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...

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...

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 ...

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...

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...

As part of its 2022 Convergence Report, the European Commission finally paved the way for Croatia to enter the eurozone. After years on the side lines, the country may now become the twentieth country to join the EU’s common currency. Since joining the European Union as the, at the time, 28th Member State on 1 July 2013, Croatia has been on a steady path of aligning its economic, fiscal and monetary policy to that of the European Central Bank. While, technically, all...

COVID-19 has rapidly accelerated our expectations that virtual connection can deliver better and more economical care. As a result, digital health companies have an unprecedented opportunity to innovate, but with that opportunity also comes significant regulatory challenges related to the collection and processing of personal health information. What legal requirements apply to the processing of health information? What are the risks associated with noncompliance? In this brief primer, we provide answers to these questions, and a window to what...

Bans to Cover Luxury Goods, Commercial, Industrial, Medical and Laboratory Equipment and Materials On Friday May 20, 2022, Canada announced amendments to the Special Economic Measures (Russia) Regulations, which were registered and entered into force on May 18, 2022. Notably, these amendments substantially expand the scope of purchase and sale restrictions imposed on Russia to broader categories of goods and new industries. A detailed summary of current sanctions related to the Russia/Ukraine conflict can be found in our previous insight, "Canadian...