Safe Harbors

News & Analysis as of

Massachusetts Adds “Borrower’s Interest” Safe Harbor For QM Loans

Recently, the Massachusetts Division of Banks published final amendments to its regulation concerning documentation and determination of borrower’s interest to establish an additional safe harbor for any home loan that meets...more

SEC Issues Interpretive Advice About Verification Safe Harbors Under Rule 506(c)

The availability of the private placement exemption under SEC Rule 506 depends in large measure upon determinations that purchasers are “accredited investors” under the rules. Where there is no general solicitation, Rule...more

International Safe Harbor Privacy Compliance: What You Need to Know

Since early 2014, the Federal Trade Commission has charged at least fourteen U.S. businesses in varying industries, from fashion to telecommunications, for falsely claiming to participate in the US – EU Safe Harbor privacy....more

Noteworthy Changes to the Federal Rules of Civil Procedure Regarding E-Discovery

The proposed amendments to the Federal Rules of Civil Procedure (“Rules”) we have all been waiting for have finally been approved by the Committee on Rules of Practice and Procedure (“Standing Committee”). Before these...more

SEC Provides New C&DIs on Verifying Accredited Investor Status

In early July, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance issued several new interpretations (at 255.48-49 and 260.35-38) (C&DI) relating to the verification of “accredited investor” status...more

Senate Finance Committee Considering Measure to Largely Repeal IRC Section 530 Safe Harbor for Most Businesses Using Independent...

Sen. Sherrod Brown (D.Ohio) reintroduced the “Fair Playing Field Act,” S.1706, in November 2013. The bill, which first appeared in 2010 under then-Senator John Kerry’s sponsorship, purports to close an ostensible loophole in...more

“Oh right. . . THAT thing!” Designated Agent Required Prior To DMCA Copyright Infringement Safe Harbor

The recent case of Oppenheimer v. Allvoices is, if nothing else, a cautionary tale for everyone who wants to start the next big social networking site or provide any internet service with user-generated content. The moral is...more

HB 663 - Legal Zoom tries to get a safe toehold in NC

Amending the Practice of Law - On Thursday the Senate Judiciary I committee approved a bill that amends Chapter 84-2.1 regarding the practive of law. Chairman Goolsby proposed the new language which creates a safe...more

U.S. Steps Up Efforts to Make “Safe Harbor Safe Again” – FTC, Justice Department Work to Keep EU Happy and Avoid Pull Back from...

Within the span of two days, both the Federal Trade Commission (FTC) and the U.S. Department of Justice announced initiatives meant to assuage the European Union’s concerns over trans-Atlantic data flows and to secure...more

Court Holds That DMCA Safe Harbors Do Not Extend to Infringement Prior to Designation of Agent

The safe harbor provisions in § 512(c) of the Digital Millennium Copyright Act (DMCA) provide a mechanism that insulates online service providers from monetary damages for infringing materials posted or stored by their users....more

OSPs: Are You Sure You Are Safely Within the DMCA Safe Harbor?

The Digital Millennium Copyright Act (DMCA), signed into law October 28, 1998, added Section 512 to the US Copyright Act limiting the liability of online service providers for copyright infringement. Basically, the law...more

In Final Guidance, IRS Broadens General Welfare Safe Harbors for Tribal Programs - New Guidance Provides Planning Opportunities...

After receiving more than 120 written comments on how the IRS should apply the general welfare exclusion to Indian tribal government programs, the IRS has issued final guidance detailing how tribal programs may take advantage...more

VA Issues ‘Qualified Mortgage’ Definition for VA Guaranteed or Insured Loans

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans. Under the proposed rule, all purchase money origination loans and...more

Storm Clouds Continue to Gather Over Bankruptcy Code’s Safe Harbors

As noted in a previous Sutherland Legal Alert, the American Bankruptcy Institute has formed a Commission to Study the Reform of Chapter 11 (the Commission). To further its goal of proposing changes to modernize the Bankruptcy...more

U.S. Supreme Court Declines to Reinstate Arizona Law Criminalizing the Harbor of Illegal Immigrants

The Background of Arizona’s Immigration Reform - Arizona has been a bellwether state in terms of immigration reform. In 2010, the Arizona legislature passed a sweeping immigration package, which was then signed into law...more

FERC Announces Plan To Change Open Access And Priority Rights Governing Generator Lead Lines - Interconnection Only Transmission...

On May 15, the Federal Energy Regulatory Commission proposed to modify its policy concerning open access and priority rights to capacity for interconnection only transmission facilities. This proposal, if implemented, will...more

More Guidance on the Windsor Decision: Mid-Year Amendments to Safe Harbor Plans

The Internal Revenue Service (“IRS”) has issued Notice 2014-37 to provide guidance on amendments to reflect the outcome of United States v. Windsor, which invalidated Section 3 of the Defense of Marriage Act regarding the...more

"Treasury Issues Proposed Regulations Defining ‘Real Property’ for REIT Purposes"

On May 9, 2014, the U.S. Department of the Treasury (Treasury) released proposed regulations defining the term “real property” for purposes of the REIT rules. The proposed regulations, which provide a framework for taxpayers,...more

Classen Immunotherapies, Inc. v. Shionogi, Inc.

Case Name: Classen Immunotherapies, Inc. v. Shionogi, Inc., Civ. No. 13-921-RWT, 2014 U.S. Dist. LEXIS 10642 (D. Md. Jan. 29, 2014) (Titus, J.) - Drug Product and Patent(s)-in-Suit: Computer algorithm and method of...more

Tax Talk -- Volume 7, No. 1 -- April 2014

In This Issue: - FATCA Update: IRS Releases New Regulations, New Forms, and New IGAs - No Rule Policy on MLPs - IRS Introduces New Grandfather Rule for Equity-Linked Instruments Under Section 871(m) - Rev....more

FTC and DOJ Issue Antitrust Policy Statement on Sharing Cybersecurity Information

On April 10, 2014, the Federal Trade Commission (FTC) and Department of Justice (DOJ) issued a policy statement clarifying that the Agencies "do not believe that antitrust is – or should be – a roadblock to legitimate...more

BankinBits First Quarter Recap

The BankinBits blog, which discusses recent developments in the banking industry, has within the first quarter of 2014 addressed a diverse range of topics including banking services for the marijuana industry, the shuttering...more

The Affordable Care Act—Countdown to Compliance for Employers, Week 37: Stalking the Elusive “Variable Hour Employee”

For “applicable large employers” (i.e., generally, those employers who employed an average of at least 50 full-time employees on business days during the preceding calendar year), determining which employees are “full-time”...more

April 2014: EU Litigation Update

License Agreements Under Scrutiny—A New Challenge for Non-Challenge Clauses. In general, license agreements are deemed pro-competitive. Licensing leads to the dissemination of technology and promotes (follow on) innovation...more

Oops, I Forgot To Distribute A Safe Harbor Notice For My Company's 401(k) Plan, Now What?

The Internal Revenue Service often publishes correction methods for common errors involving qualified retirement plan administration issues. One of the most common errors is failing to notify eligible employees of their safe...more

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