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The New York State Department of Financial Services (“DFS”) is proposing a new regulation that would allow banks to share confidential supervisory information with their attorneys or an independent auditor without gaining prior approval from the department.

Banks currently need written approval from DFS each time they want to share confidential supervisory information with their advisors. The proposed new regulation would streamline operations by making it easier for banks to share relevant information with their advisors.
Continue Reading New York DFS Plans to Streamline Supervisory Information Sharing

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Trade secrets frequently drive the success of a business both in South Korea and the United States.

Overview for Korean Businesses

Trade secret protection is more important than ever given increased workforce mobility and industrial espionage, as well as the advent of technology that makes misappropriation easier than it used to be. The loss of a trade secret can undermine a business’ competitive advantage.

South Korea’s Patent Act and the Unfair Competition Prevention and Trade Secret Protection Act (“UCPA”) proscribes trade secret misappropriation. It is comparable to U.S. trade secret law although there are some differences, such as in the U.S. the putative trade secret holder must take reasonable steps to protect the secrecy of the information.

U.S. trade secret legal requirements are relevant to South Korea businesses that do business or may do business in the U.S., especially given the importance of the U.S. market. If South Korean businesses want to protect their trade secrets as trade secrets in the U.S., they need to satisfy U.S. requirements for such protection – include that reasonable steps be taken to protect the trade secret before the information is misappropriated. This blog article underscores the need for a business to take such reasonable steps, what may be rejected as reasonable steps, and the ramifications if reasonable steps are not taken.
Continue Reading Don’t Wait Until There Is A Problem To Protect Your Trade Secrets

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Fearing the burdens of U.S. court litigation, many foreign companies doing business with American counter-parties insist on forum selection clauses that call for resolution of disputes outside of U.S. courts, either in foreign courts or international arbitration. High on the list of objectives may be avoiding U.S.-style discovery, which can justifiably strike fear into the hearts of non-U.S. companies. However, before congratulating themselves too heartily, such companies should consider the often overlooked provisions of a U.S. statute that authorizes U.S. courts to order discovery for use in certain foreign legal proceedings.
Continue Reading US Law Allows Discovery for Foreign Proceedings

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The United States government has a powerful new tool to gain access to data stored overseas – the CLOUD Act, which was enacted this spring. If you are a company based overseas, particularly if you use a cloud service provider with a significant U.S. presence, it just got a lot easier for the U.S. government to get your data, and the data you hold for your customers.[1]

Background to the CLOUD Act

Since 1986, U.S. law enforcement’s access to electronic data held by private third parties has been regulated by the Electronic Communications Privacy Act (ECPA,18 U.S.C. § 2510 et seq). That law was enacted, in part, to extend government restrictions on wire taps from telephone calls to include transmissions of electronic data by computer and stored electronic communications. These issues are addressed in Title II of ECPA, known as the Stored Communications Act (SCA). While ECPA and the SCA have been amended several times since 1986, their primary provisions have remained the same, meaning that much of American law relating to government access to electronic data held by third parties was in fact drafted several years before email was commonly used and the World Wide Web was even created.
Continue Reading Foreign Companies: Does the U.S. Government Now Have Access to Your Overseas Data?

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In late June, there were reports that the Trump Administration would use emergency powers to restrict Chinese investment in the United States. On Wednesday, the White House backed away from that position after the House of Representatives passed a bill on Tuesday expanding and increasing the powers of the Committee on Foreign Investment in the United States (CFIUS). The bill is called the Foreign Investment Risk Review Modernization Act (FIRRMA).
Continue Reading On FIRRMA Ground: Congress to Restrict Foreign Investment and Expand Export Controls

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KEPCO is at the heart of an inquiry into the alleged repeated import of North Korean coal into the Republic of Korea. Reportedly, 8 other Korean companies and 2 other banks may also be involved and may also be under investigation.

The story may have come as a shock to some, who saw President Trump’s visit with the North Korean leader Kim Jung Un as a sign of a coming détente. However, that meeting resulted in very little substantive change by the DPRK or the United States, and UN and U.S. sanctions remain in place.
Continue Reading Coal Hard Facts: North Korea Sanctions Remain in Place and Remain a Risk

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A recent California case may force companies doing business with foreign entities to reconsider—and maybe rewrite—their contracts. In Rockefeller Tech. Invs. (Asia) VII v. Changzhou Sinotype Tech. Co., No. B272170, 2018 WL 2455092 (Cal. App. June 1, 2018), the California Court of Appeal held that parties may not contract around the formal service requirements of the Convention on the Service Abroad of Judicial and Extrajudicial Documents, commonly referred to as the Hague Service Convention. The decision could have profound implications for international business.Continue Reading Contracts with Foreign Companies May Require a Rewrite

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What is Prop 65?

Prop 65 is a California law that requires California consumers receive warnings regarding the presence of chemicals that cause cancer or reproductive toxicity. The law is highly technical, constantly evolving and actively enforced by the government and private enforcers.
Continue Reading WARNING: Prop 65 Has Changed – If Your Product Is Sold In California Or You Do Business In California, Pay Attention

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‘Tis the season to wonder, what will 2018 bring? We may speculate on things like a private company making a moon landing or a peace accord with North Korea. We may be certain of things like well-intentioned gym memberships and a host of new-you products.

Somewhere between speculation and certainty we find the U.S. Government’s scrutiny of foreign direct investment in the United States. The recently proposed Committee on Foreign Investment in the United States (CFIUS) reform introduced in Congress sheds some light on the future of CFIUS reviews.
Continue Reading The Future of CFIUS: Perhaps Not So Happy a New Year

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The U.S. Copyright Office is making changes to the Digital Millennium Copyright Act (DMCA) safe harbor agent registration process. The changes impact both new online service providers as well as existing online service providers who have already registered an agent. Read on for details about what you will need to do.
Continue Reading Deadline Approaching: Action Required by December 31 To Avoid Losing DMCA Safe Harbor Protection