Tax Finance & Banking Securities

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A Warning to Issuers: SEC Charges City and Two Officials with Fraud

In a first-time use of the Dodd-Frank Act, the U.S. Securities and Exchange Commission (SEC) has charged Allen Park, Mich., its former mayor and its former city administrator with fraud in connection with $31 million in...more

Clarification on PRC Capital Gains Tax Under the Stock Connect Scheme

The Shanghai-Hong Kong Stock Connect (Stock Connect Scheme) is a pilot programme for establishing mutual stock market access between Mainland China and Hong Kong. For a comprehensive overview and analysis of the unresolved...more

IRS Changes Course and Issues Notice 2014-58 on the Economic Substance Doctrine

The economic substance doctrine was historically a judicial doctrine. It was codified by the Health Care and Education Reconciliation Act of 2010 in Section7701(o). Although practitioners describe it as a codification,...more

"The Estate Planner" – November/December 2014

In this issue: - The Sec. 1031 Exchange - A Powerful Estate Planning Tool - Worried About Challenges To Your Estate Plan? Make It No Contest! - Don't Underestimate The Impact Of State Estate...more

Stock Options for Private Companies: Understanding the Risks, Realizing the Rewards

Executive Brief - • Stock options have been useful components of employee compensation, but new accounting rules adopted in 2005 can have a significant impact on a company’s financial processes and can result in severe...more

Back in the game: The rise of US M&A

US M&A is bouncing back - After a tough few years, acquisitions in the United States have seen a remarkable resurgence - The first half of 2014 saw a great dealmaking revival in the United States. Deal values...more

Regulators Decline to Exempt TOBs from Risk Retention Rule but Add Helpful Revisions and Clarifications

Although regulators have rebuffed industry efforts to have tender option bonds (TOBs) exempted from the final credit risk retention rule (the CRRR), they have nevertheless provided some helpful changes and clarifications that...more

Delay in the Launch of the Shanghai-Hong Kong Stock Connect

The Shanghai-Hong Kong Stock Connect (Stock Connect Scheme) is a pilot program for establishing mutual stock market access between Mainland China and Hong Kong. For a comprehensive overview and analysis of the unresolved...more

Former Adjunct Business School Professor, His Firm, the Placement Broker and Its Managing Partner Named in SEC Offering Fraud...

The Commission instituted administrative proceedings centered on an offering fraud orchestrated by a former adjunct Professor at Columbia Business School who taught, and previously specialized in, turning around troubled...more

Appel: Corporate Inversions Could Mean Big Tax Bills For Shareholders  [Video]

Nov. 3, 2014 -- Allen Appel, Professor at New York Law School and Director of the International Tax Program, talks with Lee Pacchia about corporate inversions....more

Spotlight on Tennessee: Ruling Highlights Importance of State Income Tax Considerations for Section 338 Elections

In Spotlight on Tennessee: Letter Ruling Addresses Treatment of a Section 338(h)(10) Election, dated July 10, 2014, we examined how Tennessee treats the federal election under Internal Revenue Code Section 338(h)(10) for...more

October 31 Amendment Deadline for Bank Holding Company Tax Allocation Agreements

On June 19, 2014, the federal banking agencies issued a final Addendum to their Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure which may require non-S corporation bank holding company...more

Tax Me Once

For technology and other start-ups, going public can be doubly taxing—literally. “Traditionally, a pre-IPO company is structured as a C corporation, which is legally subject to two tax layers, the first assessed on...more

D.C. Bill Ostensibly Lowers Tax on Capital Gains from QHTC Investments… But How?

On September 23, District of Columbia Council Chairman Mendelson introduced the Promoting Economic Growth and Job Creation Through Technology Act of 2014 (Bill 20-0945 , hereinafter the “Act”) at the request of Mayor Vincent...more

Financial Regulatory Developments Focus - October 2014 #2

In this issue: - Derivatives - Bank Prudential Regulation & Regulatory Capital - Recovery & Resolution - Bank Structure - Shadow Banking - Financial Services - Excerpt...more

Funds Passporting in Asia has Arrived!

Background to the Regional Passporting Proposals - The “ASEAN Framework for Cross-Border Offering of CIS (Collective Investment Scheme)” (ASEAN CIS Framework, or Framework) finally went “live” on 25 August 2014, amid...more

Bank Julius Baer Customer Implicated in Alleged Tax Fraud

Reuters is reporting that Bank Julius Baer is cooperating with French authorities in their criminal investigation into an alleged value-added-tax (“VAT”) fraud in the EU Emissions Trading System. ...more

Angels in Limbo: Congress and SEC Consider Regulatory Changes with Potential for Profound Effects on Start-Up Investments

Three events occurred during 2013 that have the potential to significantly affect angel investment around the country: (1) the Securities and Exchange Commission (“SEC”) lifted the prohibition on general solicitation for...more

The future of multifamily housing bonds?

Earlier this year, President Obama included within his Administration’s budget to Congress certain tax proposals. Among those was a proposal to allow states to convert up to 8 percent of their private activity bond (PAB)...more

SEC Issues Guidance on Accredited Investor Status

On July 3, 2014, the SEC’s Division of Corporation Finance issued six new compliance and disclosure interpretations (C&DIs) regarding determination of accredited investor status for purposes of Rule 506(c). C&DI 255.48...more

Are Stock Buybacks Hurting The Economy?

According to “Companies’ Stock Buybacks Help Buoy the Market,” by Dan Strumpf, published in the WSJ on September 15, 2014, “[c]ompanies are buying their own shares at the briskest clip since the financial crisis, helping fuel...more

Mozambique's New Petroleum Legislation: Are Investors Ready to Hit the Gas?

Mozambique’s new Petroleum Law and new Petroleum Tax Law have been long awaited by foreign investors who have been looking for a clear and comprehensive legal framework to facilitate investment in the development of the...more

Corporate and Financial Weekly Digest - Volume IX, Issue 37

In this issue: - Council of Institutional Investors Issues Report on Board Evaluation Disclosure - FINRA Revises Proposal to Adopt Consolidated FINRA Rule 2231 - IRS Considers Whether Management Fees of...more

FATCA Violation Underlies Latest US Tax and Securities Fraud Charges

Indictment demonstrates the strength of US law enforcement efforts to combat offshore fraud and is the first to charge a FATCA violation. On September 9, 2014, in US v. Robert Bandfield, et al., federal prosecutors in...more

IRS Affirms Treatment of Short Sales for UBTI Purposes

Since there are many hedge funds that utilize short selling as part of their investment strategy, it is important for hedge fund investors, including tax exempt organizations, to understand the U.S. tax treatment of these...more

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