Category:Uncategorized
Streamlining Regulatory Compliance in Chicago’s Real Estate Development
In December 2023, Chicago Mayor Brandon Johnson took a significant step toward revolutionizing the city’s real estate development process by signing Executive Order No. 2023-21. This directive tasked 14 city departments with identifying the key barriers that complicate housing and commercial development that subsequently lead to delays, increased costs, and uncertainty. The goal was to find solutions to accelerate the approval processes, reduce regulatory redundancies, and streamline compliance with city, state, and federal regulations, ultimately making Chicago’s real estate development process more efficient and predictable.
No “Moore” Realization Events?
In June 2024, the Supreme Court will decide on a case that may completely upend one third of the Internal Revenue Code (IRC). Moore v. United States calls into question whether the 16th Amendment authorizes Congress to tax unrealized gains without apportionment among the states.
U.S. Auditing Watchdog’s Inspections Program Needs Work
The Public Company Accounting Oversight Board (PCAOB) inspects the audits of U.S public companies, and according to former inspectors for the PCAOB the inspection process needs improvement. The SEC and the Sarbanes-Oxley Act empower the PCAOB to establish auditing standards through inspections and compliance reports. The former inspectors criticized the reports produced and call for a wider scope in the process, more details, and for the reports to be released in a timely manner. While the PCAOB is in the middle of a transformation under current PCAOB Chair Erica Williams, the transformation is largely focused on making inspections more efficient. Hopefully, the call to action by former inspectors will result in improved reports by inspectors. For investors, having more context on how the inspection went and being able to review how the PCAOB measures audit quality would allow them to make more informed decisions.
Global Tech Regulation: The Impact of the E.U.’s Digital Markets Act on Big Tech Giants and the Potential Shift in U.S. Policies
Big tech companies in the United States are largely subject to fewer and less restrictive regulations than those found in other parts of the world. The E.U., however, is rapidly becoming one of the most “assertive regulators” of big tech, which consequently affects American companies that participate in the global market, such as Amazon, Apple, and Google. In response to the growing need for stricter antitrust and data privacy laws, the E.U. adopted the Digital Markets Act (“DMA”) in September of 2022. The DMA’s obligations are set to be fully applicable in March of 2024.
Growing Pains are on the Rise for the Expanding Landscape of IoT
Connectivity has become our way of life. For Apple users, iPhones, MacBooks, iPads, and Apple Watches are interconnected with one touch. For Android enthusiasts, Samsung has developed the ‘SmartThings’ app, enabling users to seamlessly control Smart TVs, monitors, and refrigerators from one device. With the proliferation of ‘Smart Home’ technology, products are being integrated into our everyday lives like no other. Whether it be Google Home products like Google Nest thermostats or the Ring Home Security System – we are able to save energy and protect our most valuable possessions from any device no matter its operating system. Nevertheless, from a B2B standpoint, IoT provides businesses the opportunity understand predictive maintenance of their devices, optimize supply chains, and develop stronger customer relationships.
Therefore, the evidence is clear from industry-to-industry: the benefits of IoT are abundant. But what exactly does IoT entail, and what compliance guidelines are in place to protect consumer use? As the landscape expands and new products enter the market, organizations are tasked with developing innovative compliance solutions for an equally contemporary technology platform.
Regulatory Implications of the FTC’s Proposed Ban on Noncompete Clauses
The landscape of post-termination benefits and rights for employees is continuously evolving. In recent developments, the Federal Trade Commission (FTC) has proposed a rule that could significantly change the dynamics of the job market by seeking to ban noncompete clauses. This proposal impacts businesses and employees and intersects with other regulatory frameworks, calling for an integrated perspective on its implications.
Who has ownership rights to AI generated content?
ChatGPT, like other generative AI technology, relies on what it’s “fed” when “spitting out” responses or data. For example, if ChatGPT briefs a case for a law student, this is because someone inputs all the relevant information into ChatGPT at an earlier time. If someone asks ChatGPT to brief that same case and another case in one response; the software would take the one case’s information from the place it was provided, and combines it with the information found in the other place where the second case was found. All in all, ChatGPT is limited in response to what it has been “told” at an earlier time. Think something like a Parrot. Parrots are well known as a species of bird that can repeat the sounds and words that someone says in their vicinity.
Red No. 3 – The Carcinogenic Color
Consumers read product labels regularly to educate themselves on ingredients they are putting on or in their body. More likely than not, most consumers have read a label before and seen “RED 3” as an ingredient, often listed at the end of the lengthy list. What most consumers fail to recognize is what exactly “RED 3” is and the potential hazard it can pose to their health. While the Food and Drug Administration has requirements in place restricting the use of this color additive in cosmetics, it is still permitted to be used in food and drug products despite scientific findings of its cancer-causing effects.
EPA Finalizes Rule Requiring Reporting of “Forever Chemicals”
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.
Chevron Showdown: Is it the End of a Judicial Doctrine’s Era?
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 …
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