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Regulatory & Compliance
Whistleblowing - A Better Way To Separate Credible Tips?
Editor: Please comment on how the new rules for whistleblowers differ from the SEC's current whistleblower program. Hsu: In July 2010, the Dodd-Frank Act added Section 21F to the Securities Exchange Act of 1934. This new section requires the SEC, pursuant to such rules as it adopts, to pay...
Read MoreFood & Beverage
Food Safety Modernization Act Pushes Food Safety Regulation Into New Era Of Prevention
On January 4, 2011, President Obama signed into law the most comprehensive food safety reform in U.S. history: the Food Safety Modernization Act (FSMA, pronounced "fizz-ma" by those working to implement the law). While the Federal Food, Drug, and Cosmetic Act of 1938 (FFDCA) and the...
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Supreme Court Gives Guidance On Materiality Standard Under Federal Securities Laws
In Matrixx Initiatives, Inc. v. Siracusano ,1the Supreme Court provided insight into how to assess the materiality of information in the context of the federal securities laws. Applying its materiality test from Basic, Inc. v. Levinson, 2the Court considered whether a series of adverse event...
Read MoreAmerica Invents Act: Congress Advances Patent Reform
On March 8, 2011, the U.S. Senate passed S.23, the "America Invents Act," by a bipartisan vote of 95 to 5, representing a significant overhaul of the U.S. patent system.1A similar bill, H.R.1249, is now about to be considered for debate on the floor of the U.S. House of Representatives...
Read MoreDevelopments in U.S. Export and Import Policy and Law
Editor: Please describe the multiple agencies that control export rules. Should they be brought under one agency? McCarthy: The three primary agencies are the Bureau of Industry and Security (BIS), the Directorate of Defense Trade Controls (DDTC), and the Office of Foreign Assets Control (...
Read MoreMaking Sense Of Recent HIPAA Enforcement Activity
In the first few months of 2011, the U.S. Department of Health and Human Services Office for Civil Rights issued its first-ever civil monetary penalty, against Cignet Health, for alleged privacy violations under the Health Insurance Portability and Accountability Act of 1996 (HIPAA), exacted a $1...
Read MoreDelaware Court Upholds Airgas Board's Use Of Poison Pill
In a much-anticipated decision, the Delaware Chancery Court, on February 15, 2011, upheld the continuing use of a poison pill by the board of directors of Airgas, Inc. to fend off a year-long takeover attempt by Air Products and Chemicals, Inc.1In declining to order the redemption of the poison...
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