Tag:compliance
Altering Injuries: Loss of Scholarship to Long-Term Consequences
Athletic scholarships pave the way for student-athletes to attend the schools of their dreams, yet serious injuries can turn their dreams into nightmares, regardless of whether the injuries have immediate or future effects. In the relentless pursuit of illustrious professional league contracts and national championships, athletes may fail to get properly evaluated or be less inclined to accept being sidelined for what they perceive as minor, short-term injuries. The unwary athlete may find themselves losing their scholarship and suffering life-long consequences as a result. While the NCAA was established in 1906 for the purpose of protecting athletes from a trend of injuries and death in college football, the governing body has seemingly veered off course of prioritizing student-athlete welfare.
An Update on the Gamestop Frenzy: Calls for Regulation and a Congressional Hearing
Cora Leeuwenburg Associate Editor Loyola University of Chicago School of Law, JD 2022 The controversy surrounding the unprecedented movement by retail investors and Gamestop has not died down in the last month following the stock’s meteoric rise in price and dramatic fall. The wildly volatile stock has lost hedge funds millions and resulted in …
Read more
A Practical Approach to Post-Schrems II Remediation of Cross-Border Data Transfers to the U.S. and Other “High Risk” Third Countries
On July 16, 2020, the Court of Justice of the European Union (“CJEU”) issued its deafening decision that summarily and immediately invalidated the EU-US Privacy Shield. The regulatory program established between the European Council and the U.S. Dept. of Commerce allowed for the transfer of personal data of EU residents to be sent from the EU to the US without violating the data transfer restrictions of the General Data Protection Regulation (“GDPR”). The decision went on to cast serious doubt on the sufficiency of standard contractual clauses to adequately protect data transferred to any third country, not just the US. Several months later, data exporters in the EU are still sorting through the wreckage of their privacy programs and waiting for practical advice on the way forward.
U.S. Regulators are Employing New Strategies to Crack Down on Historically Challenging Insider Trading Cases
In the past, insider trading cases have been considered difficult to prove and prosecute. These cases usually require extensive evidence-gathering coupled with a high burden of proof. However, the Securities and Exchange Commission (SEC) and Justice Department are now turning to new developments in technology and regulatory efforts that have led to an increased focus on investigating and prosecuting insider trading cases. Why were these cases hard to prove in the past and what exactly are these new technologies?
FTC Continues Investigation into Twitter’s Privacy Practices
Sophie Shapiro Associate Editor Loyola University Chicago School of Law, JD 2024 Over the past few months, the Federal Trade Commission (FTC) has begun an investigation against Twitter, specifically into Elon Musk’s personal role in various high-profile decisions including massive layoffs, rapid changes to Twitter’s features and the sharing of internal company records with journalists.
Federal Trade Commission Rule Would Make it Easier to Cancel Subscriptions
The Federal Trade Commission (FTC) is proposing a rule that would make it easier for consumers to cancel subscription services and free trials they no longer want. This proposal, the “click to cancel” provision, was announced on March 22 and is part of the FTC’s ongoing review of its 1973 Negative Option Rule. This Rule regulates any and all unfair and deceptive practices related to subscriptions, memberships, and other recurring-payment programs.
Do More Bank Failures Equal More Bank Regulations?
The recent closures of Silicon Valley Bank and Signature Bank, the second and third largest bank failures in U.S. history, have sparked intense discussions pertaining to banking regulations and resulted in both statements and ongoing investigations by the Biden administration, members of Congress, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and U.S. Government Accountability Office (GAO).
Democrats in Washington Push For Stronger Banking Regulations
The Biden Administration acted strongly last month in response to the recent collapses of Silicon Valley Bank (SVB) and Signature Bank. Each collapse sent shockwaves through the U.S. banking system and shook the confidence of consumers nationwide. The Biden Administration showed swift and steady leadership in urgently addressing the crisis. The President and leading Democrats in Congress continue to push for stronger regulatory oversight with respect to the banks. This shows that the Democrats are on the right side of the banking issue, as they have been for the 16 years following the 2008 financial crisis.
Justice Department Hitting Corporate Executive Lawbreakers Where it Hurts
The Justice Department introduced a new pilot program last week that encourages companies to center their compensation policies around rewarding good behavior and punishing those partaking in criminal activity. Deputy Attorney General, Lisa Monaco, previewed the program at an American Bar Association conference in Miami.
The U.S. Department of Treasury Steps in to Patrol Petroleum
The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned nine entities involved in the production, sale, and shipment of Iranian petrochemicals and petroleum to buyers in Asia, in violation of US sanctions. Six Iran-based petrochemical manufacturers and three firms in Malaysia and Singapore have been targeted for facilitating the sale and shipment of petroleum and petrochemicals on behalf of Triliance Petrochemical Co. Ltd., which OFAC previously designated for facilitating the sale of Iranian petroleum products. The sanctions are aimed at targeting Tehran’s sources of illicit revenue, and all property and interests in property of the targeted entities must be blocked and reported to OFAC.