Overview
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Perspective
April 24, 2024
On April 23, 2024, the Federal Trade Commission (“FTC”) issued the Non-Compete Clause Rule (“Final Rule”).[1] Under the Final Rule, after the effective date (120 days from publication in the Federal Register), almost all post-employment non-compete clauses covering workers will be considered an “unfair method of competition” that violates the FTC Act. These clauses effectively will be banned on a nationwide basis.
Perspective
April 22, 2024
Perspective
April 15, 2024
On April 3, 2024, the Department of Labor (DOL) released its final rule amending Prohibited Transaction Exemption 84-14 (PTE 84-14). PTE 84-14 exempts from ERISA’s prohibited transaction rules certain transactions between parties in interest and plans managed by a Qualified Professional Asset Manager (QPAM) when the conditions of the exemption are met.[1] The final rule (1) expands the type of conduct that will render a QPAM ineligible to rely on the exemption, (2) provides for a transition period in which to cease conducting transactions that are no longer exempt if a QPAM becomes ineligible for the exemption, (3) requires that QPAMs register with the DOL and (4) increases certain AUM and equity thresholds necessary for QPAM qualification. The final rule also attempts to provide clarity as to the extent to which a QPAM must be involved in a transaction in order to take advantage of the exemption and adds certain recordkeeping requirements.
Perspective
April 09, 2024
Welcome to the first 2024 edition of Shearman & Sterling’s Fifth Circuit Securities Litigation Quarterly.
Perspective
April 05, 2024
Shearman & Sterling partners Michael Chernick, Sara Coelho, Kevin Heverin and Shameer Shah, and associate Magnus Wieslander, have authored an article in the latest edition of Butterworths Journal of International Banking and Financial Law (JIBFL).
Perspective
March 21, 2024
On March 6, 2024, almost two years after its originally proposed rules, the Securities and Exchange Commission (SEC) adopted final rules relating to the enhancement and standardization of climate-related disclosures. While the final rules still represent a sweeping overhaul of current disclosure requirements and will substantially expand the reporting obligations for public companies, the SEC scaled back some of the most onerous proposals, eliminating Scope 3 greenhouse gas (GHG) emissions disclosures entirely, scaling back attestation requirements, eliminating the requirement to disclose director expertise, narrowing the financial statement disclosures, and further scaling disclosures benefitting smaller reporting companies, as well as adding materiality qualifiers throughout.
Perspective
March 18, 2024
In an interview with Hydrogen Economist, Of Counsel Etienne Gelencsér discussed Japanese firms’ interest in Southeast Asia’s hydrogen potential.
Perspective
March 18, 2024
On March 15, 2024, following weeks of political wrangling, the Corporate Sustainability Due Diligence Directive (CS3D) was endorsed by the EU Council. The make-or-break vote was the last opportunity for the CS3D to be adopted in its current form before the June 2024 European parliamentary elections.
Perspective
March 18, 2024
Asia Regional Managing Partner and Head of Greater China Lorna Chen, Partner Anil Motwani, Associates Frank Fu and Evelyn Lin authored the article “ESG Regulatory Trend: Visions of a Unitary Regime” for the tenth issue of the HKVCA Journal. The article discusses the latest themes in the ESG regulatory space and their implications for market players seeking to develop their institutional ESG culture and make decisions on long-term compliance plans.
Perspective
March 15, 2024