On September 30, 2018, California Governor Jerry Brown signed California Senate Bill 826, amending the California Corporations Code to generally require publicly held corporations, whose principal executive offices are located in California, to have at least one woman on their board of directors by close of the 2019 calendar year. Specifically, the new law mandates, no later than the close of the 2019 calendar year, that “a publicly held domestic or foreign corporation whose principal executive offices, according to the corporation’s SEC 10-K form, are located in California shall have a minimum of one female director on its board.”
On October 1, 2018, Massachusetts’ new noncompete law for employers and employees goes into effect. This law significantly limits the use of noncompete agreements within the Commonwealth, and incorporates additional unique wholesale changes. Below are highlights of certain provisions of the new law, along with recommendations on how employers can address their existing and future noncompete agreements to comport with the new law.
On June 28, 2018, the Securities and Exchange Commission (the “SEC”) voted to propose amendments to the rules governing its whistleblower program. The whistleblower program was established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It added Section 21F to the Securities Exchange Act of 1934 (the “Exchange Act”), establishing the Commission’s whistleblower program. The public comment period is for 60 days following publication of the proposing release in the Federal Register.
On May 30, 2018, the Board of Governors of the Federal Reserve System (the “Fed”) announced proposed sweeping revisions to the regulations implementing section 13 of the Bank Holding Company Act (the “Volcker Rule”) which would ease rules restricting proprietary trading by insured banks. The proposal was developed in conjunction with the Office of the Comptroller of the Currency (“OCC”), the Federal Deposit Insurance Corporation (“FDIC”), the Securities and Exchange Commission (“SEC”), and the Commodity Futures Trading Commission (“CFTC”).
On May 2, 2018, the Securities and Exchange Commission went live with an additional online search tool known as the SEC Action Lookup for Individuals, or SALI. SALI is intended to help potential investors identify registered and unregistered individuals who have settled, defaulted, or contested an enforcement action brought by the SEC where a final judgment or order was entered against them.
On April 2, 2018, Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (“CFPB”), issued his first report to Congress on the CFPB, requesting that the agency’s independence and power be limited
In 1991, the Federal Communications Commission (“FCC”) implemented the Telephone Consumer Protection Act (“TCPA”). Generally, the TCPA prohibits unwanted solicitation calls made by automatic telephone dialing systems or by using artificial (or prerecorded) voices, unless the consumer gives “prior express consent.”