Norton Rose Fulbright

The Trump Administration took several steps this past week in support of its efforts to transform the Medicaid program. In testimony before Congress on Thursday, March 14, HHS Secretary Alex Azar confirmed the agency is engaging in discussions with states interested in receiving federal Medicaid funding through block grants. The same day, oral arguments were heard in challenges to the Section 1115 work and community engagement waivers granted in Kentucky and Arkansas, with Judge Boasberg…
The House of Commons library has published a paper clarifying the role of domestic law in extending Article 50. Section 20(4) of the European Union (Withdrawal) Act 2018 allows a Minister of the Crown to change exit day provided that a draft statutory instrument has been laid before and approved by both the House of Commons and the House of Lords. However, it can only be used “to ensure that the day and time specified…
A mid-level German employment court recently had to consider the scope of subject access requests under the EU General Data Protection Regulation (GDPR) in the context of compliance and whistle-blowing regimes. The Regional Labour Court (Landesarbeitsgericht) of Stuttgart decided that an employer was required not only to provide an employee with the records containing performance and behavioural data, but also to disclose information regarding internal investigations. This is the first reported successful enforcement of a…
On 21 March 2019, the European Central Bank (ECB) published a speech by its Supervisory Board Chair, Andrea Enria, following the publication of its 2018 annual report on supervisory activities. Alongside an overview of work conducted in 2018, Mr Enria discusses the ECB’s supervisory priorities for 2019: credit risk: the ECB will continue to promote the reduction of the stock of non-performing loans. As part of a new initiative, it will assess banks’ credit underwriting…
On 21 March 2019, European Council (Article 50) published their conclusions, following a meeting discussing the UK’s request to extend the Article 50 process. The key conclusions are as follows: the European Council approves the instrument supplementing the draft Withdrawal Agreement agreed at Strasbourg on 11 March 2019; if the Withdrawal Agreement is approved by the House of Commons next week, the European Council agrees to an extension of Article 50 until 22 May…
On 21 March 2019, the FCA published a speech from Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations, on the FCA’s interaction with the consumer credit sector. Highlights from the speech include: the FCA will be doing further work to understand both the motivation for, and the impact of, relending on both consumers and firms, with a focus on home-collected credit; there will also be additional work on affordability and understanding whether potential…
On 21 February 2019, the FCA published a speech from its Executive Director of International, Nausicaa Delfas, on preparations for, and potential residual risk of, a no deal Brexit. Key takeaways from the speech include: the FCA emphasises that notifications to enter the temporary permissions regime (TPR) must be made by the end of 28 March 2019; so far over 1,000 EU firms and funds have decided to enter TPR; the first landing slots for…
The English Court of Appeal found that the plaintiff building society had not proved damages against its auditors who gave them incorrect information about how to treat long-term interest rate swaps on its balance sheet under the IFRS requirements. The swaps were not included on the balance sheet from 2005 till 2013, when they were swapped out, at a time when the swaps were ‘heavily out of the money’ (at a negative value due to…
While federal courts last year recognized that virtual currencies based on blockchain platforms could qualify as securities and/or commodities, there has been some concern that these regulatory structures may not fit all digital tokens under all circumstances. In a recent New York Law Journal column, Robert Schwinger, a partner in the New York office of Norton Rose Fulbright, discusses current and proposed federal and state legislation on the treatment of digital tokens. Please…
The US Department of Labor’s March 7, 2019 Notice of Proposed Rulemaking reset the salary requirements for the Fair Labor Standards Act’s white-collar exemptions. By now we all know the new numbers: the minimum salary threshold will increase from US$455 per week (US$23,660 annually) to US$679 per week (US$35,308 annually) for the executive, administrative, professional, outside sales and computer employee exemptions. The 2019 Proposed Rule also increases the total annual compensation required for the highly…