On February 28, 2024, U.S. President Joe Biden signed Executive Order 14117, “Preventing Access to Americans’ Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern” (the “Order”). Concurrently with the issuance of the Order, the U.S. Department of Justice (“DOJ”) released an Advance Notice of Proposed Rulemaking (“ANPRM”) that discusses the potential regulatory framework to implement…

On March 6, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted a long-awaited final rule, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require registrants, including foreign private issuers (“FPIs”),[1] to disclose extensive climate-related information in their registration statements and periodic reports (the “Final Rule”). The Final Rule is intended to facilitate the disclosure of “complete…

On February 28, 2024, President Biden issued an Executive Order (the “Order”) designed to protect the “sensitive personal data” of Americans from “exploitation” by “countries of concern” or related “covered persons.” Concurrently, the Department of Justice (“DOJ”) released an Advance Notice of Proposed Rulemaking (“Advance Notice”), detailing potential definitions for key terms not defined in the Order, discussing the potential…

Financial regulators continue to focus their attention on financial stability risks, particularly in the non-bank sector, suggesting Financial Stability Oversight Council (“FSOC”) powers could be deployed to address these risks.  Nonbank financial institutions (“NBFI”) and technology-related risks, particularly those related to artificial intelligence (“AI”), were key areas of focus in this month’s Congressional hearings with FSOC’s chair, Treasury Secretary Janet…

On February 6, 2024, the U.S. Securities and Exchange Commission (the “Commission”) adopted new rules 3a5-4 and 3a44-2 (collectively, the “Final Rules”), under the Securities Exchange Act of 1934 (the “Exchange Act”) further defining the phrase “as a part of a regular business” as used in the statutory definitions of “dealer”[1] and “government securities dealer”[2] set forth in Sections 3(a)(5)…