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We are proud to announce that Sidley received 83 practice area rankings and 119 lawyer rankings in the 2021 edition of Chambers Global. Of these, 16 practice area rankings and 14 lawyer rankings were in Band 1.

Sidley’s Privacy and Cybersecurity practice received two honors. Partner Alan Raul is ranked Band 1 for Privacy & Data Security (USA). The practice is also newly ranked in the Data Protection category.

The annual Chambers Global guide provides analyses of legal practitioners around the world based on in-depth interviews with clients and in-house counsel.

General

With Veto Override, Maryland Becomes First U.S. State to Enact Digital Advertising Tax

Feb 22 2021

Scott J. Heyman, Richard A. Leavy and Richard M. Silverman

Amidst significant economic and legal concerns, on February 12, 2021, the Maryland Senate joined the House in voting to override Republican Gov. Larry Hogan’s veto of House Bill 732 (HB 732) to adopt a Digital Advertising Gross Revenues Tax (Tax), the nation’s first tax targeting digital advertising. The override was successful despite significant pushback from a coalition of more than 200 businesses and Republican legislators who sought to sustain the veto. HB 732 is intended to provide significant revenues to support education reforms in the state.

The Tax is likely to affect large technology-based and online companies that derive revenue from advertisements on their websites and platforms (rather than companies deriving their revenues entirely from subscription services). Thus such companies, as well as their owners and sponsors, should carefully consider the information below and the impact of the Tax on their business models.

Legislation; Marketing; U.S. State Law

UK Supreme Court: Serious Fraud Office Cannot Compel Foreign Companies to Produce Documents Held Abroad

Feb 11 2021

Karen A. Popp, Sara George and David Smith

Case: R (on the application of KBR, Inc) (Appellant) v Director of the Serious Fraud Office (Respondent) [2021] UKSC 2

On February 5, 2021, the UK Supreme Court ruled that the Serious Fraud Office (SFO) cannot compel foreign companies with no presence in the jurisdiction to produce documents held abroad using its powers under Section 2(3) of the Criminal Justice Act 1987 (CJA 1987).

After losing its ability to use European Investigation Orders to obtain evidence located in other EU member states due to Brexit, the judgment is a further setback for the SFO in terms of the extraterritorial reach of its investigative powers and may in certain circumstances affect its ability to investigate fully cross-border serious fraud cases. When seeking documents or electronic data held abroad from foreign companies that are not registered in the UK or do not carry on business there, the SFO will now have to rely on mutual legal assistance or an overseas production order (where such mechanisms are available).

However, the Supreme Court’s ruling will provide foreign companies with greater certainty regarding documents that may have to be produced to the SFO, particularly where production could be resisted in their own jurisdiction on grounds of privilege.

International; Litigation; Policy

New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

Feb 10 2021

Colleen Theresa Brown, Thomas D. Cunningham and Sujit Raman

On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. Issuance of the Framework is notable as it represents the first official guidance by a U.S. regulator concerning the increasingly critical issue of cyberinsurance. And while circular letters do not establish new legal requirements or have the force of law, they do set forth the department’s interpretation of the requirements of existing laws and regulations.¹

Cybersecurity; Information Security; Insurance; Policy

FINRA Issues 2021 Report on its Examination and Risk Monitoring Program

Feb 09 2021

James Brigagliano, W. Hardy Callcott, Kevin J. Campion, David M. Katz, John I. Sakhleh, Corin R. Swift and Michael D. Wolk

Released on February 1, the Financial Industry Regulatory Authority (FINRA) 2021 Report on its Examination and Risk Monitoring Program (Report) provides a roadmap for member firms to use to prepare for examinations and to review and assess compliance and supervisory procedures related to business practices, compliance, and operations. The Report replaces two of FINRA’s prior annual publications: (1) the Report on Examination Findings and Observations, which provided an analysis of prior examination results, and (2) the Risk Monitoring and Examination Program Priorities Letter, which highlighted areas FINRA planned to review in the coming year.

Cybersecurity; Enforcement; Financial Privacy; FINRA; Information Security; Policy

Sidley Ranked in Chambers Global 2021

With Veto Override, Maryland Becomes First U.S. State to Enact Digital Advertising Tax

UK Supreme Court: Serious Fraud Office Cannot Compel Foreign Companies to Produce Documents Held Abroad

New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

FINRA Issues 2021 Report on its Examination and Risk Monitoring Program

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