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FINRA’S Reminder About Rollovers: News To Many

A number of government and regulatory agencies—the Government Accountability Office (the GAO), the Department of Labor (the DOL) and, most recently, the Securities and Exchange Commission (the SEC), and the Financial Industry...more

UCITS V - Aligning with AIFMD!

The European Parliament voted to adopt the UCITS V Directive (“UCITS V”) on 15 April 2014, in advance of Parliamentary elections next month. The final vote followed a period of uncertainty where there was potential for the...more

OIG Report Praises SEC Whistleblower Program

The internal watchdog for federal government agencies, including the SEC, is the Office of the Inspector General (“OIG”), which conducts audits and investigations of the SEC to “promote integrity, economy, efficiency, and...more

Supreme Court Expands Sarbanes-Oxley Whistleblower Protection to Employees of Private Companies

In 2002, after corporate fraud at Enron led to the company's collapse, Congress passed the Sarbanes-Oxley Act (SOX). Under SOX's main whistleblower protection provision, an employee of a publicly traded company who claims...more

The SEC’s Whistleblower Program: 2013 Results and What to Expect in 2014

The SEC’s 2013 Whistleblower Report to Congress reported an 8% increase in tips and whistleblower awards over the previous year, as well as the program’s largest single award to date. In recent public statements,...more

OSHA Releases Interim Dodd-Frank Whistleblower Regulations

OSHA recently released the interim final text of regulations implementing the whistleblower protection provision (Section 1057) in Dodd-Frank. The interim final regulations establish the timing and processes for handling...more

Focus on Private Equity - April 2014

In This Issue: - Private Equity Firms Face Potential Liability Under Plant Closing Laws - Incentivising Management Across the Pond - Excerpt from Private Equity Firms Face Potential Liability Under Plant...more

First-Ever SEC Bounty Winner Receives Additional Payout

The SEC Office of the Whistleblower recently announced that the first-ever whistleblower award under the Dodd-Frank Whistleblower Program will be increased by $150,000 based on additional assets the SEC collected from one the...more

Was Richard Bowen’s Whistle Stuffed?

Five years have passed since Lehman Brothers' bankruptcy. Richard M. Bowen III, a former Citigroup executive who blew the whistle on their bad business practices, provided 1000 pages of documents to the Securities and...more

SCOTUS Ruling Increases Private Company Risk – Imminent Need for Business Ethics Training

In an important ruling on March 4, the Supreme Court expanded the whistleblower protections outlined in the Sarbanes-Oxley Act (SOX). Originally only applied to whistleblowers at public companies, the Justices decided in a...more

Tax Alert: New Executive Compensation Regulations Clarify Timing of Taxation

The Internal Revenue Service recently published final regulations under Section 83 of the tax code. These regulations deal with the timing for taxation for grants of property (e.g., stock) that are subject to...more

Supreme Court Expands Scope of Sarbanes-Oxley Whistleblower Protections

The Issue: My company is not publicly traded, but provides services to companies that are. Do Sarbanes-Oxley whistleblower protections extend to our employees? The Solution: Yes. ...more

Muddy employee incentive issues in a disappointing exit: 9 practical tips for public company acquirers

In mediocre payout situations, transaction proceeds are unlikely to give a substantial (if any) return to common stockholders, yet may be sufficient to at least return the initial investment, and perhaps a liquidation...more

SEC Whistleblower Program Gets Blowing

The Securities and Exchange Commission (SEC) announced August 20, 2013 that it awarded more than $25,000 in total to three whistleblowers. The SEC reports that this payment was the first installment in a series that is...more

Massachusetts SJC Rules on Fiduciary Duties Owed to and By Shareholder-Employee in Closely Held Corporation

A recent decision by the Massachusetts Supreme Judicial Court (SJC), Selmark Associates v. Ehrlich, illustrates the complex web of fiduciary obligations owed to and by shareholder-employees in a closely held corporation under...more

A Review of Recent Whistleblower Developments

In a ground-breaking decision, on March 4, 2014, the United States Supreme Court held in Lawson v. FMR LLC, 571 U.S. __ Case 12-3 (Mar. 4, 2014), that §1514A of the Sarbanes-Oxley Act of 2002 provides a right of action for...more

Foreign LLCs Take Note: This Legislative Oversight May Affect You Too

Section 407 of the California Labor Code provides - Investments and the sale of stock or an interest in a business in connection with the securing of a position are illegal as against the public policy of the State and...more

Lawson and Doral Expand Whistleblower Protections

Two recent decisions interpreting the Sarbanes-Oxley Act have significantly expanded the protections available for federal whistleblowers and increase the potential liability for public companies and private companies that...more

U.S. Supreme Court Expands Scope of Whistleblower Protections

Earlier this month, the U.S. Supreme Court concluded that whistleblower protections of Sarbanes-Oxley extend not only to employees of public companies, but to the employees of their contractors and subcontractors. See Lawson...more

Whistleblower Claims The Wave Continues

"The cover-up is often worse than the crime" – an apt mantra for employers who are being increasingly forced to defend retaliation and/or whistleblower claims brought in myriad industries under a broad spectrum of federal and...more

Arbitration Agreements and Whistleblower Protections

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 directed the SEC to establish a “bounty program” for certain individuals who voluntarily provide the SEC with original information that leads to successful...more

White Collar Watch - March 2014

In This Issue: - SEC at odds with Siemens over whether whistleblower protections extend to employees who report wrongdoing directly to their companies - Fourth Circuit decision tolling False Claims Act statute...more

IRS Issues Final Regulations on Substantial Risks of Forfeiture under Code Section 83

On February 25, 2014, the Treasury Department issued final regulations identifying the circumstances in which a substantial risk of forfeiture would exist under Section 83 of the Internal Revenue Code (the “Code”)....more

Sarbanes-Oxley Whistleblower Protections Cover Employees of a Public Company’s Private Contractors

On March 4, 2014, the United States Supreme Court, in a 6-3 decision, expanded the protections offered to whistleblowers under anti-fraud laws, in Lawson v. FMR LLC. In its decision, the Court ruled that a specific...more

IRS Issues Final Regulations on Property Transferred for Services Under Section 83

The Treasury Department (Treasury) and Internal Revenue Service (IRS) have issued final regulations clarifying the forfeiture provisions under Section 83 of the Internal Revenue Code of 1986, as amended, for transactions...more

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