Exemptions

News & Analysis as of

We Really Mean It This Time: Recently Enacted FOIA Improvement Act of 2016 Mandates

On June 13, Congress passed the FOIA Improvement Act of 2016, and President Obama signed the bill into law on June 30, nearly 50 years after the original Freedom of Information Act (“FOIA”) was first enacted. The new law was...more

Securities Fraud – a Lesson for Promoters

We discussed SEC v. Arcturus et al last week and promised more. Here it is. Did defendants commit securities fraud? It doesn’t matter. Violations of Sections 5 of the Securities Act and 15.A of the Exchange Act are...more

CFPB and Fed propose new Regs M and Z commentary on adjustments to exemption thresholds

The CFPB and Federal Reserve Board have proposed amendments to their official Regulations Z and M staff commentaries to memorialize the calculation method used by the agencies each year to adjust the thresholds for exempt...more

Discovery Rule Does Not Postpone Accrual of CEQA Cause of Action; Events Specified In CEQA Statute of Limitations Provide...

In a short but significant published opinion filed July 19, 2016, the First District Court of Appeal affirmed the San Francisco County Superior Court’s judgment of dismissal following the sustaining of demurrers (without...more

Proposed OSC Rule 72-503 Aims to Provide Clarity on Distributions from Ontario to Outside Canada

On June 30, 2016, the Ontario Securities Commission (OSC) published for comment Proposed OSC Rule 72-503 Distributions Outside of Canada (Rule 72-503) and Proposed Companion Policy 72-503CP (Companion Policy, and together...more

Can a shareholder who is unable to rely on the HSR passive investor exemption still file a Schedule 13G? Maybe, says the SEC Staff...

On July 12, 2016, the US Department of Justice announced a record $11 million fine against an activist investment firm for improperly claiming an exemption from Hart-Scott-Rodino’s notification and waiting period provisions...more

Proposed Changes to Section 409A are Welcome (for the Most Part)

The Internal Revenue Service recently issued proposed regulations under Section 409A of the Internal Revenue Code (“Section 409A”) in an effort to clarify and modify parts of the current final regulations (issued in 2007) and...more

Even Members of Congress Are Confused by the FCC’s Latest Ruling

I was contemplating a monthly column given the confusion surrounding the FCC’s recent rulings. I guess I better make it weekly. Here’s this week’s episode....more

SEC Clarifies Relationship between HSR Investment Intent and 13D/G Status

The SEC has issued a new Compliance and Disclosure Interpretation (8-K 103.11) that clarifies the interaction between the investment intent exemption in the HSR rules and the ability to file a Schedule 13G. The CDI poses...more

Good News! New 409A Regulations (Yes, Really!) – Part 2: Taking (and Giving) Stock

On the TV show Futurama, the aged proprietor of the delivery company Planet Express, Professor Hubert J. Farnsworth, had a habit of entering a room where the other characters were gathered and sharing his trademark line,...more

Civil Fines Jump Across Agencies Under Inflation Adjustment Act

Civil fines across federal agencies have recently been increased dramatically under the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Act) (Sec. 701 of Public Law 114-74), with some more than...more

Proposed Section 409A Regulations Facilitate Common Pay Practices

The Internal Revenue Service (IRS) has proposed a number of updates to current regulations governing nonqualified deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended. The proposed updates...more

The DBO Wants Your Social Security Number, But Is It Legal?

Readers will recall that last year the California legislature created a statutory exemption for finders from the California’s registration requirement for broker-dealers (Chap. 743, Stats. 2015). That exemption, codified at...more

Update on Small Scale Developments

Following on from our posting about the removal of the exemption of small scale developments from affordable housing contributions, please note that the Court of Appeal reversed the High Court’s decision. The Court of Appeal...more

The Freedom of Information Act Amended: Process and Pitfalls

On June 30, 2016, President Obama signed into law the FOIA Improvement Act of 2016, Pub. L. No. 114-185, which made significant changes to the Freedom of Information Act, 5 U.S.C. § 552, et seq. (“FOIA”). FOIA can be a great...more

Congress Poised to Extend Investment Company Act to U.S. Territories

Congress is poised to eliminate the exemption in the Investment Company Act of 1940 (the 1940 Act) for investment companies located in Puerto Rico, the Virgin Islands, and other U.S. possessions. The 1940 Act governs...more

The New Wage And Hour Regulations: Is Your Institution in Compliance?

The long awaited changes to the federal wage and hour regulations were finally released by the Department of Labor (USDOL) on May 18, 2016. The changes, which generally relate to the salary basis amount required for the white...more

The Toxic Substances Control Act Amendments May Do Little to Relieve California Headaches for Businesses

Business groups largely supported the Toxic Substances Control Act (TSCA) Amendments?recently signed into law by President Obama—in order to address concerns about the emergence of varying state-by-state requirements that...more

Called for Jury Duty? You May Be Excused Based on Your Age

In many states, seniors have the right to decline jury duty based on their age. But the age limits and rules vary by state and by type of court, so if you are summoned for jury duty, check with the court to determine if you...more

Federal Government and Its Contractors Exempt from the TCPA, FCC Rules

TCPA class actions continue to plague companies around the country, but a recent FCC ruling means that one big caller doesn’t have to worry: the federal government, as well as its contractors. On July 5, the Federal...more

Good News! New 409A Regulations (Yes, Really!) – Part 1: Firing Squad

On the TV show Futurama, the aged proprietor of the delivery company Planet Express, Professor Hubert J. Farnsworth, had a habit of entering a room where the other characters were gathered and sharing his trademark line,...more

Do as We Say, Not as We Do: Government Agency (Deliciously) Exempts Itself—and the Rest of the Government—From the TCPA

Happy Independence Day! While you were off barbecuing and lighting fireworks this weekend the FCC’s staff was feverishly working to give Uncle Sam a birthday present—free reign to robocall your cell phone! That’s right,...more

Fix Crowdfunding Act and Venture Capital Bill Pass House

The Fix Crowdfunding Act (H.R. 4855) passed the House of Representatives by a vote of 394 to 4. It doesn’t look much like the original bill we reported on here. As passed by the House, the bill allows special purpose...more

Technology Industry Newsletter - June 2016

For technology companies seeking investment capital, the new SEC regulations on crowdfunding that went into effect on May 16, 2016 present new funding options by expanding the pool of investors beyond the traditional funding...more

Agreement Reached on Bipartisan Federal GMO Food Labeling Bill

Provides Practical, Mandatory Disclosure and Preempts State GMO Labeling Laws - Senate Agriculture Committee leaders reached agreement June 23, 2016, on a bill that would require food containing genetic material modified...more

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