Fees

News & Analysis as of

MSRB Imposes Annual Fee on Municipal Advisors

The Municipal Securities Rulemaking Board (MSRB) recently filed a rule change to adopt MSRB Rule A-11 (Rule). The new Rule calls for a $300 fee to be assessed annually against each municipal advisor professional who is...more

BC Environmental Assessment Office Fees

The Province of British Columbia approved an Order in Council dated April 11, 2014 to establish environmental assessment fees in British Columbia for the review of environmental assessment applications, orders and enforcement...more

FOIA Requests: Boards of Education May Now Impose an Hourly Search Fee

A recent decision by the West Viginia Supreme Court of Appeals has now paved the way for public bodies, including boards of education, to impose a reasonable hourly search fee for Freedom of Information Act (FOIA) requests....more

A Blast from the Past: The SEC Fines Investment Adviser/Broker-Dealer for Breakpoint Violations

In a case reminiscent of the “breakpoint” enforcement actions brought 10 years ago by securities regulators, the SEC recently found that a registered investment adviser and broker-dealer overcharged clients because it...more

FDA Releases Draft Guidance on Section 503B Fees for Drug Compounding Outsourcing Facilities; Details Process for Paying and...

On April 1, 2014, the U.S. Food and Drug Administration (FDA) published notice of its Draft Guidance for Industry on Fees for Human Drug Compounding Outsourcing Facilities Under the Federal Food, Drug, and Cosmetic Act...more

U.S. Appeals Court Affirms Judgment Against 401(k) Plan Fiduciaries for Excessive Recordkeeping Fees

On March 19, 2014, the U.S. Court of Appeals for the Eight Circuit (the “Appeals Court”) issued its highly anticipated ruling in the case of Tussey v. ABB, Inc., affirming a Missouri trial court’s $13.4 million judgment...more

D.C. Circuit Appellate Court Overturns Lower Court Decision on FRB’s Interchange Fee Rule

On March 21, 2014, a panel of the United States Court of Appeals for the District of Columbia Circuit issued its decision in the highly anticipated case relating to debit card interchange and exclusivity, NACS v. Board of...more

Financial Services Law

D.C. Circuit Court Upholds Fed’s Debit Card Fee Cap, Antiexclusivity Rules - Dealing a blow to merchants nationwide, the D.C. Circuit Court of Appeals reversed a lower court and upheld the rules promulgated by the...more

Let Their Summary Be Your Guide - U.S. Department of Labor Proposes Fee-Disclosure Guide Requirements Under ERISA

Section 408(b)(2) of the Employee Retirement Income Security Act of 1974 ("ERISA") provides an exemption from the “prohibited transaction” provisions of ERISA for certain compensation arrangements with employee benefit plans....more

District Court Relies on Fee Disclosure Regulation to Dismiss Complaint

A federal district court in New York last month dismissed a class action complaint brought by a company sponsoring a 401(k) plan. The plaintiff, in Skin Pathology Associates v. Morgan Stanley, alleged, among other claims,...more

Party Hosts (and Their Insurers) Beware - An Entry Fee to Cover Costs May Expose You to Liability

Trying to have a party on a budget, albeit an underage party with alcohol, the host required a cover charge to help cover the costs of the party. Both the trial court and the Court of Appeal agreed that this was not a sale of...more

Illinois Supreme Court Holds Custody Evaluator's Fees Not Court Costs Under Dismissal Statutes

On Thursday, the Illinois Supreme Court handed down its decision in In re Marriage of Tiballi, answering a question of potential importance to domestic relations practitioners: are the fees of a court-appointed psychologist...more

In Tussey, Eighth Circuit Weighs in on Excessive Fee Claims

The Eighth Circuit issued a highly anticipated decision yesterday in the appeal of the first ERISA excessive fee class action to proceed to a trial on substantially all of the pleaded claims. In Tussey v. ABB, the court...more

The CFPB May Propose Standard Prepaid Card Fee Disclosure Rules

Earlier this week, the Consumer Financial Protection Bureau (CFPB) announced that it is working on potential new consumer disclosure requirements for prepaid cards to standardize fee disclosures. The new disclosure...more

DOL Proposes Amendment to Service Provider Fee Disclosure Regulation

Proposal would require certain service providers to furnish a separate disclosure guide. On March 11, the U.S. Department of Labor (DOL) issued a proposed amendment to its 2012 final regulations under section 408(b)(2)...more

DOL proposes a guide to fee disclosures

Any radical change to a business, industry, or an organization is going to take some time to adjust. Sometimes it becomes a work in progress because there maybe some tinkering with that change because of some negative...more

EDNY Judge Substantially Narrows Claims In Consolidated Overdraft Class Actions

On March 5, the U.S. District Court for the Eastern District of New York held that the named plaintiffs lack standing to bring claims in a multidistrict class action alleging illegal overdraft practices by a national bank. In...more

Third Party Tolling Agreements

With North America being the region of current focus as a result of the many LNG export projects that have access to North America grid gas, third party LNG tolling is front and center. The relationship between the owner of...more

SEC Staff Provides Guidance on Aggregate Advisory Fee Condition for Multi-Manager Relief

The staff of the SEC’s Division of Investment Management issued an IM Guidance Update concerning the aggregate advisory fee condition in the SEC’s “multi-manager” exemptive relief. (Under the terms of this relief, a...more

Your 401(k) Plan and the Shape of the Earth

I used to work with a very smart lawyer who said that he could give a legal opinion that the world was flat if his qualifying language was not limited. In that case, he would have stated something on the order of: this...more

SEC Issues Guidance on Aggregate Advisory Fee Rates for Multi-Manager Funds

In February 2014, the Securities and Exchange Commission’s Division of Investment Management released a Guidance Update to clarify when a mutual fund using a “multi-manager structure” must obtain shareholder approval for...more

Massachusetts Consumer Affairs Regulator Publishes Prepaid Cards Fees Survey

On February 25, the Massachusetts Office of Consumer Affairs and Business Regulation (OCABR) published the results of its survey of prepaid cards. The OCBAR examined 16 different purchasing and use-related fees for 11...more

Corporate and Financial Weekly Digest - Volume IX, Issue 9

In this issue: - CFTC Issues Advisory on Compliance with Gramm-Leach-Bliley Act Security Safeguards - SEC Issues Guidance on Aggregate Advisory Fee Rates for Multi-Manager Funds - Supreme Court Rules that...more

The $550 TPA is no Advantage

When I was a kid, I remember my parents were shopping for a car and the sticker price had a base fee for the car with so many add-ons that I seriously wondered whether they would charge you for the steering wheel. As with...more

Industry trade group seeks higher asset trigger for new requirement to report overdraft and other consumer deposit account service...

The Independent Community Bankers of America (ICBA) wants to limit the application of a new Call Report requirement for banks to include a breakdown of their income from service charges on consumer deposit accounts. ...more

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