On November 20, 2020, the Office of the Comptroller of the Currency (OCC) proposed a rule to require large national banks and federal savings associations to offer and provide “fair access” to financial services.
November 30, 2020
On November 25, 2020, the Supreme Court ruled in favor of Gibson Dunn client The Roman Catholic Diocese of Brooklyn, New York, holding that provisions of a New York Executive Order that imposed “severe” fixed-capacity restrictions on attendance at religious services likely violate the Free Exercise Clause of the First Amendment, were causing irreparable harm, and must be enjoined pending appeal.
November 30, 2020
The Commodity Futures Trading Commission recently announced that its Division of Enforcement issued new guidance to its staff when considering a recommendation that the Commission recognize a respondent’s cooperation, self-reporting, or remediation in an enforcement order. The Guidance represents the latest step in the Commission’s ongoing efforts to provide clarity and transparency regarding the Division’s practices and procedures.
November 30, 2020
On November 19, 2020, the U.S. National Highway Traffic Safety Administration (NHTSA) announced that it is seeking public comment on the potential development of a framework of principles to govern the safe behavior of automated driving systems for use in connected and autonomous vehicles.
November 25, 2020
On 23 November 2020 the UAE government announced that Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, had issued a decree (the “New Decree”) amending Law No. 2 of 2015 on Commercial Companies. The New Decree is yet to be published, but it will reportedly overhaul the foreign ownership rules in respect of commercial companies in the UAE.
November 25, 2020
On 10 November 2020, the European Data Protection Board (EDPB) issued important new guidance on transferring personal data out of the European Economic Area (EEA). The guidance addresses a key question for many companies: how to transfer personal data out of the EEA to the United States or other countries not recognized by the European Commission as ensuring an adequate level of protection for personal data. The guidance thus begins to lessen some of the uncertainty caused by the Court of Justice of the European Union’s July 2020 ruling in the landmark Schrems II decision.
November 24, 2020
Californians have ushered in a law protecting individuals’ privacy unlike any other in the United States, and businesses are well-advised to evaluate its impact and prepare to comply.
November 19, 2020
The UK Government has announced plans to upgrade and widen significantly its intervention powers on grounds of national security. Gibson Dunn lawyers detail key aspects of the proposed new regime.
November 18, 2020
In 2013, California set hydrogen infrastructure targets to promote development and growth of the fuel cell electric vehicle (FCEV) and hydrogen fueling market. Yesterday, the California Air Resources Board (CARB) released a draft annual report that analyzes the industry’s current status and near-term outlook, and recommends “actions necessary to maintain progress and enable continued future expansion.”
November 18, 2020
On November 12, 2020, President Trump issued Executive Order 13959 restricting the ability of U.S. persons to invest in securities of certain “Communist Chinese military companies.”
November 18, 2020
Many UK regulated firms will be currently (re-)assessing staff as fit and proper and training staff on the FCA’s (or the PRA’s) Conduct Rules. The FCA has recently banned three individuals from working in the financial services industry for non-financial misconduct outside the workplace.
November 13, 2020
On November 10, 2020, Governor Andrew Cuomo signed legislation that will expand First Amendment protections under New York’s anti-SLAPP law by providing new tools for defendants to challenge frivolous lawsuits.
November 11, 2020
On October 29, 2020, the 16th amendment to the German Foreign Trade and Payments Ordinance (Außenwirtschaftsverordnung or “AWV”) entered into force. The amendment is the final step of implementing the EU-wide cooperation mechanism introduced by Regulation (EU) 2019/452 establishing a framework for screening of foreign direct investments into the EU.
November 11, 2020
This update provides an overview and summary of key class action developments during the third quarter of 2020 (July through September).
November 10, 2020
The UK Financial Conduct Authority (FCA) has published a final notice detailing enforcement action taken against a Hong Kong asset manager for short selling disclosure rule breaches under the Short Selling Regulation (SSR).
November 10, 2020
The third quarter of 2020 saw a noticeable surge in Artificial Intelligence (“AI”)-related regulatory and policy proposals. The European Union (“EU”) has emerged as a pacesetter in AI regulation, taking significant steps towards a long-awaited comprehensive and coordinated regulation of AI at EU level—evidence of the European Commission’s (the “Commission”) ambition to exploit the potential of the EU’s internal market and position itself as a major player in sustainable technological innovation.
November 5, 2020
Gibson Dunn lawyers provide a look at personal data and other privacy-related legal developments across Europe for November 2020.
November 5, 2020
The European Commission’s Sustainable Finance Action Plan proposed a package of measures including, amongst other initiatives, a regulation imposing sustainability-related disclosures on financial market participants and a regulation to establish an EU-wide common language (or taxonomy) to identify the extent to which economic activities can be considered sustainable.
November 3, 2020
On October 23, 2020, the UK Serious Fraud Office published a new chapter from its internal Operational Handbook, which it describes as “comprehensive guidance on how we approach Deferred Prosecution Agreements (DPAs), and how we engage with companies where a DPA is a prospective outcome.”
October 29, 2020
Since the 2016 presidential election, there have been several regulatory developments that go to the heart of the U.S. dual banking system – the quintessentially American system under which banking entities may choose either a state or federal charter. Gibson Dunn lawyers discuss potential issues for the 2020 U.S. election, specifically the extent of state-federal regulatory balance and the degree of judicial control over federal regulatory actions.
October 28, 2020