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General Business Labor & Employment Securities

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

The Official Delay of the Fiduciary Rule: A Compromise

by Snell & Wilmer on

On April 7, 2017, the DOL published a final rule, officially delaying the applicability of the Fiduciary Rule for 60 days, until June 9, 2017....more

Financial Services Weekly News - April 2017 #2

by Goodwin on

Editor's Note - Removal for Cause or Business as Usual? On April 5, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the House Financial Services Committee to give his semi-annual...more

DOL Issues Final Rule Delaying Fiduciary Rule until June 9, 2017

by Robinson & Cole LLP on

As ordered by President Trump in a presidential memorandum on February 3, 2017, (Memorandum), the U.S. Department of Labor (DOL) proposed a 60-day delay to its conflict of interest rule (commonly referred to as the “fiduciary...more

DOL Fiduciary Rule Officially Delayed

by Seyfarth Shaw LLP on

On April 4, 2017, the Department of Labor (“DOL”) issued a final rule extending by 60 days the applicability date of the final “fiduciary” regulation published a year ago (known colloquially as the “Fiduciary Rule”)....more

Whistleblower Split Widens

by Akerman LLP - HR Defense on

Employers take heed: there is a further split in authority as to whether whistleblowers are protected under the Dodd-Frank Act if they only report securities-law violations internally, and not to the Securities and Exchange...more

"DOL Finalizes Delay of Conflict of Interest Rule"

On April 4, 2017, the Department of Labor (DOL) released its final rule providing a 60-day delay of the April 10, 2017, applicability date of its conflict of interest regulation (the so-called fiduciary rule) and related...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Trouble at the Federal Reserve Bank of Virginia, where president Jeffrey Lacker abruptly resigned yesterday after disclosing that he had broken Fed rules in 2012 by relaying private deliberations to a financial analyst and...more

What Contract? Despite Confidentiality Agreement, Employee Can Use Confidential Information in Public Whistleblower Lawsuit

by Saul Ewing LLP on

A federal court recently ruled that an employee may use his employer’s confidential information in a whistleblower retaliation complaint, regardless of whether an employment confidentiality agreement prohibited him from doing...more

IRS Synchs Excise Tax to DOL's Enforcement Policy on Fiduciary Rule

by Burr & Forman on

The IRS released guidance this week announcing that it will not apply IRC § 4975 excise taxes (15% on prohibited transactions) and related reporting requirements “with respect to any transaction or agreement to which the...more

Ninth Circuit Court of Appeals Adopts Broad View of Whistleblower Protection Under Dodd Frank

by NAVEX Global on

On March 8, 2017, the United States Court of Appeals for the Ninth Circuit held that the Dodd Frank anti-retaliation provisions protect individuals who complain internally and are not strictly limited to those individuals who...more

SEC Registered Investment Advisers—A Review of 2016 and a Look at What’s Ahead for 2017

by Robinson & Cole LLP on

As we near the seventh anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), private equity and hedge fund advisers are subject to an ever-increasing degree of supervision...more

U.S. Supreme Court Passes On Opportunity To Address Scope of Dodd-Frank “Whistleblower” Provision

On Monday, March 20, 2017, the U.S. Supreme Court denied a Petition for Writ of Certiorari in Verble v. Morgan Stanley Smith Barney, LLC. (No. 16-946), thereby declining an opportunity to resolve a conflict amongst circuit...more

A Divided Ninth Circuit Extends Dodd-Frank's Anti-Retaliation Protection for Whistleblowers

by Nossaman LLP on

Without a bright line requirement of an SEC contact to trigger whistleblower status, employers may not learn until after termination that an employee claims to be a whistleblower. Employees often raise internal questions,...more

Where Was the Whistle Blown? Split in Circuits over Retaliation Protection for Reporting Securities Violations

If you report your company for a federal securities violation, just how safe is your job? Curiously, that may depend on where you live. Recently, the Ninth Circuit weighed in, adding to a split among courts across the country...more

Circuit Split on Whistleblower Protections Widens

On March 8, 2017, a divided panel of the Ninth Circuit issued an opinion in Somers v. Digital Realty Trust Inc. that further widened a circuit split on the issue of whether the anti-retaliation provisions in the Dodd-Frank...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

EMIR - Spanish Pension Schemes Exempt and Updated Q&A - On 25 January, ESMA issued its opinion confirming the exemption from the EMIR clearing obligation for certain Spanish pension schemes....more

DOL Temporarily Forbears Enforcement of Fiduciary Duty Rule

by Burr & Forman on

The Department of Labor’s “fiduciary duty” Rule continues to get more bollixed up. DOL announced a temporary enforcement policy that will give a “free pass” for any violations (a) in the gap between effective date and delay,...more

SEC Claws Back Award for Dawdling Whistleblower, as Feds Signal Changes in Award Eligibility

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Last week, the Securities and Exchange Commission released an Order Determining Whistleblower Award Claim holding that the whistleblower’s award should be reduced to 20% of the monetary sanctions collected...more

Ninth Circuit Decides in Favor of Expanded Whistleblower Protections

by Perkins Coie on

In Somers v. Digital Realty, the Ninth Circuit joins the Second Circuit in holding that whistleblower protections apply to individuals who report securities violations internally, not just to those who report to the...more

How An Employee/Shareholder Can Protect Oneself Against Oppression

Because termination of one’s employment does not necessarily equate to shareholder oppression under New Jersey law, as seen in my last post, it is often a good idea to take proactive measures to inoculate yourself against a...more

SEC Whistleblower Program May Be Facing Congressional Cutback

by Foley & Lardner LLP on

According to a memo circulating amongst Republican-party leaders as of February 13th, Republicans in the House of Representatives are planning to propose a significant curtailment of the U.S. Securities and Exchange...more

Potential Relief for Employee Option Exercises

by Farrell Fritz, P.C. on

Employees must generally recognize income for tax purposes upon the receipt of employer stock to the extent that the fair market value of the stock received is greater than the amount, if any, paid by the employee for the...more

DOL Issues New Guidance on Plan Fiduciaries' Proxy Voting Policies

by Holland & Knight LLP on

The Employee Benefits Security Administration (EBSA) published Interpretive Bulletin (IB) 2016-1 on Dec. 29, 2016, relating to the exercise of shareholder rights and written statements of investment policy, including proxy...more

Click Here — 3rd Circuit Enforces Restrictive Covenants Tied to Electronic Acceptance of Stock Award

On February 7, 2017, the Third Circuit affirmed a partial preliminary injunction order barring two former ADP employees from soliciting customers for their new employer for one year. This decision is notable as it affirmed...more

Corporate News - February 2017

by Hogan Lovells on

A monthly newsletter covering topics of interest in the field of UK corporate law including mergers and acquisitions, listed companies, equity capital markets, corporate governance and general company law. Please see...more

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