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In Antitrust / Competition

United States: DOJ and FTC Withdraw Competitor Collaboration Guidance over Two Republican FTC Commissioner Dissents

by , , and 6 Mins Read

On December 11, 2024, the US Department of Justice and the Federal Trade Commission announced the withdrawal of the 2000 Antitrust Guidelines for Collaborations Among Competitors. These guidelines outlined the agencies’ views on how competitor collaborations should be analyzed under the antitrust laws and provided “safety zones” for certain types of collaborations that the agencies stated would not be subject to challenge.
The FTC vote to withdraw the guidelines was 3-2, with the two Republican commissioners writing dissenting statements criticizing the FTC’s Democratic leadership for the timing of its decision—noting the upcoming change of administration and the lack of action for the preceding ~four years.

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In Anti-Corruption

United States: Nationwide preliminary injunction on Corporate Transparency Act enforcement

by , , , and 6 Mins Read

The Corporate Transparency Act requires “reporting companies” to file “beneficial owner” information and “company applicants” with the Financial Crimes Enforcement Network (FinCEN) as early as 1 January 2025. In a “last minute” 3 December 2024 decision, the US District Court for the Eastern District of Texas in Top Cop Shop, Inc., et al. v. Garland, issued an order temporarily enjoining the US government from enforcing the CTA and CTA regulations

In Employment

United States: Back to business – Trump’s second term and the four major shifts employers should expect

by , , , , and 6 Mins Read

US employers can expect material changes to employment laws under the Trump administration, with impacts felt across their business operations. President-elect Trump’s first term, his campaign platform, and the typical shifts in a Democratic to Republican transition provide clues about what’s to come: federal agencies, policies and rules will become more business-centered and many of the Biden-era worker-focused protections will be rolled back.

In AML & Financial Services Regulatory

Canada: Amplified risks for financial institutions from AI, OSFI and FCAC Report

by and 6 Mins Read

On 24 September 2024, following an in-depth consultation with industry participants, the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC) published their findings concerning the use and adoption of artificial intelligence (AI) by federally regulated financial institutions. The report highlighted that a significant majority of financial institutions will adopt AI by 2026, and also set out a number of key risks that arise for financial institutions from AI usage. OSFI and FCAC emphasized the need for financial institutions to adopt a dynamic and responsive risk management system with respect to AI, and confirmed their commitment to work towards more specific best practices for industry participants.

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In Tax

United States: IRS tightens voluntary disclosure rules

by , and 7 Mins Read

The IRS recently announced changes to its Form 14457, “Voluntary Disclosure Practice Preclearance and Application,” which allows taxpayers to apply to the IRS in an attempt to limit criminal exposure by disclosing past noncompliance and paying past taxes, interest and penalties. The new form includes several revisions that demonstrate a stricter approach towards taxpayers wanting to voluntarily disclose past tax-related misconduct, including: an admission of willfulness, a more detailed narrative requirement, a shorter time to prepare documents, and mandatory full payment. Taxpayers should consult with counsel to examine any increased risks associated with filing the revised form.

In Product Regulation & Liability

United States: Federal Trade Commission finalizes new rule making it easier for consumers to “Click-to-Cancel” subscriptions and memberships

by , and 8 Mins Read

On 16 October 2024, the Federal Trade Commission (FTC) announced its final “Click-to-Cancel” Rule that applies to businesses that offer goods and services through automatically renewing payment plans, free or discounted trials that convert into full plans, or other “negative option features” that interpret a consumer’s silence as permission to keep charging them (collectively, “recurring subscriptions”). Under the finalized rule, the FTC may seek civil penalties of over USD 50,000 per violation, injunctive relief and consumer redress for companies that violate the requirements of having detailed transparent, consent and simple cancellation processes for recurring subscriptions and memberships.

In Antitrust / Competition

United States: DOJ Antitrust Division updates guidance regarding Evaluation of Corporate Compliance Programs

by , , , and 7 Mins Read

On 12 November 2024, the US Department of Justice Antitrust Division updated its Evaluation of Corporate Compliance Programs in Criminal Antitrust Investigations (ECCP). The additions include guidance such as using “managers at all levels” to “set the tone from the middle” by “demonstrating to employees the importance of compliance,” establishing policies that account for the use of “ephemeral messaging or non-company methods of communication,” applying “data analytics tools in . . . compliance and monitoring,” and involving compliance personnel in “the deployment of AI and other technologies to assess the risks they may pose.” Additionally, the ECCP now addresses its application to civil investigations.

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In AML & Financial Services Regulatory

Canada: Deadline approaching for registration under the Retail Payment Activities Act

by , and 6 Mins Read

Registration for payment service providers under the new Retail Payment Activities Act is fast approaching. Individuals or entities performing retail payment activities in Canada have a 15-day window between 1 November 2024 and 15 November 2024 to submit their applications with the Bank of Canada to avoid a 60-day delay in performing their retail payment activities, a notice of violation under the Act, or significant monetary penalties. If you or your entity may be required to be registered as a payment service provider under the Retail Payment Activities Act, and you have not yet prepared your application materials, please contact us as soon as possible and we will help.

In Antitrust / Competition

United States: Federal Trade Commission finalizes amendments to the HSR filing process

by , , , and 2 Mins Read

The Commissioners of the Federal Trade Commission (FTC) have voted unanimously to issue a final rule developed by both the Antitrust Division of the US Department of Justice and the FTC, updating the Premerger Notification Rules that implement the Hart Scott Rodino Antitrust Improvement Act (“HSR Act”), including substantial changes to the HSR Form.

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