Financial Institutions operating in the United States face two sets of breach notification requirements (BNR): one established by the Gramm-Leech Bliley Act (GLBA), and the other by state law. Currently, the GLBA sets a minimum BNR, allowing states to develop higher standards.1 For example, while under the GLBA an institution is only responsible for notifying…
Month: October 2015
Financial Times Acquired by Japan’s Nihon Keizai Shimbun in One of the Biggest Newspapers Deals Ever
On July 24th, 2015, the top officials of Nikkei, Japan’s largest media company, announced that the company has become the new owner of a prominent global newspaper, the Financial Times.1 The news came as a surprise to many, as senior executives of the FT and its parent company, Pearson, had been in negotiation with a…
Consumers are NOT “Amused” by Chicago’s New 9% Streaming Tax
Residents of Chicago may be familiar with the city’s “Amusement Tax,” which levies a 9% tax on admission fees or other charges for the “privilege to enter, to witness, to view or to participate in an amusement.”1 An amusement is broadly defined as including “any exhibition, performance, presentation or show for entertainment purposes,” or “any…
Exchange-Traded Funds (ETFs): Creation, Operation, and Organization under the Investment Company Act of 1940
An exchange-traded fund (“ETF”) provides securities that offer institutional investment strategies, such as those offered by a mutual fund, but makes them available on security exchanges, just like stocks.1 Consequently, this unique and dynamic investment vehicle has grown rapidly since the first ETF began operation in 1993.2 $1.4 trillion of net new ETF shares have…