INSIDE COMPLIANCE – Page 43 – Loyola University Chicago School of Law

Professional Sports Leagues and Vaccine Mandates

September 23, 2021Athletic Regulation

Following President Biden’s announcement mandating vaccinations for companies with over one hundred employees, major professional sports leagues may be required to ensure compliance with the mandate. This mandate has the potential to have sweeping implications throughout professional sports, from the athletes, to staff and even spectators. The NFL, NBA, and MLB all have high vaccination rates among their players and the staff that works closely with them, since many teams have already mandated that players and those working in “close proximity” to them be vaccinated. However, their back-office staff are less protected, as those employees have yet to be subjected to strict protocols of the rest of the leagues. Despite these high vaccination rates among athletes and certain staff members, the leagues have been reluctant to institute absolute mandates. But that doesn’t mean that athletes don’t still have a responsibility not only to get vaccinated but also encourage others to do so as well.

complianceCOVID-19enforcementJournal of Regulatory ComplianceRegulationrulemaking

The Bulls vs. The Bears: The Legality of Short Selling “Stonks”

September 22, 2021Finance & Banking

The Bears of Wall Street have always used their paws to swipe down on financially weak companies by further driving down their stock price. However, the Bulls, recently led by retail investors and Wall Street Bet users, have begun thrusting their horns up into the air to lead an attack on bearish institutions by forcing them to buy back the “Stonks” that they shorted. This stock trading phenomenon, backed with the subjective ethical obligation to protect the little guy on Wall Street, is called the “The Short Squeeze.” While the Bears’ strategy of short selling stocks in the financial market faces public criticism, it is entirely legal. Therefore, financial regulators should encourage these millennial Bulls to take precautions in understanding the legality of trading strategies in the free market.

ethics and complianceRegulationsecurities exchange actsecurities regulationstock marketstockswall street

Should the United States Government Continue Subsidizing the Fossil Fuel Industry?

September 21, 2021Uncategorized

In his proposed American Jobs Plan, President Biden has stated that if the United States wants to achieve its decarbonization targets and get climate change under control, cutting off government support to the fossil fuel industry is a crucial first step. Eliminating government subsidies for fossil fuels is the most logical step in fighting back against climate change, but Biden is facing an uphill battle to get his American Jobs Plan passed through Congress.

clean energyClimate ChangeEnergyfossil fuelsoilsubsidiestax

Abort Texas’ New Abortion Law

September 21, 2021Uncategorized

Under Roe v. Wade, the Supreme Court found that states could not create onerous requirements which interfered with a patient’s right to an abortion up to the point of viability of the fetus, which was around 24 weeks. However, Texas’ new law erodes that decision. On May 9, 2021, Texas Governor Greg Abbott signed Texas’ new abortion law commonly known as the fetal “heartbeat” bill, and on September 1, 2021, the Supreme Court refused to block Texas’ “heartbeat” bill. The new law bans abortions as soon as cardiac motion can be detected in the embryo, roughly six weeks into a pregnancy.

The “heartbeat” bill contradicts the purpose of standing and adversely impacts not only the patients but people working in the medical field, families and friends of the patients, people who support a person’s right to choose, and society as a whole. Congress cannot continue to idly sit by. Congress must codify the principles of Roe v. Wade to protect an individual’s right to health care.

NCAA Name, Image and Likeness Legislation Raises Concerns

September 20, 2021Athletic Regulation, The Marketplace

On June 29, 2021, Illinois Governor J.B. Pritzker signed a bill into law that allows collegiate student-athletes to hire agents and sign endorsement deals effective as of July 1, 2021. This bill puts Illinois among a number of states which have begun to pass legislation allowing student-athletes to receive payment for the use of their name, image, and likeness (“NIL”). While these laws open opportunities for student-athletes, they also present several potential challenges to the NCAA, the governing body for collegiate athletics in the United States, and its member institutions barring any Congressional assistance.

AntitrustathleticsName Image LikenessNCAAstudent athletes

The Questions of Scotland’s Independence: The Rise of Scottish Nationalism, Trade Concerns, and the Future of Economic Regulatory Policies

September 17, 2021Uncategorized

Collectively, four countries make up the United Kingdom (U.K.), including England, Scotland, Wales, and Northern Ireland. In 2016, an overwhelming number of Scottish citizens voted to remain in the European Union (E.U.) during the U.K. referendum, which resulted in a 51.89 percent vote in favor to leave. After departing from the E.U. in January of 2020, Scottish industries suffered economic losses due to the ‘red tape’ policies imposed by the U.K., making it more difficult to sell Scottish products to E.U. member countries. As a result, Scotland’s independence and nationalist movement grew exponentially, with forty-five of the fifty-nine Scottish seats in the House of Commons going to the Scottish Nationalist Party, with strong support of seceding from the U.K. Additionally, in 2019, Scotland’s Parliament reconvened for the first time since 1707, signaling the Scotland’s desire for self-autonomy and sovereignty. The possibility of seceding poses questions over the future of economic and social regulatory policies for an independent Scotland.

EUInternational AffairsJournal of Regulatory ComplianceNationalismPolicy WindowsRegulationRegulatory AffairsScotlandScottish IndependenceScottish Nationalist PartySmall State EconomiesTradeUK

New Cryptocurrency Reporting Rules Remain in Massive Infrastructure Bill

September 16, 2021Finance & Banking

Despite last-ditch efforts by lobbyists for the crypto community, controversial new cryptocurrency tax requirements buried in the massive bipartisan infrastructure bill that passed the US Senate in early August will likely remain unaltered by the House which has committed to vote on the $1 trillion dollar bill by September 27, 2021. The new reporting rules are sending ripples of concern through the cryptocurrency industry and even have some national-security officials worried that their breadth and overreach will only succeed in pushing illicit activities and actors further underground. Overly aggressive regulations risk forcing illegal activity “deeper into anonymizing methods and corners of the internet that would make it more difficult for law enforcement,” according to Jeremy Sheridan, assistant director of the U.S. Secret Service’s investigations office. Moreover, overregulation could also have a chilling effect on domestic innovation and result in the U.S. falling behind other countries that adopt laws and regulations that are more favorable to new technologies. “The U.S. has to make a decision if it wants to be a center of. . . transformational technology that can bring more people into the financial ecosystem. . . [or] get left behind,” said Sigal Mandelker, a former undersecretary for terrorism and financial intelligence in the Treasury Department. Mandelker is now with a private venture capital firm which invests in the crypto markets.

Cryptocurrencycryptocurrency regulationfinance

Security Awareness — Not Just an IT and Compliance Responsibility

September 16, 2021Uncategorized

Since the start of 2021, cyber-attacks have dominated headlines across every industry. From governments and government organizations, healthcare companies, and banks, to gaming companies and oil pipelines, ransomware has impacted organizations of all types and sizes. The scale and scope of these attacks have continued to grow and have far reaching consequences. Despite current agency attempts to strengthen cybersecurity through regulation, individual users continue to pose a serious threat due to insufficient security education.

breachcompliancecompliance programdata privacydata securityhealthcareITIT securityPrivacy & SecurityRegulationsecurity awarenesstechnology

Texas Abortion Ban: The State-Sanctioned Killing of Poor Black and Brown Pregnant People

September 15, 2021Uncategorized

Texas Senate Bill 8 (“SB 8”), also known as “The Texas Heartbeat Act,” went into effect on September 1, 2021, banning abortions after six weeks of pregnancy or after the fetus’s heartbeat has been detected. Additionally, it awards any civilian who successfully reports someone for aiding, abetting, or performing an abortion after the six-week mark with $10,000. The United States Supreme Court, as Justice Sotomayor described, “buried their heads in the sand” and decided not to comment on the abortion ban’s constitutionality under the guise of a technicality. Historically, abortion bans have been death penalties to many people seeking abortions and contribute up to thirteen percent of pregnancy-related deaths. Abortion bans do not reduce the number of abortions, but rather reduce the number of safe abortions while increasing avoidable deaths. Abortion bans work as a form of dangerous regulatory mechanisms that function as the state-sanctioned killing of poor people who are often Black, Brown, and indigenous who cannot travel outside the state to receive care.

abortionabortion accessbansdisabilitiesGovernmental OversightHyde AmendmentImmigrationJournal of Regulatory ComplianceJustice SotomayormarginalizedOBGYNPOCSB 8SCOTUStexas

Objectively Subjective? What the Newly Published Title IX Q&A Tell us About Sexual Harassment and the Recently Emphasized Reasonable Person Standard

September 15, 2021Uncategorized

In May of last year, the U.S. Department of Education’s Office for Civil Rights (OCR) released a Final Rule, amending the regulations implementing Title IX of the Education Amendments of 1972. With this guidance came a plethora of changes to how recipients of Federal financial assistance covered by Title IX must respond to allegations of sex-based discrimination. Amongst the most notable changes to these regulations, was the clarification that a reasonable person standard applies to certain elements which are, at times, necessary to prove sexual harassment under Title IX.

Department of EducationEducationOffice of Civil Rightssexual harassmentTitle IX