The first anniversary of the entry into force of the new Canadian Patent Rules, which significantly changed certain practices surrounding the filing and prosecution of patent applications in Canada, is an opportunity to look back at the major changes that have had a significant impact on Canadian patent practice. Indeed, the past year has allowed us to observe the changes, which in certain aspects seem to be confusing for patent applicants, and to observe their effect in practical terms ...
On October 29, the OCC, the Federal Reserve, the FDIC, the NCUA and the CFPB (collectively, the “agencies”) issued a Notice of Proposed Rulemaking (“NPR”) to clarify and make into a rule the prior Interagency Statement Clarifying the Role of Supervisory Guidance issued on September 11, 2018 (“2018 Statement”). Comments on the NPR are due within 60 days of the date the NPR is published in the Federal Register ...
The U.S. Department of Justice (DOJ) announced on October 29, 2020 it reached a more than $9.2 million settlement with Medtronic USA Inc. to resolve allegations it violated the False Claims Act (FCA) and Open Payment Program.[1] Specifically, Medtronic agreed to pay $8.1 million to resolve FCA allegations it paid kickbacks to induce a South Dakota neurosurgeon to use its SynchroMed II intrathecal infusion pumps ...
On 25 September 2020 Parliament approved new regulations for Blockchain and Distributed Ledger Technology (DLT).(1) The goal of this new legal framework is to further establish and increase Switzerland's reputation as a leading, innovative and sustainable location for fintech and DLT companies. DLT framework DLT allows shared data management and, in particular, shared accounting among participants that do not know or do not trust each other's identity ...
On page 8 of the September–October issue, we discussed the COVID-19 forbearance landscape and related compliance challenges for mortgage servicers. In this article, we unpack the post-forbearance world, focusing on the transition out of forbearance and into other forms of loss mitigation assistance, including, but not limited to, payment deferrals, repayment plans, loan modifications, etc ...
Michigan has joined the majority of jurisdictions in holding that a general liability policy may provide coverage for claims for property damage allegedly caused by the defective work of a subcontractor ...
When crafting a liquidation or “pass-through” agreement for a subcontractor claim against the government, the key provision from the prime contractor’s perspective is a release from liability for the subcontractor’s claim with the exception of amounts recovered from the government related to that claim. If the release language is too broad, however, the agreement may provide the government a legal defense to the pass-through claim known as the Severin doctrine ...
SC and Bursa extend temporary margin financing flexibilitiesOn 28 September 2020, the Securities Commission Malaysia (“SC”) and Bursa Malaysia Berhad (“Bursa”) extended the temporary relief measures relating to margin financing to 31 December 2020. The relief measures, which took effect on 27 March 2020 via Participating Organisations’ Circular No. R/R 6 of 2020, were initially due to expire on 30 September 2020 ...
On Oct. 26, 2020, the IRS announced in Notice 2020-79 cost of living adjustments (COLAS) to the qualified plan dollar limits for 2021. Below is a summary of the limits that are generally relevant for most retirement plans. Effective Jan. 1, 2021: The elective deferral limit for 401(k), 403(b), and eligible 457(b) plans is unchanged at $19,500. The catch-up contribution limit for those aged 50 or older remains stable at $6,500 ...
Balance has been tipping over from creditors to shareholders and the pandemic is only bringing this deepening fault line to the fore. Covid-19 slammed into the global consciousness this March and, as expected, immediately torpedoed the markets. But despite the worsening economic data hogging news headlines, exacerbated by intensifying US-China tensions, the markets have paradoxically strengthened since ...
The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), made sweeping changes to retirement plan rules ...
The Russian insurance market is facing fundamental changes that will reshape the industry, by creating new opportunities for foreign insurance companies to operate in Russia. Within the framework of its obligations as a WTO member state, Russia must allow access of branches of foreign insurers, from WTO countries, to the Russian insurance market, by August 2021 ...
In Brown v. Morehouse College, a False Claims Act (FCA) retaliation action, the U.S. Court of Appeals for the Eleventh Circuit affirmed the case’s dismissal, agreeing with the district court that while the plaintiff’s ethics complaints may have led to retaliation against him by the College, the complaints did not allege FCA fraud and therefore were not protected by the statute. No. 19-13773, 2020 U.S. App. LEXIS 33444 (11th Cir. Oct. 23, 2020) ...
The CFPB finalized its long-awaited debt collection rule. Join us this Thursday to learn about what is in the final rule, how the final rule is different from what the CFPB proposed in May 2019, and how the final rule might impact your business. The rule will become effective one year after it is published in the Federal Register ...
The London Interbank Offered Rate («LIBOR«) is arguably the financial world’s most important number; it is a proxy for banks’ marginal funding costs and serves as benchmark rate in millions of loans, floating-rate debt, and financial contracts. The publication of the LIBOR will in all likelihood, cease by the end of 2021. The shift from LIBOR is an immense change to global finance and will have far-reaching impacts on the financial services industry ...
In this newsletter you will find a selection of the main legal news related to the fintech and digital banking market in Argentina. 3.0 transfers New open and interoperable model for instant payments As we anticipated in previous bulletins, the Central Bank (BCRA) completely updated the system of immediate electronic payments existing until now, taking it to a much more ambitious, interoperable and open model, which aims to interconnect bank accounts and accounts on an equal footing ...
Dykema’s M&A transaction volume was up sharply in the third quarter with 25 deals closing during that three-month period. The transactions involved a wide variety of industries including Dental Service Organizations (DSOs) and Medical Service Organizations (MSOs), alcoholic beverages, precious metals, automotive, waste management, health & fitness and cloud services ...
As the end of 2020 mercifully approaches and the presidential election is now in the rearview mirror, Waller’s Financial Services Industry Team is looking forward to 2021 to bring you its insight into what the future may hold for participants in the financial services industry ...
As part of our series of continuing updates1 on different aspects of The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”) and related legislation that may impact (or provide opportunities for) employers that sponsor retirement plans, this alert provides an overview of changes to rules related to nondiscrimination testing where defined benefit plans have been frozen or closed to new participants under the SECURE Act, and a reduction in the m
On November 5, 2020, the Washington Supreme Court altered a 60-year provision of Washington’s Minimum Wage Statute when it issued its decision in Martinez-Cuevas v. DeRuyter Brothers Dairy. The court held that the agricultural overtime exemption at RCW 49.46.130(2)(g), which exempted agricultural employers from paying overtime at a rate of 1.5 times the regularly hourly rate, violated article I, section 12 of the Washington State Constitution as applied to dairy workers ...
On November 2, 2020, the Securities and Exchange Commission voted to harmonize, simplify, and improve the current tangled framework for exempt securities offerings, a move intended to promote capital formation and expand investment opportunities while preserving or improving important investor protections. Under SEC requirements, all securities offerings must be either registered with the SEC or qualify for an exemption from registration ...
The CFPB’s debt collection rule highlights the consumer’s ability to customize communication by designating specific times, places, and mediums of communication (e.g., email) as inconvenient. The consumer’s ability to customize communication will significantly impact debt collector’s communication strategies and could require substantial changes to a debt collector’s procedures and technologies ...
The CARES Act provided historic, temporary relief to mortgage holders facing Covid-19-related financial troubles. R. Aaron Chastain, partner at Bradley Arant Boult Cummings LLP, looks at where mortgage lenders and servicers stand as the pandemic continues and federal agencies and state governments continue to adjust compliance requirements and rules ...
The Sharjah Court of Appeal recently declined to apply the principle of separability of an arbitration clause, on the basis that the underlying agreement (i.e. in which the arbitration clause was contained) was not defective or argued to be invalid by the appellant. This judgment has potentially significant implications for parties who intend to rely on an agreement which contains an arbitration clause to assert claims in court ...
