On March 9, 2021, the Federal Reserve Board published a Supervision and Regulation Letter (SR 21-7) (the "SR Letter") containing guidance for examiners in assessing supervised firms'.
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Bitmanagement Software GmbH v. U.S. raises important
issues for any company licensing software to the U.S. government,
particularly those that utilize third-party resellers.
Under this decision, even when the government acquires a license
with express limits on the scope of the government s rights
(e.g., limiting installation to a set number of computers), the
parties conduct may give the government an implied license to
use the software beyond the scope of the express license (e.g.,
vast deployments across government networks). However, even
Highlights
Local agencies routinely require
project applicants to agree to indemnification on application forms
or as conditions of approval. These agreements or conditions of
approval typically include language requiring an applicant to agree
to defend, indemnify, protect and hold harmless the local agency in
any action arising from the application.
In
San Luis Obispo Local Agency
Formation Commission v. City of Pismo Beach (
San Luis
Obispo), the Second Appellate District Court of Appeal of
California struck down San Luis Obispo Local Agency Formation
Commission s assertion that it had an implied power
to contract for fees by inserting an indemnity agreement into its
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On March 9, 2021, the US Board of Governors of the Federal
Reserve System ( FRB ) issued SR 21-7,
Assessing Supervised Institutions Plans to
Transition Away from the Use of the LIBOR, providing
guidance to its bank examiners on how to assess the progress of
supervised institutions in preparing to transition away from U.S.
dollar (USD) LIBOR as a reference rate.
1 This guidance is
intended to complement the
Interagency Statement on LIBOR Transition
that FRB issued in November 2020, which encouraged supervised firms
to cease entering into new contracts that reference LIBOR as soon
A decade ago, the Georgia legislature enacted a new restrictive covenant statute, O.C.G.A. § 13-8-51 et al. (the "Georgia RCA"). Among other things, the Georgia RCA permitted Georgia courts.