01 May
Member News

Thompson Hine | U.S. DOL Finalizes Major Changes to its Fiduciary Investment Advice Rule

On April 25, 2024, the U.S. Department of Labor (DOL) published its final “Retirement Security Rule” (the Final Rule) (89 FR 32122) that amends the existing rule defining when a person is an investment advice fiduciary under the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the Internal Revenue Code of 1986, as amended (the Code). The DOL simultaneously published amendments to various Exemptions intended to narrow and harmonize the exemptions available to address conflicts of...

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30 Apr
Chapter News

European Commission | Global Gateway: Scaling up Sustainable Finance in EU Partner Countries

The European Commission received today the final recommendations of the High-Level Expert Group on scaling up sustainable finance in low-and middle-income countries (HLEG), in the presence of International Monetary Fund Managing Director Kristalina Georgieva. Since 2022, emerging markets have experienced the worst ever capital outflows. The report provides concrete and innovative actions the Commission can take to mobilise private capital for sustainable investments in Global Gateway partner countries. It outlines ten recommendations, with a focus on establishing an enhanced strategic engagement...

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29 Apr
Member News

Houthoff | AFM on Provision of Information Policy Rules, Two Studies and AI’s Impact on Financial Sector

In this News Update we discuss: AFM's consultation on the revised Policy Rule regarding the provision of information; two AFM studies: 'Buy now, pay later' and 'Design of crypto apps', and; AFM and DNB's report on the impact of AI on the financial sector. We further highlight some other financial regulatory publications issued since our last News Update. Subscribe here to the News Update Financial Regulatory. AFM'S CONSULTATION ON THE REVISED POLICY RULE REGARDING THE PROVISION OF INFORMATION The Dutch Authority for the Financial Markets...

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29 Apr
Member News

Wilson Sonsini | The ELVIS Act: Setting the Stage for Policing Unauthorized Use of AI-Generated Sound and Likeness

Last month, Tennessee, birthplace of the “King of Rock and Roll,” broadened the state’s already robust right of publicity statute by passing the Ensuring Likeness Voice and Image Security Act (the so-called “ELVIS Act”). The ELVIS Act, which goes into effect on July 1, breaks new ground by specifically targeting generative artificial intelligence (AI) platforms and services that potentially enable the use of people’s likeness without permission. Other states, and potentially Congress, may soon follow Tennessee’s “opening act” in...

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29 Apr
Chapter News

U.S. Department of Commerce Announces New Actions to Implement President Biden’s Executive Order on AI

Announcements include draft guidance documents, a draft plan for international standards, and a new measurement program opening for public comment The U.S. Department of Commerce announced today, following the 180-day mark since President Biden’s Executive Order (EO) on the Safe, Secure and Trustworthy Development of AI, several new announcements related to the EO. The Department’s National Institute of Standards and Technology (NIST) has released four draft publications intended to help improve the safety, security and trustworthiness of artificial intelligence (AI)...

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29 Apr
Chapter News

Commission proposes Association Agreement with Andorra and San Marino to the Council

The Commission has today adopted proposals for Council decisions on the signing and provisional application, as well as on the conclusion of the Association Agreement between the EU and Andorra and San Marino, respectively. This represents a key step towards the ratification of the agreement, while marking a significant milestone in EU efforts to develop a special relationship with neighbouring countries. The Association Agreement will allow Andorra and San Marino to participate in the EU's internal market and enhance cooperation...

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25 Apr
Member News

Troutman Pepper | FTC Bans Employee Noncompete Clauses

The Federal Trade Commission (FTC) voted along party lines (3 to 2) to ban all worker noncompetition provisions. The final rule applies to all employees, including senior executives, and will become effective 120 days after publication in the Federal Register. The regulation deems employee noncompetes an “unfair method of competition,” pursuant to Section 5 of the FTC Act. The majority believes that noncompete provisions exploit workers and that the federal ban will increase innovation, spur establishment of new businesses, and...

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18 Apr
Member News

Littler | Legal Snapshots from Europe and the United States

Littler Mendelson | Quarterly Legal Guide Q1 Littler publishes the Global Guide Quarterly (GGQ) to provide a general update on global labor and employment (L&E) law developments in key countries in the American, EMEA, and APAC regions. By providing high-level notice of such developments, we aim to help multinational enterprises with cross-border operations to stay abreast of important changes within the L&E law framework. We, EACCNY, are sharing the relevant legal updates from Europe & the United States. Click to download...

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18 Apr
Member News, Uncategorized

Wilson Sonsini | SEC, California, and CSRD Climate Disclosure Requirements Comparison Tool

Following an order by the U.S. Securities and Exchange Commission (SEC) implementing a stay of its final climate disclosure rules pending review of legal challenges to such rules in the U.S. Court of Appeals for the Eighth Circuit, many companies are reassessing their climate disclosure timelines and the underlying processes and systems that will be required to comply with the mandatory sustainability reporting frameworks applicable to them, particularly if litigation related to the SEC’s climate disclosure rules extends over...

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17 Apr
Member News

Offit Kurman | Lost in Translation: Blunders in International Estate Planning No. 4

Welcome to Offit Kurman's “Lost in Translation: Blunders in International Estate Planning.” This blog series explores the rarified world of international estate planning, uncovering potential pitfalls and providing insights to navigate the complexities. Blunder No. 4:  Leaving the United States? Take your Assets with You When U.S. or non-U.S. citizens who may have spent time working or residing in the U.S. decide to return to their home countries or any other country outside the U.S., failing to transfer their assets outside...

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