Corporate & Commercial

Last month in In the Matter of 1-800 Contacts, Inc., the Federal Trade Commission (“FTC”) provided insight into the circumstances under which retail price competition may take place in the 21st century internet economy. In the Opinion authored by Chairman Joseph J. Simons (“Commission’s Opinion”) the Commission decided that 1-800 Contacts, the country’s largest online retailer of contact lenses, unlawfully entered into anticompetitive agreements with 14 rival online sellers (“Agreements”). The Agreements, which, in…
Last Friday, December 7, the World Health Organization (“WHO”) Expert Committee on Drug Dependence (“ECDD”), was scheduled to make a recommendation about the international legal status of cannabis. The WHO is a “specialized agency” of the United Nations, and the ECCD is a WHO committee consisting of experts in the field of drugs and medicines, that assesses the health risks and benefits of the use of psychoactive substances. Alas, the ECDD announced it…
FATF has published its highly anticipated report on the effectiveness of the UK’s anti-money laundering and counter-terrorist financing measures. By Jon Holland, Rob Moulton, and Jonathan Ritson-Candler On 7 December 2018, the Financial Action Task Force (FATF) published its highly anticipated mutual evaluation report of the UK. The report sets out the UK’s global standing in combatting money laundering and terrorist financing. The report is generally positive, ranking the UK as either highly…
In this issue: • Blockchain Transport Applications, Public Sector Initiatives, Protocol and Market Developments • Capital Markets Initiatives Continue as US Congress Issues New Research and Two New Bills • Blockchain Payments Networks Evolve, New Cryptocurrency Exchange Lands in US • SEC Achieves Settlements, FATF Evaluates UK, Regulator Actions in Denmark and New Zealand • Tax Analysis: Securitized Tokens Backed by Real Property or Other Assets Blockchain Transport Applications, Public Sector Initiatives, Protocol and Market…
A novel attempt to seize a registered mark is captivating headlines in Los Angeles. The U.S. Attorney’s Office has prosecuted a motorcycle club known as Mongols Nation on charges of racketeering and conspiracy to commit racketeering. The club is alleged to be operating as a gang and the Government has argued that the gang bears responsibility for several violent crimes and drug dealing committed by some of its members. The recent case is a culmination…
More companies continue to raise large sums of capital through late-stage or pre-IPO private placements as they prepare, or in some cases delay, going public. Tech companies are among the most highly-valued of these private companies. A recent study by CB Insights looked at the capital raised by tech companies that went public in 2018. It was found that, on average, these companies raised over $103.0 million in pre-IPO funding. This is almost 2.5 times…
Proskauer authored a Practice Note published by Practical Law, which provides an overview of the use of blockchain and smart contracts in the supply chain context, including the legal issues, concerns, benefits and risks associated with its use. It includes, among other topics, information on key distinctions between public and private blockchains and important considerations regarding the use of blockchain consortia. The full text of our Practice Note is available here: Practice Note: Blockchain and Supply Chain Management
The United States Court of Appeals for the Second Circuit, applying New York law, has held that a warranty executed before the inception of an excess directors and officers liability policy precluded coverage for a Securities and Exchange Commission (SEC) action because the insured knew of the SEC’s “escalating” investigation before the warranty was signed.  Patriarch Partners, LLC v. AXIS Ins. Co., 2018 WL 6431024 (2d Cir. Dec. 6, 2018).…
The FTC has proposed amendments to its Energy Labeling Rule. The Rule requires manufacturers to attach yellow EnergyGuide labels providing estimated annual energy cost, energy consumption, and a comparability range to covered products, and prohibits retailers from removing these labels or rendering them illegible. The Rule also requires sellers, including retailers, to post label information on websites and in paper catalogs from which consumers can order products.…
This month, the Financial Industry Regulatory Authority (FINRA) issued a report summarizing various findings from recent examinations of its member firms (Report). In particular, the Report sets forth selected observations from recent examinations that FINRA considers worth highlighting because of their potential significance, frequency and impact on investors and the markets. The Report also describes compliance and supervisory practices that FINRA has observed to be effective in certain circumstances.…

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