The dominant business news story of the first half of 2023 has been the failures of three large regional banks: Silicon Valley Bank, based in Palo Alto; Signature Bank, based in New York; and First Republic Bank, based in San Francisco. First Republic was taken over by JPMorganChase, with assistance from the Federal Deposit Insurance … Continued
In October 2022, the U.S. Securities and Exchange Commission (SEC) adopted rules implementing “clawback” provisions pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The rules directed national securities exchanges to establish listing standards that will require issuers to implement written clawback policies that satisfy related disclosure obligations. In January 2023, … Continued
The Business Law Section conducts most of its activities through individual committees that focus on various areas of business law. Membership in any committee is open to any Section member. While active participating is encouraged, there is no required time commitment. To join a committee, email [email protected]. For more information, visit https://NYSBA.ORG/BUSINESS. Banking Law Committee … Continued
By the time this message is published, my term as chair of the NYSBA’s Business Law Section will have ended. On behalf of the Executive Committee and the section, I welcome Jessica Parker as our new chair. I have every confidence that Jessica will lead the section with excellent and timely educational programs, active committees … Continued
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) published its long-anticipated final rule1 (the “Final Rule”) implementing the small business lending data collection requirements set forth in § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.2 Section 1071 amended the Equal Credit Opportunity Act3 (ECOA) to require financial institutions to collect and report … Continued
I. Introduction: Regulations Against Forced Labor1 in the Supply Chain. Companies that are engaged in cross-border commerce increasingly are finding themselves subject to other countries’ laws regulating the use of forced labor and child labor in the supply chain. Thus, it is incumbent on lawyers who advise international companies to be up to speed on this … Continued
Many businesses looking to raise capital are understandably eager to engage a good investment banker to assist them in what can be an exciting endeavor. In the process of engaging an investment banker, however, they might overlook a key provision of the agreement—the tail fee. The tail fee provision is intended to protect investment bankers … Continued
Many people are aware of the concept that communications between clients and their attorneys are “privileged,” but the fine lines of that privilege are not often understood. It is important to be conscious of the limits of that privilege because the forced disclosure of a communication that the client or the attorney assumed would remain … Continued
On November 9, 2022, the New York Department of Financial Services (NYDFS) announced the publication of the official proposed amendments to its 2017 Cybersecurity Regulation 23 N.Y.C.R.R. 500 (the “Proposed Amendments”). The 60-day public comment period to the Proposed Amendments ends on January 9, 2023. We provided our initial thoughts on the Proposed Amendments in … Continued
With the publication of this issue, the NY Business Law Journal is 26 years old and going strong. The Journal has long been recognized for the outstanding quality and timeliness of its articles—most contributed by members of the New York Bar—and is consistently rated by Section members as one of the premier benefits of membership. The editors of the Journal are looking … Continued