Perkins Coie LLP

New changes to the Massachusetts data breach notification statute emphasize timely and public disclosure of data security incidents, including requiring companies to disclose compliance with Massachusetts’ data security law. Among other more technical changes, H. 4806, effective April 11, increases the information that breached companies must provide to Massachusetts state agencies and provides for ways that information will be made public. Under the changes, when a breach is reported to the attorney general and…
For approximately the past decade, cryptocurrencies were used by those who wanted to transact business anonymously and without oversight or restrictions imposed by any governmental authority.  More recently, the concept of cryptocurrencies has been used to raise capital outside of traditional financial structures.  Indeed, the rise of raising money through the issuance of “virtual tokens” using “Initial Coin Offerings” (“ICOs”) has caused a sharp rise in the prevalence and market value of cryptocurrencies. Those involved…
This three-part series, written by recent in-house counsel and former federal prosecutors, aims to help legal and compliance teams avoid missteps that can lead to aggressive government responses.   In part three, the authors explain the tools for understanding the enforcement process and conducting internal investigations.  Click here to read the full article.  …
U.S. Developments Regulatory Updates Texas Clarifies that Stablecoins Backed by Sovereign Currency Qualify as “Money” Under Money Transmission Statute The Texas Department of Banking recently issued a Supervisory Memorandum clarifying how its money transmission statute applies to stablecoins backed by sovereign currency. The Department reiterated—consistent with its 2014 guidance—that Texas’s money transmission statute only regulates “money” or “monetary value” and that most virtual currencies fall outside the statute’s scope. But the Department stated that stablecoins…
On Wednesday, December 12, 2018, the D.C. Bar hosted a panel to discuss current developments in the world of crypto.  Among the panelists were two senior SEC officers: Jonathan Ingram, Deputy Chief Counsel, Division of Corporation Finance, and Jennifer Leete, Assistant Director, Division of Enforcement.  Also participating on the panel was Era Anagnosti, a former senior manager in the Division of Corporation Finance of the SEC who in part oversaw the process relating to, among…
On December 19, 2018, the SEC released a set of rule proposals (the “Proposals”) intended to streamline the regulatory framework for fund-of-funds (“FOF”) arrangements under the Investment Company Act of 1940 (the “1940 Act”). Investment advisers managing FOFs should consider looking closely with counsel at the impact these Proposals could have on their businesses and compliance programs. They might also consider responding to the substantive comment requests included in the Proposals.…
A Summary of Published Appellate Opinions Under the California Environmental Quality Act The California Supreme Court issued its only CEQA opinion of 2018 at the end of the year. In Sierra Club v. County of Fresno, the court rejected a standard air quality impact analysis in the EIR for a typical mixed-use development project. The court declined to apply the substantial evidence standard of review to the EIR’s discussion of the impact. Instead, the court…
The Ninth Circuit held that the City of Carson’s mobile home rent control board’s decision not to factor in debt service increases in its adjustment of a rental rate for a mobile home park did not result in a regulatory taking of the mobile home park owner’s property. Colony Cove Props., LLC v. City of Carson, 888 F.3d 445 (9th Cir. 2018) The plaintiff purchased a $23 million rent-controlled mobile home park in the City…
The Second District Court of Appeal upheld the City of Los Angeles’s General Plan amendment, which changed the land use designation of a proposed project site for a mixed-use development against challenges the decision was prohibited by the City Charter. Westsiders Opposed v. City of Los Angeles, 27 Cal. App. 5th 1079 (2018). The developers filed a permit application with the City for the project, which consisted of the demolition of an automobile dealership and…
The court of appeal held that the plaintiff’s challenge to the City of Rohnert Park’s reapproval of a Wal-Mart grocery store was barred by the doctrine of res judicata because a prior proceeding had raised the same issues.  Atwell v. City of Rohnert Park (Wal-Mart Stores, Inc.), 27 Cal. App. 5th 692 (2018). In 2010, the City approved the Wal-Mart project.  Following the City’s approval, the Sierra Club and Sonoma County Conservation Action (SCCA) filed…