Grace Period

News & Analysis as of

Adoption of Privacy Shield Gives U.S. Businesses Greater Clarity On Data Transfers From Europe

The European Commission (EC) announced that it has adopted the EU-US Privacy Shield (“Privacy Shield”) effective July 12, 2016, which replaces the US-EU Safe Harbor Framework (“Safe Harbor”). The adoption of Privacy Shield...more

Designs law reform in Australia: Prior art base, Grace periods, Screen displays and other changes

May 2016 - The Australian Government has responded to a series of recommendations for reform of Industrial Designs Law by the Advisory Council in Intellectual Property (ACIP). ACIP made 23 recommendations in its final report,...more

NC Legislative Update - May 2016 #2

Last Week - The week predominantly focused on the developing budget in the House. The bill filing deadline for budget bills and bills from study committees was last Tuesday. As a result of this deadline, numerous bills...more

CFPB Agrees to Give Originators a Grace Period for Compliance with New TRID Regulations

On the eve of the New Year, the Consumer Financial Protection Bureau (CFPB) took steps to calm industry concerns about the effect of the new TILA RESPA Integrated Disclosure (TRID) rules enacted by the CFPB. Effective October...more

DOL Proposes New Rule for Certain Immigrant and Nonimmigrant Programs Affecting Employment

The Department of Homeland Security (DHS) recently issued a proposed rule to amend employment-based immigrant and nonimmigrant visa programs. The new rule is intended to benefit both U.S. employers and foreign national...more

DHS Proposes New Rule for Increased Job Flexibility: Part 2

This is part 2 of our analysis of the proposed rule published by DHS on December 30, 2015, addressing and extending employment flexibility for certain classes of nonimmigrants and prospective immigrants. Proposed Rule...more

Key EU Parliamentary Committee Votes to Adopt the General Data Protection Regulation

As expected, on December 17, 2015, the EU Parliament’s Committee on Civil Liberties, Justice and Home Affairs (also known as LIBE) voted to adopt the new General Data Protection Regulation. A LIBE press release announced the...more

ESMA not to extend collateralisation exemption

ESMA has announced that it will not further extend the existing three-year grace period for non-financial firms’ use of non-collateralised bank guarantees to cover transactions in energy derivatives cleared by EU central...more

TRID Legislation and GSA Grace Period

Last week, the House passed H.R. 3192 the “Homebuyers Assistance Act.” On the same day, the Senate read a similar Bill, S. 1711, twice, and referred their Bill to the Committee on Banking, Housing, and Urban Affairs. In...more

TRID Enforcement – Grace Period or Not?

Earlier this year, on June 3, the Consumer Financial Protection Bureau’s (CFPB) Director responded to Congressional requests for a grace period for enforcement of Truth in Lending Act and Real Estate Settlement Procedures Act...more

Supreme Court Denies Stay of DOL’s Home Care Rule

On December 22, 2014, in Home Care Association of America v. Weil, the U.S. District Court for the District of Columbia vacated a key portion of a U.S. Department of Labor (“DOL”) regulation amending the minimum wage and...more

Conflict Minerals Disclosure for Calendar Year 2015: "Conflict Undeterminable" Generally No Longer Permitted

The "DRC Conflict Undeterminable" determination, widely employed in conflict minerals reports to date, will not be permitted for issuers (other than small companies) reporting in 2016 on activities in calendar year 2015. At...more

DOL Agrees to 30-Day Grace Period on Enforcement of the Home Care Final Rule

On Friday, the U.S. Department of Labor (DOL) announced that it will not enforce the Final Rule eliminating the companionship and live-in domestic service exemptions for “third-party” providers” until 30 days after the U.S....more

Final USCIS Guidance on When to File Amended H-1B Petitions for Worksite Changes

As previously reported, on May 22, 2015, U.S. Citizenship and Immigration Services (USCIS) posted draft guidance on when to file an amended H-1B petition after the decision in Matter of Simeio Solutions. On July 21, 2015,...more

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Locke Lord QuickStudy: CFPB Claims Sensitivity on Good-Faith TRID Compliance Efforts

On June 3, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray responded to Congressional requests and industry pleadings for a grace period in enforcing the new TILA-RESPA Integrated Disclosures...more

CFPB provides breathing room on compliance with TILA/RESPA integrated disclosure rule but misses mark in waiting period guidance

While not agreeing to the grace period from enforcement sought by lawmakers and industry, Director Cordray stated in a letter sent yesterday to members of Congress that the CFPB “will be sensitive to the progress made by...more

Patent Prosecution Updates

On April 14, 2015, the House of Representatives introduced a bill to amend the pre-filing grace period provisions of the America Invents Act (AIA). The bill, entitled "Grace Period Restoration Act of 2015" (H.R. 1791),...more

Why the Grace Period Restoration Act Is a Bad Idea

Representatives Sensenbrenner (R-WI) and Conyers (D-MI) have introduced the “Grace Period Restoration Act of 2015? (H.R. 1791) to “correct the drafting problem in the Leahy-Smith American Invents Act relating to the grace...more

Legislation Introduced in House to Eliminate Uncertainty Regarding AIA Grace Period

Last week, legislation was introduced in the House of Representatives that would amend 35 U.S.C. § 102(b) "to correct the drafting problem in the Leahy-Smith America Invents Act relating to the grace period." The bill,...more

U.S. Department of Labor Grace-fully Extends Disclosure Deadline by Two Months for Participant-Directed Retirement Plans

The United States Department of Labor (the “DOL”) announced on March 18, 2015, a “direct” final rule (the “Final Rule”) extending the time in which annual disclosures must be provided by fiduciaries of participant-directed...more

Trade groups seek grace period for TILA/RESPA integrated disclosure rule

A group of 17 trade associations and organizations have written to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. In their...more

Beware this new type of credit card offer!

Can you spell "No Grace Period"? Pay the card in full on time, still get charged interest! What's that about?...more

Patent Grace Periods In South East Asia

As South East Asia becomes an increasingly popular patent filing destination, we explore the region’s grace period provisions and their limitations....more

IRS Publishes New Cafeteria Plan Rule

The IRS handed healthcare flexible spending account participants an early Christmas present on Halloween when it modified cafeteria plan "use-it-or-lose-it" rules so that $500 can be carried over from one year to the next in...more

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