Last week the SEC published new proposed rules and amendments to address certain conflicts of interest associated with the use of Predictive Data Analytics by broker-dealers and investment advisers in interactions with investors. The wide-ranging proposal would require firms to implement detailed policies and procedures to identify and “eliminate or neutralize” the effects of such conflicts of interest.
If your company uses social media influencers in its advertising, you will want to consider whether your company is adequately monitoring what the social media influencers are saying about your product or service and how they are disclosing their relationship to your company in light of the updated guides and resources that the Federal Trade Commission issued very recently.
The general considerations have not changed, namely, that companies are “subject to liability for misleading or unsubstantiated statements made through endorsements or for failing to disclose unexpected material connections between themselves and their endorsers,” 16 CFR Part 255.1(d), but the requirement that companies have a reasonable program in place for monitoring their social media influencers’ compliance and what such a program should include is an important addition to the guidance.
Just a few weeks after California Attorney General Bonta announced an investigative sweep through inquiry letters sent to California employers, the California Privacy Protection Agency (CPPA) announced a California Consumer Privacy Act (CCPA) review of data privacy practices by connected vehicle manufacturers and related technologies, focusing on embedded features including “location sharing, web-based entertainment, smartphone integration, and cameras,” because “vehicles often automatically gather consumers’ locations, personal preferences, and details about their daily lives.”
Just a few weeks after California Attorney General Bonta announced an investigative sweep through inquiry letters sent to California employers, the California Privacy Protection Agency (CPPA) announced a California Consumer Privacy Act (CCPA) review of data privacy practices by connected vehicle manufacturers and related technologies, focusing on embedded features including “location sharing, web-based entertainment, smartphone integration, and cameras,” because “vehicles often automatically gather consumers’ locations, personal preferences, and details about their daily lives.”
Baker McKenzie’s recent victory in the United States Supreme Court in Yegiazarian v. Smagin, 143 S. Ct., 1900 (22 June 2023), opens the door for non-US plaintiffs to pursue RICO claims when seeking to enforce a judgment or assert claims against U.S . parties or assets. Although the plaintiff in this case was the holder of a foreign arbitration award, the Court’s holding suggests that any foreign plaintiff asserting a claim against or seeking to recover U.S. property will have legal standing to pursue civil claims under federal RICO statutes, and potentially recover treble damages and attorneys’ fees.
So far this year, three US states have passed laws with specific obligations related to consumer health privacy law: Washington, Connecticut, and Nevada. When it comes to California, the omnibus California Consumer Privacy Act (CCPA) applies also to the processing of health information. But, if the sectoral Confidentiality of Medical Information Act (CMIA) applies and is complied with, CMIA, and not the CCPA, applies.
On 26 July 2023, the US Securities and Exchange Commission (SEC) approved the final rules for Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure. The SEC first proposed amendments to its rules on disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies on 9 March 2022.
On 13 July 2023, Judge Analisa Torres of the Southern District of New York issued an Order on competing motions for summary judgment in the closely followed SEC v. Ripple Labs, Inc. litigation. As the first court decision to broadly address the question of whether a cryptocurrency itself is a security, as the SEC has maintained in most circumstances, the Order may have broad implications to the state of crypto industry regulation in the US.
The United States tax treaty with Chile has finally been approved by the Senate, over a decade after its original signature on 4 February 2010.
On 22 June 2023, the Senate voted 95-2 to pass the resolution of advice and consent to ratification of the Convention Between the Government of the United States of America and the Government of the Republic of Chile for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital. The treaty now heads to the President for official ratification.
On 18 July 2023, Oregon Governor Tina Kotek signed SB 619 into law as the Oregon Consumer Privacy Act, making Oregon the eleventh US state to enact consumer privacy legislation and the seventh in 2023 alone. The compliance deadline for for-profit entities is 1 July 2024.