This newsletter provides an overview of some of the main financial services regulatory developments in the UK and EU from the period 1 January 2013 to 1 June 2013. Banking and Prudential Supervision Basel 3/Capital...more
It’s not necessary to read more than the cover page to know that the debt collection industry does not fare well in the report issued this week by the New Economy Project (NEP). The cover page reads: “The Debt Collection...more
On May 31, HUD issued two mortgagee letters to update and clarify certain mortgagee requirements....more
On March 22, 2013, ISDA published the March 2013 DF Protocol, and on May 20, 2013, ISDA Amend1 became available to accept Questionnaires under the new Protocol. The March 2013 Protocol (which is completely separate from the...more
On May 28, Fannie Mae issued Selling Guide Announcement SEL-2013-04 to identify numerous updates to the Selling Guide....more
OneBeacon Ins. Co. v. Aviva Ins. Ltd., No. 10-7498, 2013 U.S. Dist. LEXIS 70212 (E.D. Pa. May 17, 2013). A Pennsylvania federal court granted partial summary judgment to a reinsurer on statute of limitations grounds,...more
China’s State Administration of Taxation (“SAT”) released Bulletin [2013] No. 19, “Announcement on Issues Concerning Levying Corporate Income Tax on Services Provided by Non-residents through Seconding Personnel to China”...more
If you think FINRA examiners are going too far with their document requests under the cover of Rule 8210, you should "escalate" your concerns up the regulator's chain of command, a FINRA official said at the organization's...more
On March 22, 2013, ISDA published the March 2013 Dodd-Frank Protocol (the “Protocol” or “Protocol 2.0”), which is designed to facilitate compliance with certain CFTC rules relating to clearing, portfolio reconciliation and...more
In a recent Tax Court of Canada ruling on a motion heard in Imperial Tobacco Canada Limited v. The Queen, 2013 TCC 144 the Court considered a motion for an Order directing the Appellant to attend and be cross-examined on its...more
Chapter 13 is an option that allows you to consolidate your debt through a repayment plan. Your plan payment will be driven by your income, your assets and your debts. As you might imagine, your income must be regular an...more
New HIPAA Rule Affects Providers’ Notice of Privacy Practices - The Health Insurance Portability and Accountability Act (“HIPAA”) requires health care providers to inform patients of the providers’ legal duties and the...more
Over the past week, HUD issued numerous mortgagee letters applicable to single-family mortgagees....more
On May 13, 2013, the Supreme Court denied a taxpayer’s petition for certiorari regarding the Seventh Circuit’s August 27, 2012, decision applying the Required Records Exception to override the taxpayer’s Fifth Amendment...more
CMS announced that it would reduce the number of additional documentation requests (ADRs) available to its Recovery Audit Contractors (RACs). ...more
If at first you don't succeed, try and try again. That is what the New York City Council (the Council) has done since 2009. And after four years, the result is a controversial sick leave law, the Earned Sick Time Act (the...more
On May 1, the FTC and the CFPB announced a roundtable to “examine the flow of consumer data throughout the debt collection process” and discuss (i) the amount of documentation and other information currently available to...more
Beginning May 7, 2013 employers throughout the nation will be required to use a new Form I-9, Employment Eligibility Verification. The new I-9 is available at www.uscis.gov under "Forms."...more
The Illinois Supreme Court has issued new court rules that become effective on May 1, 2013, modifying the evidentiary requirements for obtaining foreclosure judgments, among other things. The rules are the result of the work...more
The Canadian Payments Association has issued amendments to Automated Clearing and Settlement System (ACSS) Rules and Standards, which came into effect on April 22, 2013....more
On March 8, the Department of Homeland Security adopted a new Form I-9. The I 9 establishes employment eligibility for a potential worker and is a required document for all new hires. Forms must be completed by all U.S....more
This alert reminds employers about the new I-9 employment authorization verification form and explains how to prepare to use it as required starting on May 7, 2013....more
The IRS releases new procedures and sample plan language to assist 403(b) plan sponsors in obtaining pre-approval of 403(b) plan documents and to ensure documentary compliance with 403(b) requirements....more
Verifying a new employee’s right to work in the United States is a crucial step in the hiring process. Employers must utilize the Employment Eligibility Verification form, commonly known as Form I-9, to verify the identity...more
On April 3, 2013, CMS issued revised provider and supplier additional documentation request (ADR) limitations for the Recovery Audit Contractor (RAC) program. The revised provider ADR limitations are effective April 15,...more
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