Sutherland Asbill & Brennan LLP

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

EU, General Licenses, IAEA, Implementation Day, Iran Sanctions

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Insurance Topics We Will Be Watching in 2014

With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2014. Forces, trends and events that we believe will affect regulation, transactions and…more

Affordable Care Act, Casualty Insurance, Federal Insurance Office, Healthcare, Healthcare Reform

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FY 2016 Budget Tax Proposals Target Insurance Companies

On February 2, the Obama Administration released its fiscal year 2016 budget (FY 2016 Budget). The hallmarks of the FY 2016 Budget are proposals that would impose (i) a minimum tax on the current foreign earnings of U.S…more

Barack Obama, Controlled Foreign Corporations, Corporate Taxes, FATCA, Federal Budget

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Executive Order Mandates Clean Energy Consumption at Federal Buildings

Yesterday, President Obama released an Executive Order entitled “Planning for Federal Sustainability in the Next Decade.” In short, the order mandates that heads of agency take action to promote energy conservation and…more

Barack Obama, Clean Energy, Executive Orders, Government Agencies

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SEC Proposes Controversial Rule Requiring Companies to Adopt No-Fault Clawback Policies

Recently, the U.S. Securities and Exchange Commission (SEC or the Commission) proposed a controversial new rule under the Dodd-Frank Act that instructs companies to establish policies that require “executive officers” to repay…more

Accounting, Clawbacks, Disclosure Requirements, Dodd-Frank, Executive Compensation

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New York State ALJ Determines Travel Reservation Facilitation Receipts and Online Advertising Receipts Constitute Service Receipts That Must Be Sourced Where Performed For Income Tax Purposes

There has been significant controversy in New York regarding whether receipts from services—particularly those that may be delivered via the Internet—constitute “service” receipts or “other business receipts” for corporate…more

Corporate Taxes, E-Commerce, Internet, State Taxes

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Price Optimization: 2015 Year in Review and a Look Ahead

2015 saw approximately one-third of U.S. states join the first state, Maryland, in issuing guidance to property and casualty insurers with respect to price optimization; action by the National Association of Insurance…more

Big Data, Insurance Industry, NAIC, Price Optimization, White Paper

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Legal Alert: Isolated Genes No Longer Patentable: Supreme Court Reverses Federal Circuit in Myriad Case

In a thinly worded unanimous decision in Assn. for Molecular Pathology v. Myriad Genetics, Inc. on June 13, 2013, the U.S. Supreme Court held that patent claims directed to genes are not patent eligible despite being claimed in…more

AMP v Myriad, DNA, Human Genes, Myriad, Patent-Eligible Subject Matter

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D.C. Circuit Holds that Coast Guard May Impose Nonfinancial Conditions Before Allowing Ships Accused of Violating MARPOL to Leave Port

On December 15, 2015, a panel of the U.S. Court of Appeals for the D.C. Circuit held that the U.S. Coast Guard could impose nonfinancial conditions, in addition to a bond, before permitting ships under suspicion of a MARPOL…more

Coast Guard, Oil & Gas, Oil Spills, Ports, Shipping

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Louisiana: Get Your Amnesty Before It's Gone!

Louisiana will offer a tax amnesty from November 16, 2015 to December 15, 2015. Taxpayers that agree to pay delinquent taxes will receive a waiver of 33% of penalties and 17% of interest…more

Department of Revenue, Income Taxes, Tax Amnesty

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Proposed Changes to Proposition 65: What It Means for Texas Businesses

If you’ve been to California recently, you likely returned with a heightened awareness of the dangers present in the products you consume and use on a daily basis. That is because in California, Proposition 65 requires…more

Proposition 65, Warning Labels

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Another Software Patent is Ruled Patent-Ineligible - Are Business Method and Software Patents at Risk?

On November 14, 2014, in a much-anticipated decision following the U.S. Supreme Court’s decision in Alice v. CLS Bank, a unanimous U.S. Court of Appeals for the Federal Circuit held in Ultramercial, L.L.C. v. WildTangent, Inc…more

CLS Bank v Alice Corp, Copyrights, Covered Business Method Patents, Mayo v. Prometheus, Online Advertisements

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Supreme Court Holds Dismissal of Individual Case in MDL Proceedings Is Immediately Appealable

The U.S. Supreme Court unanimously held yesterday in Gelboim v. Bank of America Corp., No. 13-1174, that an order disposing of an individual case previously consolidated with other cases for multidistrict litigation (MDL)…more

Antitrust Litigation, Appeals, Banks, Gelboim v Bank of America, Multidistrict Litigation

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Smokin’ Hot New Jersey Throw-Out Decision

In another taxpayer victory, the New Jersey Superior Court, Appellate Division held that an intangible holding company was not required to throw out any of its so-called “nowhere receipts” from an affiliated tobacco company in…more

Business Taxes, Holding Companies

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Dialing-In: TCPA Hot Issues for 2016

The year 2015 saw a continued wave of class action filings under the Telephone Consumer Protection Act (TCPA). However, unsettled law continues to place a compliance burden on companies that communicate with consumers by phone…more

Auto-Dialed Calls, Campbell Ewald v Gomez, Class Action, Corporate Counsel, FCC

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Bad Day for California as TTA Sales Tax Exemption for Software Is Broadly Reaffirmed by Appellate Court – Will Taxpayer Refund Claims Now Move?

In a significant rebuff of the California State Board of Equalization (BOE), the California Second District Court of Appeal held that a manufacturer’s sale of software on tangible media was exempt from sales tax under the…more

Appeals, CBOE, Copyright, IP Assignment Agreements, IP License

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Volcker Agencies Provide Seeding Period Guidance for BDCs, RICs and FPFs in New FAQ

On July 16, 2015, the agencies responsible for implementing the Volcker rule (Agencies) issued FAQ 16, which provides guidance on the circumstances under which a seed investment would not cause (i) a registered investment…more

Bank Holding Company, Business Development Companies, Covered Banking Entity, Federal Reserve, Investment Company Act of 1940

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COP21 Yields Landmark Climate Change Accord: What’s Next?

More than a week has passed since 195 countries announced a climate change deal to hold global average temperatures to 2°C above pre-industrial levels, with an aspirational ceiling of 1.5°C. While the accord represents an…more

Climate Change, Intended Nationally Determined Contributions (INDC), Paris Agreement

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NAIC IUL Illustration Subgroup Proposes Revisions to Actuarial Guideline 49

On November 3, the National Association of Insurance Commissioners (NAIC) IUL Illustration (A) Subgroup circulated for comment proposed revisions (Proposed Revisions) to recently adopted Actuarial Guideline 49 governing…more

Actuarial Values, Life Insurance, NAIC, Proposed Amendments, S&P

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The Aftermath of a Section 355 Transaction

In this article: - Mechanics of Section 355 - Framework for analysis - Deviation from asserted corporate business purpose - Post-spin events involving Distributing or Controlled assets -…more

Articles of Incorporation, Corporate Charters, Section 355, Stocks

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Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending…more

Chapter 11, Commercial Bankruptcy, Commercial Loans, General Motors, Intent

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MTC Launches Transfer Pricing Effort

On June 2, the Arm’s Length Advisory Group (the Group) of the Multistate Tax Commission (MTC) met in St. Louis, Missouri, to begin the process of developing a multistate arm’s length pricing adjustment service. States…more

Audits, Multistate Tax Compact, Transfer Pricing

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Broker-Dealers Face Unique Challenges Under Unclaimed Property Laws, Says New SIFMA White Paper

On January 23, 2015, the Securities Industry and Financial Markets Association (SIFMA) released a new white paper outlining the unique and varied challenges broker-dealers face when complying with state unclaimed property laws…more

Broker-Dealer, Securities, SIFMA, Unclaimed Property, White Paper

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IRS Issues Preliminary Section 529A ABLE Plan Guidance

On March 10, 2015, the Internal Revenue Service released Notice 2015-18, which provides advance notification of a provision that is expected to be included in final regulations to be issued under section 529A of the Internal…more

ABLE Act, IRS, Section 529 Program, Section 529A

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New Defense Department Guidance on Mergers and Acquisitions

On September 30, the U.S. Department of Defense (DoD or the Department) issued new guidance that reaffirmed its earlier view that it would not look favorably on mergers of “top tier defense firms.” The Department declared its…more

Acquisitions, Antitrust Provisions, Defense Contracts, Defense Sector, Department of Defense (DOD)

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Volcker Agencies Provide Seeding Period Guidance for BDCs, RICs and FPFs in New FAQ

On July 16, 2015, the agencies responsible for implementing the Volcker rule (Agencies) issued FAQ 16, which provides guidance on the circumstances under which a seed investment would not cause (i) a registered investment…more

Bank Holding Company, Business Development Companies, Covered Banking Entity, Federal Reserve, Investment Company Act of 1940

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Treasury and U.S. Trade Representative Notify Congress of Intent to Initiate Negotiations on Covered Agreement With EU Regarding U.S. Equivalence

On Friday, November 20, 2015, the U.S. Department of the Treasury and the U.S. Trade Representative (USTR) notified the chairs of the U.S. House Financial Services Committee, House Ways and Means Committee, Senate Banking…more

Covered Agreement, Doctrine of Equivalents, Dodd-Frank, EU, Negotiations

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All Nine Agree: U.S. Supreme Court Holds that the Tax Injunction Act Does Not Bar DMA’s Action in Federal Court

Yesterday the U.S. Supreme Court unanimously held in Direct Marketing Ass’n v. Brohl that the Tax Injunction Act (TIA) does not bar Direct Marketing Association’s federal lawsuit against Colorado.1 The TIA provides that federal…more

Direct Mkting Association v Brohl, Reporting Requirements, Sales & Use Tax, SCOTUS, Tax Injunction Act

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New York City Legislation Enacts General Corporation Tax Reform

On April 13, 2015, Governor Andrew Cuomo signed New York’s 2015-2016 budget legislation, which, among other changes, conforms the New York City general corporation tax (GCT) to the most significant changes from last year’s New…more

Andrew Cuomo, Corporate Taxes, Franchise Taxes, State Budgets, Tax Reform

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Jackson EMC Prevails in Grandfather Rights Dispute Before Full Commission

As previously reported, on April 3, 2015, a hearing officer of the Georgia Public Service Commission issued an initial decision in favor of Jackson EMC in its dispute with Georgia Power Company over the right to serve a wood…more

Electric Generation Suppliers, Georgia Power, Grandfathered Status, Power Companies, Public Service Commissions

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Mandatory Clearing in Europe May Still Be “A Ways Off”: ESMA Responds to Proposed Amendments on Interest Rate Swaps Clearing RTS and Postpones Consideration of FX NDF Clearing

The Dodd-Frank Wall Street Reform and Consumer Protection Act’s mandatory clearing requirement for interest rate swaps and certain credit default swaps has been in place for quite some time. However, the clearing requirement for…more

Dodd-Frank, EMIR, ESMA, EU, European Securities and Markets Authority

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The CFPB Proposes to Supervise Nonbanks that Perform One Million or More International Money Transfers Per Year

On January 23, 2014, the Consumer Financial Protection Bureau (CFPB) proposed a rule whereby the definition of “larger participants” will be expanded to include nonbanks that perform one million or more international money…more

CFPB, Compliance, Enforcement, Money Transfer, Nonbank Firms

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SEC Proposes Rule Related to Use of Derivatives and Financial Commitment Transactions by Regulated Funds

In December 2015, the Securities and Exchange Commission (the SEC) proposed a new Rule 18f-4 under the Investment Company Act of 1940 (the 1940 Act) that would, if adopted, affect the ability of mutual funds, exchange-traded…more

Derivatives, ETFs, Investment Company Act of 1940, Rule 18f-4, SEC

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“White Collar” Exemptions Defined and Delimited

On June 30, the Wage and Hour Division of the U.S. Department of Labor (DOL) issued its much-anticipated Notice of Proposed Rulemaking (NPRM) on “Defining and Delimiting the Exemptions for Executive, Administrative,…more

Bonuses, Comment Period, DOL, Exempt-Employees, FLSA

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“White Collar” Exemptions Defined and Delimited

On June 30, the Wage and Hour Division of the U.S. Department of Labor (DOL) issued its much-anticipated Notice of Proposed Rulemaking (NPRM) on “Defining and Delimiting the Exemptions for Executive, Administrative,…more

Bonuses, Comment Period, DOL, Exempt-Employees, FLSA

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Court of Appeals Hears Michigan’s Compact Election Cases

The long saga of Michigan's Multistate Tax Compact election continued on Wednesday with oral argument before the Michigan Court of Appeals. A packed courtroom witnessed a 1.5 hour proceeding before an active three-judge panel…more

Appeals, Apportionment, Corporate Taxes, Due Process, IBM

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U.S. Government Resets Cuban Policy and Eases Sanctions Against Cuba

Yesterday, President Obama announced that the United States and Cuba will begin talks to resume full diplomatic relations and partially lift travel and economic sanctions and restrictions, some of which have existed for more…more

Barack Obama, Cuba, Embargo, Foreign Relations, Sanctions

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Dialing-In: TCPA Hot Issues for 2016

The year 2015 saw a continued wave of class action filings under the Telephone Consumer Protection Act (TCPA). However, unsettled law continues to place a compliance burden on companies that communicate with consumers by phone…more

Auto-Dialed Calls, Campbell Ewald v Gomez, Class Action, Corporate Counsel, FCC

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CFTC Amends Regulation 1.35

U.S. Commodity Futures Trading Commission (CFTC) Regulation 1.35 requires futures commission merchants (FCMs), retail foreign exchange dealers (RFEDs), introducing brokers (IBs) and members of a swap execution facility (SEF) or…more

Amended Regulation, CFTC, Dodd-Frank, Final Rules, Market Participants

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Omnicare Opinion Expands Liability for Expressions of Opinion Under Section 11

The Supreme Court, in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, 575 U.S. ___ (March 24, 2015), expanded the scope of liability for expressions of opinions under Section 11 of the Securities…more

Omnicare v Laborers District Council, Registration Statement, SCOTUS, Section 11, Securities Act of 1933

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CFTC Fines Summit Energy Services, Inc. for Violating CTA Registration Rules Under the Commodity Exchange Act

On January 16, the Commodity Futures Trading Commission (CFTC) issued a settlement order requiring Summit Energy Services, Inc. (Summit Energy) to pay a $140,000 civil monetary penalty for acting as an unregistered commodity…more

CFTC, Civil Monetary Penalty, Commodities Exchange Act, CTA, Enforcement Actions

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The Windy City’s Taxes on Cloud Computing, Streaming Services

On August 7, the Chicago Department of Finance delayed the effective date of the imposition of the Personal Property Lease Transaction Tax (the Lease Tax) on cloud computing services from September 1, 2015, to January 1, 2016…more

Cloud Computing, Leases, Personal Property Tax, Popular, Property Tax

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International Design Patent Filing Option Available May 13, 2015, to U.S. Filers

Beginning May 13, 2015, U.S. applicants will be able to file international design patent applications through the U.S. Patent and Trademark Office. In addition, U.S. design patents resulting from applications filed on or after…more

Design Patent, Hague Agreement, Patent Applications, Patents, USPTO

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Allocating Section 871(m) Withholding Tax Risk: ISDA Publishes New Protocol Addressing Withholding Under Section 871(m)

On November 2, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA 2015 Section 871(m) Protocol (the Protocol) that provides an efficient method to amend existing ISDA Master Agreements to address…more

ISDA, ISDA Master Agreement, Market Participants, Withholding Tax

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Massachusetts Treasurer Demands National Mutual Fund Records in Multistate Unclaimed Property Audit

Late this summer, the Massachusetts Treasurer demanded mutual fund records on a nationwide basis as part of a multistate unclaimed property audit. Thirty-five (35) states are involved in the audit, but the Treasurer has sought…more

Audits, Death Master Files, IRA, Mutual Funds, Social Security Administration (SSA)

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IRS Warns Plan Sponsors About Hardship Withdrawal Documentation

In a recent Employee Plans Newsletter, the Internal Revenue Service (IRS) warned plan sponsors that they must obtain and keep documentation related to hardship withdrawals, particularly the documentation necessary to…more

Benefit Plan Sponsors, Hardship Distributions, IRS, Record Retention, Required Documentation

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To the Direct Acquirer Belong the Tax Attributes: Proposed Regulations Modify the Definition of Acquiring Corporation for Purposes of IRC § 381

On May 7, Treasury and the IRS published proposed regulations addressing which corporation succeeds to the tax attributes of another corporation that transfers assets in an acquisitive asset reorganization described in IRC §§…more

Acquisitions, Asset Transfer, Business Assets, Internal Revenue Code (IRC), IRS

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PCI DSS – What It Is and Why It Is Relevant to Your Business

Increasingly, companies are raising questions about PCI-DSS and its applicability to their businesses. This Legal Alert summarizes the basic aspects of PCI-DSS and its application…more

Data Breach, Data Protection, Data Security, Debit and Credit Card Transactions, Merchants

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Legal Alert: A Little Rule With Big Implications: USPTO Implements New Fee Schedule Including a 75% Reduction in Patent Fees for Applicants Qualifying for "Micro Entity" Status

On March 19, 2013, the United States Patent and Trademark Office (USPTO) implemented a new fee schedule as authorized by the Leahy-Smith America Invents Act (Act). Among numerous changes in the fees for patent services provided…more

America Invents Act, Micro Entity Status, Patent Applications, Patent Fees, Patent Reform

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Dialing-In: TCPA Hot Issues for 2016

The year 2015 saw a continued wave of class action filings under the Telephone Consumer Protection Act (TCPA). However, unsettled law continues to place a compliance burden on companies that communicate with consumers by phone…more

Auto-Dialed Calls, Campbell Ewald v Gomez, Class Action, Corporate Counsel, FCC

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2014 in Review: ERISA Individual Prohibited Transaction Exemptions and Advisory Opinions

In 2014, the Department of Labor (DOL) maintained a diminished program of advance guidance under the Employment Retirement Income Security Act of 1974, as amended (ERISA), in response to requests from the regulated community…more

Affordable Care Act, DOL, EBSA, ERISA, Exemptions

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Deadline Approaching for Submission of 2014 BEA Surveys of U.S. Direct Investment Abroad and Foreign Direct Investment in the U.S.

The Bureau of Economic Analysis (BEA) of the U.S. Commerce Department is conducting its quinquennial (every five years) survey of investment in foreign entities. The BE-10 Benchmark Survey (BE-10 Survey) is the most…more

BEA, Deadlines, Foreign Direct Investment, Foreign Subsidiaries, Form BE-10

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Legal Alert: The 2012 Tax Litigation Year in Review: Important Events

The year 2012 was quite an interesting one for tax controversy. Whereas 2011 brought a win for the Treasury on deference issues in Mayo Foundation for Medical Ed. v. United States, 131 S. Ct. 704 (2011), 2012 was the year courts…more

Administrative Procedure Act, Dominion Resources, FICA Taxes, H&M, Hewlett-Packard

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BLM Issues First Federal Regulations for Hydraulic Fracturing

On Thursday, March 26, 2015, the U.S. Department of the Interior’s Bureau of Land Management (BLM) published in the Federal Register the Final Rule on hydraulic fracturing on federal and Indian lands. The Final Rule sets forth…more

Bureau of Land Management, Energy Sector, Final Rules, Fracking, Government Land

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Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending…more

Chapter 11, Commercial Bankruptcy, Commercial Loans, General Motors, Intent

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Simplified Partnership Audit Procedures Radically Alter the Federal Income Tax Treatment of Partnerships

On November 2, 2015, President Obama signed the Budget Act of 2015 (the “2015 Budget Act”), which makes significant amendments to the procedural rules governing federal income tax audits and judicial proceedings that apply to…more

Audits, Income Taxes, Partnerships, TEFRA

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Price Optimization: 2015 Year in Review and a Look Ahead

2015 saw approximately one-third of U.S. states join the first state, Maryland, in issuing guidance to property and casualty insurers with respect to price optimization; action by the National Association of Insurance…more

Big Data, Insurance Industry, NAIC, Price Optimization, White Paper

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The Ninth Circuit Raises Pleading Standards for FLSA Plaintiffs

The U.S. Court of Appeals for the Ninth Circuit makes pleading Fair Labor Standards Act (FLSA) violations more difficult by applying the heightened standard in Bell Atlantic Corp. v. Twombly, 550 U.S. 544 (2007), and Ashcroft v…more

Employer Liability Issues, FLSA, Minimum Wage, Pleading Standards, Twombly/Iqbal Pleading Standard

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UK Banking Regulator Finalizes Rules Requiring Adherence to Contractual Stay

On November 13, the Bank of England’s Prudential Regulation Authority (PRA) published a final policy statement titled “Contractual Stays in Financial Contracts Governed by Third-Country Law” (the PRA Policy Statement). These…more

Bank of England, Banking Regulators, BRRD, EU, Policy Statement

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Solar Products from China and Taiwan Face Major New Investigations

On February 14, the U.S. International Trade Commission (“ITC”) voted to go forward with the new antidumping and countervailing duty cases filed on New Year’s Eve by SolarWorld Industries America, Inc., the U.S. solar panel unit…more

Anti-Dumping Duty, China, Countervailing Duties, Investigations, ITC

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Legal Alert: The Tax Court Approves the Use of Predictive Coding

On September 17, the U.S. Tax Court, in Dynamo Holdings LP v. Commissioner, 143 T.C. No. 9 (Sept. 17, 2014), held that a taxpayer could use predictive coding, over the objection of the Internal Revenue Service (IRS), to identify…more

Attorney-Client Privilege, Discovery, Electronically Stored Information, Federal Rules of Civil Procedure, IRS

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Inherited IRAs Are Not Bankruptcy-Exempt as “Retirement Funds”

On June 12, 2014, the U.S. Supreme Court unanimously held in Clark v. Rameker that an inherited individual retirement account (IRA) does not qualify for the “retirement funds” exemption in the Bankruptcy Code and is not excluded…more

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MTC Launches Transfer Pricing Effort

On June 2, the Arm’s Length Advisory Group (the Group) of the Multistate Tax Commission (MTC) met in St. Louis, Missouri, to begin the process of developing a multistate arm’s length pricing adjustment service. States…more

Audits, Multistate Tax Compact, Transfer Pricing

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Dialing-In: TCPA Hot Issues for 2016

The year 2015 saw a continued wave of class action filings under the Telephone Consumer Protection Act (TCPA). However, unsettled law continues to place a compliance burden on companies that communicate with consumers by phone…more

Auto-Dialed Calls, Campbell Ewald v Gomez, Class Action, Corporate Counsel, FCC

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Update: FERC Five-Year Review of Oil Pipeline Rate Indexation

On June 30, the Federal Energy Regulatory Commission (FERC) issued a Notice of Inquiry (NOI) that proposed an adjustment to the annual indexation formula for oil pipeline rates. The NOI sought comments on a proposed indexation…more

Comment Period, FERC, Notice of Inquiry, Oil & Gas, Pipelines

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President Signs Changes to Collins Amendment Favorable to Insurers

On December 18, President Obama signed into law the Insurance Capital Standards Clarification Act of 2014 (the Act). The Act makes it clear that the Board of Governors of the Federal Reserve (the Fed) is not required to apply…more

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DOL and Treasury Update 2015-2016 Regulatory Agendas for Employee Benefits

The principal regulators of U.S. employee benefits have recently published updates to their guidance plans for the coming months. On November 19, 2015, the U.S. Department of Labor (DOL) updated its Semi-Annual Regulatory…more

DOL, Employee Benefits, Employer Group Health Plans, Executive Compensation, IRS

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Amnesty, Hon! Maryland Tax Amnesty Begins September 1, 2015

From September 1, 2015, through October 30, 2015, the Comptroller of Maryland will administer a Tax Amnesty Program (Program) for tax periods beginning before December 31, 2014. Eligible taxpayers that participate in the Program…more

Corporate Taxes, General Assembly, Income Taxes, Sales & Use Tax, Tax Amnesty

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Dialing-In: TCPA Hot Issues for 2016

The year 2015 saw a continued wave of class action filings under the Telephone Consumer Protection Act (TCPA). However, unsettled law continues to place a compliance burden on companies that communicate with consumers by phone…more

Auto-Dialed Calls, Campbell Ewald v Gomez, Class Action, Corporate Counsel, FCC

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Court of Appeals Hears Michigan’s Compact Election Cases

The long saga of Michigan's Multistate Tax Compact election continued on Wednesday with oral argument before the Michigan Court of Appeals. A packed courtroom witnessed a 1.5 hour proceeding before an active three-judge panel…more

Appeals, Apportionment, Corporate Taxes, Due Process, IBM

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Counterparty Rights in Energy Bankruptcies

For the past several years, low interest rates and higher commodity prices have resulted in generally favorable financial conditions in the energy sector, keeping energy bankruptcy activity to a minimum. With the recent sharp…more

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Insurance Topics We Will Be Watching in 2014

With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2014. Forces, trends and events that we believe will affect regulation, transactions and…more

Affordable Care Act, Casualty Insurance, Federal Insurance Office, Healthcare, Healthcare Reform

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Texas Supreme Court Rules CGL Policy’s “Contractual Liability" Exclusion Does Not Bar Coverage for Claims Arising From Construction Defects

On January 17, 2014, the Supreme Court of Texas rejected a commercial general liability (“CGL”) insurer’s attempt to invoke the “contractual liability” exclusion to deny coverage under a standard CGL policy regarding a…more

Breach of Contract, Commercial General Liability Policies, Construction Contracts, Construction Defects, Construction Disputes

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Legal Alert: CFPB Proposes to Examine and Directly Supervise Nonbank Auto Lenders

On September 17, the Consumer Financial Protection Bureau (CFPB) proposed to make nonbank automobile lenders subject to the examination and direct supervision of the Bureau. The proposed rule can be found here. Under the…more

Automotive Industry, Automotive Loans, CFPB, Larger Participant, Nonbank Firms

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PHMSA Announces Proposed Pipeline Safety Regulations

On October 1, 2015, the U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA) announced proposed regulations to revise and update its pipeline safety standards and reporting…more

Department of Transportation (DOT), NPRM, Oil & Gas, PHMSA, Pipelines

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November 19, 2015 FERC Meeting – Energy Storage Panel

On November 19, 2015, the Federal Energy Regulatory Commission (FERC or the Commission) hosted an Energy Storage Panel discussion as part of its regular monthly Commission Meeting (Docket No. AD16-12-000). The Commission invited…more

CAISO, DOE, Energy Sector, Energy Storage, FERC

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Trademark Wars: The First Amendment Strikes Back – Lanham Act’s Disparaging Trademark Registration Ban Struck Down as Unconstitutional

The U.S. Court of Appeals for the Federal Circuit, en banc, has ruled that Section 2(a) of the Lanham Act precluding “disparaging” trademark registrations is unconstitutional, rejecting the argument that trademark registration…more

Disparagement, First Amendment, Lanham Act, Redskins, Strict Scrutiny Standard

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Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending…more

Chapter 11, Commercial Bankruptcy, Commercial Loans, General Motors, Intent

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FERC Proposes Expansive “Connected Entity” Reporting Requirement

The Federal Energy Regulatory Commission (FERC) has proposed requiring the operators of centralized wholesale power markets to collect and provide to FERC a broad range of market participant data, including (i) each market…more

Affiliates, Asset Management, C-Suite Executives, CFTC, Comment Period

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November 19, 2015 FERC Meeting – Energy Storage Panel

On November 19, 2015, the Federal Energy Regulatory Commission (FERC or the Commission) hosted an Energy Storage Panel discussion as part of its regular monthly Commission Meeting (Docket No. AD16-12-000). The Commission invited…more

CAISO, DOE, Energy Sector, Energy Storage, FERC

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International Design Patent Filing Option Available May 13, 2015, to U.S. Filers

Beginning May 13, 2015, U.S. applicants will be able to file international design patent applications through the U.S. Patent and Trademark Office. In addition, U.S. design patents resulting from applications filed on or after…more

Design Patent, Hague Agreement, Patent Applications, Patents, USPTO

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California Supreme Court Holds Multistate Tax Compact is Not Binding

On December 31, 2015, the California Supreme Court closed the book on California’s Multistate Tax Compact election saga, unanimously holding that the Compact is not a binding contract among its members and the State was not…more

CA Supreme Court, Corporate Taxes, Franchise Tax Board, Gillette v Franchise Tax Board, Multistate Corporations

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MTC Launches Transfer Pricing Effort

On June 2, the Arm’s Length Advisory Group (the Group) of the Multistate Tax Commission (MTC) met in St. Louis, Missouri, to begin the process of developing a multistate arm’s length pricing adjustment service. States…more

Audits, Multistate Tax Compact, Transfer Pricing

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CFTC and NFA Afford Relief from Certain CTA Periodic Reporting Obligations

On July 21, the staff of the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) published an exemptive letter that provides relief from periodic reporting on CFTC Form CTA-PR…more

CFTC, CTA, DSIO, Exemptive Relief, Reporting Requirements

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Dialing-In: TCPA Hot Issues for 2016

The year 2015 saw a continued wave of class action filings under the Telephone Consumer Protection Act (TCPA). However, unsettled law continues to place a compliance burden on companies that communicate with consumers by phone…more

Auto-Dialed Calls, Campbell Ewald v Gomez, Class Action, Corporate Counsel, FCC

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Regulators Respond to Recent Crude by Rail Incidents: Ten Considerations Before Shipping Crude by Rail to Mitigate Exposure

Last week’s derailments in West Virginia and Canada bring more scrutiny to the already heavily scrutinized shipment of crude by rail given the real-time media coverage of the incidents. Last Friday, Oregon Senator Ron…more

Crude by Rail, Oil & Gas, Oil Spills, PHMSA, Railroads

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Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending…more

Chapter 11, Commercial Bankruptcy, Commercial Loans, General Motors, Intent

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First Investor Control Case Since 1984 Is Released

On June 30, the Tax Court released Webber v. Commissioner, 144 T.C. No.17, in which the court upheld and applied the principles set forth in the Internal Revenue Service’s (IRS) “investor control” rulings, concluding that for…more

Life Insurance, Private Placement Life Insurance

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FERC Confirms Distribution Cooperatives Must Purchase QF Output

A distribution cooperative must purchase the electrical output made available to it by a qualifying facility (QF), notwithstanding restrictions in the cooperative’s all-requirements contract with its generation and transmission…more

Electricity, FERC, PURPA

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Validus Affirmed for All the Right Reasons – The FET Does Not Apply to Wholly Foreign Reinsurance Transactions

On May 26, the U.S. Court of Appeals for the District of Columbia affirmed the result of the U.S. District Court for the District of Columbia in Validus Reinsurance, Ltd. v. U.S., 19 F. Supp. 3d 225 (2014), which was the first…more

Excise Tax, Extraterritoriality Rules, Foreign Insurance Companies, IRS, Reinsurance

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Omnicare Opinion Expands Liability for Expressions of Opinion Under Section 11

The Supreme Court, in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, 575 U.S. ___ (March 24, 2015), expanded the scope of liability for expressions of opinions under Section 11 of the Securities…more

Omnicare v Laborers District Council, Registration Statement, SCOTUS, Section 11, Securities Act of 1933

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Congress Amends Section 831(b): Is This the Beginning of the End of Section 831(b) Abuses?

On December 18, 2015, Congress passed and President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (Act), which made several significant amendments to section 831(b) of the Internal Revenue Code. Prior…more

Annual Reports, Internal Revenue Code (IRC), Protecting Americans from Tax Hikes (PATH) Act, Reinsurance, Underwriting

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Broker-Dealers Face Unique Challenges Under Unclaimed Property Laws, Says New SIFMA White Paper

On January 23, 2015, the Securities Industry and Financial Markets Association (SIFMA) released a new white paper outlining the unique and varied challenges broker-dealers face when complying with state unclaimed property laws…more

Broker-Dealer, Securities, SIFMA, Unclaimed Property, White Paper

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Another Software Patent is Ruled Patent-Ineligible - Are Business Method and Software Patents at Risk?

On November 14, 2014, in a much-anticipated decision following the U.S. Supreme Court’s decision in Alice v. CLS Bank, a unanimous U.S. Court of Appeals for the Federal Circuit held in Ultramercial, L.L.C. v. WildTangent, Inc…more

CLS Bank v Alice Corp, Copyrights, Covered Business Method Patents, Mayo v. Prometheus, Online Advertisements

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FERC Proposes Expansive “Connected Entity” Reporting Requirement

The Federal Energy Regulatory Commission (FERC) has proposed requiring the operators of centralized wholesale power markets to collect and provide to FERC a broad range of market participant data, including (i) each market…more

Affiliates, Asset Management, C-Suite Executives, CFTC, Comment Period

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California Supreme Court Holds Multistate Tax Compact is Not Binding

On December 31, 2015, the California Supreme Court closed the book on California’s Multistate Tax Compact election saga, unanimously holding that the Compact is not a binding contract among its members and the State was not…more

CA Supreme Court, Corporate Taxes, Franchise Tax Board, Gillette v Franchise Tax Board, Multistate Corporations

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U.S. Supreme Court Holds That Time Spent in Security Screenings Not Compensable Under FLSA

On December 9, 2014, the United States Supreme Court unanimously reversed a decision by the United States Court of Appeals for the Ninth Circuit holding that warehouse employees had stated a claim for unpaid wages under the Fair…more

FLSA, Integrity Staffing v Busk, SCOTUS, Security Checks, Wage and Hour

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Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending…more

Chapter 11, Commercial Bankruptcy, Commercial Loans, General Motors, Intent

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Colombia Seeks Foreign Investment to Expand Timberland Plantations

Colombia plans to double its cultivated acreage from one million to two million hectares by 2020, according to Rubén Darío Lizarralde, the country’s Minister of Agriculture and Rural Development. Lizarralde announced the planned…more

Foreign Investment, Forestry, Free Trade Agreement, Income Taxes, International Tax Issues

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Price Optimization: 2015 Year in Review and a Look Ahead

2015 saw approximately one-third of U.S. states join the first state, Maryland, in issuing guidance to property and casualty insurers with respect to price optimization; action by the National Association of Insurance…more

Big Data, Insurance Industry, NAIC, Price Optimization, White Paper

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Florida Legislature Relaxes Agency Licensing Requirements for Broker-Dealer Branch Offices Selling Insurance Products but Creates New Disclosure Requirements for Surrenders

Under current Florida insurance laws, branch offices of broker-dealers selling insurance products in Florida are required to either “license” or “register” as agency branches (in addition to satisfying insurance producer…more

Broker-Dealer, Disclosure Requirements, Insurance Brokers, Insurance Industry, Licensing Rules

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2014 in Review: ERISA Individual Prohibited Transaction Exemptions and Advisory Opinions

In 2014, the Department of Labor (DOL) maintained a diminished program of advance guidance under the Employment Retirement Income Security Act of 1974, as amended (ERISA), in response to requests from the regulated community…more

Affordable Care Act, DOL, EBSA, ERISA, Exemptions

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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

EU, General Licenses, IAEA, Implementation Day, Iran Sanctions

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Legal Alert: Marvin M. Brandt Revocable Trust v. United States: Supreme Court Opens the Door to Potential Fifth Amendment Takings Litigation in Rails-to-Trails Cases

In what is commonly known as a rails-to-trails case, the U.S. Supreme Court held on March 10, 2014, in an eight-to-one decision, that certain railroad rights-of-way revert to private property owners following the railroad’s…more

Brandt Irrevocable Trust v Us, Fifth Amendment, Railways, SCOTUS, Takings

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Colombia Seeks Foreign Investment to Expand Timberland Plantations

Colombia plans to double its cultivated acreage from one million to two million hectares by 2020, according to Rubén Darío Lizarralde, the country’s Minister of Agriculture and Rural Development. Lizarralde announced the planned…more

Foreign Investment, Forestry, Free Trade Agreement, Income Taxes, International Tax Issues

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Final Clean Power Plan Released; Significant Changes Will Not Ward Off Legal Challenges

On August 3, the U.S. Environmental Protection Agency (EPA) released its long-awaited final rule regulating carbon emissions from existing power plants (Clean Power Plan). In nine months, EPA waded through more than four million…more

Carbon Emissions, Clean Power Plan, Energy Sector, EPA

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Preliminary Report on the Swap Dealer De Minimis Exception

On November 18, the staff of the Commodity Futures Trading Commission (CFTC) issued a much anticipated report on the de minimis exception from the “swap dealer” definition, the Swap Dealer De Minimis Exception Preliminary Report…more

CFTC, Comment Period, De Minimus Quantity Exemption, Registration Requirement, Swap Dealers

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Legal Alert: Private Offerings: The SEC Lifts Ban on General Solicitation But Proposes a Hefty Regulatory Burden in Return

During an open meeting of the U.S. Securities and Exchange Commission (the SEC) on July 10, 2013, the SEC adopted a rule that lifts the ban on general solicitation of unregistered securities offerings and paves the way for…more

Advertising, Bad Actors, General Solicitation, JOBS Act, Regulation D

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Inherited IRAs Are Not Bankruptcy-Exempt as “Retirement Funds”

On June 12, 2014, the U.S. Supreme Court unanimously held in Clark v. Rameker that an inherited individual retirement account (IRA) does not qualify for the “retirement funds” exemption in the Bankruptcy Code and is not excluded…more

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Department of Energy Report Indicates Fracking Has Not Contaminated Drinking Water in Western Pennsylvania

A recent study by the Department of Energy’s National Energy Technology Laboratory (NETL) indicates that chemical-laced fluids used in hydraulic fracturing, or fracking, have not contaminated the drinking water at a test drill…more

Chemicals, Contamination, DOE, Energy, Fracking

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D.C. Circuit Holds that Coast Guard May Impose Nonfinancial Conditions Before Allowing Ships Accused of Violating MARPOL to Leave Port

On December 15, 2015, a panel of the U.S. Court of Appeals for the D.C. Circuit held that the U.S. Coast Guard could impose nonfinancial conditions, in addition to a bond, before permitting ships under suspicion of a MARPOL…more

Coast Guard, Oil & Gas, Oil Spills, Ports, Shipping

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Trademark Wars: The First Amendment Strikes Back – Lanham Act’s Disparaging Trademark Registration Ban Struck Down as Unconstitutional

The U.S. Court of Appeals for the Federal Circuit, en banc, has ruled that Section 2(a) of the Lanham Act precluding “disparaging” trademark registrations is unconstitutional, rejecting the argument that trademark registration…more

Disparagement, First Amendment, Lanham Act, Redskins, Strict Scrutiny Standard

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Supreme Court: For ERISA Plans, Time May Be Money

A new U.S. Supreme Court decision is a reminder that Employee Retirement Income Security Act (ERISA) plans must act promptly if they want to assert a lien to secure a participant’s obligation to reimburse medical expenses or to…more

Employer Group Health Plans, Equitable Relief, ERISA, Medical Expenses, Medical Liens

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Legal Alert: The 2012 Tax Litigation Year in Review: Important Events

The year 2012 was quite an interesting one for tax controversy. Whereas 2011 brought a win for the Treasury on deference issues in Mayo Foundation for Medical Ed. v. United States, 131 S. Ct. 704 (2011), 2012 was the year courts…more

Administrative Procedure Act, Dominion Resources, FICA Taxes, H&M, Hewlett-Packard

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Ten Items to Consider as FINRA’s Consolidated Supervision Rules Take Effect

On December 1, 2014, the Financial Industry Regulatory Authority’s (FINRA) Consolidated Supervision Rules will take effect. The Consolidated Supervision Rules, which were approved by the U.S. Securities and Exchange Commission…more

FINRA, Regulatory Standards, SEC

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Simplified Partnership Audit Procedures Radically Alter the Federal Income Tax Treatment of Partnerships

On November 2, 2015, President Obama signed the Budget Act of 2015 (the “2015 Budget Act”), which makes significant amendments to the procedural rules governing federal income tax audits and judicial proceedings that apply to…more

Audits, Income Taxes, Partnerships, TEFRA

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Michigan’s New Year Resolution: Refund Opportunities Associated with Electronically Accessed Software and Certain Online Services

The Michigan Department of Treasury (Department) issued a Notice announcing that it will no longer impose sales or use tax on certain prewritten computer software accessed electronically and associated online services. The…more

Online Platforms, Sales & Use Tax, Software, Thompson Reuters

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Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending…more

Chapter 11, Commercial Bankruptcy, Commercial Loans, General Motors, Intent

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Allocating Section 871(m) Withholding Tax Risk: ISDA Publishes New Protocol Addressing Withholding Under Section 871(m)

On November 2, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA 2015 Section 871(m) Protocol (the Protocol) that provides an efficient method to amend existing ISDA Master Agreements to address…more

ISDA, ISDA Master Agreement, Market Participants, Withholding Tax

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Legal Alert: A Little Rule With Big Implications: USPTO Implements New Fee Schedule Including a 75% Reduction in Patent Fees for Applicants Qualifying for "Micro Entity" Status

On March 19, 2013, the United States Patent and Trademark Office (USPTO) implemented a new fee schedule as authorized by the Leahy-Smith America Invents Act (Act). Among numerous changes in the fees for patent services provided…more

America Invents Act, Micro Entity Status, Patent Applications, Patent Fees, Patent Reform

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New York’s Insurance Regulator Announces Results of Cybersecurity Survey and Previews New Regulatory Initiatives

On February 9, the New York Department of Financial Services (DFS) released a Report on Cyber Security in the Insurance Sector (Report), summarizing the results of a survey completed by 43 insurers about their cybersecurity…more

Cybersecurity, Insurance Industry, NYDFS, Popular, Risk Assessment

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Focus On International Standards

The influence of international standards on the direction of insurance regulation in the United States has dominated public discussion about insurance regulation during recent years. Nowhere was that more evident than in…more

Congressional Investigations & Hearings, Corporate Governance, Insurance Industry, International Monetary Fund, NAIC

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Coming Soon - Mandatory Clearing of Interest Rate Swaps Under EMIR

On August 6, 2015, the European Commission (EC) adopted new rules that will require the clearing of certain over-the-counter (OTC) interest rate swaps pursuant to the European Market Infrastructure Regulation (EMIR) (the EU IRS…more

CFTC, EMIR, EU, Interest Rate Swaps, New Regulations

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CFTC Amends Regulation 1.35

U.S. Commodity Futures Trading Commission (CFTC) Regulation 1.35 requires futures commission merchants (FCMs), retail foreign exchange dealers (RFEDs), introducing brokers (IBs) and members of a swap execution facility (SEF) or…more

Amended Regulation, CFTC, Dodd-Frank, Final Rules, Market Participants

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Hailing a CAB – Does FINRA’s Proposed Capital Acquisition Broker Rule Set Get Private Fund Sponsors to Their Desired Destination?

For many years, the private fund industry and the securities bar have called for a limited rule set to govern broker-dealers solely engaged in raising capital for private funds or other issuers of unregistered securities or in…more

Broker-Dealer, Capital Raising, Comment Period, FINRA, Institutional Investors

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Trademark Wars: The First Amendment Strikes Back – Lanham Act’s Disparaging Trademark Registration Ban Struck Down as Unconstitutional

The U.S. Court of Appeals for the Federal Circuit, en banc, has ruled that Section 2(a) of the Lanham Act precluding “disparaging” trademark registrations is unconstitutional, rejecting the argument that trademark registration…more

Disparagement, First Amendment, Lanham Act, Redskins, Strict Scrutiny Standard

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New York’s Insurance Regulator Announces Results of Cybersecurity Survey and Previews New Regulatory Initiatives

On February 9, the New York Department of Financial Services (DFS) released a Report on Cyber Security in the Insurance Sector (Report), summarizing the results of a survey completed by 43 insurers about their cybersecurity…more

Cybersecurity, Insurance Industry, NYDFS, Popular, Risk Assessment

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FERC Proposes Expansive “Connected Entity” Reporting Requirement

The Federal Energy Regulatory Commission (FERC) has proposed requiring the operators of centralized wholesale power markets to collect and provide to FERC a broad range of market participant data, including (i) each market…more

Affiliates, Asset Management, C-Suite Executives, CFTC, Comment Period

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New SEC Guidance Adds Flexibility to BDC Co-Investing

The U.S. Securities and Exchange Commission (SEC) Division of Investment Management (the Division) just published guidance that will permit business development companies (BDCs) to co-invest with certain persons considered…more

Affiliates, Business Development, Business Development Companies, Equity Investors, Investment Company Act of 1940

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New Standards for Shipping Crude Oil, Petroleum Products and Renewable Fuel by Rail

On Friday, May 1, the U.S. Department of Transportation (“DOT”) issued a final rule establishing new requirements for transporting flammable liquids in a continuous block of 20 or more tank cars or 35 or more tank cars loaded…more

Crude by Rail, Department of Transportation (DOT), Final Rules, Oil & Gas, Railroads

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Broker-Dealers Face Unique Challenges Under Unclaimed Property Laws, Says New SIFMA White Paper

On January 23, 2015, the Securities Industry and Financial Markets Association (SIFMA) released a new white paper outlining the unique and varied challenges broker-dealers face when complying with state unclaimed property laws…more

Broker-Dealer, Securities, SIFMA, Unclaimed Property, White Paper

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Broker-Dealers Face Unique Challenges Under Unclaimed Property Laws, Says New SIFMA White Paper

On January 23, 2015, the Securities Industry and Financial Markets Association (SIFMA) released a new white paper outlining the unique and varied challenges broker-dealers face when complying with state unclaimed property laws…more

Broker-Dealer, Securities, SIFMA, Unclaimed Property, White Paper

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Supreme Court: For ERISA Plans, Time May Be Money

A new U.S. Supreme Court decision is a reminder that Employee Retirement Income Security Act (ERISA) plans must act promptly if they want to assert a lien to secure a participant’s obligation to reimburse medical expenses or to…more

Employer Group Health Plans, Equitable Relief, ERISA, Medical Expenses, Medical Liens

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U.S. Supreme Court Hears Oral Argument Over the Preclusive Effect of Administrative Trademark Determinations on Future Infringement Litigation

The U.S. Supreme Court heard oral argument last week in a much anticipated trademark matter, B&B Hardware Inc. v. Hargis Industries Inc. et al. The primary question presented was whether a likelihood-of-confusion determination…more

Administrative Hearings, B&B Hardware v Hargis Industries, Claim Preclusion, Infringement, Likelihood of Confusion

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Bueller? Bueller? MTC Still Calling on States to Join ALAS Program

The Multistate Tax Commission (MTC) advanced several items of interest during its annual fall meetings held in Charleston, South Carolina, this week, including the creation of a new committee to continue gathering support for…more

Arm's Length Principle, Multistate Tax Commission, Multistate Tax Compact, Nexus, Public Comment

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Dialing-In: TCPA Hot Issues for 2016

The year 2015 saw a continued wave of class action filings under the Telephone Consumer Protection Act (TCPA). However, unsettled law continues to place a compliance burden on companies that communicate with consumers by phone…more

Auto-Dialed Calls, Campbell Ewald v Gomez, Class Action, Corporate Counsel, FCC

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Legal Alert: Final Volcker Rule: Update and Key Takeaways for Insurers

On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Commodity Futures Trading…more

Bank Holding Company Act, Banks, CFTC, Collateralized Debt Obligations, Dodd-Frank

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Price Optimization: 2015 Year in Review and a Look Ahead

2015 saw approximately one-third of U.S. states join the first state, Maryland, in issuing guidance to property and casualty insurers with respect to price optimization; action by the National Association of Insurance…more

Big Data, Insurance Industry, NAIC, Price Optimization, White Paper

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Fifth Circuit Limits Pollution Liability

In a significant decision issued February 24, 2014, the Fifth U.S. Circuit Court of Appeals ruled that federal laws preempt state laws in the case of the 2010 Gulf of Mexico oil spill, because the event occurred in federal…more

Discharge of Pollutants, Environmental Liability, Gulf Oil Spill, Oil & Gas

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Texas Apartment Association Files Amicus Brief in U.S. Supreme Court Fair Housing Act Case

The U.S. Supreme Court will review a Fair Housing Act case to address whether the Act prohibits facially neutral conduct that has an unintended disparate impact on members of a protected class. In its amicus curiae brief, the…more

Affordable Housing, DHCA v Inclusive Communities Project, Discrimination, Disparate Impact, Fair Housing Act (FHA)

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FY 2016 Budget Tax Proposals Target Insurance Companies

On February 2, the Obama Administration released its fiscal year 2016 budget (FY 2016 Budget). The hallmarks of the FY 2016 Budget are proposals that would impose (i) a minimum tax on the current foreign earnings of U.S…more

Barack Obama, Controlled Foreign Corporations, Corporate Taxes, FATCA, Federal Budget

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Recent Developments on Variable Annuity Captive Reinsurance and Hedging Risk Evaluation; and Impacts on VA Issuers

In the midst of the broader discussion within the insurance regulatory community regarding the financial risks potentially posed by captive reinsurers, the National Association of Insurance Commissioners (NAIC) has recently…more

Captive Insurance Company, Insurance Industry, NAIC, Regulatory Agenda, Risk Assessment

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NAIC Close to Adopting Guideline for IUL Illustrations

On June 4, after long deliberation and extensive consultation with issuers of indexed universal life (IUL) insurance policies and other interested parties by the Life Actuarial (A) Task Force (LATF), the NAIC’s Life Insurance…more

Actuarial Values, Insurance Industry, Life Insurance, NAIC

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SEC Charges Investment Adviser with Failure to Adopt Required Cybersecurity Policies Prior to Breach

On September 22, the Securities and Exchange Commission (SEC) announced that it had entered into a settlement order with R.T. Jones Capital Equities Management, Inc. (R.T. Jones), a St. Louis-based SEC registered investment…more

Cybersecurity, Data Breach, Enforcement Actions, Investment Adviser, Personally Identifiable Information

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PHMSA Announces Proposed Pipeline Safety Regulations

On October 1, 2015, the U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA) announced proposed regulations to revise and update its pipeline safety standards and reporting…more

Department of Transportation (DOT), NPRM, Oil & Gas, PHMSA, Pipelines

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FIO Report Sets the Agenda for Discourse on the Future of Insurance Regulation

On December 12, 2013, the Federal Insurance Office (FIO) of the U.S. Department of the Treasury released its much anticipated study, How to Modernize and Improve the System of Insurance Regulation in the United States (Report). …more

Dodd-Frank, Federal Insurance Office, Insurance Industry, Insurance Reform, NAIC

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Legal Alert: CFPB Proposes to Examine and Directly Supervise Nonbank Auto Lenders

On September 17, the Consumer Financial Protection Bureau (CFPB) proposed to make nonbank automobile lenders subject to the examination and direct supervision of the Bureau. The proposed rule can be found here. Under the…more

Automotive Industry, Automotive Loans, CFPB, Larger Participant, Nonbank Firms

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D.C. Circuit Holds that Coast Guard May Impose Nonfinancial Conditions Before Allowing Ships Accused of Violating MARPOL to Leave Port

On December 15, 2015, a panel of the U.S. Court of Appeals for the D.C. Circuit held that the U.S. Coast Guard could impose nonfinancial conditions, in addition to a bond, before permitting ships under suspicion of a MARPOL…more

Coast Guard, Oil & Gas, Oil Spills, Ports, Shipping

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Labor Department Provides Guidance on ERISA Coverage of State-Run Retirement Programs for Private Sector Employers

In recent years, a number of states have explored the idea of establishing state-run retirement plans for private sector employees who do not have access to employer-sponsored retirement plans. The preemption concerns under the…more

Comment Period, Corporate Counsel, DOL, ERISA, Payroll Deductions

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FINRA’s Projected 2015 Fines: Not Keeping Pace With 2014’s Total, But Still a Blockbuster Year

Despite a slowdown in the fines reported in 2015, the Financial Industry Regulatory Authority (FINRA) has continued to flex its enforcement muscle so far this year. During the first half of 2015, FINRA reported $37.5 million in…more

Advertising, Anti-Money Laundering, Associated Persons, Broker-Dealer, Corporate Fines

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The SemCrude Bankruptcy: Commodity Traders Prevail Against Related Fraud and U.C.C. Claims

In 2008, SemCrude, L.P. and related entities (collectively, SemCrude or the Debtors) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. In connection with the SemCrude bankruptcy, a dispute arose…more

Chapter 11, Commercial Bankruptcy, Commodities, Derivatives, Energy Sector

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Court Rules on Antitrust Claims Arising from Changes to Electricity Pricing Plans for Home Solar Users

A federal court allowed certain antitrust and state law claims brought by an installer of distributed solar energy systems against Arizona’s Salt River Project Agricultural Improvement and Power District (SRP) to move forward in…more

Affirmative Defenses, Restraint of Trade, Sherman Act, Solar Panels, The Clayton Act

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Preliminary Report on the Swap Dealer De Minimis Exception

On November 18, the staff of the Commodity Futures Trading Commission (CFTC) issued a much anticipated report on the de minimis exception from the “swap dealer” definition, the Swap Dealer De Minimis Exception Preliminary Report…more

CFTC, Comment Period, De Minimus Quantity Exemption, Registration Requirement, Swap Dealers

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Simplified Partnership Audit Procedures Radically Alter the Federal Income Tax Treatment of Partnerships

On November 2, 2015, President Obama signed the Budget Act of 2015 (the “2015 Budget Act”), which makes significant amendments to the procedural rules governing federal income tax audits and judicial proceedings that apply to…more

Audits, Income Taxes, Partnerships, TEFRA

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IRS Establishes 80% Threshold for Energy Companies to Apply When Determining Whether “Substantially All” of a Major Component Has Been Replaced

On July 6, the Internal Revenue Service (IRS) Large Business and International Division issued a Directive1 to IRS agents regarding how to determine when a major component pertaining to steam or electric generation property has…more

Corporate Taxes, Electric Generation Suppliers, Energy Sector, IRS, Power Plants

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Congress Extends Internet Tax Freedom Act as part of Short-Term Spending Bill

On September 30, the U.S. House of Representative voted in favor of H.R. 719, which includes provisions extending the Internet Tax Freedom Act (ITFA) through December 11, 2015. The bill, passed earlier in the day by the Senate,…more

Internet, Internet Taxation, Legislative History, Pending Legislation

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Executive Order Mandates Clean Energy Consumption at Federal Buildings

Yesterday, President Obama released an Executive Order entitled “Planning for Federal Sustainability in the Next Decade.” In short, the order mandates that heads of agency take action to promote energy conservation and…more

Barack Obama, Clean Energy, Executive Orders, Government Agencies

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MTC Nearing Completion of Model Sourcing Regulation for Services and Intangibles

The Multistate Tax Commission’s (MTC) Annual Conference and Committee Meetings are being held on July 27-30, 2015, in Spokane, Washington. On Tuesday, July 28, 2015, at approximately 1:00 pm PDT (exact time subject to change),…more

Intangible Property, Leases, Market Based Approach, Model Rules, Multistate Tax Commission

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Treasury and the IRS Offer a New Take on the PFIC Active Insurance Exception

On April 23, Treasury and the IRS issued proposed regulations interpreting the active insurance exception under the passive foreign investment company (PFIC) rules. Although the release of the proposed regulations did not come…more

Foreign Insurance Companies, Insurance Industry, IRS, PFIC, Proposed Regulation

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MTC Launches Transfer Pricing Effort

On June 2, the Arm’s Length Advisory Group (the Group) of the Multistate Tax Commission (MTC) met in St. Louis, Missouri, to begin the process of developing a multistate arm’s length pricing adjustment service. States…more

Audits, Multistate Tax Compact, Transfer Pricing

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Supreme Court Allows Disparate-Impact Claims Under the Fair Housing Act

The Supreme Court held today that the Fair Housing Act (FHA) not only prohibits intentional discrimination, but also establishes liability for practices that result in a disparate impact on minority groups. Texas Department of…more

Affordable Housing, Disparate Impact, ECOA, Fair Housing Act (FHA), HUD

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New Law Doubles the Penalties for Failure to File Correct Tax Information Returns and Provide Payee Statements

On June 29, President Obama signed into law the Trade Preferences Extension Act of 2015. Quietly embedded in Section 806 of this new law is a provision that doubled the cap on penalties, from $1.5 million to $3 million, for…more

Affordable Care Act, Corporate Taxes, Gross Receipts, Income Taxes, Internal Revenue Code (IRC)

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New Temporary and Proposed Regulations Offer Welcome Clarification on Application of the Embedded Loan Rule

On May 8, 2015, the Treasury Department and the Internal Revenue Service published temporary and proposed regulations under IRC §§ 446 and 956 (T.D. 9719; REG-102656-15), clarifying when nonperiodic payments made pursuant to…more

Dodd-Frank, Internal Revenue Code (IRC), IRS, Proposed Regulation, Swaps

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Price Optimization: 2015 Year in Review and a Look Ahead

2015 saw approximately one-third of U.S. states join the first state, Maryland, in issuing guidance to property and casualty insurers with respect to price optimization; action by the National Association of Insurance…more

Big Data, Insurance Industry, NAIC, Price Optimization, White Paper

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Jackson EMC Prevails in Grandfather Rights Dispute Before Full Commission

As previously reported, on April 3, 2015, a hearing officer of the Georgia Public Service Commission issued an initial decision in favor of Jackson EMC in its dispute with Georgia Power Company over the right to serve a wood…more

Electric Generation Suppliers, Georgia Power, Grandfathered Status, Power Companies, Public Service Commissions

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PCI DSS – What It Is and Why It Is Relevant to Your Business

Increasingly, companies are raising questions about PCI-DSS and its applicability to their businesses. This Legal Alert summarizes the basic aspects of PCI-DSS and its application…more

Data Breach, Data Protection, Data Security, Debit and Credit Card Transactions, Merchants

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IRS Warns Plan Sponsors About Hardship Withdrawal Documentation

In a recent Employee Plans Newsletter, the Internal Revenue Service (IRS) warned plan sponsors that they must obtain and keep documentation related to hardship withdrawals, particularly the documentation necessary to…more

Benefit Plan Sponsors, Hardship Distributions, IRS, Record Retention, Required Documentation

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New Patent Eligibility Guidance: USPTO Tones Down the Rhetoric

On December 15, 2014, the U.S. Patent and Trademark Office issued its long-awaited Interim Guidance on Patent Subject Matter Eligibility (published in the Federal Register on December 16). The Guidance supersedes the guidelines…more

AMP v Myriad, CLS Bank v Alice Corp, Guidance Update, Mayo v. Prometheus, Patent-Eligible Subject Matter

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BLM Issues First Federal Regulations for Hydraulic Fracturing

On Thursday, March 26, 2015, the U.S. Department of the Interior’s Bureau of Land Management (BLM) published in the Federal Register the Final Rule on hydraulic fracturing on federal and Indian lands. The Final Rule sets forth…more

Bureau of Land Management, Energy Sector, Final Rules, Fracking, Government Land

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U.S. Supreme Court Hears Oral Argument Over the Preclusive Effect of Administrative Trademark Determinations on Future Infringement Litigation

The U.S. Supreme Court heard oral argument last week in a much anticipated trademark matter, B&B Hardware Inc. v. Hargis Industries Inc. et al. The primary question presented was whether a likelihood-of-confusion determination…more

Administrative Hearings, B&B Hardware v Hargis Industries, Claim Preclusion, Infringement, Likelihood of Confusion

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IRS Targets Use of Basket Option Contracts and Basket Contracts by Hedge Funds and Other Taxpayers as Tax Avoidance Transactions

On July 8, the Internal Revenue Service (IRS) issued two notices (Notice 2015-47, 2015-30 IRB 1, and Notice 2015-48, 2015-30 IRB 1) targeting the use of Basket Option Contracts and Basket Contracts as tax avoidance transactions…more

Internal Revenue Code (IRC), IRS, Limited Liability Companies, Partnerships, Passive Foreign Investment Company

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SEC Announces Second Round of Charges Against Underwriters Under MCDC Initiative

On September 30, the Securities and Exchange Commission (SEC) announced enforcement actions against 22 municipal bond underwriters, the second round of enforcement actions brought by the SEC under the Municipalities Continuing…more

Disclosure Requirements, Enforcement Actions, MCDC, Municipal Bonds, Municipal Securities Issuers

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Ho! Ho! Ho! Delaware Sets its Sights–Again–on Uncashed Rebate Checks

There’s never a dull moment in Delaware when it comes to unclaimed property. The latest salvo comes by way of a lawsuit filed by the Delaware Department of Finance against Blackhawk Engagement Solutions (DE), Inc. (formerly…more

Audits, Department of Finance, Escheat, Rebates, Summons

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Asbestos MDL Court Concludes Punitive Damages for Unseaworthiness Allowed for Seaman But Not for a Seaman’s Personal Representative in Wrongful Death or Survival Actions

In a consolidated asbestos products liability multidistrict litigation (MDL), the U.S. District Court for the Eastern District of Pennsylvania held in In re Asbestos Products Liability Litigation (No. VI), MDL 875, that punitive…more

Asbestos, Asbestos Litigation, Mesothelioma, Multidistrict Litigation

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Anthem’s Data Breach Affects Many Non-Anthem Plans: What Employers Need to Know Now

On February 4, 2015, Anthem Inc. (“Anthem”) disclosed that it had been a victim of a sophisticated cyber-attack that compromised the personal health plan data of up to 80 million customers of not only Anthem but also a much…more

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New SEC Guidance Adds Flexibility to BDC Co-Investing

The U.S. Securities and Exchange Commission (SEC) Division of Investment Management (the Division) just published guidance that will permit business development companies (BDCs) to co-invest with certain persons considered…more

Affiliates, Business Development, Business Development Companies, Equity Investors, Investment Company Act of 1940

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D.C. Circuit Holds that Coast Guard May Impose Nonfinancial Conditions Before Allowing Ships Accused of Violating MARPOL to Leave Port

On December 15, 2015, a panel of the U.S. Court of Appeals for the D.C. Circuit held that the U.S. Coast Guard could impose nonfinancial conditions, in addition to a bond, before permitting ships under suspicion of a MARPOL…more

Coast Guard, Oil & Gas, Oil Spills, Ports, Shipping

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SEC Updates Guidance on Cybersecurity

Emphasizing the critical importance of cybersecurity to registered investment companies (RICs), including insurance separate accounts and business development companies, and to investment advisers, the SEC’s Division of…more

Business Development Companies, Cybersecurity, Identity Theft, Investment Adviser, Investment Management

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SEC Proposes Rule Related to Use of Derivatives and Financial Commitment Transactions by Regulated Funds

In December 2015, the Securities and Exchange Commission (the SEC) proposed a new Rule 18f-4 under the Investment Company Act of 1940 (the 1940 Act) that would, if adopted, affect the ability of mutual funds, exchange-traded…more

Derivatives, ETFs, Investment Company Act of 1940, Rule 18f-4, SEC

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U.S. Supreme Court Unanimously Rules That Juries Should Decide Trademark Tacking

In its first substantive trademark ruling in more than a decade, the U.S. Supreme Court unanimously held on January 21, in Hana Financial, Inc. v. Hana Bank et al., No. 13-1211, that tacking – which is whether two trademarks are…more

Hana Financial v Hana Bank, Jury Questions, Likelihood of Confusion, SCOTUS, Tacking

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Performance Anxiety: SEC Proposes Pay Versus Performance Rule

On April 29, 2015, by a 3-2 vote, the Securities and Exchange Commission (the SEC) voted to propose a rule to implement Section 14(i) of the Securities Exchange Act of 1934 (the Exchange Act), as added by Section 953(a) of the…more

Disclosure Requirements, Dodd-Frank, Executive Compensation, Proposed Regulation, Say-on-Pay

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Public-Private Partnership Bill Passes Georgia Senate to Pave Way for Widespread P3 in Georgia

Georgia may soon join the growing ranks of states with broad enabling legislation for all forms of public-private partnerships (or P3). Senate Bill 255 (2013) passed the Georgia State Senate on Monday, February 24, 2014, by a…more

Infrastructure, Public Private Partnerships (P3s)

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Give Thanks and File Your Pennsylvania Net Loss Carryover Deduction Refund Claims!

In a decision sure to give Pennsylvania legislators and the Department of Revenue indigestion before their big Thanksgiving meals, the Commonwealth Court held that Pennsylvania’s net loss carryover (NLC) deduction cap violated…more

Carryover Basis, Disparate Treatment, Net Operating Losses, Taxable Income, Uniformity Clause

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Treasury and the IRS Offer a New Take on the PFIC Active Insurance Exception

On April 23, Treasury and the IRS issued proposed regulations interpreting the active insurance exception under the passive foreign investment company (PFIC) rules. Although the release of the proposed regulations did not come…more

Foreign Insurance Companies, Insurance Industry, IRS, PFIC, Proposed Regulation

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Clock Is Ticking…Relief for Late Filed GRAs Expected to Expire Soon

Time may be running out for taxpayers to correct technically deficient gain recognition agreements (GRAs) under the relief procedure contained in the Directive on Examination Action With Respect to Certain Gain Recognition…more

IRS, Tax Returns, Taxpayer Relief Provisions

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Legal Alert: Largest SEC Whistleblower Award Could Have Been Larger

On September 22, 2014, the U.S. Securities and Exchange Commission announced the largest-ever whistleblower award, more than double last year’s record-breaking award. According to the Order, the award, which will likely exceed…more

Dodd-Frank, Extraterritoriality Rules, Foreign Nationals, SEC, Whistleblower Awards

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PCI DSS – What It Is and Why It Is Relevant to Your Business

Increasingly, companies are raising questions about PCI-DSS and its applicability to their businesses. This Legal Alert summarizes the basic aspects of PCI-DSS and its application…more

Data Breach, Data Protection, Data Security, Debit and Credit Card Transactions, Merchants

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IRS Issues Favorable Private Letter Ruling to Data Center REIT

On June 6, 2014, the Internal Revenue Service (IRS) released Private Letter Ruling 201423011 (the PLR), confirming that income from certain data center services can constitute “rents from real property” for purposes of the real…more

Data Centers, IRS, Private Letter Rulings, REIT

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SEC Approves New Rule Limiting Who Qualifies As a Public Arbitrator in FINRA Proceedings

On February 26, 2015, the Securities Exchange Commission (“SEC”) approved proposed Financial Industry Regulatory Authority (“FINRA”) rules that will substantially reduce the number of public arbitrators on the roster for FINRA…more

Arbitration, Arbitrators, FINRA, Proposed Regulation, Public Arbitrators

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Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending…more

Chapter 11, Commercial Bankruptcy, Commercial Loans, General Motors, Intent

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Price Optimization: 2015 Year in Review and a Look Ahead

2015 saw approximately one-third of U.S. states join the first state, Maryland, in issuing guidance to property and casualty insurers with respect to price optimization; action by the National Association of Insurance…more

Big Data, Insurance Industry, NAIC, Price Optimization, White Paper

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CFTC Amends Regulation 1.35

U.S. Commodity Futures Trading Commission (CFTC) Regulation 1.35 requires futures commission merchants (FCMs), retail foreign exchange dealers (RFEDs), introducing brokers (IBs) and members of a swap execution facility (SEF) or…more

Amended Regulation, CFTC, Dodd-Frank, Final Rules, Market Participants

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U.S. Court of Appeals Rules in Favor of Durbin Amendment Rules

On March 21, 2014, in NACS, et. al. v. Board of Governors of the Federal Reserve System, the U.S. Court of Appeals for the District of Columbia Circuit ruled in favor of the Federal Reserve’s interpretation of the Durbin…more

Debit and Credit Card Transactions, Durbin Amendment Rules, Federal Reserve

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Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending…more

Chapter 11, Commercial Bankruptcy, Commercial Loans, General Motors, Intent

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IRS Establishes 80% Threshold for Energy Companies to Apply When Determining Whether “Substantially All” of a Major Component Has Been Replaced

On July 6, the Internal Revenue Service (IRS) Large Business and International Division issued a Directive1 to IRS agents regarding how to determine when a major component pertaining to steam or electric generation property has…more

Corporate Taxes, Electric Generation Suppliers, Energy Sector, IRS, Power Plants

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Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending…more

Chapter 11, Commercial Bankruptcy, Commercial Loans, General Motors, Intent

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Congress Amends Section 831(b): Is This the Beginning of the End of Section 831(b) Abuses?

On December 18, 2015, Congress passed and President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (Act), which made several significant amendments to section 831(b) of the Internal Revenue Code. Prior…more

Annual Reports, Internal Revenue Code (IRC), Protecting Americans from Tax Hikes (PATH) Act, Reinsurance, Underwriting

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Bad Day for California as TTA Sales Tax Exemption for Software Is Broadly Reaffirmed by Appellate Court – Will Taxpayer Refund Claims Now Move?

In a significant rebuff of the California State Board of Equalization (BOE), the California Second District Court of Appeal held that a manufacturer’s sale of software on tangible media was exempt from sales tax under the…more

Appeals, CBOE, Copyright, IP Assignment Agreements, IP License

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Fifth Circuit Limits Pollution Liability

In a significant decision issued February 24, 2014, the Fifth U.S. Circuit Court of Appeals ruled that federal laws preempt state laws in the case of the 2010 Gulf of Mexico oil spill, because the event occurred in federal…more

Discharge of Pollutants, Environmental Liability, Gulf Oil Spill, Oil & Gas

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Smokin’ Hot New Jersey Throw-Out Decision

In another taxpayer victory, the New Jersey Superior Court, Appellate Division held that an intangible holding company was not required to throw out any of its so-called “nowhere receipts” from an affiliated tobacco company in…more

Business Taxes, Holding Companies

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Simplified Partnership Audit Procedures Radically Alter the Federal Income Tax Treatment of Partnerships

On November 2, 2015, President Obama signed the Budget Act of 2015 (the “2015 Budget Act”), which makes significant amendments to the procedural rules governing federal income tax audits and judicial proceedings that apply to…more

Audits, Income Taxes, Partnerships, TEFRA

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Legal Alert: EPA Issues Amendments to the Renewable Fuel Standard to Address RIN Fraud

Earlier today and in the wake of the fraudulent renewable fuel credit (known as “RINs”) scandal that has shaken both the renewable fuel and petroleum industries, the Environmental Protection Agency (EPA) released a number of…more

EPA, Renewable Energy, Renewable Fuel Standard

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Changes to the Recordation Tax in Maryland for Refinancing Commercial Mortgage Loans: Recordation Tax Imposed Only on New Money

Maryland Governor Martin O’Malley signed into law an act providing relief to commercial borrowers that wish to refinance or modify loans originally secured by indemnity deeds of trust. This new law, effective July 1, 2013,…more

Deed of Trust, Loan Modifications, Mortgages, New Legislation, Recordation Taxes

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Price Optimization: 2015 Year in Review and a Look Ahead

2015 saw approximately one-third of U.S. states join the first state, Maryland, in issuing guidance to property and casualty insurers with respect to price optimization; action by the National Association of Insurance…more

Big Data, Insurance Industry, NAIC, Price Optimization, White Paper

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Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending…more

Chapter 11, Commercial Bankruptcy, Commercial Loans, General Motors, Intent

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FINRA’s Projected 2015 Fines: Not Keeping Pace With 2014’s Total, But Still a Blockbuster Year

Despite a slowdown in the fines reported in 2015, the Financial Industry Regulatory Authority (FINRA) has continued to flex its enforcement muscle so far this year. During the first half of 2015, FINRA reported $37.5 million in…more

Advertising, Anti-Money Laundering, Associated Persons, Broker-Dealer, Corporate Fines

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Ethical Issues Implicated by Lawyers’ Use of Third-Party Cloud Services

Law firms increasingly turn to “cloud services” for processing and storing confidential client information because of their greater flexibility and efficiency. Use of “the cloud,” however, outsources the administration, physical…more

Attorney-Client Privilege, Cloud Computing, Confidential Information, Cybersecurity, Data Breach

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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

EU, General Licenses, IAEA, Implementation Day, Iran Sanctions

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D.C. Circuit Holds that Coast Guard May Impose Nonfinancial Conditions Before Allowing Ships Accused of Violating MARPOL to Leave Port

On December 15, 2015, a panel of the U.S. Court of Appeals for the D.C. Circuit held that the U.S. Coast Guard could impose nonfinancial conditions, in addition to a bond, before permitting ships under suspicion of a MARPOL…more

Coast Guard, Oil & Gas, Oil Spills, Ports, Shipping

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Supreme Court Allows Disparate-Impact Claims Under the Fair Housing Act

The Supreme Court held today that the Fair Housing Act (FHA) not only prohibits intentional discrimination, but also establishes liability for practices that result in a disparate impact on minority groups. Texas Department of…more

Affordable Housing, Disparate Impact, ECOA, Fair Housing Act (FHA), HUD

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Legal Alert: The Tax Court Approves the Use of Predictive Coding

On September 17, the U.S. Tax Court, in Dynamo Holdings LP v. Commissioner, 143 T.C. No. 9 (Sept. 17, 2014), held that a taxpayer could use predictive coding, over the objection of the Internal Revenue Service (IRS), to identify…more

Attorney-Client Privilege, Discovery, Electronically Stored Information, Federal Rules of Civil Procedure, IRS

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FY 2016 Budget Tax Proposals Target Insurance Companies

On February 2, the Obama Administration released its fiscal year 2016 budget (FY 2016 Budget). The hallmarks of the FY 2016 Budget are proposals that would impose (i) a minimum tax on the current foreign earnings of U.S…more

Barack Obama, Controlled Foreign Corporations, Corporate Taxes, FATCA, Federal Budget

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FY 2016 Budget Tax Proposals Target Insurance Companies

On February 2, the Obama Administration released its fiscal year 2016 budget (FY 2016 Budget). The hallmarks of the FY 2016 Budget are proposals that would impose (i) a minimum tax on the current foreign earnings of U.S…more

Barack Obama, Controlled Foreign Corporations, Corporate Taxes, FATCA, Federal Budget

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Counterparty Rights in Energy Bankruptcies

For the past several years, low interest rates and higher commodity prices have resulted in generally favorable financial conditions in the energy sector, keeping energy bankruptcy activity to a minimum. With the recent sharp…more

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District Court to EEOC: Leave Wellness Enough Alone

A Wisconsin federal district court dismissed (with prejudice) a complaint by the Equal Employment Opportunity Commission (EEOC) that a company’s wellness program violated the Americans with Disabilities Act (ADA). The EEOC had…more

ADA, Biometric Information, EEOC, Employer Group Health Plans, HRA

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Patent Infringement Safe Harbor and Importation Redefined: Ruling Incentivizes Generic Pharmaceutical Offshore Product Testing

A recent ruling by the U.S. Court of Appeals for the Federal Circuit has provided an apparent loophole for manufacturers to avoid infringement liability for conducting patented manufacturing quality control steps offshore. On…more

Hatch-Waxman, Patent Infringement, Pharmaceutical Industry, Quality Control Plan, Supply Chain

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November 19, 2015 FERC Meeting – Energy Storage Panel

On November 19, 2015, the Federal Energy Regulatory Commission (FERC or the Commission) hosted an Energy Storage Panel discussion as part of its regular monthly Commission Meeting (Docket No. AD16-12-000). The Commission invited…more

CAISO, DOE, Energy Sector, Energy Storage, FERC

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Michigan’s New Year Resolution: Refund Opportunities Associated with Electronically Accessed Software and Certain Online Services

The Michigan Department of Treasury (Department) issued a Notice announcing that it will no longer impose sales or use tax on certain prewritten computer software accessed electronically and associated online services. The…more

Online Platforms, Sales & Use Tax, Software, Thompson Reuters

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UK Banking Regulator Finalizes Rules Requiring Adherence to Contractual Stay

On November 13, the Bank of England’s Prudential Regulation Authority (PRA) published a final policy statement titled “Contractual Stays in Financial Contracts Governed by Third-Country Law” (the PRA Policy Statement). These…more

Bank of England, Banking Regulators, BRRD, EU, Policy Statement

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Simplified Partnership Audit Procedures Radically Alter the Federal Income Tax Treatment of Partnerships

On November 2, 2015, President Obama signed the Budget Act of 2015 (the “2015 Budget Act”), which makes significant amendments to the procedural rules governing federal income tax audits and judicial proceedings that apply to…more

Audits, Income Taxes, Partnerships, TEFRA

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NAIC Report: 2015 Fall National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2015 Fall National Meeting from November 17 through November 22 at National Harbor, Maryland. Notwithstanding the gigantic size of the Gaylord National Resort…more

Insurance Industry, Life Insurance, NAIC, Property Insurance, Reinsurance

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Inherited IRAs Are Not Bankruptcy-Exempt as “Retirement Funds”

On June 12, 2014, the U.S. Supreme Court unanimously held in Clark v. Rameker that an inherited individual retirement account (IRA) does not qualify for the “retirement funds” exemption in the Bankruptcy Code and is not excluded…more

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Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending…more

Chapter 11, Commercial Bankruptcy, Commercial Loans, General Motors, Intent

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Smokin’ Hot New Jersey Throw-Out Decision

In another taxpayer victory, the New Jersey Superior Court, Appellate Division held that an intangible holding company was not required to throw out any of its so-called “nowhere receipts” from an affiliated tobacco company in…more

Business Taxes, Holding Companies

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Mandatory Clearing in Europe May Still Be “A Ways Off”: ESMA Responds to Proposed Amendments on Interest Rate Swaps Clearing RTS and Postpones Consideration of FX NDF Clearing

The Dodd-Frank Wall Street Reform and Consumer Protection Act’s mandatory clearing requirement for interest rate swaps and certain credit default swaps has been in place for quite some time. However, the clearing requirement for…more

Dodd-Frank, EMIR, ESMA, EU, European Securities and Markets Authority

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SEC Announces Second Round of Charges Against Underwriters Under MCDC Initiative

On September 30, the Securities and Exchange Commission (SEC) announced enforcement actions against 22 municipal bond underwriters, the second round of enforcement actions brought by the SEC under the Municipalities Continuing…more

Disclosure Requirements, Enforcement Actions, MCDC, Municipal Bonds, Municipal Securities Issuers

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Debate Over Unclaimed Property Continues Before the Uniform Law Commission Drafting Committee

Proposed revisions to the Uniform Unclaimed Property Act were under debate this past week in Washington, DC as the Uniform Law Commission (ULC or Commission) Committee to Revise the Uniform Unclaimed Property Act (Drafting…more

B2B Transactions, Death Master Files, Due Diligence, ERISA, Escheat

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2015 in Review: ERISA Civil Enforcement Recoveries Remain Low, Criminal Investigations Continue to Rise

The United States Department of Labor (DOL) recently published its Fiscal Year 2015 “Fact Sheet” documenting civil and criminal enforcement activities under the Employee Retirement Income Security Act of 1974 (ERISA). Although…more

Civil Monetary Penalty, Corporate Counsel, Criminal Prosecution, DOL, Enforcement Statistics

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SEC Proposes Controversial Rule Requiring Companies to Adopt No-Fault Clawback Policies

Recently, the U.S. Securities and Exchange Commission (SEC or the Commission) proposed a controversial new rule under the Dodd-Frank Act that instructs companies to establish policies that require “executive officers” to repay…more

Accounting, Clawbacks, Disclosure Requirements, Dodd-Frank, Executive Compensation

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International Design Patent Filing Option Available May 13, 2015, to U.S. Filers

Beginning May 13, 2015, U.S. applicants will be able to file international design patent applications through the U.S. Patent and Trademark Office. In addition, U.S. design patents resulting from applications filed on or after…more

Design Patent, Hague Agreement, Patent Applications, Patents, USPTO

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Ho! Ho! Ho! Delaware Sets its Sights–Again–on Uncashed Rebate Checks

There’s never a dull moment in Delaware when it comes to unclaimed property. The latest salvo comes by way of a lawsuit filed by the Delaware Department of Finance against Blackhawk Engagement Solutions (DE), Inc. (formerly…more

Audits, Department of Finance, Escheat, Rebates, Summons

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November 19, 2015 FERC Meeting – Energy Storage Panel

On November 19, 2015, the Federal Energy Regulatory Commission (FERC or the Commission) hosted an Energy Storage Panel discussion as part of its regular monthly Commission Meeting (Docket No. AD16-12-000). The Commission invited…more

CAISO, DOE, Energy Sector, Energy Storage, FERC

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Legal Alert: Final Volcker Rule: Update and Key Takeaways for Private Funds

On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission, and the Commodity Futures…more

Antitrust Provisions, Bank Holding Company Act, Banks, CFTC, Collateralized Debt Obligations

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IRS Extends FATCA Transition Rules

On September 18, 2015, the Internal Revenue Service (IRS) issued Notice 2015-66, in which Treasury and the IRS announced that they intend to extend certain transition rules and modify certain other reporting rules under the…more

FATCA, FDAP, Foreign Financial Institutions (FFI), Intergovernmental Agreements, IRS

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Executive Order Mandates Clean Energy Consumption at Federal Buildings

Yesterday, President Obama released an Executive Order entitled “Planning for Federal Sustainability in the Next Decade.” In short, the order mandates that heads of agency take action to promote energy conservation and…more

Barack Obama, Clean Energy, Executive Orders, Government Agencies

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FERC Proposes Expansive “Connected Entity” Reporting Requirement

The Federal Energy Regulatory Commission (FERC) has proposed requiring the operators of centralized wholesale power markets to collect and provide to FERC a broad range of market participant data, including (i) each market…more

Affiliates, Asset Management, C-Suite Executives, CFTC, Comment Period

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Proposed Regulations Dramatically Change U.S. Federal Tax Treatment of Outbound Transfers of Intangible Property

On September 16, 2015, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) published proposed regulations under section 367 and proposed and temporary regulations under section 482 that together would…more

Foreign Corporations, Goodwill, Intangible Property, IRS, Outbound Transactions

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Dialing-In: TCPA Hot Issues for 2016

The year 2015 saw a continued wave of class action filings under the Telephone Consumer Protection Act (TCPA). However, unsettled law continues to place a compliance burden on companies that communicate with consumers by phone…more

Auto-Dialed Calls, Campbell Ewald v Gomez, Class Action, Corporate Counsel, FCC

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PCI DSS – What It Is and Why It Is Relevant to Your Business

Increasingly, companies are raising questions about PCI-DSS and its applicability to their businesses. This Legal Alert summarizes the basic aspects of PCI-DSS and its application…more

Data Breach, Data Protection, Data Security, Debit and Credit Card Transactions, Merchants

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Brazilian House of Representatives Will Expedite Vote to Ease Restrictions on Acquisitions and Leasing of Rural Properties by Foreigners

On September 16, the House of Representatives of the Brazilian Congress approved a request to consider legislation on an expedited basis which would ease certain restrictions imposed under existing law on the acquisition and…more

Brazil, Foreign Investment, Proposed Legislation, Real Estate Transfers, Rural Development

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Ho! Ho! Ho! Delaware Sets its Sights–Again–on Uncashed Rebate Checks

There’s never a dull moment in Delaware when it comes to unclaimed property. The latest salvo comes by way of a lawsuit filed by the Delaware Department of Finance against Blackhawk Engagement Solutions (DE), Inc. (formerly…more

Audits, Department of Finance, Escheat, Rebates, Summons

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Michigan’s New Year Resolution: Refund Opportunities Associated with Electronically Accessed Software and Certain Online Services

The Michigan Department of Treasury (Department) issued a Notice announcing that it will no longer impose sales or use tax on certain prewritten computer software accessed electronically and associated online services. The…more

Online Platforms, Sales & Use Tax, Software, Thompson Reuters

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Ho! Ho! Ho! Delaware Sets its Sights–Again–on Uncashed Rebate Checks

There’s never a dull moment in Delaware when it comes to unclaimed property. The latest salvo comes by way of a lawsuit filed by the Delaware Department of Finance against Blackhawk Engagement Solutions (DE), Inc. (formerly…more

Audits, Department of Finance, Escheat, Rebates, Summons

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Legal Alert: CFTC Adopts Streamlined Approach for Delegation of CPO Registration

On May 12, 2014, the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued a staff letter (the Staff Letter) that provides a streamlined approach for commodity pool…more

CFTC, Commodity Pool, Compliance, CPO, DSIO

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Legal Alert: Final Volcker Rule: Update and Key Takeaways for Private Funds

On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission, and the Commodity Futures…more

Antitrust Provisions, Bank Holding Company Act, Banks, CFTC, Collateralized Debt Obligations

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First Investor Control Case Since 1984 Is Released

On June 30, the Tax Court released Webber v. Commissioner, 144 T.C. No.17, in which the court upheld and applied the principles set forth in the Internal Revenue Service’s (IRS) “investor control” rulings, concluding that for…more

Life Insurance, Private Placement Life Insurance

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Delaware Supreme Court Addresses Novel Controlling-Stockholder Claim and Clarifies Effect of a Fully Informed, Uncoerced Stockholder Vote

The Delaware Supreme Court recently issued an opinion, captioned Corwin v. KKR Financial Holdings LLC, that sheds further light on when a stockholder owning less than 50% of the voting power of a company may be deemed a…more

Acquisitions, Asset Management, Controlling Stockholders, DE Supreme Court, Delaware General Corporation Law

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SEC Updates Guidance on Cybersecurity

Emphasizing the critical importance of cybersecurity to registered investment companies (RICs), including insurance separate accounts and business development companies, and to investment advisers, the SEC’s Division of…more

Business Development Companies, Cybersecurity, Identity Theft, Investment Adviser, Investment Management

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SEC Approves New Rule Limiting Who Qualifies As a Public Arbitrator in FINRA Proceedings

On February 26, 2015, the Securities Exchange Commission (“SEC”) approved proposed Financial Industry Regulatory Authority (“FINRA”) rules that will substantially reduce the number of public arbitrators on the roster for FINRA…more

Arbitration, Arbitrators, FINRA, Proposed Regulation, Public Arbitrators

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U.S. Supreme Court Unanimously Rules That Juries Should Decide Trademark Tacking

In its first substantive trademark ruling in more than a decade, the U.S. Supreme Court unanimously held on January 21, in Hana Financial, Inc. v. Hana Bank et al., No. 13-1211, that tacking – which is whether two trademarks are…more

Hana Financial v Hana Bank, Jury Questions, Likelihood of Confusion, SCOTUS, Tacking

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Are You Really Sure That Construction Began? IRS Issues Third Notice Regarding Renewable Energy Tax Credit Beginning of Construction Test

On August 8, 2014, the Internal Revenue Service (“IRS”) issued Notice 2014-46, which provides further guidance intended to assist developers and purchasers of renewable energy facilities evaluate whether such facilities…more

Construction Contracts, Construction Disputes, Investment Tax Credits, IRS, Production Tax Credit

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Patent Infringement Safe Harbor and Importation Redefined: Ruling Incentivizes Generic Pharmaceutical Offshore Product Testing

A recent ruling by the U.S. Court of Appeals for the Federal Circuit has provided an apparent loophole for manufacturers to avoid infringement liability for conducting patented manufacturing quality control steps offshore. On…more

Hatch-Waxman, Patent Infringement, Pharmaceutical Industry, Quality Control Plan, Supply Chain

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Recent Developments on Variable Annuity Captive Reinsurance and Hedging Risk Evaluation; and Impacts on VA Issuers

In the midst of the broader discussion within the insurance regulatory community regarding the financial risks potentially posed by captive reinsurers, the National Association of Insurance Commissioners (NAIC) has recently…more

Captive Insurance Company, Insurance Industry, NAIC, Regulatory Agenda, Risk Assessment

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SEC Proposes Disclosure Rules on Director, Officer and Employee Hedging

In April 2015, the comment period expired for rules proposed by the U.S. Securities and Exchange Commission (the SEC) to implement Section 955 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank…more

Disclosure Requirements, Dodd-Frank, Equity Securities, Forward Contracts, Hedging

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SEC’s Examination Program Issues a Risk Alert on Investment Adviser Due Diligence Processes

On January 28, 2014, the U.S. Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert entitled: Investment Adviser Due Diligence Processes for Selecting Alternative…more

Compliance, Due Diligence, Enforcement, Investigations, OCIE

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New Standards for Shipping Crude Oil, Petroleum Products and Renewable Fuel by Rail

On Friday, May 1, the U.S. Department of Transportation (“DOT”) issued a final rule establishing new requirements for transporting flammable liquids in a continuous block of 20 or more tank cars or 35 or more tank cars loaded…more

Crude by Rail, Department of Transportation (DOT), Final Rules, Oil & Gas, Railroads

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“White Collar” Exemptions Defined and Delimited

On June 30, the Wage and Hour Division of the U.S. Department of Labor (DOL) issued its much-anticipated Notice of Proposed Rulemaking (NPRM) on “Defining and Delimiting the Exemptions for Executive, Administrative,…more

Bonuses, Comment Period, DOL, Exempt-Employees, FLSA

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Supreme Court: For ERISA Plans, Time May Be Money

A new U.S. Supreme Court decision is a reminder that Employee Retirement Income Security Act (ERISA) plans must act promptly if they want to assert a lien to secure a participant’s obligation to reimburse medical expenses or to…more

Employer Group Health Plans, Equitable Relief, ERISA, Medical Expenses, Medical Liens

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Dialing-In: TCPA Hot Issues for 2016

The year 2015 saw a continued wave of class action filings under the Telephone Consumer Protection Act (TCPA). However, unsettled law continues to place a compliance burden on companies that communicate with consumers by phone…more

Auto-Dialed Calls, Campbell Ewald v Gomez, Class Action, Corporate Counsel, FCC

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Patent Infringement Safe Harbor and Importation Redefined: Ruling Incentivizes Generic Pharmaceutical Offshore Product Testing

A recent ruling by the U.S. Court of Appeals for the Federal Circuit has provided an apparent loophole for manufacturers to avoid infringement liability for conducting patented manufacturing quality control steps offshore. On…more

Hatch-Waxman, Patent Infringement, Pharmaceutical Industry, Quality Control Plan, Supply Chain

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Public-Private Partnership Bill Passes Georgia Senate to Pave Way for Widespread P3 in Georgia

Georgia may soon join the growing ranks of states with broad enabling legislation for all forms of public-private partnerships (or P3). Senate Bill 255 (2013) passed the Georgia State Senate on Monday, February 24, 2014, by a…more

Infrastructure, Public Private Partnerships (P3s)

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Legal Alert: Largest SEC Whistleblower Award Could Have Been Larger

On September 22, 2014, the U.S. Securities and Exchange Commission announced the largest-ever whistleblower award, more than double last year’s record-breaking award. According to the Order, the award, which will likely exceed…more

Dodd-Frank, Extraterritoriality Rules, Foreign Nationals, SEC, Whistleblower Awards

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EPA Ordered to Revise CSAPR Emissions Budgets

On July 28, the U.S. Court of Appeals for the D.C. Circuit ordered the U.S. Environmental Protection Agency (EPA) to revise emissions budgets for several states under the agency’s Cross-State Air Pollution Rule (CSAPR or the…more

Appeals, Clean Air Act, Cross-State Air Pollution, EPA, Power Plants

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MTC Launches Transfer Pricing Effort

On June 2, the Arm’s Length Advisory Group (the Group) of the Multistate Tax Commission (MTC) met in St. Louis, Missouri, to begin the process of developing a multistate arm’s length pricing adjustment service. States…more

Audits, Multistate Tax Compact, Transfer Pricing

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PCI DSS – What It Is and Why It Is Relevant to Your Business

Increasingly, companies are raising questions about PCI-DSS and its applicability to their businesses. This Legal Alert summarizes the basic aspects of PCI-DSS and its application…more

Data Breach, Data Protection, Data Security, Debit and Credit Card Transactions, Merchants

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Recent Developments on Variable Annuity Captive Reinsurance and Hedging Risk Evaluation; and Impacts on VA Issuers

In the midst of the broader discussion within the insurance regulatory community regarding the financial risks potentially posed by captive reinsurers, the National Association of Insurance Commissioners (NAIC) has recently…more

Captive Insurance Company, Insurance Industry, NAIC, Regulatory Agenda, Risk Assessment

See All Updates »

New Standards for Shipping Crude Oil, Petroleum Products and Renewable Fuel by Rail

On Friday, May 1, the U.S. Department of Transportation (“DOT”) issued a final rule establishing new requirements for transporting flammable liquids in a continuous block of 20 or more tank cars or 35 or more tank cars loaded…more

Crude by Rail, Department of Transportation (DOT), Final Rules, Oil & Gas, Railroads

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Treasury and the IRS Offer a New Take on the PFIC Active Insurance Exception

On April 23, Treasury and the IRS issued proposed regulations interpreting the active insurance exception under the passive foreign investment company (PFIC) rules. Although the release of the proposed regulations did not come…more

Foreign Insurance Companies, Insurance Industry, IRS, PFIC, Proposed Regulation

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Legal Alert: Final Rules on Compensation Deduction Limit for Health Insurers

The Internal Revenue Service (IRS) and the Department of Treasury (Treasury) have issued final regulations under section 162(m)(6) of the Internal Revenue Code of 1986, as amended (Code), which limit the deduction certain health…more

Compensation & Benefits, Healthcare, Independent Contractors, IRS, U.S. Treasury

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Proposed Changes to Proposition 65: What It Means for Texas Businesses

If you’ve been to California recently, you likely returned with a heightened awareness of the dangers present in the products you consume and use on a daily basis. That is because in California, Proposition 65 requires…more

Proposition 65, Warning Labels

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Dialing-In: TCPA Hot Issues for 2016

The year 2015 saw a continued wave of class action filings under the Telephone Consumer Protection Act (TCPA). However, unsettled law continues to place a compliance burden on companies that communicate with consumers by phone…more

Auto-Dialed Calls, Campbell Ewald v Gomez, Class Action, Corporate Counsel, FCC

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Simplified Partnership Audit Procedures Radically Alter the Federal Income Tax Treatment of Partnerships

On November 2, 2015, President Obama signed the Budget Act of 2015 (the “2015 Budget Act”), which makes significant amendments to the procedural rules governing federal income tax audits and judicial proceedings that apply to…more

Audits, Income Taxes, Partnerships, TEFRA

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U.S. Court of Appeals Rules in Favor of Durbin Amendment Rules

On March 21, 2014, in NACS, et. al. v. Board of Governors of the Federal Reserve System, the U.S. Court of Appeals for the District of Columbia Circuit ruled in favor of the Federal Reserve’s interpretation of the Durbin…more

Debit and Credit Card Transactions, Durbin Amendment Rules, Federal Reserve

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Ho! Ho! Ho! Delaware Sets its Sights–Again–on Uncashed Rebate Checks

There’s never a dull moment in Delaware when it comes to unclaimed property. The latest salvo comes by way of a lawsuit filed by the Delaware Department of Finance against Blackhawk Engagement Solutions (DE), Inc. (formerly…more

Audits, Department of Finance, Escheat, Rebates, Summons

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Contact

999 Peachtree Street NE Suite 2300
Atlanta, GA 30309, United States

  • 404.853.8000
  • 404.853.8806

Areas of Practice
  • Alternative Dispute Resolution (ADR)
  • Antitrust & Trade Regulation
  • Appellate Practice
  • Bankruptcy
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  • Business Torts
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  • Communications & Media Law
  • Construction Law
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Locations
Other U.S. Locations
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Other Countries
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Number of Attorneys

400+ Attorneys

This profile may constitute attorney advertising. Prior results do not guarantee a similar outcome. Any correspondence with this profile holder does not constitute a client/attorney relationship. Neither the content on this profile nor transmissions between you and the profile holder through this profile are intended to provide legal or other advice or to create an attorney-client relationship.

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