The Federal Trade Commission (“FTC”) has filed a Complaint and a proposed Consent Order that would bar the CEO of oil company Hess from sitting on the Board of Chevron after the merger of the two companies. According to the Complaint filed in the matter on September 29, CEO John B. Hess has a long
On May 22, 2024, the SEC announced the settlement of administrative proceedings against a U.S. securities exchange and certain of its subsidiaries for their alleged failure to timely inform the SEC of a systems intrusion in violation of Rules 1002(b)(1) and 1002(b)(2) of Regulation Systems Compliance and Integrity (Regulation SCI). The rules require that covered entities notify the SEC of a system disruption or intrusion within 24 hours unless the covered entity immediately determined that the disruption or intrusion would have no or a de minimis impact on operations or market participants.Continue Reading SEC Settles Charges Against Exchange for Alleged Failure to Inform SEC of Cyber Intrusion
After much anticipation, the U.S. Department of Labor (DOL) unveiled its Final Rule on April 23, 2024, increasing the salary that an employee must earn in order to qualify for the executive, administrative, professional and highly compensated employee “white collar” exemptions under the Fair Labor Standards Act (FLSA). Although the Final Rule will almost certainly face legal challenges and could be struck down, employers should still take the opportunity to evaluate and audit their employee exemption classifications in the event the new rule takes hold in July.Continue Reading DOL’s Final Rule to Increase Salary Thresholds for Overtime Exemptions
The below links direct to each article included in the August 2023 issue of the Investment Services Regulatory Update. These thought leadership pieces review new rules, proposed rules and guidance and alerts regarding the SEC.Continue Reading Investment Services Regulatory Update August 2023
The FDA has recently stepped up its enforcement activity with respect to animal and pet food manufacturing. On February 8, 2023, the FDA announced an expansion of a voluntary recall for a Nestlé Purina dog food product. On March 10, 2023, the FDA announced a voluntary recall of cat and dog supplements distributed by Stratford Care USA due to elevated levels of vitamin A found in the supplements. And on March 14, 2023, the FDA published a warning letter issued to Primal Pet Foods, Inc. in relation to the company’s recall of its dog food product, stating the company had not taken sufficient steps to address operational and manufacturing deficiencies found during an FDA inspection of the manufacturing facility.Continue Reading Navigating FDA Manufacturing Guidelines for Animal and Pet Food Products
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