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73 Matching News Items
1.
HHS Finalizes Changes with Respect to Strengthening the Privacy of Reproductive Health Care Information Under HIPAA
Ropes & Gray LLP
May 2, 2024
Ropes & Gray LLP
May 2, 2024
"The Final Rule modifies the Privacy Rule to limit circumstances in which an individual's PHI about reproductive health care may be used or disclosed for non-health care purposes ... The PHI covered by the Final Rule includes information related to reproductive health care services ... that was lawfully obtained."
2.
Change Healthcare Cyberattack: HHS OCR Publishes Early Guidance on Breach
Ropes & Gray LLP
Apr. 30, 2024
Ropes & Gray LLP
Apr. 30, 2024
"Covered entities and business associates should carefully review [OCR's] FAQ webpage, in conjunction with all UHG/Change statements, and consider taking the following steps: [1] Contact Change/UHG about notifications and compromised data.... [2] Prepare to evaluate whether patients are impacted.... [3] Review BAAs with Change.... [4] Conduct a dark web investigation.... [5] Continue to monitor relevant sites for updates."
3.
The Amended QPAM Exemption: Key Practical Impacts for Asset Managers
Ropes & Gray LLP
Apr. 19, 2024
Ropes & Gray LLP
Apr. 19, 2024
"While the Final Amendments address certain concerns that were raised by stakeholders during the notice-and-comment process, many questions and challenges still remain.... New ways to lose access to the exemption ... New questions about the role of the QPAM in overseeing the transaction ... Modifications to existing agreements on written indemnification; penalty-free withdrawal rights ... Registration with the DOL ... New recordkeeping requirements ... Updated asset management and equity thresholds."
4.
District Court Endorses ERISA Fiduciary Theory Based on ESG Proxy Voting and Engagement Efforts
Ropes & Gray LLP
Feb. 27, 2024
Ropes & Gray LLP
Feb. 27, 2024
"Ignoring clear precedent requiring factual support for a plausible inference of liability, the court simply accepted the plaintiff's conclusory assertions that ESG-related proxy voting is harmful to investment returns and motivated by social agendas. This conclusion turns a blind eye not only to the established standards for what is required for a viable pleading, but also to another recent decision of the same district court acknowledging that ESG considerations further financial goals." [Spence v. American Airlines, Inc., No. 23-0552 (N.D. Tex. February 21, 2024) ]
5.
What Does a High-Profile Embrace of Sustainable Investing by U.K. Pension Funds Mean for U.S. Fiduciaries?
Ropes & Gray LLP
Feb. 26, 2024
Ropes & Gray LLP
Feb. 26, 2024
"The law of fiduciary duties in the U.S. and UK are branches of the same tree, with deep shared roots in the English common law.... The divergence between the [recent U.K. Financial Markets Law Committee (FMLC) advisory opinion] and the arguments of the ESG skeptics is not due to differences in UK and U.S. legal precepts. Instead, the difference is due to the basic false premise of the U.S. anti-ESG movement, that incorporation of ESG factors is motivated by social or political goals rather than investment returns. The FMLC opinion stands as another powerful and well-reasoned rejection of that premise[.]"
6.
DOL's Latest Attempt to Define Who Is an Investment Advice Fiduciary Under ERISA: Initial Considerations for Asset Managers
Ropes & Gray LLP
Nov. 8, 2023
Ropes & Gray LLP
Nov. 8, 2023
"The Proposal explicitly rules out the possibility of utilizing disclaimers as an end-run around fiduciary status under ERISA. In particular, it notes how written statements disclaiming status as a fiduciary under ERISA or the Internal Revenue Code, or disclaiming the conditions [described in this article] will not control to the extent they are inconsistent with the advice provider's oral communications, marketing materials, applicable state or federal law, or other interactions with the retirement investor."
7.
December 1 Deadline for DOL Proxy Voting Rule: Managers of Pooled ERISA Investment Vehicles Should Act Now
Ropes & Gray LLP
Sept. 13, 2023
Ropes & Gray LLP
Sept. 13, 2023
"[It] is critical for managers of plan asset funds or commingled vehicles that include the assets of multiple ERISA plans to also focus on the upcoming proxy voting requirements of the [DOL's final ESG rule] and to determine what concrete steps they will take to comply with a rapidly approaching December 1, 2023 deadline that applies to certain of those requirements. Managers of commingled funds that are subject to ERISA and that have not already obtained consent to their proxy voting polices must have their plan investors accept certain proxy voting policies by this December 1 to avoid compliance risks when those funds vote proxies."
8.
DOL, HHS, and Treasury Propose Rules to Implement CAA 2021 Amendments to MHPAEA
Ropes & Gray LLP
Aug. 2, 2023
Ropes & Gray LLP
Aug. 2, 2023
"[If] finalized as currently contemplated, all provisions ... would apply on the first day of the first plan year beginning on or after January 1, 2025.... [T]he proposed rules introduce a new framework for determining whether a plan or issuer has designed and implemented an NQTL that imposes greater limits on access to mental health and substance use disorder benefits as compared to medical/surgical benefits.... [T]he data collection requirement includes specific details about network composition ... The proposed rules set out standards for what a comparative analysis must include to satisfy the statutory requirements of MHPAEA."
9.
The Clash Over ESG in Retirement Plans
Ropes & Gray LLP
July 6, 2023
Ropes & Gray LLP
July 6, 2023
"While it is unlikely that HR 4237 will advance out of committee, when considered along with the two lawsuits against the DOL that are still ongoing, it is clear that the 2022 ESG Rule will likely continue to be subject of strong opposition for the foreseeable future. In addition, many Republican-led states have adopted or proposed similar limitations on the investment of their public retirement plans, continuing to feed the debate over how retirement assets may be invested."
10.
New Florida Restrictions on ESG Create Challenges and Additional Requirements for Asset Managers and Other Financial Institutions
Ropes & Gray LLP
Apr. 27, 2023
Ropes & Gray LLP
Apr. 27, 2023
"HB 3 is one of the strictest and most restrictive anti-ESG laws adopted to date, imposing significant new compliance obligations that are distinct from those required by ERISA and other state laws.... [T]he Florida legislation includes some novel provisions that will require asset managers' special attention. "
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