As part of “A Green Deal Industrial Plan for the Net Zero Age” to respond to the US Inflation Reduction Act (IRA) (see our alert), the European Commission (the “Commission”) adopted on 9 March 2023 its Temporary Crisis and Transition Framework for State Aid measures to support the economy following the aggression
International
NYSE and Nasdaq Propose Clawback Listing Standards
On February 22, 2023, the New York Stock Exchange (“NYSE”) and the Nasdaq Stock Market (“Nasdaq”) filed rule proposals[1] to adopt new listing standards implementing Rule 10D-1 under the Securities Exchange Act of 1934. That rule, which the Securities and Exchange Commission (the “SEC”) adopted in October 2022, requires national securities exchanges to implement…
Commerce Seeks Comments on Regional Tech Hubs Program
In August 2022, the Chips and Science Act—a massive, $280 billion bill to boost public and private sector investments in critical and emerging technologies—became law. We followed the bill from the beginning and anticipated significant opportunities for industry to inform and influence the direction of the new law’s programs.
One such opportunity is available…
THE AMERICAN MUSIC FAIRNESS ACT RETURNS TO THE SENATE
The American Music Fairness Act (“AMFA”) has been re-introduced in the Senate for this Congress. Sen. Padilla (D-CA) introduced the bill (S.253) earlier this month, along with Sens. Blackburn (R-TN), Tillis (R-NC), and Feinstein (D-CA). The bill was referred to the Judiciary Committee, on which every cosponsor serves. Further, Sen. Tillis serves as…
Senate Judiciary Committee Holds Hearing on Children’s Online Safety
On Tuesday, February 14, 2023, the Senate Judiciary Committee held a hearing titled “Protecting Our Children Online.” The witnesses included only consumer advocates, and no industry representatives. As Committee Chair, however, Senator Durbin (D-IL) indicated that he plans to hold another hearing featuring representatives from technology companies.
The key takeaway was that there…
Tips for Responding To Corporate Political Disclosure Shareholder Proposals
February 16, 2023, Covington Alert
The 2023 proxy season is underway for public companies and their investors. Corporate secretaries, lawyers, and executives are actively engaged in the SEC’s shareholder proposal process. Consistent with recent proxy seasons, a significant number of companies are receiving proposals calling for new or enhanced political disclosures. Although these proposals have been…
Upcoming EU Legislation on Loot boxes?
By Lucas Falco
In the past five years, loot boxes have been the focus of many gaming regulators worldwide. While the regulatory status of loot boxes is still unclear in the EU, the Report of the European Parliament on Consumer Protection in Online Video Games: a European Single Market Approach, adopted on January 18, 2023, may bring…
EU Foreign Subsidies Regulation – Key Takeaways
European Union (“EU”) Foreign Subsidies Regulation (“FSR”), a new state aid instrument adopted at the end of 2022, will have a significant impact on transactions in the EU. The FSR impacts any company that is present in or wants the enter the EU, and has received financial support in any form from non-EU governments.
The…
Drug Pricing Reform Efforts in DC: A Continuing Pill for the Biopharma Industry
Last year, Congress passed and President Biden signed into law the Inflation Reduction Act (IRA), which included provisions to allow Medicare to directly negotiate the price of drugs along with other cost control measures that, taken together, represented the most sweeping and impactful drug pricing policy reform in generations. “We finally beat pharma,” the President…
Public Policy Update: Key Takeaways from the House Armed Services Committee Hearing on the Chinese Communist Party Threat to U.S. National Defense
On February 7, 2023, the House Committee on Armed Services (the “Committee”) held a hearing entitled “The Pressing Threat of the Chinese Communist Party to U.S. National Defense.” This hearing marked the Committee’s first in the 118th Congress and it focused on U.S. strategic competition with the Chinese Communist Party (“CCP”) of the People’s Republic…