On 1 May 2023, Governor Eric Holcomb’s signed Indiana’s Consumer Data Protection Act into law, making Indiana the seventh US state to pass comprehensive consumer data privacy law — joining California, Iowa, Utah, Connecticut, Virginia, and Colorado (Tennessee has since enacted a consumer privacy statute; and Montana and Texas have passed laws that are currently awaiting their respective governors’ signatures). The Consumer Data Protection Act closely tracks prevailing trends in US state privacy legislation and in particular emulates the Virginia Consumer Data Protection Act, which came into force at the start of 2023. The new law will come into effect on 1 January 2026.
On 1 May 2023, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General License No. 42 under the Venezuela Sanctions Regulations, three new Venezuela-related Frequently Asked Questions (FAQs), and also amended one Venezuela-related FAQ. These developments occurred in the context of efforts by creditors to enforce judgments against Venezuela and appear to have been in response to a request from the Special Master for the US District Court for the District of Delaware to allow a court-ordered sale of shares in the US parent company of Citgo Petroleum Corp. to proceed in order to resolve a long-running legal dispute between a Canadian mining company and the Government of Venezuela.
As attacks on transgender communities around the world continue to rise, BakerPride and our Texas ID&E Committee are proud to host this fireside chat about the uplifting true story of Danielle—an attorney in Sugar Land, Texas who, at age 57, came out as a trans woman. During this program, we will play clips from the award-winning film, “Our Dad, Danielle,” and chat with Danielle and the filmmakers. We will also hear from our own Baker colleagues who navigate LGBTQ+ issues with their families daily.
This event will be held in person in Houston, and will be broadcast via zoom to the rest of North America.
On 4 May 2023, the President Biden issued Executive Order 14098 establishing a sanctions authority that authorizes the US Government to imposes sanctions on persons or entities in Sudan in connection with “the military’s seizure of power in October 2021 and the outbreak of inter-service fighting in April 2023.”
The United States is one of the most active countries in investigating so-called “unfair pricing” in the form of dumping or subsidization by foreign countries. In the past three years, the United States has initiated five investigations against imports from Brazil, having very recently initiated a case involving brass rods. Brazilian producers/exporters should be aware of the US activity in the antidumping and anti-subsidy space and, where there is a risk of such an action targeting a company’s exports from Brazil to the United States, consider taking steps to prepare in advance and implement a global trade remedies compliance, prevention, and action strategy.
On 27 April 2023, the US Department of State designated Russia’s Federal Security Service and Iran’s Islamic Revolutionary Guard Corps Intelligence Organization pursuant to Executive Order 14078 (Bolstering Efforts to Bring Hostages and Wrongfully Detained United States Nationals Home), with the result that Iran’s Islamic Revolutionary Guard Corps Intelligence Organization has been added to the Specially Designated Nationals and Blocked Persons List.
On 3 May 2023, the Securities and Exchange Commission adopted new rules to modernize and enhance the disclosure requirements for repurchases of equity securities by publicly listed companies, often referred to as stock buybacks. Among other changes, the amendments will require issuers to disclose in their periodic reports their daily share repurchase activity for each quarter (replacing the proposed rule that issuers would have to make daily filings of share repurchase activity) and provide certain additional narrative disclosure about their share repurchase programs in periodic reports. The SEC also adopted new Item 408(d), which will require disclosure in issuers’ periodic reports regarding the adoption and/or termination of 10b5-1 trading arrangements during the reporting period.
The Antitrust Division of the Department of Justice announced that it reached a settlement in its litigation challenge against ASSA ABLOY AB’s proposed USD 4.3 billion acquisition of Spectrum Brand Holding Inc.’s Hardware and Home Improvement division. The settlement, which came in the middle of trial and is now subject to court approval, is the first negotiated settlement under DOJ Assistant Attorney General Jonathan Kanter. Notably, comments from the judge during the trial suggested skepticism towards the DOJ’s position and potential difficulties for the DOJ in winning its case. Without the settlement, this case may have been next in a recent number of DOJ litigation losses.
In this fifth and final installment of ID&E IMPACT, our Labor and Employment team in the US and UK chat about what’s fueling the trending surge in pay equity audits, the risks and rewards, what organizations should keep top of mind in the pay equity review process, and what employers can expect as a result of the EU Pay Transparency Directive reporting requirement.
On 3 April 2023, significant amendments to the Canadian Securities Exchange listing policies came into force. Notably, the amendments are comprehensive in that they revise each of the CSE’s ten policies and create greater consistency between the policies of the CSE and other Canadian stock exchanges such as the Toronto Stock Exchange and the TSX Venture Exchange.