15 Feb News U.S. Steps Up Enforcement of Foreign Corrupt Practices Act in Latin America publications / POSTED BY Duanne Morris The United States enacted the Foreign Corrupt Practices Act (FCPA) in 1977 to criminalize the bribery of foreign government officials in exchange for new business or maintaining old business. The risk to Latin American companies is that the FCPA is applicable to not only U.S. citizens and companies, but also to foreign persons residing in the United States and foreign companies listed on U.S. exchanges. Read More
26 Jan News Lifetime Achievement Award - Ordélio Azevedo Sette publications / POSTED BY Elliott Hodgkin - Latin Lawyer Latin Lawyer is pleased to announce the second winner of this year’s Lifetime Achievement Awards: Ordélio Azevedo Sette, founding partner of Azevedo Sette Advogados and LexUniversal in Brazil. Read More
06 Jan News FTC Proposes Nationwide, Retroactive Ban on Virtually All Non-Compete Clauses publications / POSTED BY Duanne Morris Just one day after entering into consent agreements invalidating non-competes with three companies, on January 5, 2023, the Federal Trade Commission (FTC) proposed a new non-compete rule that would prohibit employers from entering into, maintaining, enforcing or threatening enforcement of a non-compete clause with virtually any worker and invalidate existing non-compete clauses with both current and former workers. If the non-compete rule is finalized by the FTC in the same or substantially same form as proposed, and if it survives the legal challenges that are sure to follow, the non-compete rule would make non-compete clauses an unfair method of competition under Section 5 of the FTC Act, regardless of inconsistent state statutes, regulations, orders or interpretations, and would represent a sea change in the law relating to non-compete clauses in the United States. Read More
31 Oct News SEC adopts compensation clawback requirements publications / POSTED BY Morgan Lewis The US Securities and Exchange Commission (SEC) announced on October 26, 2022, that it has adopted new rules directing national securities exchanges, including the New York Stock Exchange and Nasdaq, to establish listing standards requiring companies to implement ”clawback” policies providing for the recovery of incentive-based compensation in the event of a required accounting restatement, and requiring companies to provide related disclosure. Read More
16 Sep News The CCPA Employee Exemption Sunsets at the End of 2022 – Here's What Employers Need to Know publications / POSTED BY Duanne Morris The California Consumer Privacy Act (CCPA) established the strictest data privacy law in the United States. Although a California law, it applies to many businesses outside the state that meet the qualifying criteria and collect personal information from residents of California. For the last two years, employers have benefited from a partial exemption under this law for all employee data. Read More
16 Sep News US-China Auditing Oversight Agreement Signals Cooperation Between Nations but Could Lead to Increased Enforcement Risk publications / POSTED BY Morgan Lewis Due to a recent agreement between the Public Company Accounting Oversight Board and Chinese securities regulators, many US exchange–listed companies audited by accounting firms based in mainland China and Hong Kong may be able to continue trading on US exchanges, preserving liquidity for investors and ongoing access to US capital markets. However, this agreement could lead to an increased enforcement risk through more regulatory inquiries. Read More
16 Sep News DOJ Deputy Attorney General Announces Changes to Corporate Crime Policy publications / POSTED BY Morgan Lewis Deputy Attorney General Lisa Monaco on September 15 announced significant updates to the US Department of Justice’s corporate criminal enforcement policies during a speech at New York University Law School. Monaco’s speech coincided with the release of revised policies—the result of a year-long review by senior DOJ officials—intended to give effect to the tougher-on-corporate-crime approach Monaco announced in 2021 and detail incentives for corporations and business entities to voluntarily self-disclose potential wrongdoing. Read More
31 Aug News Opportunities - Brazil 2022 | Energy Transmission Auctions publications / POSTED BY Frederico Bopp Dieterich and Ana Beatriz Franzero June: the first auction of 2022 for the concession of the construction, operation and maintenance of power transmission facilities. Winning bid: Lowest Allowed Annual Revenue (RAP) ? Maximum RAP: R$ 2.2 billion (sum of all lots). RAP post auction: R$ 1.2 billion (sum of all lots) ? An average discount of 46%. Read More
18 Aug News Inflation reduction act creates new corporate minimum tax publications / POSTED BY Morgan Lewis The Inflation Reduction Act of 2022, signed by US President Joseph Biden on August 16, 2022, includes a new alternative minimum tax for corporations with profits of more than $1 billion. Read More
17 Aug News President's First Significant Tax Legislation Addressing Drug Pricing and Climate Initiatives Becomes Law publications / POSTED BY Duanne Morris On August 16, President Joe Biden signed into law the Inflation Reduction Act of 2022, the most significant climate package in recent history, along with several key tax changes. Following the announcement of a tentative deal between Senators Joe Manchin and Chuck Schumer on July 27, and since our previous Alert, Senator Kyrsten Sinema flexed her influence to negotiate further changes both to spending and collection provisions. Read More
