World Exchanges Encouraged to Report Indicators of Long-Term Sustainability

iStock_000008840900XSmallOn November 4th, the World Federation of Exchanges (WFE) released a set of 34 sustainability measures that include environmental, social and governance indicators. WFE recommends that its member exchanges implement these indicators into the disclosure requirements for listed companies.

The WFE is an industry trade organization made up of 99 organizational members, including 64 regulated exchanges (such as NASDAQ and NYSE) across the globe. More than 44,000 companies list on WFE exchanges. It acts to establish standards for publicly regulated securities markets and to ensure good international corporate governance.


U.K. Modern Slavery Act: Five Things You Need to Know

thumbnailThe transparency provisions of the U.K. Modern Slavery Act went into effect on October 29. At the same time, the U.K. Government has released guidance for companies seeking to comply with the Act.

As previously discussed, the transparency provisions of the Act are applicable to companies that do any part of their business in the United Kingdom if they have annual gross worldwide revenues of £36 million (approximately $56 million) or more each year.

Companies subject to the Act will be required to publish an annual “slavery and human trafficking statement.” The… More

Managing Legal and Reputational Risks in an Era of Enhanced Transparency

HiRes (2)Companies face a range of new requirements and expectations calling for enhanced transparency regarding human rights-related risks in connection with their operations. Responsible compliance with both mandatory requirements and voluntary standards requires a coordinated internal approach that seeks to address the concerns of key stakeholders while mitigating potential legal risks.

Examples of new transparency requirements include:

the California Transparency in Supply Chains Act; the transparency provisions of the U.K. Modern Slavery Act (which go into effect on October 29); and the conflict minerals provisions of the… More

Five on Friday – Five Recent Developments that We’ve Been Watching Closely

iStock_000011057325XSmallIt’s Friday and time for our latest overview of developments in the field of business and human rights that we’ve been monitoring.

This week’s post includes notice of several new lawsuits regarding human rights concerns in corporate supply chains as well as coverage of the European Court of Justice’s recent decision to strike down the 15-year old “Safe Harbor” agreement allowing companies to self-certify that their data transfers between the United States and Europe are in compliance with E.U. data protection standards.

It’s October, a notable fact for those monitoring the progress… More

The European Court of Justice Invalidates Safe Harbor


This post, written by Colin Zick, Catherine Muyl, and Alice Berendes, was originally published as a client alert on the firm’s Security, Privacy, and the Law blog.

The European Court of Justice has issued a decision (ECJ 6 October 2015 Case C-362/14, Maximillian Schrems v. Data Protection Commissioner) that invalidates the so-called US-EU “Safe Harbor” system. Suddenly, what 3,500 U.S. Companies (including some of the largest companies in the world) have been doing with personal data now potentially becomes illegal.

What… More

New Credit Card Security Doesn’t Go Far Enough

This post, written by Martha Coakley and John Hurst, originally ran as an op-ed in the September 25, 2015 edition of The Boston Globe.

Hardly a week goes by without a news report of a new cyberattack. As any consumer affected by fraud knows, the harm is real. The  impact on businesses, government, and other targets is also real, and includes monetary harm and reputational damage that can devastate those so reliant on the trust of their customers.

Retailers recognize that their commitment to protect information must evolve… More

Securities and Exchange Commission Sets Schedule for Rulemaking on Revenue Transparency

TransparencyOn October 2, the Securities and Exchange Commission (“SEC”) filed a schedule with the U.S. District Court for the District of Massachusetts providing details as to when the agency will seek to issue a final rule on revenue transparency.

As discussed in previous posts, the SEC originally issued a rule in August 2012 implementing Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1504 directs the SEC to issue rules requiring extractive sector companies (oil, gas, and mining companies) to disclose their payments to… More

Five on Friday – Five Recent Developments that We’ve Been Watching Closely

iStock_000011057325XSmallIt’s Friday, which means it’s time for another rundown of five developments in the field of business and human rights — and broader corporate social responsibility — that we’ve been monitoring.

This week’s post includes a number of recent reports on issues ranging from conflict minerals to children’s rights. It also notes the release of the Sustainable Development Goals and the convening of Climate Week NYC.

Earlier today, the U.N. General Assembly adopted the Sustainable Development Goals (SDGs), which replace the Millennium Development Goals (MDGs), adopted in 2000 and set to… More

Five on Friday: Five Recent Developments that We’ve Been Watching Closely


There continue to be regular developments in the business and human rights field that warrant attention from both companies and their stakeholders. New legislation and regulation, shifting policy positions, and developments in ongoing litigation…there is always a lot to discuss.

To conclude this week, we have put together a rundown of five recent developments that we’ve been watching closely:

On September 2, a federal judge in Boston ordered the Securities and Exchange Commission to file, within 30 days, an expedited schedule for releasing a final rule on revenue transparency. The… More

D.C. Circuit Court Re-Affirms Decision that Portions of SEC’s Conflict Minerals Rule are Unconstitutional


This post, written by Dean Hanley, Paul Bork, and Anderson Chang, was originally published as a client alert by the firm’s Corporate Finance & Securities practice. 

On August 18, 2015, the United States Court of Appeals for the D.C. Circuit, in likely the first majority opinion citing Charles Dickens (A Tale of Two Cities) and George Orwell (Nineteen Eighty-Four), re-affirmed its previous ruling striking down the SEC rule mandating that public companies specifically declare their products to be “not DRC conflict free” in their SEC filings and… More