On May 21, 2024, the Securities and Exchange Commission (SEC) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly published a notice of proposed rulemaking (NPRM) that would require investment advisers registered under the Investment Advisers
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Latest from Steptoe LLP - Page 9
Judge Broderick Rejects as Speculative Anonymous Plaintiff’s Claims that NYU Law Review’s Diversity Policies Unlawfully Discriminate
Last week, Judge Broderick granted NYU’s motion to dismiss a class action complaint brought by a “John Doe” alleging that NYU Law Review gives “preferential treatment to women, non-Asian racial minorities, homosexuals, and transgender people when selecting its members” due,…
CPUC Declines to Adopt Community Renewables Proposal and Also Declines to Address the Legality of Compensation to Community Renewable Resources at Prices Above PURPA Avoided Cost
By Jennifer Key
On May 30, 2024, the Public Utilities Commission of California (CPUC) voted 3-1 to adopt an alternative Proposed Decision issued by Administrative Law Judges Kelly A. Hyme regarding a community renewable (CR) net value billing tariff (NVBT) proposal, among other…
The UK Digital Markets, Competition and Consumers Act: What Does It Mean for Business?
The UK Digital Markets, Competition and Consumers Act (DMCCA) received Royal Assent on May 24, 2024, after a series of amendments ping-ponged back and forth between the House of Commons and The House of Lords. It is a major piece of…
DOJ’s National Security Division’s First-Ever Declination Under Its Voluntary Self-Disclosure Policy Raises Critical Questions
On May 22, 2024, the US Department of Justice’s National Security Division (“NSD”) announced its first-ever corporate declination under the NSD’s Export Control and Sanctions Enforcement Policy for Business Organizations (the “Policy”) in connection with a voluntary self-disclosure by Massachusetts…
The Role of Business Users Under the DMA
By Robert Klotz
The European Commission (Commission) keeps stressing the important role of “business users” under the Digital Markets Act (DMA).[1] Business users are at the core of the DMA, with its Article 1(1) stating: “The purpose of this Regulation is…
UK Issues Guidance on Oil Tanker Sales to Third Countries under the Russia Sanctions Regime
On May 21, 2024, the UK Department for Business & Trade’s Export Control Joint Unit (“ECJU”) published notice to exporters 2024/11 regarding its new guidance on the sale of oil tankers to countries other than the United Kingdom, Isle of…
USTR Publishes Details of Section 301 Tariff Increases, Requests Comments
By Judy Wang & Eric Emerson
On May 22, 2024, the United States Trade Representative (“USTR”) published details regarding proposed increases in Section 301 tariffs on imports from China following the results of its statutorily required four-year review of the Section 301 tariff actions. (For additional…
Clarity on Reverse Payments
The Second Circuit, for the first time, has addressed the scope of the Supreme Court’s decision in FTC v. Actavis, 570 U.S. 136 (2013), regarding the use of allegedly anticompetitive reverse payments by a brand drug manufacturer to settle patent…
UK Imposes New Trade Sanctions on Belarus
On May 15, 2024, the Sanctions (EU Exit) (Miscellaneous Amendments and Revocations) Regulations 2024 was laid before parliament (“Regulations”). Among other things, the Regulations included a package of new trade sanctions measures under the UK’s Belarus sanctions regime targeting aluminum,…