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As Russia continues to escalate its military operations in Ukraine, the European Union (EU) and the United Kingdom (UK) unveiled details of new sanctions against Russia. This alert summarises the proposed restrictions.
On March 25, 2022, pursuant to allegations made by Auxin Solar Inc., the US Department of Commerce (Commerce) initiated a circumvention inquiry into whether imports of crystalline silicon photovoltaic cells (CSPVs) from Cambodia, Malaysia, Thailand or Vietnam (collectively, the Target Countries) are circumventing antidumping duty (AD) and countervailing duty (CVD) orders (Orders) on CSPVs from China that could profoundly affect the companies that import or rely on imported CSPVs in the United States.
In our report published on April 26, 2022, we discussed the New York Department of Financial Services’ (NYDFS) Circular Letter No. 5 in which it reminded the industry that acquiring less than 10% of an insurer’s voting securities does not necessarily mean that the acquirer (1) is not a “controller” and (2) does not have to submit a Form A application to the insurer’s home state or domestic regulator seeking approval for the change of control. This topic is one of several related matters that various committees, task forces and working groups of the National Association of Insurance Commissioners (NAIC) are studying and will continue to study over a multiyear period (the Project).
On January 15, 2022, the New York City Council enacted Local Law 32 of 2022 (Wage Transparency Law or Law) to amend the New York City Human Rights Law (NYCHRL) to require that most employers include compensation data in their job advertisements. The Law was supposed to take effect on May 15, 2022, however, it faced criticism over a number of ambiguities, including undefined penalties. In response, on April 28, 2022, the New York City Council passed an amendment to the Wage Transparency Law. Among the biggest changes is that employers now have until November 1, 2022—more than six months—to ensure compliance with the Law’s requirements. If Mayor Eric Adams signs the Law, which he is expected to do, New York City will become the second jurisdiction in the country (the first being Colorado) to require employers to include minimum and maximum potential salary amounts for open positions in job postings.
On March 28, 2022, the US Department of the Treasury released the Fiscal Year (FY) 2023 Revenue Proposals and Green Book, which describes the tax proposals in the Biden administration’s FY 2023 budget (2023 Budget Proposal).
On March 17, 2022, New York State’s Commissioner of Health ended the designation of COVID-19 as an airborne infectious disease that presents a serious risk of harm to public health under the New York Health and Essential Rights (HERO) Act.
Highlighted below are several recent opinions from the Delaware Court of Chancery relating to special purpose acquisition companies (SPACs) that provide helpful guidance to sponsors, investors and practitioners.
To mitigate the negative economic and social consequences of Russian military aggression against Ukraine and to lessen the effect of the restrictive economic measures taken in response to the crisis, as well as retaliatory counter measures, the European Commission adopted the Temporary Crisis Framework for State Aid measures to support the economy following the aggression against Ukraine by Russia (Framework).
In this alert, our trade and sanctions team provides an update on the latest sanctions following our February 24, 2022, alert. In the interim, the United States has imposed new sanctions on Russia and Belarus in response to the deteriorating situation in Ukraine.
As adoption around blockchain, non fungible tokens (NFTs) and the metaverse grows, there’s an increasing focus on the legal challenges these emerging technologies present.
In Notice 2022-36, the Internal Revenue Service (IRS) announced relief for taxpayers who failed to file certain tax and information returns with respect to tax years 2019 and 2020.
On August 11, 2022, the Centers for Disease Control and Prevention (CDC) unveiled its updated COVID-19 guidelines, revising both quarantine and isolation guidelines in the process.
On Aug. 24, 2022, the IRS issued Notice 2022-36, which provides penalty relief to taxpayers for certain late-filed 2019 and 2020 tax returns and information returns, but this relief is only afforded to those who file the eligible returns on or before Sept. 30, 2022, and the relief does not apply to all types of returns.
The U.S. Department of Labor’s Office of Federal Contract Compliance Programs (OFCCP) received a Freedom of Information Act (FOIA) request for detailed EEO-1 Report employee demographic information that thousands of U.S. employers submitted from 2016 through 2020.
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