Exclusions

News & Analysis as of

European Commission Publishes Draft Regulation on Geo-Blocking – Will It Unblock ECommerce Across the EU?

As part of the Commission’s Digital Single Market initiative, the European Commission has published a draft Regulation aimed at preventing traders from discriminating against customers based on nationality or location. The...more

Brexit & Financial Services: The Big Question

The prospect of the UK leaving the EU has raised a host of questions for the financial services industry. This client alert is principally concerned with how firms in the UK may access the EU single market post Brexit without...more

Private Investment Fund Managers and Other Investment Advisers May Be Affected by the U.S. Department of Labor’s New Fiduciary...

On April 6, 2016, the U.S. Department of Labor (DOL) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the...more

EU Agreement on Trade Rules for Conflict Minerals

The European Union (EU) institutions have reached broad agreement on trade rules for so-called "conflict minerals". While the technical details still need to be established, we summarize the expected new EU rules below....more

It’s Insurance: The Financial Institution Bond

Formerly known as a bankers blanket bond, and sometimes referred to as a fidelity bond, the financial institution bond as it is commonly known, is simply an insurance policy. Though the term “insurance policy” does not...more

Suing Not Too Wisely

Seyfarth Synopsis: A district court in Minnesota recently found an employee could not challenge a plan’s blanket transgender exclusion under Title VII, when the employee was not transgender but her son was. The Court went on...more

Three Ways to Guard Heirs From Big Wine Realty Tax Bill

Estate-planning is often focused on reducing or eliminating estate tax at death. As the estate-tax exemption has increased in recent years — currently $5.45 million and counting — there is a shift to planning for income and...more

CAS Legal Mailbag Question of the Week – March 2016 #4

Dear Legal Mailbag: Have you noticed that parents increasingly have boundary issues as to what is their business and what is not? I have, and I need your help....more

100 Percent Exclusion for Qualified Small Business Stock Finally Made Permanent

Among the many “tax extenders” in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act, Division Q of the Consolidated Appropriations Act, 2016, P.L. 114-113, enacted December 18, 2015) is a permanent extension of...more

Texas AG Hits Deep in the Heart of DFS

On January 19, 2016, the Texas AG issued an opinion that paid Daily Fantasy Sports (DFS) are illegal under Texas law, but noted that “traditional” fantasy sports leagues are, as a general rule, legal under Texas law. In so...more

New York’s First Department Holds That Classification Limitation Endorsement Is Part Of The Coverage Grant, Not An Exclusion,...

In Black Bull Contracting, LLC v. Indian Harbor Insurance Company, 2016 NY Slip Op 00002, New York’s Appellate Division, First Department recently concluded that a classification endorsement barred coverage, holding in the...more

Guidance on CPO and CTA Annual Affirmations Requirements Due By February 29, 2016 and General Compliance Requirements for...

On December 1, 2015, the National Futures Association (the NFA) issued a notice to members to remind them of certain Commodity Futures Trading Commission (CFTC) regulations that require any person claiming an exemption or...more

Reflections on Low-E Glass vs. Vinyl Siding

From luxury vehicles melting on the streets of London to sunbathers being attacked by a “death ray” at a Las Vegas pool, splashy news reports highlight unanticipated hazards associated with the use of low-e glass in new...more

Opening the Courts to Seat Belt Non-Use Evidence

The Texas Supreme Court’s ruling in Nabors Well Services, Ltd. v. Romero, 456 S.W.3d 553 (Tex. 2015) has re-opened the national debate about whether courts should admit evidence of seat belt non-usage in lawsuits arising from...more

SEC Provides Guidance on Exclusion of Shareholder Proposals

On October 22, 2015, the staff of the Division of Corporation Finance (the “Division”) of the U.S. Securities and Exchange Commission (SEC) released the highly anticipated Staff Legal Bulletin No. 14H (SLB 14H) concerning...more

New SEC Guidance Makes Excluding Shareholder Proposals More Difficult

In Staff Legal Bulletin 14H released on October 22, 2015, the staff of the SEC’s Division of Corporation Finance weighed in on two important means by which a company may exclude a shareholder proposal from company proxy...more

CFPB Releases Outline of Proposals to Block Pre-Dispute Arbitration Agreements in Class Litigation

On October 7, 2015, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released an outline of proposals under consideration to ban class action waivers in contracts for consumer financial products and services....more

Virginia Supreme Court Opinion Affecting Local Government Law: September 17, 2015

The Virginia Supreme Court issued opinions on September 17, 2015 during its recent term.  This term resulted in one opinion affecting Virginia local government law, in the area of the Freedom of Information Act.  The opinion...more

The Numbers Are In… er, Projected: Increases to the Estate, Gift, and Generation-Skipping Transfer Tax Exclusions

While the official numbers will not be released until later this year, the following projections are unlikely to change since they are based on the average Consumer Price Index for the 12 month period ending August 31, 2015....more

"SEC Adopts CEO Pay Ratio Disclosure Requirements"

On August 5, 2015, in a 3-2 vote, the U.S. Securities and Exchange Commission (SEC) adopted final rules implementing the controversial “CEO pay ratio” disclosure requirements that were proposed in 2013 and mandated by...more

A User's Guide to Volcker Rule Complexities

Increasingly, we receive questions from prospective investors in covered bonds on whether an investment is prohibited or limited under the Volcker Rule, which was adopted by the various agencies under section 619 of the...more

Valuing Derivatives in a Bank Bail-In

Under the EU’s Bank Recovery and Resolution Directive (“BRRD”), one of the key powers given to national resolution authorities is the ability to impose losses on, or “bail-in”, certain financial liabilities of the failing...more

Pennsylvania Tax Developments - A Reed Smith Quarterly Update: July 2015

This is a brief update on recent Pennsylvania tax developments. Amended Return “Trap”—Court Holds That Amended Return Was Not a Petition for Refund; Possible Legislative Fix? - On June 9, the Commonwealth Court issued a...more

Montana Joins Majority of Courts Holding That Insurers Must Establish Prejudice to Disclaim Coverage Based on an Insured’s Late...

Joining a majority of states that have addressed the issue, the Montana Supreme Court recently held that “an insurer who does not receive timely notice required by the terms of an insurance policy must demonstrate prejudice...more

New Nevada Commerce Tax Effective July 1, 2015

While not purporting to give specific advice on Nevada tax law, the following is a summary of some of the general principals underlying the new tax law. A new Nevada Commerce Tax (“NCT”) was signed into law by Nevada Governor...more

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