On 19 June 2023, Canada announced further amendments to the Special Economic Measures (Iran) Regulations in response to Iran’s “gross and systematic violations of human rights in different branches of Iran’s Revolutionary Courts.” These amendments list an additional seven individuals under Schedule 1 and entered into force on 19 June 2023.
On 27 May 2023 the Canada Border Services Agency introduced amendments to the Valuation for Duty Regulations, which will alter existing Canadian customs valuation rules. The amendments intend to clarify the “sale” used to establish the value for duty under the transaction value method for all goods imported into Canada.
California Assembly Bill 1228 or, the “Fast Food Franchisor Responsibility Act” seeks to make fast food franchisors liable for certain civil violations committed by their franchisees. The Bill was passed by the California Assembly on 31 May and awaits a vote in the Senate. If signed into law in its current form, the Bill would drastically increase the legal exposure of certain franchisors in the fast-food industry.
On 13 June 2023, Canada announced amendments to the Special Economic Measures (Haiti) Regulations in response to “acts of significant corruption.” These amendments list an additional two individuals under the Schedule of the Regulations and took effect on 13 June 2023.
Baker McKenzie’s Sanctions Blog published the alert titled Canada Announces Additional Sanctions in Response to Theft of Ukrainian Cultural Objects and Seizes Russian Cargo Aircraft on 16 June 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
The Canadian Competition Act was recently amended to, among other things, criminalize wage-fixing and no-poach agreements between unaffiliated employers. Following a one-year grace period that permitted Canadian employers to ensure they are in compliance, the criminal prohibition will come into effect on 23 June 2023.
The NYSE and Nasdaq have given listed companies more time to adopt their Clawback policy, with the new proposed effective date of their rules being 2 October 2023 with a requirement to adopt the policy by 1 December (subject to SEC approval).
In this four-part webinar series that took place throughout the month of May 2023, our US moderators welcomed colleagues from around the globe to share the latest labor and employment law updates and trends.
Consumers and investors alike are increasingly shifting their focus towards both “green” products and investments in sustainable businesses and those with aspirational environmental and climate goals. Since environmental and sustainability claims have become ever more powerful marketing tools, they are also increasingly vulnerable to complaints of “greenwashing” — the practice of overstating the environmental characteristics or benefits of a company or a product.
On 11 May 2023, the Committee on Foreign Investment in the United States (CFIUS) issued a Frequently Asked Question (FAQ), which calls into question the use of “springing rights,” a broadly used instrument to expedite financings while complying with mandatory filing requirements. The FAQ addresses the timing for when a filing must be made for a transaction triggering a mandatory filing. Since implementation of the mandatory filing requirements, transaction parties have used springing or deferred rights to allow financings to proceed while those rights triggering a CFIUS filing are deferred or held in abeyance until after CFIUS clearance.