The dollar is mostly a little softer today in thin market conditions, with Tokyo, Seoul, and London closed for holidays. The Japanese yen is the weakest G10 currency, losing about 0.5% and slipping through last Friday's lows. At first, after Fed Chair Powell did not endorse rate hike speculation, the market thought he was dovish. But after the softer than expected jobs data and weakness in the ISM services, the market shifted from doubting one cut to pricing in...

Whether they realize it or not, most companies probably own valuable trade secrets. When one thinks of “trade secrets,” things like the recipe for Coca-Cola or Kentucky Fried Chicken or perhaps Google’s algorithm might come to mind. But trade secrets are broader than these examples and can include things that most companies have, such as customer lists, manufacturing processes, and marketing strategies. PROTECTING TRADE SECRETS What makes a trade secret a trade secret? First and foremost, it must be a secret,...

The IRS and Treasury on May 6 published final regulations on tax credits under Section 30D for new clean vehicles and under Section 25E for previously owned clean vehicles. The final regulations apply on various dates that conform to either issuance of the proposed regulations or statutory provisions. Accordingly, the Section 25E final regulations generally apply to tax years ending after October 10, 2023; the Section 30D final regulations generally apply to tax years ending after December 4, 2023; the...

The United States Patent and Trademark Office (USPTO) is requesting public comment on how they can accelerate and incentivize the commercialization of innovative technologies.1 Public comments can be submitted via this link by May 14, 2024. To facilitate input, the USPTO has provided a list of questions that may be addressed in the public comments, including suggestions for how they can help innovators with commercialization through the use of the U.S. intellectual property system. These questions are not limiting, and...

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...

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...

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...

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...