorities Issue New Rules on Telemedicine
On September 14, 2018, the PRC National Health Commission (“NHC”) promulgated three administrative measures1 (the “Measures”) to regulate telemedicine. The Measures ...
Data protection post-Brexit – Deal or no deal?
The UK Government has produced a series of technical notices explaining what businesses might need to do if there is a “no deal&rdquo ...
After 10 Years of Litigation, Ninth Circuit Dismisses Northstar v. Schwab Class Action
On September 14, 2018, the United States Court of Appeals for the Ninth Circuit put an end to the long-running Northstar Financial Advisors v ...
ISDA Publishes 2018 U.S. Resolution Stay Protocol: Considerations for the Buy Side
ISDA recently published the ISDA 2018 U.S. Resolution Stay Protocol (the “Protocol”), which is now open for adherence. This Client Alert provides ...
SEC Withdraws Two No-Action Letters Regarding Use of Proxy Advisory Firms – Chairman Clayton Issues Statement Regarding Staff Views
On September 13, 2018, the Division of Investment Management (the “Division”) issued an Information Update (the “Update”) in which it announced ...
United Technologies Hit with $13.9 Million Fine for Making Illicit Payments
On September 12, 2018, the United Technologies Corporation (“UTC”) reached a $13.9 million resolution with the U.S. Securities and Exchange Commission ...