BIS Proposes Rule to Address Challenges of Artificial Intelligence and...
On January 29, 2024, the Department of Commerce’s Bureau of Industry and Security (BIS) issued a proposed rule to prevent foreign actors from using U.S. cloud computing services for malicious cyber...
View ArticleWho Owns and Controls Your Real Estate Entity? FinCEN Wants to Know, and its...
This client alert is an update to an earlier MoFo client alert issued on December 8, 2022. In a final rule implementing the Corporate Transparency Act (the “Final Rule”), the Financial Crimes...
View ArticleUpdate Kapitalmarkt- und Gesellschaftsrecht: Das Zukunftsfinanzierungsgesetz
Mit dem Gesetz zur Finanzierung von zukunftssichernden Investitionen (Zukunftsfinanzierungsgesetz – ZuFinG) will die Bundesregierung den Finanzstandort Deutschland stärken und Start-ups,...
View ArticleArbitration Clauses and the Importance of Specifying the Law Which Governs...
The recent English Court of Appeal (CoA) decision in UniCredit v. RusChemAlliance has further highlighted the importance of specifying what law should govern an arbitration agreement, rather than an...
View ArticleDeputy Attorney General Lisa Monaco Announces DOJ’s Approach to AI
On February 14, 2024, Deputy Attorney General Lisa Monaco announced two important developments related to the advent of artificial intelligence (AI) as it relates to the work of the U.S. Department of...
View ArticleSupreme Court Reverses Second Circuit in Favor of Whistleblower Plaintiff,...
Earlier this month, the Supreme Court unanimously reversed the Second Circuit’s decision in Murray v. UBS and resolved a circuit split in favor of employees, holding that although intent is an element...
View ArticleTop 5 SEC Enforcement Developments for January 2024
Each month we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: •The SEC’s approval of spot bitcoin...
View ArticleDOJ Releases False Claims Act Statistics for Fiscal Year 2023
On February 22, 2024, the U.S. Department of Justice (DOJ) announced its False Claims Act (FCA) statistics for fiscal year (FY) 2023. Using DOJ’s FY 2023 Data Table and our analysis from previous...
View ArticleFinCEN: Eyes on Investment Advisers
In July 2020, a sensitive Federal Bureau of Investigation (FBI) document was leaked to the public. The document outlined the FBI’s suspicions that the private investment funds industry was providing...
View ArticleFinCEN Proposes Expanding Residential Real Estate Anti-Money Laundering Rules
On February 16, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking, which would require certain real estate professionals to report certain transaction...
View ArticleOFAC Year in Review 2023 – Part 1
2023 was another record year for U.S. sanctions and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Most prominently, OFAC continued to impose significant additional...
View ArticleArtificial Intelligence in Healthcare: New Avenues for Liability
Artificial Intelligence (AI), specifically generative AI technologies, hold significant promise for improving the healthcare industry by streamlining clinical operations, freeing service providers...
View ArticleU.S. Sanctions Enforcement: 2023 Trends and Lessons Learned
Today’s alert—the second in our Sanctions 2023 Year in Review Series—provides an overview of U.S. sanctions enforcement in 2023, including the key lessons learned from the public enforcement actions...
View ArticleMaintaining the Balance of Power in Venture-Backed Startups: The Impact of...
Venture capital investors with a penchant for more expansive views of preferred stockholder rights have cause for pause. While fundamentally more a commentary on drafting mechanics than anything, the...
View ArticleClarifying the Law on Transfers for Convenience: Insights from the Fifth...
Earlier this month, the Fifth Circuit granted a mandamus petition in In re Clarke, No. 24-50079, 2024 U.S. App. LEXIS 5099 (5th Cir. Mar. 1, 2024), effectively reversing a Texas court’s decision to...
View ArticleUCC Foreclosure Commercially Reasonable
In a recent case, U.S. District Judge Edgardo Ramos ruled that a foreclosure sale governed by Article 9 of the New York Uniform Commercial Code (UCC) was “commercially reasonable” when viewed as a...
View ArticleThe UK’s Serious Fraud Office Under Nick Ephgrave – One to Watch at Home and...
On 13 February 2024, Nick Ephgrave gave his inaugural public speech as the new Director of the UK’s Serious Fraud Office (SFO). With a background in law enforcement, including as assistant...
View ArticleEU Sanctions Year in Review 2023
In 2023, the European Union continued to use economic sanctions as one of its foreign policy tools, and not only in response to Russia’s war in Ukraine. New sanctions and adjustments to existing...
View ArticleCalifornia Announces Intent to Criminally Prosecute Antitrust Violations
In the latest development signaling California’s increasing efforts to police antitrust violations, on March 6, 2024, Senior Assistant Attorney General Paula Blizzard announced that the California...
View ArticleTri-Seal Compliance Note Stresses Importance of Non-U.S. Persons Complying...
On March 6, 2024, the U.S. Departments of Commerce, Justice, and the Treasury issued a Tri-Seal Compliance Note (Compliance Note) stressing the need for non-U.S. persons to comply with U.S. sanctions...
View ArticleFINRA Proposes to Modify its Communications with the Public Rule to Allow...
In November of 2023, FINRA made an initial rule filing with the Securities and Exchange Commission (SEC) pursuant to Exchange Act Rule 19b-4, seeking to amend FINRA Rule 2210 – Communications with the...
View ArticleThe White House Launches Interagency Strike Force Targeting Unfair and...
As part of its whole-of-government effort to enforce the antitrust laws, the Biden administration recently launched a new interagency Strike Force on Unfair and Illegal Pricing (Strike Force), which...
View ArticleCFPB Issues Final Rule to Reduce Credit Card Late Payment Fees
On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) announced the issuance of its final rule to amend Regulation Z and further restrict credit card late payment fees (the “Final Rule”)....
View ArticleSEC Adopts Climate Change Disclosure Rules for Public Companies
On March 6, 2024, two years after the issuance of a proposing release and following more than 24,000 comment letters and 4,500 unique letters submitted in response, by a vote of 3-2, the U.S....
View ArticleEU AI Act – Landmark Law on Artificial Intelligence Approved by the European...
The highly anticipated EU Artificial Intelligence Act is finally here! With extra-territorial reach and wide-reaching ramifications for providers, deployers, and users of Artificial Intelligence...
View ArticleUK Expands Export Controls to Semiconductor and Other Emerging Technologies
The UK has expanded its export controls regime to include a number of key emerging technologies, including in relation to semiconductors and quantum technology. These changes take effect on 1 April...
View ArticleNew Plants, Old Frameworks: FDA’s 1992 Policy Applies to Foods Derived from...
On February 22, 2024, FDA released a final guidance detailing how foods derived from genome-edited plants fall into FDA’s existing food safety framework and outlining two voluntary consultation...
View ArticleInvestment Adviser Compliance Index - March 2024
The Investment Advisers Act of 1940 (the “Advisers Act”) is a relatively compact statute, and for many years the Securities and Exchange Commission (SEC) adopted relatively few regulations...
View ArticleDOJ to Pay Whistleblowers
On March 7, 2024, during her keynote remarks at the American Bar Association’s 39th National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco announced a new Department of Justice...
View ArticleCPSC at ICPHSO: 2024 Enforcement Priorities
The Consumer Product Safety Commission (CPSC) was well represented at the International Consumer Product Health and Safety Organization’s annual symposium in Orlando, which took place in February....
View ArticleTop 10 International Anti-Corruption Developments for February 2024
Designed for busy in-house counsel, compliance professionals, and anti-corruption lawyers, this newsletter summarizes some of the most important international anti-corruption law and enforcement...
View ArticleSEC Targets "AI Washing" With Two New Settled Cases
On March 18, 2024, the SEC announced—in videos posted on YouTube and Twitter—regulatory actions against two investment advisers for “AI washing,” a practice defined by the SEC as “making false...
View ArticleCPSC at ICPHSO: Office of Compliance Activity
This second installment of our series highlights CPSC’s Office of Compliance Activity and continued aggressive enforcement efforts. Multiple presenters emphasized CPSC’s continued aggressive...
View ArticleCPSC at ICPHSO: E-Commerce Platforms and Product Safety Responsibilities
This third installment of our series highlights regulators and other stakeholders’ growing focus on e-commerce platforms’ role in protecting consumers from unsafe products, as the percentage of online...
View ArticleElectric Vehicle Risks: New Focus of Regulators
The use of electric vehicles (EVs) and micromobility devices (EMDs), e.g., electric scooters, electric bikes, and hoverboards, is on the rise and the accompanying potential risks of EVs and EMDs have...
View ArticleOFAC Issues Omnibus Accounts Enforcement Case Involving Russia and Other...
On March 14, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced its first enforcement case of the year and its first ever involving dealings with a Russian...
View ArticleCPSC at ICPHSO: Reese’s Law and Mandatory eFiling Requirement
In this final installment of our series (see part 1, part 2, and part 3) discussing CPSC’s presence at the 2024 International Consumer Product Health and Safety Organization’s annual symposium, we...
View ArticleSXSW Retrospective: Exploring Rewards and Risks of Multimodal AI with MoFo...
At the 2024 South by Southwest Conference (SXSW) in Austin, Texas, MoFo Partner Justin Haan and OpenAI’s General Counsel Che Chang hosted a fireside chat about legal issues related to the development...
View ArticleTop 5 SEC Enforcement Developments for February 2024
Each month we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: •The SEC’s expanded definition of...
View ArticleHKIAC’s 2023 Statistics Reinforce Hong Kong’s Appeal As An Arbitration Hub
On 6 March 2024, the Hong Kong International Arbitration Centre (HKIAC) released its annual statistics for 2023. The numbers reaffirm Hong Kong’s position as a highly attractive center for...
View ArticleUK Sanctions Year in Review 2023
2023 was another significant year for UK sanctions. The UK government has continued to implement new sanctions against Russia in response to its illegal war in Ukraine, including through new...
View ArticleScrivener’s Error in Guaranty Reformed Outside of Statute of Limitations and...
In an appeal heard by the Appellate Division of the Supreme Court in the First Judicial Department of New York, the Court recently ruled that a court may reform a guaranty after the statute of...
View ArticleUK Issues General Licence for Exports of Semiconductor and Other Emerging...
The UK government has issued an updated Open General Export Licence for the Export of Dual-Use items to EU Member States (which also previously covered exports to Iceland and the Channel Islands) (the...
View ArticleFull Steam Ahead for Cartel Enforcement in 2024
As anticipated, cartel enforcement is ramping up at the start of 2024 and investigations relating to artificial intelligence (AI) are taking center stage. Leadership of both the broader Department of...
View ArticleCPSC Hearing on 2025 and 2026 Agenda and Priorities
The U.S. Consumer Product Safety Commission (CPSC or the “Commission”) has scheduled a public hearing on May 8, 2024, to hear stakeholders’ views on the Commission’s priorities for fiscal years 2025...
View ArticleMoFo’s State + Local Government Enforcement Newsletter - April 2024
Morrison Foerster’s State and Local Government Task Force is pleased to provide our bimonthly newsletter summarizing some of the most important and interesting developments from state attorneys...
View ArticleMaryland Poised to Continue Trend of Jurisdictions Mandating Pay Transparency...
Maryland is seeking to become the latest jurisdiction to require companies to disclose pay in job postings. On March 29, 2024, the Maryland Senate approved House Bill 649, Labor and Employment – Equal...
View ArticleTrue Facts About False Claims: MoFo's FCA Newsletter - April 2024
Designed for busy in-house counsel and compliance professionals, this newsletter seeks to bring you up to speed on key federal and state False Claims Act (FCA) developments, with links to primary...
View ArticleNew Sheriff in Town: Frankfurt to Host EU’s New Agency Against Dirty Money
On February 22, 2024, Frankfurt won the joint vote to host EU’s central enforcer in the fight against financial crime. The new Authority for Anti-Money Laundering and Countering the Financing of...
View ArticleCFPB Issues Report on Risks Posed by Video Game Marketplaces
On April 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a report on “Banking in video games and virtual worlds” (Report). The Report focuses on the movement of money in virtual worlds...
View Article
