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A Matter of Trust – DOL Issues Final Amendment Broadly Expanding Definition of Investment Advice Fiduciary

Seyfarth Synopsis: On April 23, 2024, the Department of Labor released its latest attempt to amend its 1975 “fiduciary rule” and seven prohibited transaction class exemptions issued between 1975 and 2020 that investment advice fiduciaries have relied in connection with sales of common investment products like securities, mutual funds and annuities. These amendments have already been challenged in court, and it remains to be seen whether it will be “third…

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3 ways Microsoft Azure AI Studio helps accelerate the AI development journey

The generative AI revolution is here, and businesses across the globe and across industries are adopting the technology into their work. However, the learning curve for your own AI applications can be steep, with 52% of organizations reporting that a lack of skilled workers is their biggest barrier to implement and scale AI.1 To reap the true value of generative AI, organizations need tools to simplify AI development, so they…

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Southern Circuit of Russia: Chances of Changing Optics

In its relations with the sovereign states of the “southern belt” of the former USSR, Russia considers itself like any European empire of the past, with the exception that its policy there has always been focused not on the exploitation of territories, but on their development. The most clear evidence of this is the dynamics of the population increase in Transcaucasia and Central Asia, as well as the financial situation…

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US: The FTC Cracks Down on Sensitive Personal Information Disclosures

The Federal Trade Commission (“FTC”) is taking bold actions to challenge business’s collection and monetization of consumers’ personal data—particularly sensitive personal data. This month, the FTC reached settlements with a data broker, X-Mode Social and its successor Outlogic LLC (“X-Mode”), and an alcohol addiction treatment firm, Monument Inc. (“Monument”), for, among other things, allegedly selling and/or sharing sensitive personal data to or with third-party advertising firms, without consent and contrary…

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The rapid evolution of payments in Latin America

In just two years, the debit card has replaced cash as the preferred payment method among Spanish-speaking Latin Americans, and mobile payments have quickly gained ground, too, particularly in countries such as Argentina and Peru.Those are some of the key findings from our two comprehensive payments surveys polling more than 15,000 people in Spanish-speaking Latin America in 2021 and 2023. Respondents to our 2023 survey overwhelmingly indicated that they prefer…

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How the Smartest CEOs Start

Find the right balance between listening and learning versus acting in this excerpt from The New CEO. Ty Wiggins May 07, 2024 Reading Time: 7 min  subscribe-icon Subscribe Share Carolyn Geason-Beissel/MIT SMR The hardest part of a CEO transition is finding the right balance between listening and learning versus acting. How fast is too fast? How slow is too slow? Do you come in and take immediate action to make…

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The Corporate Transparency Act: Considerations for Special Purpose Entities in Commercial Real Estate Transactions

Special Purpose Entities in Commercial Real Estate Transactions Corporate structures in commercial real estate transactions can often be very complex and involve layers of entities. Special purpose entities that are bankruptcy remote (“SPEs”) are frequently used in commercial real estate loans to limit certain risks associated with a bankruptcy filing involving a borrower or its property. This applies to loans originated by CMBS (commercial mortgage-backed securities), agency (Fannie Mae and…

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Lessons in Business Innovation from Legendary Restaurant elBulli

Brian Kenny:What do tires and oat cuisine have in common? The answer was obvious to brothers André and Édouard Michelin. France in 1889 had just a few thousand cars on the road, barely enough to keep their fledgling tire company afloat. So they created a guidebook to show people all the fun day trips they could take in an automobile. The little red book with the humble beginnings would go…

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Post Termination Restrictions: General Statement or Solicitation of Clients?

The Financial Services industry is no stranger to post termination restrictions or restrictive covenants. They are commonly used in order to protect business interests particularly when dealing with client facing roles such as independent financial advisers (IFAs) or insurance brokers. A common restriction, and often one of the most valuable to most businesses will be the “non-solicitation of clients” provision. The purposes of such a restriction is to prevent the…

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Young Adults Reduced Drinking During and After Pandemic

A new study examined the drinking levels and patterns of young adults before, during and after the pandemic. The researchers found alcohol use and alcohol-related problems substantially decreased in heavy-drinking young adults during the pandemic, and these decreases were still evident as the pandemic began to wane. The results are available in the May 2 issue of the journal Nature Mental Health(opens in new window). Kasey Creswell “The pandemic gave…

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Investing in Wiz

As more workloads and data move to the cloud and generative AI takes over the enterprise, cybersecurity is more critical today than ever. And that’s because with every new paradigm shift—from the internet to cloud computing—the sheer magnitude of digital threats has exploded and threat vectors have become increasingly sophisticated. Some of the greatest software platforms in history have risen to the occasion in their respective markets to protect the…

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Hard Truths About the Meeting After the Meeting

Leaders must encourage respectful debate during meetings and use related strategies to avoid toxic post-meeting dynamics. Phillip G. Clampitt May 06, 2024 Reading Time: 13 min  Carolyn Geason-Beissel/MIT SMR | Getty Images A leader attempting to quash the meeting after the meeting would be like a coach trying to stop fans from opining, snarking, or rejoicing after a big game. The hard truth: Win or lose, there will be post-meeting…

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Los Angeles County’s Predictable Scheduling Ordinance Will Take Effect on July 1, 2025

Quick Hits Retailers with at least 300 or more employees worldwide and that have employees in the County of Los Angeles will be required to provide their employees with predictable schedules. The county ordinance is similar to a City of Los Angeles ordinance that took effect in April 2023. The ordinance takes effect on July 1, 2025. Like the Los Angeles Fair Work Week Ordinance that took effect approximately one…

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At the Crossroads: Brazil in the Face of BRICS Expansion

During the South Africa Summit held in 2023, the BRICS countries agreed to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to become new members in 2024. Although it was welcomed by the foreign offices of the member countries as a demonstration of the group's strengthening, when viewed from the Brazilian perspective the results were far from satisfying. Depending on how harsh the critic is, the…

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Directors in a VUCA World: Pitfalls and Upsides

In the tumultuous seas of the ever-evolving global economy, geopolitics and technology, board directors must become agile captains, navigating the relentless waves of change with strategic foresight and adaptability. This requires a clear view of the path ahead.At the recent INSEAD Directors Forum, Professor of Economics Pushan Dutt and Professor of Entrepreneurship Vibha Gaba identified and analysed both obstacles and opportunities boards face. Directors including Karen Fawcett, Yen Yen Tan and Chwee Foon Lim discussed…

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Why Territorial Managers Stifle Innovation — and What to Do About It

Topics Frontiers An MIT SMR initiative exploring how technology is reshaping the practice of management. More in this series Gary Waters/Ikon Images Dilip has been working hard on a game-changing idea for a new product. But when he excitedly approaches his boss to share it and get approval for further development and testing, his proposal is quickly rejected. Instead of offering constructive feedback on how to make the idea workable,…

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New capabilities to help with AI transformation

AI is transforming our world, unlocking new possibilities to enhance human abilities and to extend opportunities globally. At the same time, we are also facing an unprecedented threat landscape with the speed, scale, and sophistication of attacks increasing rapidly. To meet these challenges, we must ensure that AI is built, deployed, and used responsibly with safety and security at its core. And it is more important than ever to leverage…

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The Critical Minutes After a Virtual Meeting That Can Build Up or Tear Down Teams

Virtual meetings have become the standard for global and hybrid team communication, but what happens when the call ends? Participants who are in the same room keep talking—and the tone of those conversations can dramatically impact team dynamics over time, says new research.Think of the Zoom screen or the conference call as a theater, says Harvard Business School Professor Leslie Perlow, building on the foundational work of sociologist Erving Goffman.…

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Wealth planning for women

More women than ever are following their own careers and enjoying significant earning potential. So, when it comes to managing money, are things different for women who are high earners? George Howard, Chartered Financial Planner, looks at some of the key factors for women when it comes to financial planning and managing wealth. Some of the fundamentals of financial planning and managing wealth are the same – regardless of age,…

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CEOs Invest Less in Corporate Social Responsibility When Their Own Money Is At Stake

Should corporations invest in green production methods, offer employees generous health benefits, or allow employees time during the work week to volunteer? Whether and how for-profit companies should invest in corporate social responsibility (CSR) and other forms of socially motivated spending is hotly debated. Some argue that companies have a responsibility to their broader society. Others insist that the sole focus of the corporation should be shareholder value. Kelly Shue,…

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New vaccine effective against coronaviruses that haven’t even emerged yet

This is a new approach to vaccine development called ‘proactive vaccinology’, where scientists build a vaccine before the disease-causing pathogen even emerges.The new vaccine works by training the body’s immune system to recognise specific regions of eight different coronaviruses, including SARS-CoV-1, SARS-CoV-2, and several that are currently circulating in bats and have potential to jump to humans and cause a pandemic. Key to its effectiveness is that the specific virus…

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Low for long? Reasons for the recent decline in productivity

6 May 2024By Óscar Arce and David SondermannSurprisingly strong employment growth in an environment of weak economic activity has recently led to declining labour productivity in the euro area. The ECB Blog discusses causes and prospects for a cyclical recovery in productivity growth. Over the first two decades of the currency union, labour productivity (output per worker) in the euro area has been weak, at least when compared to other…

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The Influence of Culture on India’s Foreign Policy

India’s culture plays a significant role in shaping its foreign policy. India employs soft power, such as music, dance, literature, yoga, and cuisine to promote its image abroad. Indian cinema has a massive global appeal. India’s doctrine of Ahimsa (non-violence) has influenced its foreign policy approach. India played a crucial role in the Non-Aligned Movement during the Cold War, advocating for peaceful coexistence, independence, and development among nations. Geopolitics in broad terms is…

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The hospital teacher

Kathy Ho tries to see every new teen on her list within 72 hours of their arrival. For some, it’s too soon, or they’re too sick. But for others, she is a beacon of normalcy. Ho teaches high school inside Lucile Packard Children’s Hospital Stanford (LPCH). “Sometimes I don’t like saying that I’m a teacher,” says Ho, MA ’94. “People get in their minds an idea of what teachers do,…

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CEO succession: Avoiding the unanticipated Domino Effect

A large financial services company promoted a key leader into the position of CEO. Two of their peers were also vying for the top job. Almost immediately, the other two executives left the company. This created an unexpected leadership vacuum that cascaded within their respective departments, where no one on either team was able to step up into the suddenly vacant leadership spots. The lack of “ready now” successors required…

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Minnesota Legislative Update 2024, Part III: Entering the Homestretch—Legislators’ Time to Make It or Break It

Quick Hits Minnesota lawmakers are attempting to secure enough votes ahead of this year’s legislative session deadline to place numerous bills on the governor’s desk, many of which, if enacted, will affect employers. Bills address drug testing, earned sick and safe time, pay transparency in job postings, wage deductions for credit card charges for tipped employees, restrictive employment covenants in service contracts, and employee misclassification. Senate Democrats have a one-vote…

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Upcoming Event! Seyfarth Privacy Salon: Roundtable on Cross-Border Data Transfers, Privacy, and Cybersecurity

AddressSeyfarth Shaw Hong Kong OfficeSuite 3701 & 3708-3710, 37FEdinburgh Tower, The Landmark15 Queen’s Road CentralCentral, Hong Kong Tuesday, 21 May 2024 (HKT)8.30 – 9.00 a.m. Check-in and Breakfast9.00 – 10.00 a.m. Roundtable10.00 – 10.30 a.m. RefreshmentsBreakfast will remain available during the roundtable CostThere is no cost to attend, but registration is required. REGISTER HERE About the Programme In recent years, privacy and cybersecurity consistently hit the top of legal leaders’…

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Department of Labor Issues Comprehensive Artificial Intelligence “Promising Practices” Designed to Avoid Bias: All Employers Should Take Note

Seyfarth Synopsis: On April 29, 2024, the Department of Labor published extensive guidance on the use of artificial intelligence in hiring and employment. While the guidance is addressed to federal contractors, all private-sector employers using or considering using artificial intelligence should pay attention. The guidance makes clear that long-standing nondiscrimination principles fully apply to AI and outlines “Promising Practices” designed to mitigate AI risks in employment, including the risk of…

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Illinois Lawmakers Nearing Passage of Bill to Stop ‘Per-Scan’ Damages for Privacy Act Violations

On April 11, 2024, the Illinois Senate passed Senate Bill (SB) 2979, which would stop statutory damages under the Privacy Act from accruing for each unlawful collection or dissemination of an individual’s biometric information. Quick Hits The Illinois legislature is considering a bill that would amend the Privacy Act to prohibit statutory damages per violation from accruing per scan. The bill comes in response to an Illinois Supreme Court decision…

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Going Green: The Dos and Don’ts of Green Trade Marks

Green trade marks are trade marks that include any word related to the environment (such as “sustainable”, “eco”, “environment” or “green”) or images (such as flora, the planet or scenery etc.). These trade marks are used by companies who want to communicate environmental aspects and practices of specific products, product groups or even of their whole business. With various studies showing that over 50% of all consumers consider environmental aspects…

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Key Developments In Equal Pay Litigation: Impact Of The Supreme Court’s Bostock Decision

By: Matthew J. Gagnon Seyfarth Synopsis: In its seminal decision, Bostock v. Clayton County, Georgia, the Supreme Court held that discrimination on the basis of sexual orientation or gender identity is tantamount to discrimination on the basis of sex. Employers are just beginning to grasp the wide-ranging impact that decision will have on the American workplace. The reasoning of this decision: that to treat an employee differently because of the sex…

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DOJ Launches New Pilot Program to Allow Whistleblowers Who Report Financial Crimes, Corruption to Avoid Prosecution

The pilot program, entitled “Pilot Program on Voluntary Self-Disclosures for Individuals,” increases transparency regarding the circumstances under which prosecutors will offer leniency to cooperating witnesses and other individuals through use of a non-prosecution agreement (NPA) when they report potential criminal misconduct involving corporations. Quick Hits The DOJ launched a new pilot program that will allow individuals who report certain criminal conduct to federal authorities to avoid prosecution under certain circumstances.…

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Author Talks: The magic of unmuting yourself

Speaking up is vital to advancing meaningfully in our careers—yet many of us have made a habit of keeping quiet. In this edition of Author Talks, McKinsey Global Publishing’s Lucia Rahilly chats with Elaine Lin Hering, author, facilitator, and speaker, about her new book, Unlearning Silence: How to Speak Your Mind, Unleash Talent, and Live More Fully (Penguin Random House, March 2024). Hering explores why we often choose silence, how…

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Anant Bhalla on the convergence of insurance, asset management

Anant Bhalla became chief executive of American Equity Investment Life (AEL) in March 2020, a turbulent time as COVID-19 was spreading around the world. When he joined AEL, which was founded in the mid-1990s and based in West Des Moines, Iowa, the company was the last big independent seller of fixed-indexed annuities in the United States. Its specialty is using its insurance and investment underwriting capabilities to promise customers the…

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Looking Past the Headlines, the Impact of the FTC’s Ban on Non-Competes in M&A, Private Equity and Venture Capital

Last week on April 23, 2024, the FTC adopted a final rule that would effectively ban non-compete agreements in the context of employment relationships when the rule becomes effective on September 4, 2024, absent a stay or injunctive relief.  The rule would render unenforceable a broad array of employment-based non-competition agreements.  It would also require that employers provide notice to workers that certain non-competition agreements already entered into will not…

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HIPAA Privacy Rules Get a Post-Dobbs Refresh on Reproductive Health Care

Quick Hits Final privacy rules under the Health Insurance Portability and Accountability Act of 1996 (HIPAA) set basic limitations on the use or disclosure by covered entities (such as employer health benefit plans) and their business associates of reproductive health care information. The final rules state that reproductive care is, for HIPAA purposes, presumed to be legal unless the employer health benefit plan or its business associate has “actual knowledge”…

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Security above all else: Expanding Microsoft’s Secure Future Initiative

Last November, we launched the Secure Future Initiative (SFI) to prepare for the increasing scale and high stakes of cyberattacks. SFI brings together every part of Microsoft to advance cybersecurity protection across our company and products. Since then, the threat landscape has continued to rapidly evolve, and we have learned a lot. The recent findings by the Department of Homeland Security’s Cyber Safety Review Board (CSRB) regarding the Storm-0558 cyberattack…

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How Much Does Proximity Influence Startup Innovation? 20 Meters’ Worth to Be Exact

A new study of startups sharing a coworking space offers a new wrinkle in the debate over work-from-anywhere: Proximity matters, especially close proximity, to spread knowledge between disparate enterprises.“The more different the startups are, the more they’re going to benefit from being nearby,” says Harvard Business School assistant professor Maria Roche, one of the paper’s authors. And here's a surprising part: The knowledge spillovers happen most within a radius of…

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Ice shelves fracture under weight of meltwater lakes

When air temperatures in Antarctica rise and glacier ice melts, water can pool on the surface of floating ice shelves, weighing them down and causing the ice to bend. Now, for the first time in the field, researchers have shown that ice shelves don’t just buckle under the weight of meltwater lakes — they fracture.As the climate warms and melt rates in Antarctica increase, this fracturing could cause vulnerable ice…

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Securing the Software Supply Chain with LLMs

In this episode of the AI + a16z podcast, Socket founder and CEO Feross Aboukhadijeh, and a16z partner Joel de la Garza, discuss the open-source software supply chain. Feross and Joel share their thoughts and insights on topics ranging from the recent xz Utils attack to how large language models can help overcome understaffed security teams and overwhelmed developers. Despite some increasingly sophisticated attacks making headlines and compromising countless systems,…

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