Tag:rulemaking
The Pandora Papers and the Bank Secrecy Act
The recent Pandora Papers leak in October 2021 shined the light on the massive and intricate web of offshore accounting that allows for insurmountable amounts of wealth to be hidden throughout the world. One of the most shocking revelations of these Papers was how heavily the United States was implicated in creating and perpetuating this system. As such, legislators have been pressured to find a way to crackdown on this sort of offshore money. One way that they have proposed addressing the problem is by amending the United States’ current criminal financial legislation, the Bank Secrecy Act.
Professional Sports Leagues and Vaccine Mandates
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.
Concert Venues Crowd Control Regulations
On November 5, 2021, Travis Scott performed a concert at the Astroworld Festival in Austin to a crowd of fifty thousand people. In the hour that he performed, eight people were killed in a deadly crowd crush (another concert goer losing their life days after), and hundreds were injured. Multiple lawsuits have been filed against Travis Scott himself, as well as the production companies that organized the show in response to the tragedy. In the wake of the devastating event, regulations concerning crowd control and management must also be considered, as well as whether these regulations were complied with by the organizers of Astroworld.
Could Anna Delvey Have Gotten Away with It? Bank Vetting for a $22 million Loan
Anna Delvey, the alleged scammer who attempted to obtain financial backing of anywhere from $22 million to $40 million in loans, is once again the subject of much debate due to the new Netflix series chronicling her alleged crimes and other actions. The question this article attempts to answer is whether she ever had a chance of realizing her goal of creating an exclusive, members-only, art club much like Soho House. This question hinges on whether she ever had a real chance to secure the funding to make it possible.
HHS Extends Deadlines to Give Health Care Providers and IT Developers More Flexibility in Responding to COVID-19
As the United States continues to grapple with the effects of the coronavirus epidemic, the U.S. Department of Health and Human Services (“HHS”) announced new rules extending compliance dates and timeframes under the Cures Act. The agency’s new rules—most of which take effect on Dec. 4, 2020—are aimed at giving IT developers and health care providers flexibility in responding to the coronavirus pandemic.
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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SEC Launches Largest Regulatory Blitz Since the Great Recession, and Wall Street Readies for War: Part Two of a Two Part Series
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.
Regulatory Reduction Efforts in Ohio: Can It Work?
Economist Michael Mandel analogized regulations to pebbles in a stream. If you drop one pebble into a stream, its individual effect is negligible. If you deposit a thousand pebbles into a stream, the flow of the water slows down. On the other hand, if you pour one hundred thousand pebbles into a stream, the stream’s flow can become blocked altogether. Researchers note that the amount of regulation in the U.S., both at the state and federal level, has grown steadily over the years. It is a process known as regulatory accumulation. Whether it involves regulating the fuel efficiency of cars, labels on food products or the number of beds permitted in a hospital, new rules are added every year. Yet, few, if any, regulations are ever taken off the books despite the fact that many become unnecessary or virtually obsolete. Some economists argue that overregulation has the effect of slowing economic growth and ultimately impacting the well-being of society. But the task is a difficult one: how does a government identify which regulations should be cut and who should lead the effort?
A Look at Regulation Systems Compliance and Integrity
The U.S. Securities and Exchange Commission (the “SEC”) adopted Regulation Systems Compliance and Integrity (“Reg SCI”) to strengthen the technology infrastructure of the U.S. securities markets by imposing new regulatory requirements on SCI entities. The term “SCI entity” includes self-regulatory organizations (“SROs”) such as stock and options exchanges, registered clearing agencies, the Financial Industry Regulatory Authority (“FINRA”), and the Municipal Securities Rulemaking Board (“MSRB”); certain alternative trading systems; disseminators of consolidated market data, such as the Consolidated Tape Association; and certain exempt clearing agencies. The regulatory requirements were designed to reduce the occurrence of systems issues, improve resiliency when systems problems do occur, and to enhance the SEC’s oversight and enforcement of securities market technology infrastructure.
Averting Disaster: Building Regulations in the Wake of Hurricane Irma
After Hurricane Irma’s dissipation on September 15, 2017, the residents of Florida can now begin to assess the damage caused by the strongest hurricane making landfall since Katrina in 2005. According to early estimates, Irma has caused over 62 billion dollars in damage. However, amongst the destruction there is a silver lining; the damage caused was significantly limited by building regulations that went into effect in 2002. Homes and buildings that would have otherwise been destroyed by Hurricane Irma were able to survive, and suffered only minor damage.