On June 16, 2023, the Securities and Exchange Commission (“SEC”) issued a press release announcing a $2.5 million settlement order of an enforcement action (the “Order”) against a multi-trillion dollar registered investment...more
On February 2, 2023, the Division of Investment Management Staff (the “Staff”) of the Securities and Exchange Commission (SEC) published a Staff Bulletin regarding fee waiver and expense reimbursement practices for investment...more
CFPB Advises Manipulating Search Results on Comparison-Shopping Platforms May Violate RESPA - On February 7, the CFPB issued an advisory opinion, accompanied by a statement from CFPB Director Rohit Chopra, clarifying that...more
Who may be interested: Investment Advisers, Mutual Fund Boards of Directors - Quick Take: The SEC staff recently issued a bulletin to highlight the requirements of Section 18 of the Investment Company Act of 1940 (1940...more
To assist hospitals in credentialing physicians during the COVID-19 pandemic, the National Practitioner Data Bank (“NDPB”)—the federal clearinghouse for adverse action reports against physicians—has announced it is waiving...more
Updated April 1, 2020 - The Director of the United States Patent and Trademark Office issued a notice on March 31, 2020, that the due date for any of the following filings that falls between March 27, 2020 and April 30,...more
As we continue to watch the effects of COVID-19 on our communities, it is impossible not to be struck by the scale of school closures and shuttered businesses, as well as the swift transitions made to accommodate mass...more
Currently, the USPTO is not offering extensions to patent and trademark application deadlines. The USPTO is, however, offering fee waivers to those affected by the coronavirus in the following situations....more
For the past few weeks, federal administrative, legislative, and regulatory bodies have been pushing financial institutions to offer far-reaching relief programs for consumers impacted by COVID-19 and governmental action...more
On Wednesday, World Health Organization Director-General Tedros Adhanom declared that the COVID-19 outbreak "can be characterized as a pandemic," cautioning that the WHO has "rung the alarm bell loud and clear." At the time...more
Justice Brandeis once famously said that sunlight is the best disinfectant. Perhaps, but in FINRA’s purview, settlements might be better. Along these lines, FINRA recently announced that it has reached final settlements in...more
On July 8, 2019, the Department of Financial Institutions, Division of Consumer Services notified licensees that after review and analysis of its budget, it was implementing temporary fee waivers, as follows...more
U.S. Immigration and Customs Enforcement has put a hold on immigration enforcement operations in areas affected by Hurricanes Harvey and Irma. Routine non-criminal immigration enforcement operations will not be conducted at...more
The Public Access Counselor recently issued a non-binding opinion holding that public bodies have the discretion to decide whether to waive or reduce copying fees associated with the production of documents responsive to FOIA...more
Yesterday, Senators Franken, Warren, Baldwin and Whitehouse sent Treasury Secretary Lew a letter regarding management fee waiver arrangements. What is a management fee waiver arrangement? It is where a fund manager...more
Last week, I was at the ABA Tax Section meeting in Chicago. During one of the partnership panels, Clifford Warren, Special Counsel to the Associate Chief Counsel (Passthroughs and Special Industries) at the IRS, was posed...more
On August 14, 2015 California Public Utilities Commission (CPUC) Administrative Law Judge (ALJ) Rafael Lirag extended the deadline for public comment in the CPUC Confidentiality/Public Records Act rulemaking proceeding. This...more
A three-judge panel for the U.S. Court of Appeals for the District of Columbia Circuit rejected a lower court ruling that imposed burdensome requirements on a fledgling nonprofit that prevented it from obtaining...more
On July 22, 2015, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) released proposed regulations under Section 707(a)(2)(A) (the proposed regulations) which would treat certain partnership...more
The U.S. Treasury Department (“Treasury”) and the Internal Revenue Service (the “IRS”) have issued proposed regulations under Section 707(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), covering the...more
Regulatory Developments - SEC Adopts Rules and Forms for Registration of Security-Based Swap Dealers and Major Security-Based Swap Participants: On Aug. 5, the SEC voted to adopt registration rules and forms for...more
On July 23, 2015, the Internal Revenue Service (IRS) and the Treasury Department proposed regulations that address the tax treatment of certain partnership interests issued in exchange for services. Of particular note, the...more
On July 22, 2015, the IRS released proposed regulations that could limit the utility of “management fee waiver” arrangements (the “Proposed Regulations”). Management fees generally are taxable as compensation income....more
On July 22, 2015, the Treasury Department and the Internal Revenue Service (“IRS”) released proposed regulations (the “Proposed Regulations”) regarding disguised payments for services under Section 707(a)(2)(A) of the...more
On July 22, 2015, the U.S. Treasury Department and Internal Revenue Service released proposed regulations under Section 707(a)(2)(A) of the Internal Revenue Code relating to disguised payments for services between partners...more