On September 28, 2023, the U.S. Environmental Protection Agency (EPA) finalized its rule for manufactures of per- and polyfluoroalkyl substances (PFAS), which requires that these manufacturers provide information about what chemicals and the amount that they produce. Effective November 13, 2023, persons that manufacture, have manufactured, or have imported PFAS in any year since January 1, 2011, will now be required to report a wide range of information of PFAS including chemical identity and structure, uses, production volumes, exposures, by-products and health and environmental effects. EPA is taking this action not only to fulfill its obligations under the Toxic Substances Control Act (TSCA) Section 8(a)(7), but also to address this legacy pollution that has been, and continues to be, endangering people across the nation.
In January 2021, Congress passed the Corporate Transparency Act (CTA) as part of the Anti-Money Laundering Act of 2020. The CTA requires entities to list names and addresses connected to both the company and beneficial owners. Ultimately, the goal is to reduce the ease at which shell companies can be formed and used to launder money.
The American Bar Association (“ABA”) recently passed Resolution 100 (“The Resolution”) to strengthen rules regarding due diligence toward clients. This resolution amends ABA Model Rule 1.16 to explicitly recognize an attorney’s duty to “assess the facts and circumstances of their representation”. The updated Rule reflects the goal of preventing attorneys from using their expertise to commit or further a scheme, with money laundering and terrorist financing being of particular concern.
Jason Velligan Associate Editor Loyola University School of Law, JD 2024 Regulatory and legal professionals who understand and work to influence government agency rulemaking are most likely familiar with the Chevron deference. The statute gives an agency the authority or power to engage in rulemaking by issuing regulations. Rule and regulation are often used interchangeably …
On October 03, 2023, the Biden administration announced indictments and sanctions against 28 individuals and entities, including China-based companies and their employees related to the trafficking of chemicals needed for the manufacturing of fentanyl. The sanctions aim to interrupt the global supply chain of fentanyl as the administration have increased their efforts on tackling the opioid epidemic. However, rising tensions in the U.S.-China relationship have delayed progress. On September 15, 2023, President Biden added China to the list of the world’s major illicit drug producing and drug transit countries. In response, China’s Ministry of Foreign Affairs stated that the designation is a malicious smear against China. The Ministry further urged the U.S. to do things in ways that are conducive to cooperation with China, not otherwise. With growing international tensions and an epidemic still afoot, the U.S. faces a challenging uphill battle with fentanyl.
As marijuana use has been legalized in some capacity in a majority of states, there remains a notable population who is still banned from its use: student athletes. However, recent recommendations to the National Collegiate Athletic Association (NCAA) means that change could be on the horizon for collegiate athletes. Earlier this summer, the NCAA Committee on Competitive Safeguards and Medical Aspects of Sports (CSMAS) signaled its support for removing cannabis from the banned substance list and drug-testing protocols for student athletes. On September 22, 2023 the committee officially recommended that all three NCAA divisional bodies adopt legislation to remove cannabinoids from the banned drug classes. The recommendation was based upon the conclusion at the Summit on Cannabinoids in College Athletics hosted by the NCAA last December. They concluded that cannabinoids are not considered to be performance-enhancing, and the current policy was found to be ineffective at prohibiting use, and better implemented by individual schools.
Lab-grown meat, also known as cultured or cell-based meat, is recognized as a revolutionary innovation in the food industry. Lab-grown meat has garnered significant attention and investment because it offers a more sustainable alternative to traditional livestock farming. However, behind the promise of this cutting-edge technology lies a complex web of regulatory and compliance challenges that must be addressed to ensure its successful integration into the market.
In 2020, many millennials turned to YouTube to watch what we thought would be a behind-the-scenes look into the life of Paris Hilton. What we didn’t expect was to learn that, just like thousands of teenagers across this country, Paris endured trauma while living in a “troubled teen” home. Since then, along with Congress, Paris has lobbied to enact laws to regulate the troubled youth facilities as it uses loopholes to get around what some would consider to be cruel punishment against kids.
Under the Safe Drinking Water Act, the Environmental Protection Agency (EPA) has the authority to regulate drinking water contaminants and require monitoring of public water systems. On March 14, 2023, the EPA announced the proposed National Primary Drinking Water Regulation (NPDWR) for a new federal standard to regulate PFAS in drinking water. PFAS are synthetic chemicals that can repel oil, water, and stains, which makes them useful for many products and industries. While there are currently state laws regulating PFAS in drinking water, the federal rule would be a huge step towards reducing exposure to these “forever chemicals” and preventing harm to public health.
Welcome back! Part One of this two-part series discussed the regulatory background of private funds and the increasing importance of private funds industry regulation today, particularly for retired and retiring Americans. Part Two of the series takes a closer look at the final new rules implemented by Securities and Exchange Commission (SEC) Chair Gary Gensler. The Chair released the new rules in August affecting private funds advisors and investors. This article also discusses Wall Street’s response to the new regulations and ends with its possible implications for the industry.