Recent Developments at Silicon Valley Bank
We are working with clients regarding the Federal Deposit Insurance Corporation placing Silicon Valley Bank (SVB) into receivership. In particular, clients are evaluating (1) depository ...
Justice Department Announces New Policies Impacting Corporate Criminal Enforcement
Introduction On March 2 and 3, 2023, at the American Bar Association’s National Institute on White Collar Crime, Deputy Attorney General Lisa O ...
Mexico Bans Imports Made with Forced Labor in Alignment with the USMCA
On February 17, Mexico’s Ministry of Economy published an administrative regulation prohibiting imports of goods produced with forced labor. The regulation implements Mexico ...
NYSE and Nasdaq Propose Listing Standards for the Clawback of Erroneously Awarded Executive Compensation
On February 22, 2023, the New York Stock Exchange (“NYSE”) and Nasdaq each proposed listing standards that would require listed companies to adopt ...
A Warning from the World Uyghur Congress Case: Human Rights Violations in Supply Chains Can Lead to UK Money Laundering Charges
A relatively underreported but important judgment was handed down in the UK’s High Court in late January 2023, in the case of R ...
China Releases the Standard Contract for Cross-Border Transfer of Personal Information
On February 22, 2023, the Cyberspace Administration of China (“CAC”) promulgated the final version of the Measures for the Standard Contract for Cross ...
DOJ Launches Formal Voluntary Self-Disclosure Policy for All U.S. Attorney Offices
On February 22, 2023, the Department of Justice (“DOJ”) announced a corporate Voluntary Self-Disclosure (“VSD”) policy (the “VSD Policy ...
Russia/Ukraine Crisis: U.S. Announces New Tranche of Sanctions and Export Controls
On February 24, 2023, the one-year anniversary of Russia’s invasion of Ukraine, the United States published its most expansive package of new ...
District Court Vacates Department of Labor’s Plan-to-IRA Rollover Guidance; Other Challenges to Agency’s Rulemaking under ERISA Loom
On February 13, 2023, a judge from the U.S. District Court for the Middle District of Florida struck down the U.S. Department of ...
California Senate Takes Second Shot at Corporate Climate Disclosures as Part of Proposed Climate Accountability Package
On January 30, the Climate Accountability Package was introduced in the California Senate. The Package consists of three bills: the Climate Corporate Data Accountability Act ...
Takeaways from the 12th Annual Global Fund Finance Symposium
On February 8-10, 2023, the Fund Finance Association hosted its 12th Annual Global Fund Finance Symposium in Miami. Market participants gathered to discuss the ...
The U.S. Government Accountability Office Recommends Actions to Improve Federal Oversight of Institutional Review Boards for Human Research
On June 16, 2020, Senators Elizabeth Warren, Bernie Sanders, and Sherrod Brown issued a letter (the “2020 Letter”) to the U.S. Government ...
Extrapolation Has Arrived: CMS Finalizes Medicare Advantage Risk Adjustment Rule
Introduction On February 1, 2023, the Centers for Medicare & Medicaid Services (“CMS”) published a long-awaited and controversial final rule that implements ...
Ropes & Gray Crypto Quarterly: Digital Assets, Blockchain and Related Technologies Update
The landscape of government enforcement, private litigation, and federal and state regulation of digital assets, blockchain and related technologies is constantly evolving. Each quarter, Ropes ...
Applicant Files for Vanguard-Type ETF as a Share Class Exemptive Relief
On February 8, 2022, applicants filed an application (the “Application”) with the SEC for exemptive relief from various provisions of the 1940 Act ...
Key Legal and Tax Implications of Up-C Public Company Acquisitions
Introduction With the increase over the past 10+ years in the number of companies that pursue an initial public offering (“IPO”) through a ...
Department of Labor’s ESG Rule Attacked on Multiple Fronts
In recent weeks, opponents of the U.S. Department of Labor (DOL)’s so-called ESG rule have brought new challenges in the courts ...
FTC Enforces Health Breach Notification Rule against GoodRx in First of its Kind Enforcement Action
On February 1, 2023, in a first-of-its-kind enforcement action, the Federal Trade Commission (“FTC”) alleged that GoodRx Holdings Inc. ( ...
The End of an Era: How Will Terminating the COVID-19 Public Health Emergency Affect Life Sciences Companies?
The Biden Administration recently announced that it would allow the COVID-19 public health emergency (“PHE”) to expire on May 11, 2023. Coming ...
New York Seeks New Regulatory Review of Health Care Transactions with Private Equity Investment
On Wednesday, February 1, 2023, Governor Kathy Hochul released the New York State (“NYS” or the “State”) executive budget for State ...
Insights from Experience – Acquiring Public Benefit Corporations
Corporate purpose has been gaining attention in recent years, with increased focus from investors as well as other constituencies, including consumers and employees. One way ...
Ropes & Gray’s Investment Management Update December 2022 – January 2023
The following summarizes recent legal developments of note affecting the mutual fund/investment management industry. SEC Risk Alert Regarding Prevention of Identity Theft under Regulation ...
The Music Stops on the Texas Two-Step: Third Circuit Dismisses LTL Bankruptcy Case
The United States Court of Appeals for the Third Circuit wasted no time getting the new year off to a roaring start through its ruling ...
U.S. International Trade Commission to Investigate COVID-19 Diagnostics and Therapeutics Market and Potential TRIPS Waiver; Public Hearing in March 2023
In June 2022, World Trade Organization (WTO) members approved a waiver of certain intellectual property (IP) protections under the Agreement on Trade-Related Aspects of ...
2022 Enforcement Review for FDA-Regulated Products: Back to Basics
As the COVID-19 public health emergency has slowly receded from the headlines, the U.S. Food and Drug Administration (“FDA”) and its ...