Introduction In 1988 the United States Congress passed the Exon-Florio Amendment (EFA) to the Defense Production Act (DPA) under the Omnibus Trade and Competitiveness Act of 1988 (OTCA).1 The stated goal was to allow the president to (1) review all foreign investment in the United States for national security concerns, and (2) block any merger, acquisition, … Continued
Spotlight As Markets Grow More Volatile, Securities Class Action Filings Likely To Remain High Key Points As the number of 2022 securities class action filings seems likely to track the 2021 total, plaintiffs are focusing on several areas and shifting away from others in ways that may shape securities litigation in the coming year. Securities … Continued
With the reelection of Governor Kathy Hochul to a full term, New York has continued to take an activist approach to regulation and enforcement of conduct by financial institutions and others. In 2017 New York became one of the first states to adopt its own anti-money laundering (AML) requirements, which in some respects go considerably … Continued
The Board of Governors of the Federal Reserve System (Federal Reserve) approved final guidelines (Guidelines) on August 15, 2022, to be used by Federal Reserve Banks (Reserve Banks) to evaluate requests to use accounts and payment services offered by the Federal Reserve (access requests).1 The Guidelines establish six factors that Reserve Banks will use to analyze … Continued
I. Introduction It is well established that the ability to transact in (i.e., the liquidity of) securities has substantial value.1 That being said, the United States securities laws generally prohibit the sale of securities absent an effective registration statement filed with the Securities and Exchange Commission.2 The rationale underlying this registration statement requirement is to ensure that … Continued
If you tuned in to the Super Bowl last year, then you probably saw Coinbase’s 60-second commercial featuring a colorful QR code bouncing around on your screen. If you are a normal person, you might have rushed to your phone to scan the QR code and look up what Coinbase is. If you are like … Continued
The Business Law Section conducts most of its activities through individual committees that specialize in 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
True music aficionados know that Stax Records (based in Memphis, aka Soulsville, U.S.A.) went toe-to-toe in the 1960s with its rival Motown Records (based in Detroit); featuring such artists as Otis Redding, Sam and Dave, Booker T. & The MGs, Isaac Hayes, Wilson Pickett, Carla Thomas, Eddie Floyd, and Albert King, Stax left an enduring … Continued
Faster than a speeding bullet! More powerful than a locomotive! Regular readers of this journal may detect the familiar sound of a reviewer (obviously of a certain vintage) grasping for ever greater superlatives to describe one of a pair of monumental treatises whose high quality and sweeping scope are matched by their accessibility and usefulness … Continued
The president of the New York State Bar Association recently appointed me to a special ethics subcommittee on escrow rules applicable to attorneys. The committee consists of the general counsels of a number of court disciplinary committees, judges and the president of the Bar Association. The issues to be addressed by the committee relate to … Continued