Guidance Update

News & Analysis as of

SEC Staff Issues Guidance on Mutual Fund Distribution Arrangements

Recently issued SEC staff guidance reminds mutual fund directors of their obligations to evaluate fund payments to financial intermediaries and emphasizes investment advisers’ and other service providers’ obligation to...more

The Department of Labor Issues Guidance on Joint Employment

On January 20, 2016, the U.S. Department of Labor (DOL) issued an Administrator Interpretation regarding what arrangements will constitute joint employment under the Fair Labor Standards Act (FLSA). Under the FLSA, when an...more

FCA updates industry guidance list

FCA has updated its list of approved industry guidance to reflect the extension of the expiry date of the BBA/Building Societies Association/Payments Council Guidance on the Banking Conduct of Business sourcebook to 31...more

PRA updates credit unions forms and guidance

PRA has updated the forms and guidance for credit unions to use when submitting quarterly and annual returns. ...more

BBA updates BCOBS guidance

BBA, the Building Societies Association and Payments UK have published an updated version of the industry guidance for the Banking Conduct of Business sourcebook (BCOBS)....more

ESMA publishes knowledge and competence advice

ESMA has published its final report on the MiFID 2 guidelines for knowledge and competence. The guidelines will take effect on 3 January 2017 and specify the criteria for the assessment of the necessary knowledge and...more

I-9 Guidance on H-1B Petition/I-94 Mismatch and Short Term Workers

In a recent meeting between the Verification and Document Liaison Committee within American Immigration Lawyers Association (AILA) and USCIS’s Verification Division and ICE Homeland Security Investigations, further guidance...more

Financial Services Quarterly Report - Fourth Quarter 2015: Is the U.S. SEC IM Guidance Update Initiative Becoming a Thing of the...

Over the past three years, the Division of Investment Management (Division) of the U.S. Securities and Exchange Commission (Commission) has provided informal guidance and interpretations regarding issues of relevance to the...more

National Association of Insurance Commissioners Updates Model Network Adequacy Law to Address Narrow Networks and Surprise Bills

On November 22, 2015, the National Association of Insurance Commissioners (“NAIC”) approved an updated version of its Managed Care Plan Network Adequacy Model Act, now known as the Health Benefit Plan Network Access and...more

NYS Tax Department Revised Sales Tax Publication Answers Some Questions but Not Others

The New York State Department of Taxation and Finance (Department) has just revised its Guide to Sales Tax in New York State, Publication 750. The Guide will be particularly useful for companies that are just starting to...more

OCC Announces Updated Risk Assessment System Guidance

On December 3, the Office of the Comptroller of the Currency (OCC) announced in Bulletin 2015 – 48 that it has updated its risk assessment system (RAS) guidance. These updates are reflected in the “Bank Supervision Process,”...more

FDA Finalizes Guidance For Formal Meetings Between the FDA and Biosimilars Applicants

On November 17, 2015, the FDA finalized a guidance document, that was first issued as a draft in March 2013, regarding formal meetings between the FDA and biosimilars applicants. Because meetings with biosimilars applicants...more

Fannie Mae Updates Servicing Guide; GSEs Update the Uniform Closing Dataset

On November 25, Fannie Mae issued Servicing Guide Announcement SVC-2015-14 to reveal recent updates to the Servicing Guide. Specifically, Fannie Mae updated guidance relating to 10 areas, including but not limited to: (i) the...more

FSB releases resolvability measures

FSB has published two guidance papers and three consultations as part of its policy to end “too big to fail” and work towards resolvability of all financial institutions that could be systemic if they fail. It has...more

Trade & Manufacturing - News of Note - November 2015

GSP Program Review Results in Changes to Covered Products and Countries - In late September, the Office of the United States Trade Representative announced the outcome of the Generalized System of Preferences (GSP)...more

Comments on the USPTO's Subject Matter Eligibility Guidance -- BSA

On July 30, 2015, the U.S. Patent and Trademark Office updated its subject matter eligibility guidance ("July Update"). In the July Update, the Office provided recommendations and resources for examiners in addition to those...more

EBA updates single rulebook Q&A

EBA has added five new items to its single rulebook Q&A....more

MoFo Tax Talk - Volume 8, No. 3

Final and Temporary Dividend Equivalent Regulations Issued – Some Good, Some Bad, And Some Ugly: On September 17, 2015, the Internal Revenue Service (“IRS”) released final and temporary regulations under Section 871(m),...more

Comments on the USPTO's Subject Matter Eligibility Guidance -- The ABA

On July 30, 2015, the U.S. Patent and Trademark Office updated its subject matter eligibility guidance ("July Update"). The update provided recommendations and resources for examiners in addition to those in the Office's...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

IRS Encourages Private Foundations to Consider Charitable Purposes in Investing Its Assets

As we previously reported, the IRS has updated its guidance with helpful examples concerning program-related investments for private foundations. In its recently issued Notice 2015-62, the IRS provides further assurance that...more

Clean Power Plan: EPA Provides Guidance on Initial Submittals and Extension Process

The Environmental Protection Agency's (EPA) Office of Air Quality Planning and Standards has issued a memorandum providing direction to the states interested in seeking a two-year extension of time in which to develop and...more

What the Recent NAIC Financial Condition Examiners Handbook Changes Mean for Insurers

On September 21, 2015, the National Association of Insurance Commissioners (NAIC) IT Examination Working Group adopted amendments to the IT section of the Financial Condition Examiners Handbook (“the Handbook”). The changes...more

Transitional period and initial supervisory practice over TRID

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the Federal Financial Institutions Examination Council (FFIEC) member agencies during the initial months following the implementation...more

Overview of Comments on the USPTO's July 2015 Update to the Interim Examination Guidance

In late July, the USPTO issued its July 2015 Update to the 2014 Interim Section 101 Patent Eligibility Guidance (IEG). The July 2015 Update addresses a number of the issues and concerns raised in the public comments to the...more

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