A recent Seventh Circuit opinion by Judge Easterbrook held that no-poach agreements, absent valid ancillary restraints, can be per se illegal. Per se violations of the antitrust laws are inherently illegal—meaning no defenses or justifications are available. They have traditionally
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Latest from Steptoe LLP - Page 18
UK High Court Rejects First Delisting Challenge Under the UK’s Russia Sanctions Regime
On August 18, 2023, the UK High Court issued a judgment in the first sanctions designation challenge pursuant to the UK’s Russia sanctions regime under Section 38 of the Sanctions and Anti-Money Laundering Act 2018 (“SAMLA”). The challenge was brought…
Oh Dear! Does Whitetail Spell the End of Reactive Power Rates for DERs in PJM?
By Jennifer Key
PJM has long permitted generators to collect revenues for the provision of reactive power and voltage support (reactive power) under Schedule 2 of the PJM Tariff. Innumerable generating facilities have availed themselves of this opportunity. Nearly every such reactive revenue…
UK Financial Regulator FCA Introduces the Travel Rule for UK Cryptoasset Businesses
On September 1, 2023, the Financial Conduct Authority (“FCA”) set out its expectations for cryptoasset businesses in the UK’s compliance with the “Travel Rule”, introduced by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (the “Amended MLRs”).…
FERC’s PURPA Reform Rule Survives Judicial Review Intact, Subject to an Environmental Assessment, as the Majority of the Ninth Circuit Panel Continues to Embrace Chevron Deference
By Jennifer Key
We previously indicated that “[t]he March 8, 2022 SEIA v. FERC oral argument on FERC’s PURPA reform rule – Order No. 872 – resulted in a somewhat unexpected lesson on the National Environmental Policy Act (NEPA).” The same can be…
GDPR Enforcement Update: July-August 2023
GDPR Enforcement Trends provides a monthly summary on enforcement action taken by data protection authorities within the UK and EU under the General Data Protection Regulation. We provide key takeaways from the previous month’s developments and identify the EU’s most…
OFSI Makes Use of Disclosure Enforcement Power for the First Time Against UK Fintech Company
On August 31, 2023, OFSI made its first use of the disclosure enforcement power granted to it pursuant to the Economic Crime (Transparency and Enforcement) Act 2022 (“ECA”) in relation to a case involving Wise Payments Limited (“Wise”) making funds…
Critical Tornado Cash Developments Have Significant Implications for DeFi AML and Sanctions Compliance
After months of anticipation, a federal judge has finally ruled in the closely watched case of Joseph Van Loon, et al. v. Department of Treasury, et al. This important case addressed challenges to the US Department of the Treasury’s Office…
Critical Tornado Cash Developments Have Significant Implications for DeFi AML and Sanctions Compliance
After months of anticipation, a federal judge has finally ruled in the closely watched case of Joseph Van Loon, et al. v. Department of Treasury, et al. This important case addressed challenges to the US Department of the Treasury’s Office…
Amid Growing Trade Tensions, U.S. Imposes Unprecedented Restrictions on Outbound Investments to China
On August 9, 2023, the Biden administration issued a much-anticipated Executive Order establishing a new regime to limit certain U.S. investments in key Chinese technology sectors to prevent the financing of Chinese military advancement. The order, once implemented via regulation,…