INSIDE COMPLIANCE

The Problem With Financial Transaction Taxes: When It Pays to Leave, Instead of Comply

April 14, 2021Rory SvobodaFinance & Banking

Chicago has a number of nicknames and “Derivatives Capital of the World” is one of them, as the city is home to CME Group and CBOE, two major U.S. exchange operators. The city risked this title in 2020 with the push for the LaSalle Street Tax, a financial transaction tax (“FTT”) that would impose a tax on trades made by Chicago exchanges. This tax was an attempt to fill the city’s billion dollar 2021 budget shortfall, but failed in large part because the evolution of trading has made these operators incredibly mobile. In a Chicago City Council meeting, Terry Duffy, CEO of CME Group, made it clear the imposition of the LaSalle Street Tax wouldn’t result in more revenue for the city, but a great deal of empty office space instead. For now, the LaSalle Street Tax is off the table in Chicago, but other governments, like New Jersey, are considering similar taxes. States considering FTTs ought to look at the pushback in Chicago and understand that mobility is the inevitable defense to such a tax.

tax

What’s the Deal with the Nike Satan Shoes?

April 14, 2021Chandler WrightUncategorized

Everyone seems to be talking about the controversial “Satan shoes” released by famous rapper Lil Nas X (“Nas”) in collaboration with MSCHF Product Studio, Inc. (“MSCHF”). The shoes are controversial for many reasons, including their Satanic imagery, allegedly containing a drop of human blood in the sole, their perceived endorsement by Nike, and the music video and hit rap song that Nas released in tandem. Though the song, video, and shoes have sparked a moral and ethical debate worldwide, attorneys are intrigued by the legal debate that arises regarding the various trademark claims that Nike brought against MSCHF in a lawsuit filed on March 29, 2021.

ArtcopyrightFirst-Sale DoctrineJournal of Regulatory CompliancemusicNikeTrademark

Standardized Tests in 2021: Is Now A Time for Accountability?

April 14, 2021Timothy HigusUncategorized

Timothy Higus Senior Editor Loyola University School of Law, JD 2021 Ah, the spring – the smell of rain, sights of blooming flowers, the sounds of birds chirping, and government-imposed standardized tests. School leaders, teachers, and even state superintendents are again asking the U.S. Department of Education (“ED”) to waive their obligation to take standardized …
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AccountabilityAssessmentEducationEducation DepartmentESSAStandardized Tests

New Illinois Prejudgment Bill Could Affect Hospitals and Health Care Providers

April 13, 2021Michell Pacheco SotoUncategorized

On March 25, 2021, Illinois Governor J.B. Pritzker vetoed HB 3360, which would have allowed plaintiffs to recover prejudgment interest, at a rate of nine percent, on all damages related to personal injuries or wrongful death. The governor believed this bill was too burdensome on hospitals and healthcare providers since most Illinois hospitals are self-insured, making them directly responsible for paying the costs of this legislation. However, the governor’s veto letter expressed a willingness to pass prejudgment interest legislation if problems with the current bill, including more robust protections for health care providers, were addressed. That same day, the Illinois House and Senate passed SB 72, which addressed some of the governor’s concerns.

Illinois LegislatureJournal of Regulatory CompliancePrejudgment InterestRegulation

Lawmakers and Regulators Call for Action After Archegos Meltdown

April 13, 2021Paul SchneiderFinance & Banking, Fraud & Abuse

Last week, the finance industry watched one of the biggest implosions of an investment firm since the 2008 financial crisis. Archegos Capital Management rocked the industry when it was forced to liquidate huge positions in blue-chip companies after some risky investment strategies went south. The financial instruments used in this risky investment strategy are called total return swaps. The Archegos meltdown has lead lawmakers and regulators to call for increased scrutiny of the swaps.

financefinancial regulationJournal of Regulatory ComplianceRegulationSEC

Chicago’s Lead Contamination Crisis

April 13, 2021William BakerUncategorized

William Baker Associate Editor Loyola University Chicago School of Law, JD 2022 Illinoisans have good reason to be concerned about where their water comes from, as a report published by Chicago Tribune recently revealed that Illinois has more lead pipe infrastructure than any other state. The six-year study determined that eight of out ten …
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environmentalenvironmental regulationInfrastructureJournal of Regulatory Compliance

The United Nations Response to the Killings in Myanmar is Not Enough

April 7, 2021Logan SweeneyUncategorized

On Saturday, March 27, 2021, as the Myanmar military celebrated the 76th annual Armed Forces Day with a parade, Myanmar police and soldiers killed dozens of citizens. Within the last two months, over 100 civilian pro-democracy protesters have been killed by the Myanmar military.

When the coup started in February, the United Nations (“UN”) condemned the junta. Since then, the UN has taken no action. The UN needs to interject and end the killing and violence against civilians. The UN Security Council or an emergency summit should deny recognition of the Myanmar military as a legitimate government, act to cut off the Myanmar military from funding and access to weapons, and then the International Criminal Court should investigate the killings of civilians.

Journal of Regulatory Compliance

Federal Bill May Soon Make Privacy Regulation Patchwork a Thing of the Past

April 7, 2021Lydia BayleyUncategorized

Lydia Bayley Associate Editor Loyola University Chicago School of Law, JD 2022 While the COVID-19 pandemic undeniably pushed many legislative agendas to the backburner, some seem to be heating back up. With the 117th Congress now in session, data privacy is once again moving to the forefront of federal legislative debate. For decades, the United States has …
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data privacydata regulationfederal regulationJournal of Regulatory CompliancePrivacy & SecurityRegulation

Altering Injuries: Loss of Scholarship to Long-Term Consequences

April 6, 2021Ashley BethAthletic Regulation

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.

complianceinjuryNCAAstudent athletes

Illinois House Bill 3498: Telehealth Expansion and Payment Equality

April 6, 2021Kennedy ChigloUncategorized

The Coalition to Protect Telehealth and State Representative Deb Conroy of the Illinois 46th House District have introduced legislation that would permanently expand access to telehealth services for Illinoisans. The legislation also details provisions that promote telehealth payment rate partity between telehealth services and in-person care. In a direct response to the COVID-19 pandemic, telehealth providers have been granted temporary waivers to align their payment rates with those prescribed for traditional care in health care facilities. These waivers have served as stabilizing financial mechanisms for many practitioners experiencing revenue loss due to the restrictions on elective procedures and non-emergency care. The proposed legislation would give patients more freedom to utilize telehealth services by removing the patient responsibilities to demonstrate hardship or access issues.

COVID-19Governor JB PritzkerHHSIllinoisIllinois LegislatureJournal of Regulatory CompliancePayment and CoveragePayment ProcessingPHEpublic health emergencyRegulationtelehealthtelemedicine