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The Commercial Division Gets A New Corporate Disclosure Rule

Update: As an update to our earlier post on the Commercial Division’s new corporate disclosure rule—Rule 35 of the Rules of Practice for the Commercial Division—the rule is now in effect.  As of December 1, 2021, corporate entities litigating or seeking to intervene in cases must submit statements disclosing any corporate parent or publicly held companies that are sufficiently invested in the party or proposed intervenor.  The new rule provides:

Rule 35. Disclosure Statement.

(A) Who Must File: Contents. A non-governmental corporate party and a nongovernmental corporation that seeks to intervene must file a disclosure statement that:

       (1) identifies any parent corporation and any publicly held corporation owning 10% or more of its
            stock: or

       (2) states that there is no such corporation.

(B) Time to File: Supplemental Filing, A party or a proposed intervenor must:

      (1) file the disclosure statement with its first appearance, pleading, petition, motion, response, or
           other request addressed to the court: and

      (2) promptly file a supplemental statement if any required information changes.