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In Tax

United States: 2023 a great year for APAs in the US

by and 1 Min Read

On 26 March 2024, the IRS Advance Pricing and Mutual Agreement (APMA) Program issued their 25th annual Advance Pricing Agreement (APA) report describing the experience, structure, and activities of the APMA Program during calendar year 2023. The report provides statistical information about the numbers of APA applications received and resolved during the year, including countries involved and transfer pricing methods employed. This article identifies key takeaways based on the data from the report and our experience advising companies during the APA process.

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In Cybersecurity, Data and Tech

United States: California Court decision a reminder to review website privacy practices

by , , and 7 Mins Read

Esparza v. Kohl’s, Inc., confirms that sharing electronic data with third-party applications or service providers without the website visitor’s consent creates a risk of lawsuits and potential liability for website defendants in states that require all parties to consent to interception of communications.

In Antitrust / Competition

United States: Still going strong – M&A noncompetes and the FTC’s final rule on noncompetes

by , , , , , , , , , and 7 Mins Read

The Federal Trade Commission (FTC) recently issued its highly anticipated final rule on noncompetes, imposing a near-total ban on worker noncompetes in the United States. Barring injunctive relief from legal challenges (which have already started), the rule will take effect 120 days from publication in the federal register.

In Antitrust / Competition

United States: DOJ scores its second successful Sherman Act Section 2 criminal prosecution

by , , and 7 Mins Read

On April 10, 2024, the Department of Justice Antitrust Division announced that it had secured a guilty plea from a fuel truck company owner for conspiracy to monopolize trade in violation of Section 2 of the Sherman Act. This policy shift has expanded the scope of the DOJ’s criminal antitrust enforcement agenda. Accordingly, companies should ensure that their employees are properly complying with antitrust regulations and continue to monitor as this revived area of antitrust law develops.

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In Antitrust / Competition

Canada: Competition Bureau seeks comments on the effects of artificial intelligence on competition

by , and 7 Mins Read

The Canadian Competition Bureau (“Bureau”) has announced a significant initiative to explore the effects of artificial intelligence (“AI”) on competition in Canada. On 20 March 2024, the Bureau published a discussion paper, entitled “Artificial intelligence and competition” (“Discussion Paper”), and has requested feedback from the public. The Bureau is seeking to better understand how AI can affect competition in Canada. Submissions are due by 4 May 2024.

In Tax

United States: Proposed regulations under the stock repurchase excise tax – Key Considerations for inbound companies

by and 1 Min Read

On 9 April 2024, Treasury released two sets of proposed regulations regarding the excise tax on repurchases of corporate stock under section 4501. The proposed regulations were published in the Federal Register on 12 April 2024. Comments are due on the procedural matters by 13 May 2024, but taxpayers have until 11 June 2024 to submit comments on the substantive guidance.

In AML & Financial Services Regulatory

Canada: CSA implements new “Access Model” to facilitate delivery of prospectuses by non-investment fund issuers

by , and 2 Mins Read

In January 2024, the Canadian Securities Administrators published amendments and changes to several national instruments and companion policies to implement a new non-mandatory access model for preliminary and final prospectuses of non-investment fund reporting issuers. The access model is not available for rights offerings, medium term note programs and other continuous distributions under a shelf prospectus. The amendments are effective 16 April 2024.

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In Antitrust / Competition

United States: Antitrust authorities confirm their view that algorithmic price fixing is a per se antitrust violation

by , , , and 7 Mins Read

Both the Antitrust Division of the US Department of Justice (DOJ) and the Federal Trade Commission (FTC) (collectively, “Agencies”) have submitted a joint Statement of Interest in a third-party dispute currently active in the Federal District of New Jersey. The Statement clarifies the Agencies’ positions on price fixing through the use of algorithms. The third-party dispute involves a class action against casino hotels in the Atlantic City, New Jersey area.

In ESG

United States: A closer look – Key components of the SEC’s long-awaited final rules on climate disclosure and where to go from here

by , , , and 1 Min Read

On March 6, 2024, the US Securities and Exchange Commission adopted final rules (“Final Rules”) that enhance and standardize the disclosure of climate-related information in registration statements and Exchange Act reports. The Final Rules were scaled back after years of significant feedback from registrants and other stakeholders, with the Commission receiving more than 24,000 comment letters in response to the initial rule proposal in March 2022.

In Employment

United States: Catch-up cupid: Late employee noncompete notices may still hit the mark in California (Video chat)

by , , and 2 Mins Read

California’s regulators have made employment noncompetes (and knowing which employees are bound by them and how) a key compliance item.
Effective 1 January 2024, AB 1076 amends Section 16600 of the state’s Business and Professions Code to “void the application of any noncompete agreement in an employment context, or any noncompete clause in an employment contract, no matter how narrowly tailored.” In addition, the law requires employers to notify certain current and former California employees that any agreement containing a noncompete provision is void.

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