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Recent Changes to the Tax Matters Partner Designation May Prove Costly to the Unwary

One choice all joint venture devotees face in negotiating each new venture is who to designate as the tax matters partner. Recent changes to the law make this decision much more important and may prove costly to those who are...more

House Financial Services Committee: CFPB Removed Safeguards to Achieve Political Goals

On January 20, Republicans on the House Committee on Financial Services issued a report alleging that the CFPB removed a number of safeguards from the claims process after it secured its first settlement with an auto finance...more

House Committee on Financial Services Approves Bill Exempting Smaller Reporting Companies from Filing Financial Data in XBRL

On January 28, 2016, the House Committee on Financial Services reported favorably on the Small Company Disclosure Simplification Act. The bill has been scheduled for consideration by the full U.S. House of Representatives. ...more

‘Implementation Day’: Key Aspects of US and EU Implementation of Iran Sanctions Relief

On January 16, 2016, the International Atomic Energy Agency verified that Iran had complied with the nuclear-related technical aspects of the Joint Comprehensive Plan of Action it had to complete before the first phase of...more

UK Financial Regulatory Developments - January 2016 #10

Treasury updates Iran sanctions - Treasury has issued a notice explaining the effects on sanctions against Iran of Implementation Day (I Day) under the Joint Comprehensive Plan of Action (JCPoA). I Day was 16 January, on...more

Obama Administration Further Relaxes Sanctions in Support of Cuba Policy

If you read one thing… - Further relaxation of sanctions on Cuba, effective on January 27, 2016, allows U.S. financial institutions to finance authorized exports and reexports to Cuba of items other than...more

House Votes to Protect Indirect Auto Lending Against CFPB

On November 18, 2015, the House of Representatives passed the Reforming CFPB Indirect Auto Financing Guidance Act by a vote of 332 to 96. Although the Act has not received much fanfare, its aim is significant: proponents hope...more

Significant Changes to U.S. and E.U. Sanctions Against Iran

On January 16, 2016, the United States and the European Union lifted or substantially amended many nuclear proliferation-related sanctions against Iran. This date constitutes Implementation Day as specified in the Joint...more

Implementation Day: Not Such a Special Day for U.S. Companies

After months of preparations, January 16, 2016 was “Implementation Day” – the day when the world’s sanctions on Iran were officially rolled back. On January 16, the International Atomic Energy Agency determined that Iran had...more

"US Economic Sanctions: New List-Based Programs"

While economic sanctions against Iran, Russia and Cuba have dominated the headlines over the past year, sanctions remain a dynamic component of U.S. foreign policy on other fronts. In 2015, President Barack Obama issued three...more

U.S. Lifts Nuclear-Related Sanctions on Iran on Implementation Day

I. Introduction - On January 16, 2016, “Implementation Day” occurred under the Joint Comprehensive Plan of Action (JCPOA). This historic sanctions relief followed verification from the International Atomic Energy Agency...more

Sanctions Round-Up: Fourth Quarter 2015 and “Implementation Day”

The International Atomic Energy Agency certifies that Iran had complied with all nuclear-related requirements of the Joint Comprehensive Plan of Action leading to the end of United States sanctions against the country...more

International Trade & Regulatory Advisory: Implementation Day Arrives: The Promises and Perils of Iran Sanctions Relief

On July 14, 2015, the P5+1 (China, France, Germany, Russia, the United Kingdom and the United States), the European Union (EU) and Iran reached a Joint Comprehensive Plan of Action (JCPOA) to restrict and ensure the...more

Highlights of Substantial Tax Changes in the Consolidated Appropriations Act, 2016

Expiring tax provisions and “extenders” legislation have become fairly common in recent years. The typical pattern involves institution of one- or two-year provisions (short-lived due to revenue issues) that have expired with...more

New Year, New Fraudulent Transfer Law

It’s a new year, and we have a new law affecting debtors and creditors in California. Effective January 1, 2016, California’s Uniform Voidable Transactions Act (UVTA) has replaced California’s Uniform Fraudulent Transfer Act...more

Changes in California’s Fraudulent Transfer Law

QUESTION: I heard California’s fraudulent transfer law is being changed. How will the changes affect my ability to pursue fraudulent transfers as a receiver? ANSWER: Earlier this year the California legislature, based on...more

Africa Update - January 2016

Leading the News: Burundi - On December 30th, the African Union (AU) threatened to sanction rival factions in Burundi if they fail to attend the peace talks scheduled to take place in January. AU Commission...more

Iran Sanctions: Early Easing of Sanctions Increasingly Possible

Public officials from the United States increasingly are making public statements regarding the likelihood that “Implementation Day” – the day on which many US and EU sanctions against Iran will be eased – will arrive in the...more

Capital Gains Tax Exclusion for Certain New Investments in Small Businesses Made Permanent

President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) on December 18, 2015. Among other provisions, the PATH Act provides that the 100 percent exclusion from gross income of...more

FAST Act Brings Holiday Cheer to Issuers

"Fixing America's Surface Transportation Act," also known as the FAST Act, was signed by President Obama on December 4, 2015. Although primarily aimed at authorizing spending on highway and transit projects, the FAST Act...more

US Designates Additional Russian and Ukrainian Individuals and Entities

On December 22, 2015, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) identified certain subsidiaries of entities included on the Sectoral Sanctions Identifications List (SSI List) and added...more

The FAST Act: Buried Transportation Bill Amendments Ease Private Resale Restrictions and Modify the JOBS Act

On Dec. 4, 2015, President Obama signed into law the Fixing America’s Surface Transportation Act (the “FAST Act”). As the name implies, the FAST Act is primarily concerned with transportation and infrastructure spending, but...more

Federal Highway Bill Eliminates Annual Privacy Notice Requirement for Financial Institutions

On December 4, President Obama signed the “Fixing America’s Surface Transportation Act’’ or the ‘‘FAST Act.” In addition to providing for highway and transportation spending, section 750001 of the FAST Act amended Section 503...more

President Signs the FAST Act: Transportation Legislation Contains Several Securities Law Provisions, including Modifications to...

On December 4, 2015, President Obama signed into law the Fixing America’s Surface Transportation (FAST) Act. The transportation measure includes several securities law-related provisions that (1) facilitate capital-raising...more

FAST Act Legislation and Impact on Securities Law

On December 4, President Obama signed into law the Fixing America’s Surface Transportation Act (FAST Act). This transportation bill includes several provisions related to securities laws and capital-raising measures, as...more

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