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New Guidance on Whistleblower Hotlines in the EU
Congress enacted the Sarbanes-Oxley Act ('SOX') in 2002 in response to a series of corporate scandals that diluted confidence in the U.S. financial markets. The law was intended to improve the accuracy and reliability of corporate disclosures and financial statements and to enhance the ethical standards and accountability of companies that are publicly traded on U.S. stock exchanges. SOX imposes compliance obligations not only on publicly traded companies in the United States, but also on non-U.S. entities listed on U.S. exchanges. While Congress made significant efforts in drafting SOX to ease potential legal conflicts in non-U.S. jurisdictions, in certain instances the law imposes compliance obligations on non-U.S. entities that conflict with local laws.
Last year, a conflict arose between SOX's mandate that audit committees of public companies establish whistleblower hotlines on the one hand, and data protection laws in the Member States of the European Union ('EU') on the other. In response to a groundswell of concern from companies forced to comply with both SOX and EU data protection laws, European data protection authorities and the EU Article 29 Data Protection Working Party have issued guidance that will allow companies to comply with both sets of laws.
SOX's Whistleblower Requirements
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.