Key Takeaways:
The Department of Labor (the DOL) expanded its interpretation of fiduciary advice in its guidance issued in connection with Prohibited Transaction Exemption (PTE) 2020-02. As a result, many more broker-dealers and registered representatives (advisors) became fiduciaries under ERISA and/or the Code for their recommendations to retirement investors, including rollover recommendations. Since fiduciary recommendations
Faegre Drinker Biddle & Reath
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NAIC LTCI Task Force Adopts Revised RBO Checklist, Receives Update on Industry Trends
NAIC’s Long-Term Care Insurance (LTCI) Task Force recently adopted a revised checklist for regulators to use when drafting and reviewing LTCI reduced benefit options (RBO) policyholder communications. The checklist is meant to provide regulatory guidance only (i.e. does not carry the weight of law) and can be used with the RBO Communication Principles. Following…
Copyrightability of AI-Generated Works
By Janet Fries
In recent months, we have been saturated with media coverage involving artificial intelligence (“AI”). Almost daily there are articles about AI platforms including DALL-E, Midjourney, Stable Diffusion and ChatGPT, alternatively heralding AI as a great resource or a fearsome scourge to humanity. Even the long-running animated television show South Park devoted an entire episode (Season 26,…
China SCC Measures Officially Release a Path for Outbound Personal Information Transfer
On February 24, 2023, the Cyberspace Administration of China (CAC) released the much-awaited Measures for the Standard Contract for Outbound Transfer of Personal Information (China SCC Measures) together with the issuance of finalized version of the standard contract for outbound transfer of personal information (China SCC), which will officially come into effect on June 1,…
U.K. Immigration: Statement of Changes, 9 March 2023 – Points of Interest
The Home Office has released the first Statement of Changes for 2023. We have highlighted some of the most important changes announced on this occasion, including the Electronic Travel Authorisation, the Innovator Founder Visa / Start-Up Visa, the Senior or Specialist Worker Visa, the Expansion Worker Visa and the Youth Mobility Visa. For the full…
Florida Court Finds One Unwanted Text Message Does Not Cause Concrete Harm, Remands FTSA Case to State Court
In Weitz v. Genting New World LLC, No. 1:22-cv-23209-BLOOM, 2023 WL 2328365, at *1 (S.D. Fla. Mar. 2, 2023), Plaintiff Brandon Weitz brought suit against Defendant Genting New World LLC on behalf of himself and a putative class in Florida … Continue reading →
Texas Supreme Court Refocuses on Causation and Affirms Summary Judgment in Herbicide Drift Case
The question of whether a particular application of herbicide on one property caused damage on another’s property requires expert testimony. When a plaintiff claims that herbicide drift caused reduced crop yields, it is not enough for an expert to opine merely that the drift caused damage to plants – the plaintiff must establish that the…
Reforms to Puerto Rico’s Labor Law Declared Null and Void Ab Initio
On March 3, 2023, U.S. District Court Judge Laura Taylor Swain, presiding over Puerto Rico’s bankruptcy, issued an opinion declaring Act 41-2022 (Act No. 41) null and void ab initio. Law 41-2022 Amendments Act No. 41, which took effect in June 2022, amended several employment regulations that had been established by the 2017 Labor Transformation…
You Might Want to Write Down Why You Recommended that Rollover
Since Regulation Best Interest’s (Reg BI) June 30, 2020 compliance date, the Division of Examinations of the Securities and Exchange Commissions (the Division) has been busy implementing examinations of broker-dealers to assess compliance with the regulation. The Division is planning to include Reg BI compliance into future examinations of broker-dealers. Therefore, the Division issued a…
Ninth Circuit Rules California Employers Can Require Arbitration Agreements
Some good news for California employers: recently, the U.S. Court of Appeals for the Ninth Circuit ruled that California employers can require employees and applicants to sign arbitration agreements as a condition of employment, reversing its own prior decision which vacated U.S. District Court for the Eastern District of California’s grant of a preliminary injunction…