Exemptions

News & Analysis as of

CSA Announces Amendments to National Instrument (NI) 45-106

On February 19, 2015, the Canadian Securities Administrators (“CSA”) announced the adoption of changes to the accredited investor and minimum amount investment prospectus exemptions, among other changes. The amendments are...more

Securities Regulators in British Columbia, New Brunswick and Saskatchewan Propose Prospectus Exemption for Certain Distributions...

On April 16, 2015, the securities regulatory authorities in British Columbia, New Brunswick and Saskatchewan (the Participating Jurisdictions) published Multilateral CSA Notice 45-315 Proposed Prospectus Exemption for Certain...more

Department of Labor Proposes New Fiduciary Regulation and Prohibited Transaction Exemption Relief for Investment Advice...

On April 20, 2015, more than three years after withdrawing a similar proposal that was staunchly opposed by the financial services industry, the U.S. Department of Labor (DOL) published in the Federal Register a proposed...more

NYC Ban on Use of Credit Checks in Employment Decisions Moves to Mayor’s Office for Signature

On April 16, 2015, the New York City Council voted overwhelmingly to amend the city’s Human Rights Law to prohibit employers from using an individual’s consumer credit history to make employment decisions. While the bill...more

North Dakota Creates Exemptions from MLO License

The state of North Dakota has amended sections of the North Dakota Century Code relating to money brokers, collection agencies, money transmitters, and mortgage loan originators. Notably, the modifications create an exemption...more

NASAA M&A Broker Model Rule

On January 15, 2015, the Broker-Dealer Section of the North American Securities Administrators Association (NASAA) requested comments on a proposed uniform state model rule (the Model Rule) regarding the exemption of certain...more

Exemption Amount under New York State Law for Statutorily Exempt Payments in Deposit Accounts Increases to $2,750

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for statutorily exempt payments made...more

"Corporate Finance Alert: SEC Adopts Regulation A+ to Provide New Exemption for Smaller Capital-Raising Transactions"

On March 25, 2015, the U.S. Securities and Exchange Commission (SEC) adopted the final rules for the new Regulation A+ exemption, which will permit eligible issuers to conduct securities offerings of up to $50 million without...more

SEC proposes requiring FINRA membership for exchange-member-only broker-dealers

The Securities and Exchange Commission has published a proposal to amend SEC Rule 15b9-1 under the Securities Exchange Act of 1934, as amended, which exempts certain broker-dealers from membership in a registered national...more

Court Of Appeal Upholds “Safe Harbor” Exemption From Prop 65 Warnings For Lead In Fruit Products

In a much anticipated decision, a California Court of Appeal has upheld a trial court ruling for the defense, finding that trace levels of lead in packaged fruits, vegetables and fruit juice products require no Proposition 65...more

FCC Seeks Comments on Easing TCPA Requirements for Educational Organizations

In a recent announcement, the Federal Communications Commission (FCC) asked for public comments on a petition to relax some of the Telephone Consumer Protection Act's (TCPA’s) requirements for educational organizations. If...more

SEC Proposes to Narrow the Rule 15b9-1 Exemption from FINRA Membership

On March 25, 2015, the Securities and Exchange Commission ("SEC" or "Commission") proposed amendments to rule 15b9-1 of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Rule 15b9-1 currently exempts certain...more

I Can Fly it For Fun–Why Not For Profit? Proposed FAA Rules For Unmanned Aerial Vehicles

Every week, it seems you hear another business is using unmanned aerial vehicles. So why are you, or your company, still grounded? That could change soon....more

Texas small hydro project loses exemption

What happens to a proposed hydroelectric project takes longer than anticipated to be built, due to difficulties with project financing and severe flooding? As the developer of a proposed project in Texas recently found out,...more

?Restrictions on ICO’s Power to Impose Fines for cold calls, emails and nuisance text messages relaxed (and mobile...

From the 6 April this year, the UK regulator the Information Commissioner will be able to issue fines for breaches of the direct marketing provision of the Privacy and Electronic Communications (EC Directive) Regulations 2003...more

Utah passes historic legislation against sexual orientation and gender identity discrimination

On March 12, Utah Governor Gary Herbert signed into law newly enacted legislation aimed at preventing employment and housing discrimination against gays, lesbians, and transgender individuals. The monumental legislation...more

Utah Legislature Expands Antidiscrimination Laws to Address LGBT and Religious Rights

Last night, the Utah House passed landmark legislation (the "Act") already approved by the Senate that modifies Utah's antidiscrimination and fair housing acts to provide protection for lesbian, gay, bisexual, and transgender...more

LYNX Surveillance Footage Exempt from Public Inspection

In a surprising opinion issued on January 30, 2015, which promises to have a wide-reaching effect, the Fifth District Court of Appeal overturned a declaratory judgment entered in favor of WKMG-TV Local 6, and determined that...more

CEQA “Common Sense” Exemption Upheld; Environmental Baseline for Project Following Improvements Pursuant to an Emergency Exemption...

CREED-21 v. City of San Diego (2/18/2015, 4th Civil No. D064186) - The Fourth District Court of Appeal upheld a CEQA exemption related to the City of San Diego’s approval of a project comprising emergency storm drainage...more

Texas Adopts Intrastate M&A Dealer Exemption

On February 16, 2015, the Texas State Securities Board voted to formally adopt their proposed Rule 139.27, which provides an exemption from dealer registration for intermediaries providing services solely in connection with...more

It’s Not Unusual: California Supreme Court Declines to Expand “Unusual Circumstances” Exception to CEQA Categorical Exemptions

In an important and highly anticipated decision under the California Environmental Quality Act (CEQA), the California Supreme Court overturned a Court of Appeal’s decision that would have severely limited public agencies’...more

California Supreme Court Establishes the Standard of Review for the Unusual Circumstances Exception to CEQA Categorical Exemptions...

Breathing life into the use of CEQA categorical exemptions, on March 2, 2015, the California Supreme Court held that a reasonable possibility that a project may result in significant effects on the environment alone is not...more

Government & Regulatory Law Update March 2015: California Supreme Court Issues Decision in Berkeley Hillside Preservation v. City...

On March 2, 2015, the California Supreme Court issued its long awaited opinion in Berkeley Hillside Preservation v. City of Berkeley (“Berkeley”). The opinion clarifies two important issues relating to the California...more

Developer Catches a Break in California Supreme Court CEQA Ruling

In Berkeley Hillside Preservation v. City of Berkeley, No. S201116 (Cal. Mar. 2, 2015) (slip op), the California Supreme Court overturned an appeals court ruling that banned developers from using an exemption under the...more

NGOs may rely on UK's Journalism Exemption

The UK Information Commissioner’s Officer (the “ICO”), in a letter to Global Witness (in Steinmetz and others v Global Witness) (the “Letter”), stated that non-media organisations may rely on the special-purposes exemption...more

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