Verification Requirements

News & Analysis as of

Discrimination Enforcement: Justice Department Settles Immigration-Related Discrimination Claim

The Department of Justice (DOJ), through its Office of Special Counsel for Immigration-Related Unfair Employment Practices (OSC), recently settled a claim alleging discrimination, based on unfair documentary practices during...more

SIFMA Provides Guidance on Verification of Accredited Investor Status by Broker-Dealers and Investment Advisers

The Securities Industry and Financial Markets Association (SIFMA) issued a memorandum (the “Memorandum”) with guidance for registered broker-dealers and investment advisers on various non-exclusive means of verifying an...more

Is Your Purchaser Accredited? Clarifications from the SEC

Under Rule 506(c), companies can now engage in a general solicitation in conducting private placements but if they do so, they must verify that each purchaser is accredited. The SEC has provided some safe harbors for...more

Guidance Provides Path Forward for Accredited Investor Verification

As mandated by Congress in Section 201(a) of the Jumpstart Our Business Startups Act, in July 2013 the Securities and Exchange Commission (SEC) amended Rule 506 under Regulation D of the Securities Act of 1933, creating a new...more

Corporate and Financial Weekly Digest - Volume IX, Issue 27

In this issue: - SEC Publishes Guidance for Investment Advisers and Proxy Advisory Firms Regarding Proxy Voting and Solicitation - SEC Division of Corporation Finance Issues C&DIs Relating to Accredited Investor...more

SEC Issues Guidance on Determination and Verification of Accredited Investor Status

On July 3rd, the SEC issued guidance in the form of six new compliance and disclosure interpretations regarding accredited investor status. Two of the C&DIs relate to the calculation of income and assets for purposes of...more

SEC Staff Provides Rule 506(c) Verification Guidance

The SEC Staff recently provided further guidance on the provisions of Rule 506(c) of Regulation D which permit the use of general solicitation and general advertising when sales are made only to accredited investors and the...more

FDNS Site Visit Program: Coming Soon to an L-1 Employer Near You

In the February/March 2014 issue of the Immigration eAuthority, we reported on the expansion by U.S. Citizenship and Immigration Services (USCIS) of site visits to certain L-1 employers under the Administrative Site Visit and...more

Rogue CFO II – Internal Accounting Controls and Supervision

Our second article in the series, “Rogue CFO,” covers some common sense processes that all too often are missing in smaller businesses – workable controls and verification. ...more

New ISS "QuickScore 2.0" and Verification of ISS Data By February 7, 2014

On January 27, 2014, Institutional Shareholder Services (ISS) released its Governance QuickScore 2.0 technical document outlining key changes to the governance scoring model for QuickScore 2.0 for 2014....more

Health Insurance Exchange Enrollees Now Eligible to Receive Benefits – Providers Should Be Ready To Verify Patients’ Health...

Beginning January 1, 2014, Americans who purchased a health insurance plan through the Health Insurance Marketplace (often referred to as the “Exchange”) on or before December 24, 2013 are now covered by those plans. Health...more

Policy Statement Released Concerning the Custody Rule for Massachusetts-Registered Investment Advisers

In light of custody-related deficiencies identified by the Massachusetts Securities Division in recent examinations of Massachusetts-registered investment advisers, the Division released a Policy Statement on November 14,...more

SEC to Vote on Crowdfunding Proposal to Ease Investor Verification Requirements

On October 23, 2013, the United States Securities and Exchange Commission (the “SEC”) is expected to vote on a SEC proposal that would ease investor verification requirements under the crowdfunding rule. The crowdfunding...more

New Rule 506(c) — Are You Sure You Are Reasonable?

It went in effect yesterday. “It” being the SEC’s historic amendment to Rule 506, the new Rule 506(c), which permits general solicitation and advertising in securities offerings made under the rule. 506(c) means that...more

Justice Department Cautions Against Re-Verification Of I-9 Documents By General Contractor

The Department of Justice (DOJ), through its Office of Special Counsel for Immigration-Related Unfair Employment Practices (OSC), recently issued a Technical Assistance Letter in response to a written request by a...more

USCIS Launches Customer Identity Verification System

In order to help facilitate processing and ensure identity accuracy at its field offices, U.S Customs and Immigration Services (USCIS) recently announced that, as of September 9, 2013, USCIS will use a new verification tool...more

FTC Invites You to Comment on Another COPPA Verifiable Parental Consent Method

The FTC has announced that it is seeking public comment on a second verifiable consent method proposed under the Voluntary Commission Approval Process provision of the COPPA Rule. The proponent is Imperium, LLC (“Imperium”),...more

Loan Servicer May Verify Foreclosure Complaint

In this residential foreclosure case, the trial court dismissed an amended complaint whose verification was signed by a person on behalf of “Wells Fargo Bank, N.A. as contractual servicer for US Bank National Association.” ...more

REAL IDs - Are you prepared?

Effective January 15, 2013, the Iowa DOT began issuing REAL ID cards. The cards, which are a coordinated effort by the states and the federal government, were developed to improve the reliability and accuracy of state-issued...more

Law Firm Verification Of Accredited Investor Status

The SEC suggests in its final rules eliminating the ban on general solicitation that law firms may be in a position to verify accredited investor status for issuers conducting Rule 506(c) offerings. ...more

SEC Permits General Solicitation but Proposes Significant Impediments to its Use

On July 10, 2013, the Securities and Exchange Commission (SEC) adopted amendments to its safe harbor rule for private placements of securities, Rule 506 of Regulation D under the Securities Act of 1933 (the “Securities Act”)....more

New SEC Rule 506(c) - Accredited Investor Verification Requirements

We recently published a Business Alert regarding the SEC’s adoption of the final rule to lift the ban on general solicitation and advertising in Rule 506 offerings to accredited investors....more

Insurer Has No Duty To Verify Accuracy of Insurance Application Representations

In American Way Cellular, Inc. v. Travelers Property Casualty Company of America, issued May 30, 2013, the California Court of Appeal for the Second Appellate District reaffirmed that insurers are not obligated to investigate...more

The New I-9

As of May 7, 2013, all employers in the United States are required to use the revised Form I-9 for new hires and reverifications of existing employees. Employers should download the new form and make sure the revision date in...more

Electronic I-94s Are Here: Key Information for Travelers and Employers

On April 30, 2013, U.S. Customs and Border Protection (CBP) began rolling out its new electronic I-94 system. By the end of May, paper I-94s will be eliminated for all foreign national travelers, except those entering at land...more

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