Legal Updates

Treasury Issues Proposed Regulations and Requests Public Comments

On September 17, 2019, the U.S. Department of the Treasury issued a press release announcing two proposed regulations that will implement provisions of the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”). The proposed regulations will be published in the Federal Register on September 24, 2019, and they will expand the jurisdiction of the Committee on Foreign Investment in the United States (“CFIUS”). Specifically, the two proposed regulations will address certain non-controlling investments and real estate investments by foreign persons. The deadline to submit comments on the proposed regulations is October 17, 2019, and pursuant to FIRRMA the regulations will take effect no later than February 13, 2020.

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New DOL Opinion Letter on the FLSA’s Retail/Service Establishment Employee Exemption

Our colleagues Jeffrey H. Ruzal and Carly Baratt 

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Judgment: State Bank of India v Moser Baer Karamchari Union [Company Appeal (AT) (Insolvency) Number 396 of 2019]

Forum: National Company Law Appellate Tribunal (“NCLAT”).

Judgments delivered on: August 19, 2019.

Act/Law: The Insolvency and Bankruptcy Code, 2016 (“Code”).

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Regulation and Certification of Digital Media and Entertainment Platforms

The Ministry of Information and Broadcasting (“MIB”) has sought to undertake the ginormous task of regularising and certifying the content available on various entertainment platforms and digital media in general, more particularly referred to as the over the top platforms (“OTT”). The Minister of MIB, Mr. Prakash Javadekar, during a conference with members of the Central Board of Film Certification (“CBFC”) and the Film Industry, on August 31, 2019, stated that the MIB would soon call for talks with the major stakeholders of the prevalent OTTs, including Netflix, Amazon Prime Now, Hotstar etc. as also with members of civil society, technical community, media and legal experts, in order to discuss and formulate a concrete mechanism of certification and regularisation of the content available on such OTTs.

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Finance Minister announces major reduction in Corporate Tax Rates

Finance Minister Smt. Nirmala Sitharaman at the 37th GST Council Meet held today i.e. September 20th 2019 has announced to reduce the corporate taxes for domestic companies and new local manufacturing companies through an ordinance.

The highlights of the Taxation Laws (Amendment) Ordinance of 2019 (“Ordinance”) are enumerated below:

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New AML law in Romania – the EU 4th Anti-Money Laundering Directive transposed into domestic legislation

On July 18, 2019, Law no. 129/2019 on the Prevention of and Combat Against Money Laundering and the Financing of Terrorism, as well as for Amending and Supplementing Certain Normative Acts (the “Law”) was published in Romania’s Official Gazette.

The Law, that entered into force on July 21, 2019, transposes Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or the financing of terrorism (“Directive 2015/849”), as well as Council Directive (EU) 2016/2258 of 6 December 2016 amending Directive 2011/16/EU as regards to access to anti-money-laundering information by the tax authorities.

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Consequences of the spoliation of an item of evidence

By Chantal Noël, from our Insurance Law Practice Group.

September 18, 2019 — The Court of Appeal recently put an end to a case that had originated in November 2008 with the destruction by fire of a combine harvester (CNH Industrial Canada Ltd. c. Claude Joyal inc., 2019 QCCA 1151). The owner’s insurer had compensated its insured and then filed a claim against the seller of the machine. The seller had then brought a warranty action against the manufacturer, but only after the machine had been dismantled. The manufacturer then argued that failure to receive notice of the claim and the impossibility to examine the machine deprived it of the right to a defence, thereby justifying the dismissal of the action. Just how did this case end?

Click here to read more (PDF).

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Latest Department of Labor Opinion Letter Addresses the FLSA’s Retail/Service Establishment Employee Exemption Continue Reading…

The U.S. Department of Labor’s Wage and Hour Division (“WHD”) continues to issue guidance at a rapid pace, releasing a new opinion letter regarding the retail or service establishment overtime exemption under the Fair Labor Standards Act (“FLSA”).  The letter brings clarity to a recurring issue affecting retailers.

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The FDA looks inward as it tackles interoperability

Interoperability and patient access to data has been pushed to the forefront as a primary concern for the health industry. This is largely due to proposed rules published this spring by the Office of the National Coordinator for Health Information Technology (ONC) and the Center for Medicare and Medicaid Services (CMS) that seek to advance interoperability and support the access, exchange, and use of electronic health information. In August 2019, the ONC held its third annual National Coordinator for Health IT Interoperability Forum in Washington DC. The event brings together the Health IT technology community, developers, policymakers, and staff to promote the goal of interoperability. One of this year’s keynote speakers was the Food and Drug Administration (FDA)’s Principal Deputy Commissioner, Amy Abernethy, M.D. Ph.D.

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Financial Services in Focus – Issue 30

Funds and financial products

Treasury releases draft Design and Distribution Obligations Regulations

On 12 September, Treasury released for public consultation exposure draft regulations to support the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 (‘Act’) and an exposure draft explanatory statement.

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