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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-05-01T21:07:00
Companies would be wise to prepare to comply with the Federal Trade Commission’s (FTC) rule to ban noncompete clauses, despite legal challenges that might delay or prevent it taking effect altogether.
The final rule, issued April 23, would ban most noncompete clauses in employee contracts by September. The clauses impede competition and violate Section 5 of the Federal Trade Commission Act, the FTC said.
An estimated 30 million U.S. employees across many sectors have been required to sign the clauses, which generally prohibit them from taking a job with another company based on region or industry for some amount of time after leaving employment. This restriction keeps talent out of the job pool and hampers innovation, said FTC Chair Lina Khan following a 3-2 vote on the rule along party lines.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2024-05-14T19:33:00Z By Adrianne Appel
Staff at the Federal Trade Commission offered several steps businesses can take to comply with the agency’s upcoming ban on employee noncompete clauses.
2024-05-10T19:30:00Z By Aaron Nicodemus
The Department of Justice’s Antitrust Division created a new task force to examine collusion and monopolies in the healthcare industry.
2024-05-01T14:00:00Z By Amii Barnard-Bahn
Despite significant issues outside the control of most chief compliance officers, some regulators have signaled more individual liability cases are to be expected. Will accepting the wrong job, in hindsight, make it your last?
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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