Publications 05.08.24 FTC Finalizes Rule Barring Non-Compete Clauses Between Employers and Workers, Court to Issue Merits Decision Before Rule’s Effective Date Introduction On April 23, 2024, the Federal Trade Commission (“FTC” or “Commission”) voted to finalize and promulgate a rule barring companies from entering into or attempting to enter into non-compete clauses (the “Rule”). This memorandum supplements our earlier memorandum regarding the Rule. The Rule largely mirrors the FTC’s proposed rule announced on January 5, 2023 and “generally prevent[s] most employers from using non-compete clauses.”[1] Specifically, the Rule bans... Introduction On April 23, 2024, the Federal Trade Commission (“FTC” or “Commission”) voted to finalize and promulgate a rule barring companies from entering into or attempting to enter into non-compete clauses (the “Rule”). This memorandum... Introduction On April 23, 2024, the Federal Trade Commission (“FTC” or “Commission”) voted to finalize and promulgate a rule... Read more... 02.13.24 UPDATE: FinCEN Beneficial Ownership Information Reporting: Guidance for the Private Funds Industry On September 30, 2022, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) published a final rule (the “Final Rule”) implementing beneficial ownership information reporting requirements of the Corporate Transparency Act (the “CTA”). The Final Rule identifies which legal entities must report beneficial ownership information to the government, what information must be reported and when reports are due, and it is the first of three rulemakings that FinCEN plans to... On September 30, 2022, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) published a final rule (the “Final Rule”) implementing beneficial ownership information reporting requirements of the Corporate Transparency Act... On September 30, 2022, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) published a final rule... Read more... 02.05.24 Revised HSR Act Thresholds and Increased Filing Fees The Federal Trade Commission (“FTC”) has announced revised monetary thresholds for the Hart-Scott-Rodino Antitrust Improvement Act of 1976 (“HSR Act”), as well as adjustments to the HSR filing fees, which generally were increased last year. The revised thresholds were published in the Federal Register on February 5, 2024 and will be effective on March 6, 2024, applying to all transactions that close on or after that date. The new HSR filing fees will also go into effect on the same date. HSR... The Federal Trade Commission (“FTC”) has announced revised monetary thresholds for the Hart-Scott-Rodino Antitrust Improvement Act of 1976 (“HSR Act”), as well as adjustments to the HSR filing fees, which generally were increased last year. The... The Federal Trade Commission (“FTC”) has announced revised monetary thresholds for the Hart-Scott-Rodino Antitrust... Read more... 01.31.24 OCC Proposes Changes to Bank Merger Review Process On January 29, 2024, the OCC issued proposed changes to the agency’s procedures for processing bank merger applications and also proposed guidelines explaining how the OCC currently evaluates such applications. Acting Comptroller Michael Hsu previewed the proposal during a speech that day at the University of Michigan School of Business but has mentioned previously that the agency was considering possible modifications to its approach to merger reviews. In providing context for the OCC’s... On January 29, 2024, the OCC issued proposed changes to the agency’s procedures for processing bank merger applications and also proposed guidelines explaining how the OCC currently evaluates such applications. Acting Comptroller Michael Hsu... On January 29, 2024, the OCC issued proposed changes to the agency’s procedures for processing bank merger applications and... Read more... 01.23.24 New Beneficial Owner Disclosure Requirements Under the New York LLC Transparency Act New York Governor Hochul recently signed the LLC Transparency Act (the “LLCTA”) into law. The LLCTA mirrors and, in some instances, expressly incorporates provisions of the federal Corporate Transparency Act (codified as 31 U.S.C. § 5336) (the “CTA”). Indeed, like the CTA, the LLCTA requires non-exempt limited liability companies (“LLCs”) formed or registered to do business in the State of New York to report certain beneficial ownership information to the New York Department of State... New York Governor Hochul recently signed the LLC Transparency Act (the “LLCTA”) into law. The LLCTA mirrors and, in some instances, expressly incorporates provisions of the federal Corporate Transparency Act (codified as 31 U.S.C. § 5336) (the... New York Governor Hochul recently signed the LLC Transparency Act (the “LLCTA”) into law. The LLCTA mirrors and, in some... Read more... 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