Business Advice

News & Analysis as of

Climate Change Opinions Don't Help Business; Data Do

We try to stay away from politics on the blog, so we were reluctant to take up the Sierra Club’s recent report concluding that if Donald Trump became president he would be unique among world leaders in his refusal to...more

UK Financial Regulatory Developments - May 2016 #2

PRA consults on financial statement reporting - PRA is consulting on future reporting of balance sheet, statement of profit or loss (P&L) and forecast capital data (currently known as Capital+) for banks, building...more

UK Financial Regulatory Developments - April 2016 #24

FCA discusses advice regulation - Tracey McDermott spoke on the regulation of advice following FCA and Treasury’s Financial Advice Market Review (FAMR). She noted the high level of engagement with the review and looked...more

SEC Probes Retirement Advice

The SEC has been sending lengthy sweep examination letters to many registered investment advisers (RIAs) and broker-dealers, requesting a broad variety of information regarding retirement plan advice. A form of the...more

Department of Labor Issues Long-Awaited Fiduciary Rule

The new standard requires broker-dealers providing advice with respect to IRAs to put their client’s interests ahead of their own. The U.S. Department of Labor released new rules on April 6 that materially enlarge the...more

UK Financial Regulatory Developments - April 2016 #10

ESMA updates MAD Q&A - ESMA has published an updated version of its Q&A on the common operation of the Market Abuse Directive (MAD). A new question regarding investment recommendations has been added. (Source: ESMA...more

DOL Releases Final Fiduciary Investment Adviser Regulations

On April 6, 2016, the U.S. Department of Labor (DOL) released its long-awaited final regulations defining who is a fiduciary investment adviser (the Final Rule), along with related prohibited transaction class exemptions and...more

DOL Announces in Final Fiduciary Rule that Additional ESOP Guidance is Forthcoming

When the U.S. Department of Labor (DOL) released its long-awaited final rule describing investment advice (the Final Rule) on April 6, 2016, it delivered a special note to many in the employee stock ownership plan (ESOP)...more

Moving Your Company to Texas or Just Across the Street? Top 5 Considerations

Fleeing the California minimum wage increase, N. O. Smelz, owner of Smelz Carpet Cleaning calls his friend and fellow entrepreneur Billy Brazos to announce that he’s moving to Texas and to ask for any advice. Having just...more

'Facts and Circumstances Mean Everything in Tax' - Separating Transaction and Ordinary Business Costs - Tax Update Vol. 2015,...

Detailed recordkeeping and documentation assembling a factual and business narrative relating to the relevant services and associated fees are important to the allocation of costs. For many decades, taxpayers and the...more

FCA and Treasury seek advice views

FCA and Treasury have launched a call for input seeking views on how to improve customer access to financial advice. The consultation focuses on: - what kind of financial advice consumers want...more

Privilege Does Not Cover Communications With Outside Counsel Relating To Business-Related Advice, E.D.N.Y. Holds

Koumoulis v. Independent Financial Marketing Group, Inc., No. 10-CV-0887 (E.D.N.Y Jan. 21, 2014): A federal district court judge narrowly applied the attorney-client privilege and work-product doctrine by granting the...more

3 Things Law Students Can Do Today to Build Their Future Solo Practice

Setting yourself up for a successful virtual law office (VLO) doesn’t have to wait until you graduate from law school. You can begin to build a solid foundation for your future VLO, right now! Here are 3 things you can...more

Federal Court Sets Guidelines for Denying Attorney-Client Privilege on Communications

Hiring a lawyer for a general counsel role – either in-house or by retaining outside counsel to perform that role – can benefit organizations in countless ways. Unlike outside attorneys who are consulted on a piecemeal basis,...more

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