Franchise Industry Must Tackle Privacy
April 28, 2006
Consumers are growing more sensitive about the privacy of their financial information, and franchisors are no different than other businesses needing to become more attentive to protecting customer data. 'Information privacy and security is one of the most fast-paced and constantly changing areas of the law today,' stated Kirk Nahra, chair, Wiley Rein & Fielding's privacy practice, in a conference call on April 20, targeted specifically to the privacy challenges that franchises face.
Privacy, Please!
April 28, 2006
We're there, and we know it: The union of the Internet and commerce has led to increases in productivity, convenience and access for consumers everywhere. At the same time, it has spawned volumes of acute privacy concern. It's not unusual to hear of businesses inadvertently publicizing consumers' personal data ' or, worse, hackers obtaining personal financial information. It seems to happen all too often at credit-card companies, banks and the local supermarket.<br>Of course, concerns over these privacy issues have reached the sector of the legal trade that advises and defends the banking industry, and with a vengeance, as evidenced by the various privacy related provisions incorporated in the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). In particular, the BAPCPA incorporated the Leahy-Hatch Amendment, also known as The Privacy Policy Enforcement in Bankruptcy Act of 2001 (PPEBA), which I had the honor of drafting. In particular, the PPEBA, in order to address certain privacy concerns, amended Bankruptcy Code '363(b)(1) and added pre-conditions to the sale or use of consumer data; added a new '332, creating the 'privacy ombudsman'; and defined 'personally identifiable data' in '101(41A). This article will review the development of these amendments, and analyze their potential impact for practitioners.
A Tale Of 'He Said, e-Said'
April 28, 2006
Do e-commerce clients really understand when they cross the imaginary boundary where the law stops and the ambiguity begins? In other words, do lawyer and client realize what each knows ' or thinks he or she knows ' about Internet law, on the one hand, and the realities of online business, on the other hand? Do clients realize how much lawyers don't know about e-commerce law and business, and how much law hasn't yet been developed?
The Rich Are Different
April 27, 2006
A clash of attitudes colors the current debate over the extent to which the Sarbanes-Oxley Act of 2002 (SOX) should apply to small public companies. The most visible argument is that small companies should not have to shoulder the same compliance burdens as large companies do, simply because they can't afford to. But that premise is being challenged by studies, derided by a number of commentators, and viewed with public skepticism even by some SEC Commissioners. It assumes that were money no object, small and large companies should be regulated the same. If that assumption is true, then any argument for relaxed compliance that hinges on expense is vulnerable. Cost seldom satisfies as a reason for not doing something that ought otherwise be done. However, it is wrong to assume that the main difference between small and large companies is how much money they have. Large and small companies play very different roles in the national economy and in the minds of investors. The very large companies really are different than their smaller brethren, and not just because they have more money.
Is the White-Collar Defense Attorney Headed for Extinction?
April 27, 2006
In the 3 years since Former Deputy Attorney General Larry Thompson's expansion of the Principles of Federal Prosecution of Business Organizations (the 'Thompson Memorandum' or 'Memorandum'), the number of front-page corporate prosecutions and record fines have continued to grow. Prior <i>Business Crimes Bulletin</i> articles have discussed the impact of the Memorandum on the role of defense counsel, including the effects of waiver of corporate attorney-client privilege. However, the privilege is not all that is disappearing.
What You Need to Know About the PPEBA
April 27, 2006
The union of the Internet and commerce has lead to increases in productivity, convenience, and access for consumers everywhere. At the same time, it has spawned tremendous privacy concerns. It is not uncommon these days to hear of businesses inadvertently publicizing consumers' personal data, or worse, hackers obtaining personal financial information.
Implied Renewal Of Employment Agreements
April 26, 2006
Employers frequently enter into employment agreements with their employees for a fixed period of time at a stated annual salary. What happens if, at the end of such an agreement's term, both parties continue to perform under the expired employment agreement as if the agreement were still in effect?
The Value of Partnership
April 26, 2006
When someone becomes an equity partner in a law firm, he or she becomes an owner of an institution that has a substantial value ' certainly greater value than is demonstrated on a cash basis balance sheet. Yet the majority of U.S. law firms admit partners with little or no requirement that they make a purchase of the firm's capital assets.
Clearing Up Executive Compensation
April 26, 2006
The U.S. Securities and Exchange Commission (SEC) published its proposal to revamp the rules governing the disclosure of executive and director compensation on Jan. 27, 2006. The proposed rules stand to significantly alter the compensation disclosure requirements applicable to registration statements, proxy statements, annual reports and Form 8-Ks, and are intended to ensure that investors receive disclosure that is 'clearer and more complete.' The regulations are the first attempt at a major overhaul of compensation disclosure since 1992 and were proposed in response to the widespread criticism that the current disclosure requirements do not engender a complete and accurate description of executive pay packages. <br>The proposal, to adapt the old saying, combines something old, something new and something borrowed.
