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WHAT WE'RE WATCHING

REGULATORY ROULETTE - A decision issued last week by the Massachusetts Supreme Judicial Court against Robinhood Financial may have helped clear a path for other states to adopt a confusing "patchwork" of regulation on broker-dealers that provide investment advice to retail customers, attorneys told Law.com's Allison Dunn. On Aug. 25, the state high court unanimously held that Massachusetts has the authority to implement a regulation under the Massachusetts Uniform Securities Act known as the "fiduciary duty rule" on broker-dealers and their agents. Attorneys said the court's ruling has the potential to create nationwide compliance headaches for broker-dealers. "With respect to the industry as a whole, if we end up with a patchwork of state regulation around broker-dealer standards of care, it's going to be very difficult for the broker-dealer community, particularly those that operate on a national level to understand what the requirements are where they operate," said Rich Kerr of K&L Gates' asset management and investment funds practice group.

VISITORS PASS - The arrest of a former Gibson Dunn & Crutcher visiting lawyer has put a spotlight on the role of "visiting attorney" arrangements in Big Law, why several large firms utilize the system, and the vetting that goes into employing such attorneys. As Big Law firms build their global presence, law firms are increasingly welcoming international attorneys to their U.S. offices each year. Firms are motivated to bring in non-U.S. lawyers on a temporary basis for practice development and to strengthen client relationships, according to legal consultants and professionals. But often, as Law.com's Abigail Adcox reports, visiting attorneys may have the same access to sensitive client information as associates or other law firm employees, which means vetting procedures should be more robust than they actually are at many firms.

ON THE RADAR - Decarbonization energy services provider noco-noco Pte. Ltd., announced that it has gone public through a SPAC merger with Prime Number Acquisition I Corp. As a result of the merger, noco-noco Inc. will be listed on the Nasdaq with a post-transaction equity value of approximately $1.35 billion. Singapore-based noco-noco was represented by a Sidley Austin team led by partners Meng Ding, Raymond Oh and David Kalani Lee. Counsel information for Prime Number was not immediately available. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.  

EDITOR'S PICKS

EEOC's Proposed Pregnant Worker Rules Could Lead to More Claims, Employment Lawyers Say By Maydeen Merino

California High Court Holds AI Vendors Liable for Biased Job Screening By Maria Dinzeo

Grillo's, Backed by Quinn Emanuel, Accuses Investment Bank Harris Williams of Sharing Secret Pickle Recipe, Violating NDAs By Riley Brennan