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In United States

United States: Biden’s wide-ranging executive order on AI

by and 7 Mins Read

On 30 October 2023, President Biden issued a 63-page Executive Order to define the trajectory of artificial intelligence adoption, governance, and usage within the United States government. The Executive Order outlines eight guiding principles and priorities for US federal agencies to adhere to as they adopt, govern, and use AI. While safety and security are predictably high on the list, so too is a desire to make America a leader in the AI industry, including AI development by the federal government.

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In Product Regulation & Liability

United States: A Legal Makeover Guide for Complying with New Cosmetic Regulations under MoCRA (Part IV)

by 6 Mins Read

In the first three parts of this series, we provided an overview of the new US Food and Drug Administration regulatory requirements under the Modernization of Cosmetics Regulation Act of 2022 (MoCRA), the good manufacturing practices regulations FDA plans to establish, as well as the FDA draft guidance on the facility registrations and products listings. In this Part IV, we are providing an important update of FDA’s compliance policy – enforcement discretion for MoCRA facility registration and product listing until 1 July 2024, as well as the existing FDA resources to help industry prepare for MoCRA implementation.

In Antitrust / Competition

United States: How to navigate the FTC’s new Private Equity frontier

by 1 Min Read

Last year, we warned that the Federal Trade Commission was starting to go after directors, owners and private equity firms in control of entities that violated American antitrust laws. That has now proven true.
On 21 September, the FTC filed a 106-page complaint in the US District Court for the Southern District of Texas against US Anesthesia Partners Inc. and its private equity investor, Welsh Carson Anderson & Stowe XI LP.

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In

United States: Data broker regulation – Competition v. Privacy considerations: Trade-offs

by 1 Min Read

In the ongoing debate concerning data broker regulation, trade-offs between competition and privacy are not always holistically appreciated. This article — originally published in Competition Policy International’s TechReg Chronicle — examines the importance of data protection for individual privacy and access to data for competition, discusses the role of data brokers in data privacy and sharing, and reviews existing, new, and proposed regulations of data brokers who now face additional and varying restrictions in state and federal privacy and consumer protection laws that will increase their compliance costs.

In Corporate Compliance

United States: New businesses get more time to report beneficial ownership information

by , and 7 Mins Read

With the new year comes the 1 January 2024 effective date of the Corporate Transparency Act, which will require approximately 32.6 million US entities to report beneficial ownership information (BOI) to the Treasury’s Financial Crimes Enforcement Network (FinCEN). On 28 September 2023, FinCEN published proposed regulations modifying the BOI Reporting Requirements, which are found in the CTA’s implementing regulations.

In Tax

United States: IRS targets large corporations in enforcement trifecta

by 3 Mins Read

On 20 October 2023, the IRS issued a press release announcing a new initiative to send compliance alerts to roughly 150 US subsidiaries of large foreign corporations that distribute goods in the United States to challenge transfer pricing practices that it alleges resulted in improper losses and exceedingly low margins year after year. Further, in 2024 the IRS will expand the Large Corporate Compliance program to include audits of an additional 60 corporate taxpayers selected using artificial intelligence and input from subject matter experts.

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In Employment

United States: Checking in on employee handbooks for US and multinational employers (Video chat)

by 4 Mins Read

Employee handbooks have recently come to the forefront of employers’ key priorities. Why? The NLRB’s recent decision in Stericycle adopted a retroactive “employee friendly” standard for workplace rules, including those often included in handbooks. In addition, the new year often rings in new laws requiring changes to workplace policies likely to be included in handbooks. And the US Supreme Court decision banning affirmative action in higher education has led employers to take a closer look at their inclusion, diversity and equity related policies and statements in employee handbooks.

In Antitrust / Competition

United States:  FTC’s abandonment of case against Axon clouds Administrative Merger Challenges

by 7 Mins Read

In a notable turn of events, the Federal Trade Commission announced that it would abandon its in-house post-consummation challenge of the 2018 acquisition by Axon Enterprise, Inc. of VieVu, LLC. The FTC’s decision follows a recent adverse ruling from the Supreme Court, which held that parties are entitled to assert constitutional challenges against the FTC before being required to participate in its administrative proceedings. Following the Supreme Court’s decision, the FTC is likely to confront more challenges when pursuing enforcement actions—including, in particular, merger challenges—through its in-house administrative proceedings.

In ESG

United States: California becomes first state to require venture capital companies to report diversity data from portfolio company founders

by , , , and 5 Mins Read

In first-of-its-kind legislation, under SB 54, California will require venture capital companies to collect and report diversity data from portfolio company founders as soon as 1 March 2025. The new Fair Investment Practices by Investment Advisers law intends to increase transparency regarding the diversity of founding teams receiving venture funds from covered entities in California.

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