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In Employment

The Global Employer: Focus on Global Immigration & Mobility 2024

by 1 Min Read

The latest edition of The Global Employer: Focus on Global Immigration & Mobility is now available and includes an overview of key global immigration and mobility issues related to immigration, employment, compensation and employee benefits, income taxes and social insurance, and global equity compensation. It also identifies key government agencies, highlights current compliance and enforcement trends, and describes short and long term visas appropriate for business travel, training and employment assignments.

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In AML & Financial Services Regulatory

United States: US court vacates the SEC Private Fund Adviser rule

by , , , , , , and 8 Mins Read

On 5 June 2024, the United States Court of Appeals for the Fifth Circuit vacated the Private Fund Adviser rule (“Rule”) in its entirety on the grounds that the SEC, in enacting the Rule, had exceeded its statutory authority. The Rule was adopted by the SEC in August 2023 and would have fundamentally changed the regulatory landscape for private equity funds and their investors. The outcome was somewhat unexpected as in oral arguments the petitioners only directly challenged three of the five provisions that make-up the Rule and there was significant discussion as to whether the five provisions of the Rule should be considered a single rule or if the five provisions should be considered separately.

In Cybersecurity, Data and Tech

United States: US agencies increase coordination and use of technology to investigate data misconduct

by , , and 1 Min Read

Federal regulatory agencies have prioritized enforcement efforts that target the mishandling of data by companies that store and monetize large amounts of personal or sensitive information. This issue cuts across multiple regulatory areas which has prompted increased coordination between federal agencies. Notably, on March 26, 2024, the US Federal Communications Commission, Consumer Financial Protection Bureau, and the Federal Trade Commission, publicized a coordinated effort to increase their technological capabilities to address privacy and competition concerns related to the use of data.

In Corporate Compliance

United States: Sanctions Enforcement in 2024: A Fireside Chat with OFAC Associate Director, Lawrence Scheinert (Webinar)

by , , and 2 Mins Read

Please join Baker McKenzie and ICPA for a fireside chat with Lawrence Scheinert, Associate Director for Enforcement, Compliance, and Analysis at the US Treasury Department’s Office of Foreign Assets Control (OFAC). 

During the discussion, Lawrence will outline OFAC’s enforcement program and priorities. He will also share his insights on enforcement actions, multilateral coordination and cooperation with other US regulators such as BIS, FinCEN, and the DOJ, impact of enforcement actions on non-US companies, among other topics. 

Please join us on 18 and 19 June 2024 for this informative briefing to gain up-to-date insights that could significantly impact your company’s compliance strategies and operations.

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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

In Esparza v. Kohl’s, Inc., the Plaintiff brought a putative class action accusing Kohl’s of allowing a third party to unlawfully eavesdrop on him while he had a brief conversation with an agent on a chat feature on Kohl’s website. This decision is significant because it 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: Private Equity Firm Dismissed from FTC’s Challenge to “Roll-Up” Acquisition Strategy, but Suit Proceeds Against Minority Owned Operating Company

by , , , and 5 Mins Read

The US District Court for the Southern District of Texas has granted a motion to dismiss the FTC’s lawsuit filed by private equity firm Welsh, Carson, Anderson & Stowe (WCAS), but denied the motion to dismiss filed by its minority-owned portfolio company, US Anesthesiology Partners, Inc. (USAP). The FTC alleged that WCAS and USAP developed and pursued an anticompetitive acquisition strategy to “roll-up” multiple Texas-based aesthesia practices in violation of federal antitrust law. The court granted WCAS’s motion to dismiss because it found that its minority, non-controlling stake in USAP was insufficient to support a violation of federal antitrust law.

In Tax

United States: Proposed rules significantly shorten notice period for certain third-party contacts

by and 5 Mins Read

On 22 March 2024, Treasury proposed regulations identifying exceptions to the 45-day advance notice period that the IRS must provide taxpayers before contacting third parties during audit. The Taxpayer First Act (2019) made several structural changes to the IRS and the Code that—in theory—establish some degree of equilibrium in the audit process and protect taxpayers from (real or perceived) process-related abuses.
One such change was requiring the IRS to provide taxpayers substantive, advance notice before contacting third parties for information during an exam.

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In Tax

United States: Donor fund proposed regulations

by and 5 Mins Read

On 14 November 2023, the IRS issued the long-awaited proposed implementing regulations (REG-142338-07) under section 4966, added by the Pension Protection Act of 2006 (“Proposed Regulations”). The Proposed Regulations address many definitions related to donor advised funds, donors and donor advisors. The proposed regulations are intended to help taxpayers understand how the imposition of excise taxes on taxable distributions may apply to them.

In Antitrust / Competition

United States: DOJ’s Antitrust Division prioritizes healthcare collusion and monopolies with new Task Force

by , and 6 Mins Read

The Department of Justice’s (DOJ) Antitrust Division (“Division”) has launched the Task Force on Health Care Monopolies and Collusion. This new Task Force, made up of lawyers, economists, industry experts, data scientists, and technologists from across the Division, will work on investigations and policies across the healthcare space. In particular, the Task Force will focus on consolidated markets, particularly where business operations affect customer care, the use of healthcare data, labor issues, and technology services in the healthcare space.

In Employment

United States: How to steady the ship when the NLRB’s expansive protections rock the boat | Tips for unionized (and non-unionized) companies in 2024 (Video chat)

by and 2 Mins Read

Last year, the National Labor Relations Board (NLRB)’s General Counsel was relentless in overturning precedential decisions and standards impacting both unionized and non-unionized employers. The result was an overall employee-friendly shift to labor laws encouraging both unionization and concerted employee actions impacting working conditions. Key developments included restricting confidentiality and non-disparagement clauses in employee severance agreements, and attacking certain restrictions in noncompete agreements.

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