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

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