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SEC Issues Proposed Incentive Compensation Clawback Rule

In another round of rulemaking related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC proposed a rule that would require certain executive officers to pay back incentive compensation tied to...more

Regulators Issue Final Dodd-Frank Standards for Assessing Diversity Policies and Practices of Covered Entities in the Financial...

On June 9, 2015, six federal agencies (“Agencies”) subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Act”) issued much-anticipated joint final standards (“Final Standards”) in accordance with...more

Analysis: Impact of the DOL’s Fiduciary Proposal on Participant Investment Advice

This paper explains the basis for our conclusions about the impact on the investment recommendations to participants of the Department of Labor’s (DOL) proposal to amend the fiduciary investment advice regulation and to...more

Gov. Christie’s Cuts in N.J.’s Mandatory Public Pension Funding Found to be Legal

A recent study estimated that state public pension plans are underfunded by $4.7 trillion (yes, that’s a “T”). Ten states have plans in which less than 30-percent of benefit obligations are funded, and only three states have...more

The Claws Are Out – SEC Proposes Clawback Regulations Under Dodd-Frank

Five years after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), the U.S. Securities and Exchange Commission (“SEC”) has issued the last of its proposed rules to implement the...more

SEC Proposes Rules on Clawback Policies

What you need to know: On July 1, 2015, the SEC proposed rules, provided for as part of the Dodd-Frank Act, that will require companies listed on US stock exchanges to adopt, enforce and disclose policies with respect to...more

Business Law Newsletter - July 2015

In This Issue: - USDC Weighs in on Tortious Interference - To Stay Clear of Stay Violations, Action May be Required - Excerpt from To Stay Clear of Stay Violations, Action May be Required: The automatic...more

Summary of SEC's Proposed Rule on Executive Compensation Clawbacks

The Dodd-Frank Act required the Securities & Exchange Commission (SEC) to adopt rules that direct national securities exchanges (such as the NYSE and NASDAQ) to require listed companies to implement and disclose their...more

United State Supreme Court Confirms ERISA Fiduciary’s Continuing Duty To Monitor Investments

In its Tibble v. Edison International decision the United State Supreme Court confirmed that the scope of an ERISA fiduciary’s duty of prudence continues after initial investments are made and imposes an ongoing duty to...more

SEC Proposes Broadened Rules on Clawback of Incentive-Based Compensation

Proposed Rules would require increased disclosures on companies’ recovery processes and affect the majority of issuers with listed securities. Background - On July 1, 2015, the Securities and Exchange Commission...more

FASB Defers Effective Date of New Revenue Recognition Standard

Audit committees, CFOs and accountants everywhere are cheering as the FASB has deferred the effective date of its new revenue recognition standard. As a result, public business entities, certain not-for-profit entities, and...more

Increased SEC and FINRA Scrutiny on Confidentiality Provisions

Over the past several months, confidentiality provisions included in settlement agreements, employment or independent contractor contracts, or in other documents, have come under increased scrutiny in the financial industry....more

EB-5 ALERT: SENATE REAUTHORIZATION WILL REDUCE FINANCING FOR U.S. CONSTRUCTION PROJECTS BY CHANGING THE JOB COUNT REQUIREMENTS

The proposed Senate Bill reauthorizing the EB-5 Regional Center Program would restrict the types of projects that can be funded with EB-5 financing and amount of funds that can be raised with EB-5 financing. The Senate...more

Business Litigation Report - June 2015

In This Issue: ..From 20 Years to Zero in Six Trial Days - Noted With Interest: ..FedEx Drivers: Employees or Independent Contractors? The Ninth Circuit Weighs in on California’s Murky “Right-to-Control”...more

N.J. Supreme Court Finds Chapter 78 Did Not Create an Enforceable Contract Right

In Burgos v. State of New Jersey, the New Jersey Supreme Court held that the 2011 pension and health benefit reform statute, known as Chapter 78, did not create an enforceable contract that was binding on the State to make...more

ERISA Case Highlights Importance of Written Releases at Termination of Employment: Sullivan v. Stanadyne Corporation

A federal court has dismissed claims for enhanced retirement benefits in a case highlighting a participant’s written release of claims at the time of his employment termination. Sullivan v. Stanadyne Corporation, Case No....more

House and Senate Appropriations Committees Approve Funding Bills with Riders Targeting DOL, NLRB Initiatives

Both the House and Senate Appropriations Committees advanced bills this week to fund various federal agencies for FY 2016. Each chamber approved versions of spending measures that include riders prohibiting funding for a...more

Pensions News - May 2015

In This Issue: - Election Result - The Pensions Regulator - Case Law - Other News - On the Horizon - Excerpt from Election Result: Following the General Election on 7 May which resulted in a...more

Digital Privacy Act Modernizes PIPEDA

On June 18, 2015, significant portions of the Digital Privacy Act received Royal Assent. This Act, amends the Personal Information Protection and Electronic Documents Act (PIPEDA), and brings important certainty to how...more

For Life Insurers and Agents – A Summary of Predicted Litigation Under the DOL’s Proposed Fiduciary Rule

The Department of Labor’s recent Proposed Rule (the “Proposal”), which defines the term “fiduciary” as it applies to persons who provide “investment advice” to ERISA plans and IRAs, will impact the likelihood and severity of...more

Is Buying Stock The Same As Providing Capital?

A report issued by the California Public Employees’ Retirement System (CalPERS) implies otherwise.  The report entitled “CalPERS for California 2014” trumpets CalPERS’ investment in California businesses and its indirect...more

SEC Extends Rule 482 Relief to Non-ERISA Retirement Plans

The SEC staff issued a no-action letter on February 18 that is important for many participant-directed individual account retirement plans (including some established under Section 403(b) of the Internal Revenue Code) that...more

U.S. Tax Return Filings

IRS News Release IR-2015-70 (April 10, 2015) contains helpful but not exhaustive information about the filing obligations of US citizens and resident aliens abroad. Taxpayers outside the United States can also find helpful...more

Regulators Compose New Music for Broker-Dealers and Investment Advisers

Federal regulators finally seem to be sharpening their pencils to achieve greater harmony between broker-dealer (BD) regulation and investment adviser (IA) regulation. In March, for example, SEC Chair Mary Jo White...more

Sixth Circuit Holds No Disgorgement of Profits Based on Wrongfully Denied ERISA Disability Benefits

The Sixth Circuit Court of Appeals, sitting en banc, recently decided a closely-watched case regarding the scope of "other appropriate equitable relief" under ERISA Section 502(a)(3). In Rochow v. LINA, the court held that...more

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