On August 23, 2023, the Securities and Exchange Commission (“SEC”) adopted a controversial new rule designed to enhance the regulation of private fund advisers. Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews, 88 Fed. Reg. 63206 (Aug. 23, 2023). The rule, which passed by a narrow 3-2 vote, aimed to protect investors who directly or indirectly invest in private funds by increasing transparency, establishing requirements to address potentially harmful practices, and prohibiting certain activities deemed contrary to the public interest. Id. at 63209. However, on June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit dealt a fatal blow to the SEC's efforts, vacating the rule in its entirety. See Nat'l Ass'n of Private Fund Managers v. SEC, No. 23-60471, slip op. at 25 (5th Cir. June 5, 2024) (Because the promulgation of the Final Rule was unauthorized, no part of it can stand.”)

On May 10, 2024, the Department of Health and Human Services for the Center for Medicare & Medicaid Services published its final rule establishing minimum staffing standards for Long-Term Care (LTC) facilities. The final rule is part of the Biden administration’s focus on nursing home reform. In this alert, we break down the key provisions of the rule

On May 17, 2024, the Treasury Department’s Office of Foreign Asset Control (OFAC) issued a final Rule (2024 Rule) that clarified its regulations pertaining to Iranian sanctions. In large part, these changes expressly clarify what technologies can be provided to Iran. Although the regulations remain largely restrictive, the changes also provide some new opportunities for businesses trading with Iran, since OFAC’s new rule expressly permits the import/export of certain technologies, and therefore gives assurances to businesses that their conduct is permissible. An additional new opportunity is that OFAC will accept licenses for service providers to permit providing unlisted hardware and software to Iranian entities if those applications can meet OFAC’s policy considerations.

On May 14, 2024, the U.S. substantially increased tariff rates – in some cases by as much as fourfold – on imports of an array of strategic products from China. The tariff surge builds on high tariffs already in place under an international trade law remedy imposed in 2018. The decision to raise the tariff rates resulted from continuing trade friction with China over intellectual property violations, trade imbalances, and national security and human rights concerns. Businesses with an interest in the designated imports should pay close attention to these changes and their implications for U.S. commerce.

The U.S. Equal Employment Opportunity Commission (EEOC) is stepping up enforcement actions related to EEO-1 Reports. The EEOC has sued 15 employers across the nation for failing to submit workplace demographic data reports to the Commission in compliance with mandatory federal reporting requirements, alleging that these employers failed to submit EEO-1 Component 1 annual data reports for the years 2021 and 2022.

Close on the heels of a favorable decision for transportation brokers out of the Eastern District of Texas, the Southern District of Texas has issued a similar ruling that is favorable to transportation brokers facing state law tort claims, holding that such claims are preempted by the Federal Aviation Administration Authorization Act (“FAAAA”), 40 U.S.C. § 14501(c)(1).

Phoenix Partner and Chair of Lewis Brisbois' Collegiate & Professional Sports Law Practice Gregg E. Clifton and New York Associate Christina Stylianou published an article in the April 2024 issue of the LexisNexis Sports Law Bulletin titled, "Rule 40 Sponsorships and Pay-For-Play.” The article discusses changes to the policies of and economics relating to the Olympic Games (Games), including compensation for athletes and the applicability of Rule 40 of the Olympic Charter, which governs the way that athletes and their sponsors may use their name and image in advertising.

On April 24, 2024, President Biden signed into law the 21st Century Peace Through Strength Act, Pub. L. 118–50 (H.R.815) (“the Act”), a multifaceted law that is mostly known for providing aid to Ukraine and other U.S. allies and for mandating that TikTok divest its Chinese ownership or be banned in the United States. A less noticed section of the Act will have a great practical impact on countless American businesses that operate internationally by doubling the statute of limitations period for sanctions violations from 5 to 10 years.