This blog was originally published on February 25, 2022, and has been updated to reflect further developments | On February 21, 2022, Russia formally recognized the purported independence of two regions in Eastern Ukraine, Donetsk and Luhansk. The next day it ordered Russian troops into the separatist-occupied territories, and the incursion escalated into a multi-pronged invasion of Ukraine on February 24, 2022. Canada swiftly announced new sanctions that target Russia and the occupied Ukrainian regions, as it warned it would...

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Initially published in JD Supra | A debate over penalties for non-willful failure to disclose all of an individual’s or business’ foreign bank accounts may reach the Supreme Court, if a Department of Justice request is granted, according to its recently filed brief. At issue: should the maximum $10,000 Foreign Bank Account Reporting (FBAR) penalty apply on a per-account basis, or rather than in one unified annual basis. Fifth and the Ninth Circuit Courts have produced dueling rulings that could mean...

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In two separate May 25 releases, the U.S. Securities and Exchange Commission (SEC) proposed amendments to (1) Rule 35d-1 (the Names Rule) under the Investment Company Act of 1940 (Investment Company Act) and (2) rules and disclosure forms concerning funds’ and advisers’ incorporation of environmental, social, and governance (ESG) factors. The final rules, if adopted, would make investment companies and advisers subject to tighter standards regarding how funds are named and how ESG factors are disclosed. Amendments to the Fund...

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We are witnessing a legal avalanche relating to business and human rights. Our Business and Human Rights Updates will keep you advised of initiatives of relevance to your business. We are also constantly chasing new tools to enable businesses to identify and effectively address potential harm to people and the environment. Ultimately, what protects people (and the planet) is also what best protects businesses. The European Commission progresses efforts towards a ban on products produced by forced labour ...

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Employers often want to have a data retention policy that works for all of their international operations. We look at the challenges with this approach and how to make it work in practice. Why bother with data retention policies? Following the introduction of the European general data protection regulation (“GDPR”) in 2016, many HR professionals will be familiar with the message that “you can only keep data for as long as you need it.” This same principle also now lives on...

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On June 1, 2022, both the EU and UK introduced new regulations providing a safe harbour (“Block Exemption”) for certain classes of restrictions in vertical distribution agreements. These changes would replace expiring old regulations. New Vertical Guidelines have also been issued by the European Commission, which is intended to be read alongside VBER to provide further guidance and clarity to businesses.  In the UK, the CMA is planning to do the same for VBEO. The CMA and the EU...

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