Exemptions

News & Analysis as of

CFTC Issues Exemptive Relief Related to JOBS Act Amendments to Regulation D

The Division of Swap Dealer and Intermediary Oversight (Division) of the U.S. Commodity Futures Trading Commission (CFTC) on September 9, 2014 issued a letter granting exemptive relief from provisions in CFTC Regulations...more

New Amendment to the Interstate Land Sales Full Disclosure Act (ILSA) could be Good News for Condominium Developers

On September 26, 2014, President Obama signed into law House Resolution 2600 that adds the sales of condominium units to the list of “partial” exemptions under the Interstate Land Sales Full Disclosure Act (ILSA). With the...more

Governor Signs Two New CEQA Bills

Governor Brown has signed two new bills amending the California Environmental Quality Act (CEQA). AB 52 establishes new consultation procedures with California Native American tribes, and provides that an adverse change to a...more

FAA Grants Exemptions and Releases Guidance for Operation of Small Unmanned Aircraft Systems

On September 25, 2014, the Federal Aviation Administration (FAA) approved six exemption requests for the use of small unmanned aircraft systems (sUAS) for television and movie filmmaking under strict conditions....more

Indiana Property Tax Exemptions: Church Permitted To File Letter In Lieu Of Application; Trade Association Failed To Prove Split...

Church properly used letter of notification (and not official application) to claim exemption; previously granted exemption rolled forward. The Indiana Board of Tax Review applied a 100% property tax exemption to a church...more

Congress Exempts Condominiums from ILSA Registration

Last night, the U.S. Senate unanimously approved S. 2101, which would amend the Interstate Land Sales Full Disclosure Act (ILSA) to exempt condominium developments from its registration requirements. The Senate version is...more

CFTC Publishes Long-Awaited JOBS Act Relief

The staff of the Commodity Futures Trading Commission (CFTC) published a no-action letter on September 9, 2014 (available here) that permits certain commodity pool operators (CPOs) to conduct general solicitation in private...more

Truth in Lending Act and Consumer Leasing Act Dollar Thresholds Raised: Fewer Transactions Exempt

More consumer credit and leasing transactions will be subject to the Truth in Lending Act (TILA) and Consumer Leasing Act (CLA) in 2015. Effective January 1, 2015, the dollar threshold for exemption of most consumer...more

New Baltimore City Law Limits Employee Criminal Record Checks: How Health Care Employers Are Affected

Effective August 13, 2014, certain Baltimore City employers will be restricted from asking applicants and employees about their criminal history. However, many health care employers will be exempt from this new law either...more

The Commissioned Salesperson Exemption Just Got More Difficult to Establish

Many California employers rely on California's commissioned salesperson exemption from overtime for their inside sales employees. That exemption, however, is becoming increasingly difficult to establish. A recent decision...more

California's Inside Sales Exemption May Be Lost Where Commissions Are Paid on a Monthly or Less Frequent Basis

A recent California Supreme Court decision significantly impacts pay practices for commissioned sales employees. On July 14, 2014, the state Supreme Court ruled in Peabody v. Time Warner Cable, Inc. that an employer may not...more

SEC Issues Guidance on Proxy Voting

The Security and Exchange Commission’s Divisions of Investment Management and Corporation Finance issued Staff Legal Bulletin No. 20 (IM/CF) on June 30 (SLB 20). SLB 20 provides guidance regarding proxy voting...more

Second Circuit Finds Auditors Exempt and Endorses Limits on Class Discovery

While the number of class or collective action lawsuits has exploded, decisions from Circuit Courts of Appeal, particularly on procedural issues, are still infrequent enough to warrant comment. In Pippins v. KPMG, Case No....more

I have more money than I can protect from creditors when I file bankruptcy. What should I do?

Congratulations! You're not one of the many people who "go through" everything they could have kept when they file a bankruptcy, so they lose a large benefit of the bankruptcy Fresh Start. You have the opposite problem. How...more

Wealth Management Update - August 2014

August Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The August § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Peabody Decision Tightens Requirements for Commission Payments and Exempt Status

State and federal law create an exemption from overtime compensation for employees engaged in sales who satisfy specific criteria. Although the requirements under each set of laws are not identical, each generally provides...more

Regulatory Threat to Water and Wastewater Treatment Facilities

A federal inter-agency Chemical Facility Safety and Security Working Group has called for the elimination of an exemption currently enjoyed by water and wastewater treatment facilities from the Chemical Facility and...more

California Supreme Court Splits From Federal Law on Commissioned Employee Exemption Compliance

On July 14, 2014, the California Supreme Court clarified the commissioned employee exemption from overtime under California law. In Peabody v. Time Warner Cable, Inc., the court confirmed that calculations necessary to...more

Community Colleges Not Subject to UTPCPL

It only stands to reason, yet it took almost 12 years and repeated appeals for the final determination by the Pennsylvania Supreme Court in Meyer v. Community College of Beaver County, No. 22 WAP 2012, 2014 Pa. LEXIS 1524...more

Overhaul of Washington State Investment Adviser Rules: What it Means for Hedge, Private Equity and Venture Capital Fund Managers...

In June 2014, the Washington State Department of Financial Institutions, Securities Division amended the rules applicable to investment advisers in the state of Washington in Chapter 460-24A of the Washington Administrative...more

SEC Issues Guidance on Proxy Voting Responsibilities of Investment Advisers, Their Use of Proxy Advisory Firms, and Application of...

On June 30, 2014, the Staff of the Securities and Exchange Commission’s Divisions of Investment Management and Corporation Finance issued guidance on the responsibilities of investment advisers in voting proxies and using...more

What Happened to Immigration Reform?

After years of debate over comprehensive immigration reform, it appears that – at least according to some reports – immigration reform is “officially dead.” At least any kind of House-approved immigration reform, that...more

FDA Issues Draft Guidance Eliminating Regulatory Controls on Medical Device Data Systems, Imaging Storage Devices, and Imaging...

On June 20, 2014, the United States Food and Drug Administration (FDA) issued a draft guidance document announcing that the agency does not intend to enforce the general regulatory controls applicable to medical device data...more

FDA Advises it Will Not Enforce Regulatory Controls for Low-Risk Medical Information Technology Devices

The U.S. Food and Drug Administration (FDA), in conjunction with the Office of the National Coordinator for Health Information Technology (ONC) and the Federal Communications Commission (FCC), recently issued a draft report...more

Senior Care Franchises: Important Regulatory News

Effective July 1, a home health agency that is not Medicare or Medicaid certified and does not provide skilled care is exempt from the requirement to be accredited in 400.471(2)(h), Florida Statutes. An amendment was passed...more

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