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Tax Policy Update

NUMBER OF THE WEEK: $160,000. The value of one gift bag at the Oscars on Sunday night. According to the Internal Revenue Service, contents of the gift bags cannot be treated as gifts for federal income tax purposes because...more

Financial Services Weekly News Roundup - February 2015 #3

The Impact of Regulation on Community Banks: Harvard Study and Senate Banking Committee Hearing Highlight Differing Views. FDIC Director of Risk Management Supervision Doreen Eberley testified last week before the Senate...more

Understanding the 4 “P’s” Before the P3 (Public-Private Partnership)

To get a P3 proposal to the starting line, public officials need to make sure that there is clarity and agreement on basic issues and priorities - Aging and inadequate infrastructure, required upgrades and scarce...more

Cuba Sanctions: 10 Important Changes

Ten key changes to US sanctions and export regulations for Cuba. On January 15, 2015, the Departments of the Treasury and Commerce revised the Cuban Assets Control Regulations (CACR) and the Export Administration...more

EU adds more separatists and five Russian officials to Ukraine related asset freeze list

The EU has extended its sanctions in relation to Ukraine by adding 19 persons and nine entities to the asset freeze list. These newly designated parties are deemed to be actively involved in separatist activities in Eastern...more

Campaign Contribution Limits Raised Again

In every odd-numbered year the Federal Election Commission (FEC) is required to adjust certain contribution limits, expenditure limits, and the lobbyist bundling disclosure threshold by indexing them to inflation. ...more

Sanctions Enforcement – Facilitation Violations

As sanctions enforcement continues to mature, the permutations of risks become more complex. One area where companies have significant exposure is when they can be accused of “facilitation.” ...more

EU sanctions against Russia: New targets and state of play

On 9 February 2015, the EU Foreign Affairs Council imposed new sanctions - asset freezes and travel bans - against 19 Russian and Ukrainian individuals and 9 entities that have been added to the 'black list' of sanctioned...more

The President’s Groundhog’s Day Budget Casts a Shadow on Some but Offers Sunshine for Others

On February 2nd, President Obama released his Fiscal Year (FY) 2016 budget request to Congress. Along with the budget, the Department of the Treasury (Treasury) released a volume called “General Explanations of the...more

Delaware Enacts Unclaimed Property Legislation That Addresses Some (But Not All) Holder Concerns

The Delaware Legislature appears to have heard some of the complaints of the unclaimed property community. Delaware Governor Jack Markell signed Senate Bill 11, which is based on the recommendations of the Delaware Task Force...more

Pensions at the Constitutional Convention, Part III: The Opponents and the Vote

We conclude our discussion of the July 21, 1970 debate on the Pension Protection Clause at the Illinois Constitutional Convention. Today, we’ll take a look at more statements by opponents of the measure, the summations by...more

After a busy 2014 for sanctions, what can we expect in 2015?

2014 was a very eventful year for sanctions, with both the European Union (EU) and United States (US) making extensive use of trade sanctions to attain foreign policy goals. Certain sanctions measures against Iran were (and...more

"Significant Changes to Oklahoma's Campaign Finance, Lobbying and Gift Laws"

Significant changes to Oklahoma's campaign finance, lobbying and gift laws and rules recently went into effect. Below, please find a summary of these changes....more

"Changes Likely in Campaign Finance, Pay-to-Play"

In recent months, aggregate political contribution limits have been the subject of dramatic change due to the McCutcheon decision as well as significant legislative modifications in the federal budget bill. Meanwhile,...more

Sanctions Update: Continuing Implementation of US Embargo of Crimea Region

New US rules define scope of prohibitions and authorized activities, as Crimea region remains subject to broad US embargo and EU trade and investment restrictions. On January 29 and 30, 2015, the US Department of...more

Blog: Agenda Overload For Audit Committees?

In its 2015 Global Audit Committee Survey, KPMG found that audit committee members around the world had four key concerns: “economic and political uncertainty and volatility, regulation and the impact of public policy...more

Governance & Securities Law Focus: Latin America Edition - February 2015

In this issue: - SEC and NYSE Developments - Noteworthy US Securities Law Litigation - Recent SEC/DOJ Enforcement Matters - Executive Compensation & Employee Benefits Developments -...more

"Sectoral Sanctions Add New Layer of Complexity to OFAC Sanctions"

In response to the protracted crisis in Ukraine, the Obama administration authorized traditional and innovative economic sanctions against Russian and Ukrainian persons through Executive Orders 13660, 13661, 13662 and 13685....more

"Election Results Bring Hope for Significant Changes in India and Indonesia"

This past year brought important political changes for the two largest economies in South/Southeast Asia. Although significant challenges remain, the election of a new government in India and a new president in Indonesia have...more

Newly Passed Bill May Impact Dodd-Frank Act

The House of Representatives passed legislation that could loosen some of the restrictions imposed by Dodd-Frank on big banks. The bill, Promoting Job Creation and Reducing Small Businesses Burden Act, passed by a margin of...more

House Financial Services Committee Approves Agenda for 114th Congress

On January 21, the Committee on Financial Services, in a voice vote, agreed to a new oversight plan that identifies the areas that the Committee and its subcommittees plan to oversee during the 114th Congress. Notable...more

Important Changes to the U.S. Sanctions Against Cuba

The Obama administration recently announced the most significant changes in years to U.S. sanctions against Cuba, allowing expanded travel, trade, and exchange in targeted areas....more

ERISA Section 4062(e) Significantly Reformed Effective December 16, 2014

On December 16, 2014, President Obama signed into law the Consolidated and Further Continuing Appropriations Act, which contains provisions that significantly reform ERISA Section 4062(e). The new law is meant to ensure that...more

The battle over 4062(e) 'facility closure' liability

Employers who sponsor defined benefit plans, or who are involved in a corporate transaction involving defined benefit plans, should be aware of developments in Washington concerning Section 4062(e) of ERISA. The Pension...more

"Disclosure of Political Contributions in Maryland, New Jersey, Pennsylvania and Rhode Island"

The following describes the reporting requirements under Maryland, New Jersey, Pennsylvania and Rhode Island laws, which require certain corporate entities to file reports regarding their business relationships with state...more

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