08 Aug News Hong Kong stock exchange: changes to equity-based awards take effect in 2023 publications / POSTED BY Morgan Lewis The Hong Kong Stock Exchange (HKEx) adopted the proposed amended Listing Rules as set out in its Consultation Paper with certain amendments, including changes to share schemes of subsidiaries of listed issuers, share schemes funded by issuance of new shares of listed issuers, and share schemes funded by existing shares of listed issuers, among others. The approved amended Listing Rules will become effective on January 1, 2023. Read More
22 Jul News Colorado Becomes the Latest State to Enact Income-Based Threshold for Noncompetition and Customer Nonsolicitation Covenants publications / POSTED BY Duanne Morris A new Colorado law effective August 10, 2022, voids noncompetition and customer nonsolicitation covenants with certain employees who work or live in Colorado, depending on their level of compensation. The new law potentially subjects noncompliant employers to significant penalties and voids any provision in violation of the statute. Read More
24 Jun News U.S. Supreme Court Ruling Splits a California Employment Statute, Compelling Arbitration for Certain Individual Claims of Labor Law Violations publications / POSTED BY Duanne Morris On June 15, 2022, the Supreme Court of the United States issued an 8-1 decision in Viking River Cruises, Inc. v. Moriana, holding that an employee’s individual claims for penalties under the Private Attorneys General Act, California Labor Code section 2698 et seq. (PAGA), may be compelled to arbitration in certain circumstances. The Court went one step further, holding that once an employee’s individual claims under PAGA are compelled to arbitration, the employee does not have standing to bring nonindividual (i.e., representative) claims under PAGA on behalf of other employees. Read More
17 Jun News Significant Changes Coming to Hong Kong securities enforcement landscape publications / POSTED BY Morgan Lewis The Securities and Futures Commission recently issued a consultation paper on proposed enforcement-related amendments to the Securities and Futures Ordinance, the principal legislation that regulates the securities and futures industry in Hong Kong. The proposal is a significant step toward aligning the regulatory regime with other major common law jurisdictions and a legislative development not seen in Hong Kong since the law was enacted and came into force in 2003. Read More
17 Jun News Significant Changes Coming to Hong Kong securities enforcement landscape publications / POSTED BY Morgan Lewis The Securities and Futures Commission recently issued a consultation paper on proposed enforcement-related amendments to the Securities and Futures Ordinance, the principal legislation that regulates the securities and futures industry in Hong Kong. The proposal is a significant step toward aligning the regulatory regime with other major common law jurisdictions and a legislative development not seen in Hong Kong since the law was enacted and came into force in 2003. Read More
01 Jun News U.S. Supreme Court Rejects Prejudice Requirement for Waiver of Arbitration Rights publications / POSTED BY Duanne Morris The Supreme Court of the United States’ unanimous decision in Morgan v. Sundance, Inc. is a sea change that reverses longstanding precedent adopted by nine circuit courts requiring a party opposing arbitration to demonstrate prejudicial harm before an arbitration clause is considered waived. Read More
20 Apr News FDA Issues Guidance on Compounding Animal Drugs from Bulk Drug Substances publications / POSTED BY Duanne Morris On April 13, 2022, the FDA issued Guidance for Industry #256 about the enforcement policy regarding the compounding of animal drugs from bulk drug substances by or under the direct supervision of veterinarians or pharmacists in either state-licensed pharmacies or federal facilities. Read More
14 Apr News SEC’s Proposed Rules Aim To Protect Investors—Will They Stop Spacs In Their Tracks? publications / POSTED BY Morgan Lewis The US Securities and Exchange Commission recently proposed new rules and amendments relating to initial public offerings by special purpose acquisition companies and to business combinations involving shell companies and private operating companies. While the proposed rules would enhance investor protections, it is possible they could have a cooling effect on the volume of such transactions or materially increase the costs of deal execution. Read More
14 Apr News SEC Seeks to Make Certain Hedge Funds, Digital Asset Traders, and Other Proprietary Traders Register as Broker-Dealers publications / POSTED BY Morgan Lewis The US Securities and Exchange Commission proposed rules on March 28 that would require certain market participants to register as broker-dealers or government securities dealers, and potentially be subject to oversight by self-regulatory organizations such as the Financial Industry Regulatory Authority. These proposed rules have the potential to bring a wide array of private funds, digital asset traders, certain exchange traded products, high frequency traders, and other proprietary traders within the definition of the term dealer (or government securities dealer), bringing an additional level of unnecessary costs and regulatory requirements to firms that generally do not have customers. Read More
13 Apr News DOJ Updates Antitrust Leniency FAQS––Clarifying Some Standards And Raising Questions publications / POSTED BY Morgan Lewis The US Department of Justice (DOJ) Antitrust Division announced significant guidance updates to its leniency program on April 4, 2022. Under the program, companies that self-report antitrust conspiratorial activity to the government (and then fully cooperate with the government in its investigation) can receive immunity from the significant fines—and criminal sentences—imposed under the antitrust laws and a de-trebling of civil fines after meeting certain requirements. Read More
