Banking Law Committee The Banking Law Committee focuses on the extensive body of law and regulations that govern banking in New York State, at both the federal and state level. Banks are unique in that they can choose to be chartered under either federal or state law, and their counsel need to be up to … Continued
In my Message From the Chair in the last issue of the NY Business Law Journal, I discussed the challenges for business lawyers as business law itself increasingly occupies a prominent role in many debates in society. But since then, the U.S. presidential election ushered in a whole new set of challenges to the rule of … Continued
Florida and Tennessee Have Enacted Fair Access Statutes; Eight Other States Are Considering Similar Laws Summary An increasing number of states have enacted or are considering enacting legislation requiring financial institutions to provide customers “fair access” to financial services. These fair access requirements, first appearing in Florida’s House Bill 3 (2023) (FL HB 3), generally … Continued
Plaintiffs asserted securities class actions at elevated levels in 2023—a sign that filings will remain high in the year ahead. Based on data from Cornerstone Research through Sept. 30, 2023, plaintiffs were on pace to file approximately 216 federal and state securities class actions last year—a slight increase over the 208 suits brought in 2022 and roughly … Continued
Introduction As the United States undergoes a transformation in cannabis legalization, states are confronted with the conflict between state regulatory structures and federal constitutional principles. New York, in its commitment to extensive cannabis reform, has implemented legislation to oversee the cultivation, distribution, and consumption of cannabis within its jurisdiction. Nonetheless, the constitutional ramifications of these … Continued
On March 1, 2024, New York State Governor Kathy Hochul signed into law amendments to the state’s recently enacted LLC Transparency Act (NYLTA), which requires limited liability companies that are formed under New York law or authorized to conduct business in the state to report information about their beneficial owners or attest to their exemption … Continued
As we previously reported1 in July 2023, the U.S. Securities and Exchange Commission (SEC) adopted new cybersecurity disclosure rules for public companies. The new rules require issuers to promptly disclose the impacts of material cybersecurity incidents and disclose on an annual basis material information regarding cybersecurity risk management, strategy and governance. The new Form 10-K and … Continued
Introduction Businesses often engage in cross-border transactions to expand their operations, access new markets, and leverage technological advancements. However, such transactions can raise national security concerns, prompting regulatory scrutiny from agencies like the Committee on Foreign Investment in the United States (CFIUS). Understanding CFIUS regulations and navigating its review process are crucial for companies involved … Continued
After serving previous terms as Secretary and then Treasurer, my present term as Vice Chair comes to an end on June 1, 2024, and I will succeed Jessica Parker as Chair. David Goldstein will advance from Treasurer to Vice Chair, Luca Melchionna will move up to Treasurer from Secretary, and David Lallouz will join the … Continued
I. Introduction The COVID-19 pandemic continues to have a profound impact on the United States’ economy, with an estimated 23 million jobs lost during March of 2020.1 To mitigate the economic disaster, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES) and American Rescue Plan (ARPA) in 2020 and 2021, respectively.2 These bills provided some … Continued