On March 24, 2020, the Commodity Futures Trading Commission (“CFTC”) issued its final interpretive guidance (the “Interpretation”) concerning the meaning of “actual delivery” in the context of retail commodity transactions involving “virtual currencies.” The Interpretation provides that, in the CFTC’s
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Latest from Morrison & Foerster LLP - Page 10
Patchwork of Coronavirus (COVID-19) Mortgage and Rent Forbearance Efforts Creates Challenges for Mortgage Lenders and Servicers
As consumers and business face ever-worsening financial conditions in the wake of the COVID-19 pandemic, federal agencies and some states and localities have stepped in to provide foreclosure and eviction relief. Not surprisingly, the approaches to providing this relief vary…
Social Links: Biden’s stance on CDA §230; liability for user-generated content; Twitter’s process for reviewing Trump’s tweets
A federal district court in Illinois allowed claims for vicarious and direct copyright infringement to proceed against an employee of the Chicago Cubs Baseball Club for retweeting a third-party tweet containing the plaintiff’s copyrighted material. Read the opinion.
Thinking of…
OCIE and Enforcement Staff Continue to Operate in Remote Environment
On March 23, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced that it will conduct its examinations of SEC registrants through correspondence, unless it is absolutely necessary to be on-site. On the same day, the co-directors of…
SEC Responds to Advisers’ Questions under Business Continuity Scenarios
Like all of us, the SEC and its staff are moving rapidly to address changes to normal procedures required in the face of COVID-19. In response to questions recently raised by the Investment Advisers Association (IAA) on behalf of its…
SEC Relief for Advisers and Funds Affected by COVID-19
On March 13th, the SEC announced that it is extending certain filing deadlines for investment advisers and registered funds that have been affected by COVID-19. Boards of registered funds that may find it challenging to travel to meetings also received…
Scope of Agent of a Payee Exemption in California Appears Poised for Expansion
By Sean Ruff & Adam Fleisher
The California Department of Business Oversight (DBO) has finally released a much-anticipated draft rulemaking relating to the scope of the “agent of a payee” exemption under the California Money Transmission Act. The DBO’s rulemaking appears to affirm a broader interpretation…
Fake News & Paid Reviews: FTC Seeks Comments on its Endorsement Guides
The Federal Trade Commission (FTC) appears to be using its ongoing review of current rules and guides to revisit its approach to driving home the message that the relationship between a social media “influencer” and the brand he or she…
Are Facebook Posts Discoverable? Application of the Forman Test in N.Y.
New York courts are increasingly ordering the production of social media posts in discovery, including personal messages and pictures, if they shed light on pending litigation. Nonetheless, courts remain cognizant of privacy concerns, requiring parties seeking social media discovery to…
Federal Reserve Issues Final Rule on Control Regulations
On January 30, 2020, the Board of Governors of the Federal Reserve System approved a final rule (the Final Rule) revising the regulations related to the determination of “control” of banks under the Bank Holding Company Act (BHC Act) and…