Prohibited Transactions

News & Analysis as of

Focus on Private Equity - July 2015

What Private Equity Funds Should Know About ERISA: Basics of ERISA Coverage - The Employee Retirement Income Security Act of 1974, as amended (ERISA) imposes numerous duties on fiduciaries holding employee benefit...more

Capital Controls

On 18 July 2015, the Greek Government passed a law ending the bank holiday period imposed on 28 June 2015. At the same time, restrictions continue on cash withdrawals and the transfer of funds....more

Estate Planning Pitfall: Your IRA owns real estate

Most people invest their IRA funds in stocks, bonds and mutual funds. But others may opt for nontraditional investments, such as real estate, in the hope of boosting their returns. As this article details, when choosing to...more

Analysis: The Impact of the DOL’s Fiduciary Proposal on Sales of Insurance Products

This paper explains the basis for our conclusions about the impact of the Department of Labor (DOL) proposal to amend the fiduciary investment advice regulation and the prohibited transaction (PT) exemptions for sales of...more

SEC Gives Maximum Award in First Whistleblower Retaliation Case

On April 28, 2015, the SEC announced that it awarded a whistleblower the maximum award of 30 percent of the amounts collected in connection with the SEC’s first anti-retaliation case. The whistleblower received more than...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

"MSRB’s Rule G-42 Submitted to SEC for Approval; Rule G-44 Now in Effect"

This alert is to inform you that the Municipal Securities Rulemaking Board (MSRB) recently submitted Proposed Rule G-42 (standards of conduct for nonsolicitor municipal advisors) to the Securities and Exchange Commission...more

Sweden: Proposed amendments to the Swedish Lotteries Act

An inquiry commissioned by the Swedish government has proposed amendments to remove the differences between the prohibition and sanctions against the promotion of unlicensed foreign lotteries and unlicensed national...more

Pay-to-Play Lessons from New Jersey’s State Investment Council Rules

New Jersey is often thought of as the “pay-to-play” state – primarily because we have five separate statewide pay-to-play prohibition laws in effect (covering state procurement, county procurement, local procurement, state...more

German Court Rejects National Competition Authority Liability for Damages After Unlawful Prohibition of a Merger

The Higher Regional Court in Düsseldorf yesterday dismissed an action for damages of €1.1 billion brought by GN Store Nord against the German Federal Cartel Office. The judgment sheds some light on the possibility for...more

2013 in Review: ERISA Individual Prohibited Transaction Exemptions and Advisory Opinions

In 2013, the Department of Labor (DOL) maintained a modest program of advance guidance under the Employment Retirement Income Security Act of 1974, as amended (ERISA), in response to requests from the regulated community....more

AM General Holdings LLC v. The Renco Grp, Inc., C.A. No 7639-VCN (Oct. 31, 2013) (Parsons, V.C.)

In this Memorandum Opinion, the Court of Chancery (i) denied plaintiff’s motion for partial summary judgment on its claim that defendants breached a “prohibited investments” clause of an LLC agreement and (ii) granted, in...more

DOL Issues Advisory Opinion Regarding Use of a Mutual Fund “Summary Prospectus” under PTE 77-4

The Department of Labor (the “DOL”) recently issued Advisory Opinion 2013-04A clarifying mutual fund prospectus delivery requirements under section II(d) of Prohibited Transaction Class Exemption 77-4 (“PTE 77-4”). PTE 77-4...more

DOL Issues Advisory Opinion Regarding Use of a Mutual Fund “Summary Prospectus” under PTE 77-4

The Department of Labor (the “DOL”) recently issued Advisory Opinion 2013-04A clarifying mutual fund prospectus delivery requirements under section II(d) of Prohibited Transaction Class Exemption 77-4 (“PTE 77-4”). PTE 77-4...more

Legal Alert: Summary Prospectus May Be Used to Satisfy Prohibited Transaction Exemption 77-4 Prospectus Delivery Requirement

In Advisory Opinion 2013-04A (September 9, 2013), the U.S. Department of Labor (DOL) confirmed that, in satisfying the requirements of Prohibited Transaction Exemption (PTE) 77-4, a summary prospectus may be used in lieu of a...more

Self-Directed IRA's: Caution Required

A number of entrepreneurial folks have created self-directed IRA, which can be traditional or Roth IRA's, in order to make investments in real property, oil and gas interests, operating businesses, private placements and the...more

Legal Alert: Tax Court Finds Indirect Prohibited Transaction in IRA

In Peek v. Commissioner (May 9, 2013), the U.S. Tax Court ruled that two taxpayers had engaged in an indirect “prohibited transaction” with their individual retirement accounts (IRAs) when they provided personal guarantees...more

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