• FINRA Releases New Guidance Regarding Social Media and Digital Communications

    26 Jun 2017

    On April 25, 2017, the Financial Industry Regulatory Authority (“FINRA”) issued Regulatory Notice 17–18, Social Media and Digital Communications (the “Regulatory Notice”), addressing certain frequently asked questions regarding the use of social media and digital communications by FINRA member broker-dealers (the “FAQs”).

  • United States Supreme Court Clarifies Scope of Specific Personal Jurisdiction in State Court

    22 Jun 2017

    On Monday, June 19, 2017, the Supreme Court clarified the limits of specific personal jurisdiction in state courts, holding that a connection between a defendant’s contacts with the forum and the claims at issue remains essential in establishing whether a state court has such jurisdiction. The Court reversed a decision from the California Supreme Court, rejecting that court’s “sliding scale approach” to specific jurisdiction. Bristol-Myers Squibb Co. v. Superior Court of Cal., San Francisco Cty., No. 16-466 (June 19, 2017). Writing for the Court, Justice Alito analyzed whether plaintiffs’ claims sufficiently arose out of or related to defendant’s forum activities to create specific jurisdiction, and concluded that there was no adequate link between the claims and the forum. In so doing, the Supreme Court more clearly delineated the potential reach of specific personal jurisdiction in state courts. 

  • Intellectual Property Newsletter

    June 2017

    Shearman & Sterling’s IP litigation team has published its quarterly newsletter. The newsletter covers a wide range of current IP topics: the Supreme Court’s TC Heartland patent-venue decision, the constitutionality of inter partes review, the Federal Circuit’s interpretation of the AIA on-sale bar and its recent holdings on attorneys’ fees and CBM review, whether a patent can expire before it issues, an update on IPR estoppel under Section 315(e), passage of the Register of Copyrights Selection and Accountability Act, and a summary of the Supreme Court’s Matal v. Tam decision, holding that the trademark disparagement clause is unconstitutional.   

  • Leveraged Lending: Summary of ECB Guidance compared to US Guidance

    21 Jun 2017

    In May 2017, the European Central Bank published its final Guidance on Leveraged Transactions (the “ECB Guidance”). The ECB Guidance will come into effect six months after publication and will apply to all “significant credit institutions” supervised by the ECB. When drafting its guidance the ECB took into account comments from market participants, many of which focused on aligning the ECB Guidance with the Interagency Guidance on Leveraged Lending (the “US Guidance”) promulgated by the several departments of the United States government in March 2013. 

  • MiFID II for Non-EU Fund Managers

    21 Jun 2017

    The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. New rules on trading inducements, research, best execution, market transparency and the regulation of algorithmic trading are some of the key areas where a non-EU fund manager may find that it is impacted, directly or indirectly. Non-EU fund managers should consider how these new requirements will affect how they do business in the EU or with EU counterparties from the start of next year.

  • Trump’s More Restrictive Cuba Policy: Specifics to Come

    20 Jun 2017

    On June 16, 2017 during a speech in Miami, President Trump announced changes to US sanctions targeting Cuba. The speech announced two substantial changes to the previous administration’s Cuban sanctions regime: first, the new policy will restrict business transactions with any entity affiliated with the Cuban military and second, the new policy will restrict people-to-people travel to Cuba. The outlines of the policy were announced in a Presidential Memorandum; however, the true shape of these changes will depend on yet to be issued amendments to the Cuban Assets Control Regulations. For businesses looking to understand the impact the new policy will have, the devil will be in those details.

  • Matal v. Tam: Trademark Disparagement Clause Held Unconstitutional

    20 Jun 2017

    Yesterday, the Supreme Court held in an 8–0 decision that the disparagement clause in the Trademark statute—which prohibits the registration of trademarks that may “disparage . . . or bring . . . into contemp[t] or disrepute” any “persons, living or dead,” 15 U.S.C. § 1052(a)—violates the Free Speech Clause of the First Amendment. Justice Alito, writing for the majority, explained that the disparagement clause defies “a bedrock First Amendment principle: Speech may not be banned on the ground that it expresses ideas that offend.”

  • The European Commission Seeks to Endow Itself With the Power to Collect Information Directly From Companies to Improve Overall Compliance With the EU Single Market Rules

    15 Jun 2017

    Hardly picked up by the specialised press, the Proposal for a Regulation setting out the conditions and procedure by which the European Commission may request undertakings and associations of undertakings to provide information in relation to the internal market and related areas (“the Proposal”) was adopted by the Commission on 2 May 2017. The Proposal aims to introduce a Single Market Information Tool (“SMIT”) designed to allow the Commission, in targeted cases, to source defined and readily available data in case of serious difficulties with the application of EU Single Market legislation. 

  • Shearman & Sterling Lawyers Write Article on Financing Hotels in the United States

    15 Jun 2017
    Partners Malcolm Montgomery and Lisa Brill (both New York-Real Estate) and counsel Paul Balaam (London-Real Estate) co-authored an article titled “Financing Hotels in the United States: Key Considerations” that was published in the Spring 2017 issue of Real Estate Finance Journal.
  • Italy Follows France and Germany in Investigating Big Data

    6 Jun 2017
    The Italian Competition Authority, together with the national regulators for communications and data protection, opened a joint market investigation on Big Data. The investigation appears to be wide-ranging, covering not only competition issues, but data protection, consumer protection and pluralism in the digital ecosystem. The investigation follows closely, in time, the report published by the French and the German competition authorities on 16 May 2016, thus signalling a high level of attention across the EU towards the ever-increasing role played in our economies by data collection, processing and use.
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