News & Analysis as of

Puerto Rico

Puerto Rico Employers Prepare for New Guidelines Governing Equal Pay in the Workplace

by Littler on

On August 10, 2017, the Puerto Rico Secretary of Labor and Human Resources issued and made effective the Uniform Guidelines for the Self-Assessment of Equal Pay in the Workplace (“the Guidelines”). These Guidelines were...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Is the SEC officially on record with a warning about the viability of unregulated ICOs? It is. Is that stopping start-ups from creating and selling new virtual currencies at a torrid pace? It is not....more

Eaton v. IRS: Tax Court determines IRS abused its discretion in cancelling two APAs

by DLA Piper on

The Tax Court in Eaton Corporation and Subsidiaries v. Commissioner, T.C. Memo, 2017-147 determined that the IRS abused its discretion in cancelling two unilateral advanced pricing agreements (APAs) covering the transfer of...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Call it the Loeb effect: just days after Third Point announced its sizeable stake in Nestle, the company is preparing to spend billions on stock buybacks in an effort to create value for shareholders, hinting that it would...more

IRS Can Pursue “Responsible Persons” for Unpaid Trust Fund Taxes and Automatic Stay Cannot Be Used to Enjoin Collection Against...

The Puerto Rico Bankruptcy Court followed the Third Circuit in holding that the Anti-Injunction Act, which prohibits suits to restrain the assessment or collection of any tax, is not superseded by section 105(a) of the...more

Tax incentives in Puerto Rico: a quick introduction

by DLA Piper on

To promote, attract and develop key industries, sectors and activities, Puerto Rico offers a spectrum of economic incentives, among them low fixed income tax rates, partial and/or total tax exemptions, income tax credits and...more

Puerto Rico Employers Brace for New Right to Religious Freedom Accommodation Requests

by Littler on

Earlier this year, the Governor of Puerto Rico signed into law the Labor Transformation and Flexibility Act (“the Act”). While the Act makes substantial changes to virtually all existing Puerto Rico employment laws, it also...more

Puerto Rico Files for Bankruptcy: New York Judge to Hear Case

On May 3, 2017, the Financial Oversight and Management Board for Puerto Rico filed a voluntary petition for relief on behalf of Puerto Rico in federal court there. The filing required the Chief Justice of the United States...more

Putting PROMESA to the Test: Puerto Rico Files for Protection Under Title III of PROMESA

by Allen & Overy LLP on

On May 3, 2017, the Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”), on behalf of the Commonwealth of Puerto Rico (“Puerto Rico”), filed a petition for relief under Title III of the Puerto...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Fed wrapped up its Open Market Committee meeting yesterday without any change in interest rates but with an expression of confidence in the economy, despite Q1’s sub-1 percent growth figure (which it dubbed “transitory”)....more

Puerto Rico Legislation May Require Changes to Retirement Plans

by McDermott Will & Emery on

Puerto Rico enacted new legislation in February that will require changes to tax-qualified retirement plans covering Puerto Rico employees, including both Puerto Rico-only and dual-qualified (US and Puerto Rico) retirement...more

Deadline for Plan Sponsors to Submit Qualification Amendments with the Puerto Rico Treasury is Fast Approaching

by Littler on

Employers that sponsor an employee retirement plan in Puerto Rico must review plan amendments and/or restatements adopted during 2016 to determine whether they need to submit their plan documents to the Puerto Rico Department...more

Public-Private Partnerships in Puerto Rico - DLA Piper's handbook

by DLA Piper on

Historically, there has been vigorous debate among the residents of Puerto Rico for and against the privatization of public property and public services. The public-private partnership (P3 or P3s) model established by the...more

Puerto Rico Enacts Equal Pay Act Prohibiting Gender-Based Pay Disparities

by Morgan Lewis on

The Act also prohibits pay inquiries in the hiring process and limits restrictions on employee compensation discussions. Less than two months after the passage of the Labor Transformation and Flexibility Act that...more

Puerto Rico Equal Pay Act Aims to Close Gender Pay Gap

On March 8, 2017, Puerto Rico continued the overhaul of its employment laws by enacting, with immediate effect, Act No. 16, known as the “Puerto Rico Equal Pay Act.” The act is not only similar to the federal Equal Pay Act of...more

Puerto Rico Enacts Equal Pay Law, Prohibits Employers from Inquiring about Past Salary History

by Jackson Lewis P.C. on

Almost two months after signing sweeping employment law reform, Governor Ricardo Rosselló has signed Puerto Rico Act No. 16 of March 8, 2017, known as the “Puerto Rico Equal Pay Act.” Act 16 is effective immediately....more

Puerto Rico Adopts Local Equal Pay Act

by Littler on

On March 8, 2017, Puerto Rico enacted Act 16, creating the Puerto Rico Equal Pay Act ("PR Equal Pay Act" or "the Act"). The law's stated intent is to eradicate the pay difference between female and male employees. To that...more

First Circuit Affirms District Court’s Confirmation Of Arbitration Award Under The “Look-Through” Test

by Carlton Fields on

The background of this matter could be found here. In sum, Plaintiffs Dr. Luis Ortiz-Espinosa and his wife Maritza Soto-Garcia, the conjugal partnership they formed, Espinosa-Soto, and Luis Ortiz-Espinosa, as trustee of...more

Puerto Rico Issues Comprehensive Labor Law Reform

by FordHarrison on

On January 26, 2017, Puerto Rico’s Governor, Ricardo Roselló, signed into law the Labor Transformation and Flexibility Act (the “Act”). The Act represents the first significant and comprehensive labor law reform to occur in...more

THE LATEST: DOJ Trial Machine is Staffed Up, Fired Up

by McDermott Will & Emery on

WHAT HAPPENED: ..The DOJ Antitrust Division scored another trial win — this time in a real estate foreclosure bid rigging case...more

Open for Business: Puerto Rico Enacts Sweeping Labor Reform

by Morgan Lewis on

Employer-friendly revisions to attract new businesses and facilitate operations for existing enterprises signals a new era of labor flexibility in Puerto Rico. On January 26, 2017, weeks after being sworn in as the...more

Puerto Rico Redesigns its Business Environment Through an Overhaul of its Employment Regime

In an effort to become more competitive in the face of a flagging economy, an attractive jurisdiction for establishing businesses and creating employment opportunities, and to increase talent acquisition and retention...more

Puerto Rico Approves Major Reform of its Employment Laws

by Littler on

On January 26, 2017, the Governor of Puerto Rico approved the Labor Transformation and Flexibility Act (“the Act"). The Act makes substantial changes to virtually all existing Puerto Rico employment laws, including those...more

Puerto Rico Treasury Issues New Guidance on Rules and Procedures for Qualification of Retirement Plans

by Littler on

The Puerto Rico Department of the Treasury (the “PR Treasury”) issued Tax Policy Circular Letter No. 16-08 on December 23, 2016 (“CL 16-08”). CL 16-08 establishes new rules regarding the validity of retirement plan...more

Members of Ophthalmologist Group Charged with Illegal Boycott of Health Plan

by Mintz Levin on

An ophthalmologist cooperative in Puerto Rico settled charges with the Federal Trade Commission (“FTC”) last week that it orchestrated an illegal boycott of a health plan. The FTC alleged that the cooperative urged its...more

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