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FDA Guidance Limits Flexibility in Social Media Promotional Communications

July 21, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | John T. Bentivoglio, Jennifer L. Bragg, Michael K. Loucks, Gregory M. Luce, Maya P. Florence, Breanna Peterson

The FDA recently issued several draft guidance documents to assist manufacturers with their product communications via social media. While the documents acknowledge the unique characteristics of certain social media platforms and the need for some flexibility in promotional communications, the FDA will continue to apply traditional regulatory requirements as much as possible — an approach that manufacturers may find too restrictive when trying to utilize the Internet to market their products.

Court Finds CFIUS Violated Ralls Corporation’s Due Process Rights

July 17, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Ivan A. Schlager, John M. Beahn, Malcolm Tuesley, Joshua F. Gruenspecht, John P. Kabealo

On July 15, 2014, the U.S. Court of Appeals for the District of Columbia ruled that President Obama and CFIUS unconstitutionally deprived Ralls Corporation of its property rights by forcing it to divest that property for national security reasons without first providing adequate due process. The court’s precedent-setting decision may add a new layer of uncertainty to CFIUS processes, impact both applicants’ rights and committee procedures, and increase the number of tactical decisions involved in preparing for a CFIUS review.

Latest US Export Control Reforms Impact Companies in the Military Electronics Industry

July 10, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Jeffrey Gerrish, Nathaniel Bolin, Jamieson Greer

On July 1, 2014, the U.S. government issued the latest in a series of ongoing reforms to the U.S. export controls on defense articles, defense services and “dual-use” items. The latest changes affect a broad range of items that previously had been categorized as “military electronics” under the International Traffic in Arms Regulations and have a number of important implications for companies that sell or otherwise engage in transactions involving the affected items.

European Commission Issues Merger Reform White Paper Regarding Minority Shareholdings and Member State Referrals

July 9, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Simon Baxter, Frederic Depoortere, Ingrid Vandenborre, James S. Venit, Giorgio Motta

On July 9, 2014, the European Commission published a white paper outlining the approach it intends to adopt with respect to the application of the EU Merger Regulation to the acquisition of minority shareholdings and the EU member state referral system. While the proposals relating to minority shareholdings likely will raise the administrative burden on businesses compared to the current system, the suggested changes to the referral system should be viewed as welcome news by companies. The public consultation related to EU merger reform remains open until October 3, 2014.

Navigating Today's Shareholder Activism Landscape

July 8, 2014 | The Harvard Law School Forum on Corporate Governance and Financial Regulation | Stephen F. Arcano, Richard J. Grossman

CFTC Further Extends Comment Periods on Position Limits Proposals

July 7, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Mark D. Young, Maureen A. Donley, Daniel S. Konar II, W. Graham McCall

The CFTC has further extended the comment periods for its 2013 proposals concerning position limits aggregation and position limits for physical commodity derivatives. Comments will be accepted through August 4, 2014.

SEC Staff Issues Guidance on Proxy Voting Matters Relevant to Investment Advisers and Proxy Advisory Firms

July 3, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Brian V. Breheny, Marc S. Gerber, Richard J. Grossman, Anastasia T. Rockas

The U.S. Securities and Exchange Commission’s (SEC) Divisions of Investment Management and Corporation Finance issued a Staff Legal Bulletin on June 30, 2014 that provides guidance on the responsibilities of investment advisers and proxy advisory firms in proxy voting matters. The guidance, which is contained in answers to 13 key questions, is the long-awaited response to certain of the issues identified by the SEC in its study of the U.S. proxy voting system.

DOJ and FTC Hold Joint Workshop to Explore Conditional Pricing Practices

July 1, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Ian G. John, Sharis A. Pozen, Sean M. Tepe

On June 23, 2014, the FTC and DOJ hosted a joint workshop on conditional pricing practices. The economists and lawyers on the panels debated the two analyses that traditionally have been employed to evaluate the legality of single- or multiproduct discount pricing practices. Putting a spotlight on these issues could mean that the agencies are keeping a watchful eye out for enforcement efforts regarding such practices.