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IRS Pursues 409A Audits, Issues Ruling on Certain Options/SARs under 457A

IRS audits signal focus on Section 409A compliance; Revenue Ruling makes certain nonqualified options and stock appreciation rights more attractive for offshore entities. The IRS has begun its limited audit initiative...more

Orrick's Derivatives in Review - July 2014

Extension of Certain Dodd-Frank No-Action Relief - The CFTC recently established a phased compliance timeline for the implementation of the execution requirement currently applicable to certain interest rate swaps and...more

Seed Capital Review: Fall 2013 Survey Of Angel Financings

Welcome to the first installment of Seed Capital review, written by members of the entrepreneurial Services Group at Gray plant mooty. this is our first periodic report analyzing seed capital being raised by companies in...more

Corporate & Tax E-Note - June 26, 2014

In This Issue: - SBA Ups Size Standards, Allowing 8,400 Firms to Become Small Biz - Auditors Want to Limit Reporting of 'Critical Audit Matters' - House Approves Permanent Extension of Small Business Tax...more

Pre-Filing Consultation of SEC Staff Regarding Venezuela Operations May Be Appropriate in Certain Circumstances

In a recent meeting, a representative of the SEC accounting staff noted that the SEC staff is focusing on how companies with operations in Venezuela are affected by the various foreign currency exchange mechanisms in...more

Possible Offshore Deferrals for Hedge Fund Managers – IRS Confirms That Certain Stock Options and Stock Appreciation Rights Are...

The Internal Revenue Service (the "IRS") has issued Revenue Ruling 2014-18 (the "Ruling"), which generally confirms that a stock-settled stock option or stock appreciation right that is granted with an exercise/base price of...more

Financial Regulatory Developments Focus - June #3

In this issue: - Compensation - Capital and Prudential Regulation - Bank Structure - Financial Services - Consumer Protection - Enforcement - People - Events...more

New IRS Revenue Ruling 2014-18 and the Use of Hedge Fund Stock Options

The Internal Revenue Service has issued Revenue Ruling 2014-18 (the “Ruling”) to clarify that stock options and stock-settled stock appreciation rights (“SARs”), properly designed, can be used as a form of compensation to...more

SEC Decision Regarding TIC Advertisements Offers Broader Lessons About Providing Fair and Balanced Disclosures

Earlier this year, the SEC found that CapWest Securities, Inc., a defunct broker-dealer, had failed to comply with advertising rules in promoting investments that use Section 1031 of the Internal Revenue Code (“1031...more

MoFo New York Tax Insights - Volume 5, Issue 6 - June 2014

In This Issue: - New York Court Grants Airbnb’s Motion to Quash Attorney General’s Subpoena - New York City UBT Ruling Allows Broker-Dealer Sourcing for Non-Registered Broker-Dealers - ALJ Dismisses Action as...more

IRS Begins Audit of Deferred Compensation Plans Subject to Section 409A

The IRS announced at recent bar association meeting that it is commencing a formal compliance initiative program (CIP) of selected employers and their deferred compensation arrangements that are subject to Section 409A of the...more

Stamp duty and SDRT exemption: recognised growth markets

As first announced in Budget Speech 2013, the Finance Bill 2014 abolishes, with effect from 28 April 2014, stamp duty and stamp duty reserve tax (SDRT) on transactions in shares and securities admitted to trading on a...more

Credit Suisse Pleads Guilty to DOJ Charge of Conspiracy to Aid Tax Evasion; FRB and NYDFS Take Related Actions

As widely reported in the financial press, Credit Suisse AG (“Credit Suisse”), a large Swiss bank that maintains a branch and other offices in the United States pleaded guilty to the felony of conspiracy to aid tax evasion by...more

The High-Tax Exception And Malta’s Refund System

A Match Made in Heaven - U.S. shareholders of foreign corporations are generally not subject to U.S. federal income tax on the earnings of such corporations until those earnings are repatriated to the shareholders in...more

Why You Should Keep Stockbroker Receipts

Gains from the sale of property are generally subject to federal (and, usually, state) income tax (sometimes referred to as “capital gains tax”). The amount of gain subject to tax is equal to the sale proceeds less the...more

Investing in Bitcoin? Think Twice Says the SEC.

Bitcoin has been in the news a lot recently and most of the news has been bad, including news of the bankruptcy of Mt. Gox, formerly one of the world’s largest Bitcoin exchanges. Most recently, on May 7, 2014, the SEC issued...more

Corporate and Financial Weekly Digest - Volume IX, Issue 19

In this issue: - FINRA Proposes to Amend Rule 11892 - SEC Approves FINRA Rule Change to Limit Self-Trading - FATCA Transitional Relief and Extension of Time for the Implementation of New Account...more

Investment Management Update

Following two recent cases involving investment advisers and social media, the SEC recently issued guidance regarding whether the publication of comments about investment advisers on social media sites would violate those...more

Key issues for asset managers in 2014

In this newsletter - U.S.: - Dodd-Frank Act – Designation of asset managers as systemically important financial institutions - Volcker Rule finalised with a more limited application to covered fund activities...more

LSTA Publishes Revised Documents Effective April 24, 2014

The Loan Syndications and Trading Association (LSTA) has released new forms of its primary trading documents, effective for trades entered into on or after April 24, 2014. The LSTA's updated forms are primarily...more

Doing Business in Latin America and The Caribbean: Columbia

Colombia is located in the northernmost part of South America. Its population is estimated at over 45 million people, with at least 10 million living in the capital city of Bogotá. Colombia’s main language is...more

Doing Business in Latin America and The Caribbean: Cayman Islands

The Cayman Islands are located in the western Caribbean Sea about 480 miles south of Miami and 180 miles northwest of Jamaica. Of the three islands, Grand Cayman is the largest with an area of 76 square miles. The islands of...more

The Housing Finance Reform and Taxpayer Protection Act of 2014

This article provides a brief summary of the key provisions of a new bi-partisan Senate bill, based on the Housing Finance Reform and Taxpayer Protection Act of 2013, as well as a brief discussion of a new House of...more

Did the IRS Just Help or Hurt the Bitcoin Economy?  [Video]

Apr. 1, 2014 -- Houman Shadab, Associate Professor at New York Law School, talks with Lee Pacchia about recent developments in the bitcoin economy....more

Corporate & Tax E-Note - March 27, 2014

In This Issue: - High Court Considers Whether Corporations Can Lie to Investors - Nasdaq Enters Pre-IPO Market with Private Exchange - Many Early-Stage Start-Ups Still Struggle to Get Funding - Venture...more

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