On September 26, 2011, the U.S. Department of Health and Human Services ("HHS") issued new regulations governing the disclosure by faculty members and research staff of significant financial interests related to certain federal grants, and the reporting of "financial conflicts of interest" to certain federal agencies by colleges and universities that receive funding for Public Health Service ("PHS")-sponsored research. See 42 C.F.R. § 50.601 et seq.
The new regulations significantly expand the coverage of 1995 HHS regulations on the same subject. Colleges and universities that receive research funding from a PHS "Awarding Component," including the National Institutes of Health ("NIH"), must be in compliance with the new regulations by no later than August 24, 2012.
To learn more, read the full alert written by Lane Kneedler and Pakapon Phinyowattanachip available on Reed Smith's Global Regulatory Enforcement Law Blog.