Monthly Archives: July 2019

ILN Today Post

State Implementation of New EPA Standards for Maintenance of Hazardous Waste Pharmaceuticals: Drug Supply Chain Implications

Earlier this year, the Environment Protection Agency (“EPA”) adopted a final rule imposing new standards for the management of hazardous waste pharmaceuticals (“HWPs”)[1] that goes into effect on August 21, 2019 (“Final Rule”).[2] This comprehensive overhaul of rules governing the treatment and discarding of HWPs under the Resource Conservation and Recovery Act (“RCRA”) is largely intended to provide regulatory clarity and national consistency. However, many of the Final Rule’s core provisions must first be adopted at the state level within the next two to three years, meaning that inconsistencies could arise based upon each state’s interpretation and adoption of these provisions. This implementation process will therefore be critical to affected pharmaceutical supply chain entities, which will need to proactively engage state lawmakers to ensure efficient management operations.

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ILN Today Post

Foreign Portfolio Investors’ Regulations– Proposed Changes

As the fastest growing major economy in the world, India is an important participant in global investment flows. Overseas funds flow in India both through the Foreign Portfolio Investors (“FPIs”) and the Foreign Direct Investment (“FDI”) routes with substantial inflows into capital markets. In order to rationalize the investment routes and monitoring of FPIs, the SEBI (Foreign Portfolio Investors) Regulations, 2014 (“FPI Regulations”) were notified on January 07, 2014. Over the years, several clarifications, circulars and guidelines have been issued to the FPI Regulations and a need was felt to undertake an extensive review of the FPI regime to consolidate and rationalize the FPI framework.

SEBI therefore constituted a working group under the chairmanship of Shri. Harun R. Khan (Retd. Deputy Governor of Reserve Bank of India) (“Working Committee”), to review the FPI Regulations and operational guidelines and circulars issued thereunder to simplify the language and complexities in the FPI Regulations. The Working Committee submitted its report titled ‘Report of the working group on the SEBI (Foreign Portfolio Investors) Regulations, 2014’ (“Report”) and has, inter-alia, proposed the following key recommendations:

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Financial Services in Focus – Issue 27

 

 

 

 

 

Funds and financial products
ASIC consults on relief for foreign providers of funds management services to Australian professional investors

On 3 July, ASIC released Consultation Paper 315 Foreign financial services providers: Further consultation (CP 315), and related material, in which ASIC is proposing to provide licensing relief for foreign financial services providers of funds management services in Australia to professional investors.

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ILN Today Post

Texas amends data breach notification law

 

 

 

 

Texas has amended its data breach notification law to create new reporting requirements and deadlines.

The amendments, effective Jan. 1, 2020, require an entity that experiences a data breach to notify impacted individuals within 60 days of discovery. Previously, the law only required notice to impacted residents “as quickly as possible.” Additionally, the new law requires notification to the Texas Attorney General, also within 60 days of discovery, if a breach impacts more than 250 Texas residents. The Attorney General notification must include a detailed description of the nature and circumstances of the breach or the use of the sensitive information acquired as a result of the breach; the number of Texas residents impacted by the breach; measures taken or intended to be taken in response to the breach; and information concerning whether law enforcement is investigating the breach. The law previously did not require notice to be made to the Texas Attorney General.

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ILN Today Post

Howard & Howard Expands Financial Institutions Practice

 

 

 

 

Howard & Howard is pleased to announce that Joseph E. Silvia has joined the Firm. He will practice out of the Chicago, Illinois office.

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Proposed Regulation Prohibiting Gender Identity Discrimination Conforms Division of Human Rights’ Regulations to Executive Law

 

 

 

 

 

After a long legislative battle, the New York State Gender Expression Non-Discrimination Act (“GENDA” or “Law”), which was signed into law and became effective on January 25, 2019, explicitly added “gender identity or expression” as a protected class under the state’s non-discrimination laws. Now, under a proposed state regulation, the New York State Division of Human Rights (“DHR”) would amend its regulations, codified in NYCRR §466.13, prohibiting discrimination on the basis of gender identity, gender expression, and transgender status to conform with the Law.

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Hawaii Decriminalizes Possession of Small Amounts of Marijuana

 

 

 

 

On July 9, 2019, Hawaii became the 26th state to decriminalize possession of small amounts of marijuana. HB 1383 (the “Law”), which became law when Governor David Ige allowed the veto deadline to pass without signing or striking down the bill, decriminalizes the possession of up to three grams of marijuana. It will go into effect on January 11, 2020.

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Rainmaking Recommendation from Jaimie Field: It’s Not Rocket Science

 

 

 

 

 

 

 

 

Are you stuck thinking that business development is too big of a hurdle? Read today’s guest post from rainmaking expert and trainer, Jaimie Field, to find out why it’s not rocket science.

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Corporate Social Responsibility Round-Up

It has been a busy six months in our latest corporate social responsibility endeavours in the community, marketplace and workplace.

Robert Kennedy is the 2019 President of Limerick Solicitors Bar Association (LSBA) and is committed to providing solicitor training in Limerick together with philanthropical LSBA fundraising and donations to various charities in the region.

In other news we supported and sponsored the Insurance Institute Dinner in Adare and sponsored UL Bohs Blackrock for whom our very own Ed Kelly, Solicitor, is Captain. Shane Costelloe took part in the Grant Thornton 5K in Cork. Our team once again helped out with Team Limerick Clean Up 5 (TLC5) on Good Friday. The twice annual Transition Year Programme was again a popular week with students, most recently, this April. We were also pleased to continue with our Leaders at LIT Student Scholarship this year.

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Talking Tax – Issue 163

 

 

 

 

 

Income protection and superannuation insurance payments: assessable or not?

In YCNM and Federal Commissioner of Taxation [2019] AATA 1592, the Administrative Appeals Tribunal (AAT), found that a lump sum payment made under an income protection insurance policy was partly assessable as income under section 6-5 of the Income Tax Assessment Act 1997 (Cth) (Act). The AAT concluded that the portion of the lump sum attributable to a superannuation contribution insurance policy was not assessable as income.

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