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December 8, 2016, Covington Alert

On December 6, 2016, in the first insider trading case the Supreme Court has decided in nearly two decades, the Court, in Salman v. United States, unanimously upheld a conviction for trading based on material non-public information provided by the defendant’s brother-in-law as a gift. The decision was a big win for the Department of Justice and the Securities ...

December 8, 2016, General Data Protection Regulation: Who is the Data Protection Officer, and How Can We Clone Them, Washington, DC

December 8, 2016, Covington Alert

Last week the European Commission presented an extensive package of legislative proposals (“Clean Energy Package”) that are intended to achieve and implement the European Union’s climate change and clean energy targets for 2030: a 40 percent cut of CO2 emissions, a share of 27 percent for renewable energies, and energy savings of 30 percent.

December 7, 2016, Covington Alert

In October 2014, the Nagoya Protocol entered into force. It created a new international regulatory system affecting all life science companies that conduct R&D on biological material such as animals, seeds, flowers, viruses, fragrances, flavonoids, essential oils, enzymes, yeasts, and so on. So far, compliance by companies is progressing slowly due to ...

December 6, 2016, Covington Alert

In late October, the U.S. Securities and Exchange Commission (SEC) proposed long-awaited changes to the proxy rules that would require parties in a contested election of directors to distribute universal proxy cards, i.e., a proxy card that includes director candidates nominated by a company’s management as well as those nominated by a shareholder. Under current ...

December 6, 2016, Covignton Alert

On November 8, 2016, the U.S. Food and Drug Administration (FDA) published a final guidance titled Medical Device Reporting for Manufacturers (“Final Guidance”). The guidance explains and clarifies FDA’s interpretations of its regulations under 21 C.F.R. Part 803 for adverse event and malfunction reporting and recordkeeping for manufacturers. On November 30, ...

December 6, 2016, Covington Alert

Without much fanfare, the Consumer Financial Protection Bureau (the “Bureau,” or “CFPB”) recently released its Fall Unified Regulatory Agenda (“URA”), which describes the Bureau’s regulatory priorities for the next six months. The URA outlines fairly ambitious plans for the coming months, including final action on the controversial arbitration rule and the ...

December 6, 2016, Covington Alert

On December 2, 2016, the English High Court ruled that the members of the band Duran Duran would be in breach of the contracts under which they assigned their publishing copyrights if they exercised their U.S. statutory right to terminate the transfer of the U.S. copyrights under section 203 of the Copyright Act. The case, Gloucester Place Music Limited v Simon ...

December 5, 2016, Covington Alert

On December 2, 2016, Comptroller of the Currency Thomas J. Curry announced that the Office of the Comptroller of the Currency (“OCC”) would move forward with issuing special purpose national bank charters to financial technology (“fintech”) companies. The OCC released a whitepaper1 outlining its authority to issue charters to fintech companies, its approach to ...