Author Info for Sullivan & Worcester

Roy Andersen

FinCEN's Proposed AML Enhancements for Money Service Businesses and Other Financial Institutions

On September 17, 2020, the Financial Crimes Enforcement Network ("FinCEN") published an Advance Notice of Proposed Rulemaking ("Notice") to obtain public comments on proposed enhancements to anti-money laundering ("AML")…more

Advanced Notice of Proposed Rulemaking (ANPRM), Anti-Money Laundering, Bank Secrecy Act, Financial Institutions, FinCEN

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Benjamin Armour

Proposed Bipartisan Amendments to the Opportunity Zone Statute Could Have a Significant Effect on Current and Potential Investors

Late last week, a bipartisan group of U.S. Senators and U.S. Representatives introduced an expansive bicameral bill, titled the Opportunity Zones Transparency, Extension, and Improvement Act (the “OZ Bill”). This proposed…more

Investment Funds, Investors, IRS, Opportunity Zones, Qualified Opportunity Funds

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Ameek Ashok Ponda

Remediation of M&A REIT Targets (UPDATED)

The past is prologue: Do REIT qualification issues close with tax years, do they persist for ten (10) years (being the sum of five (5) years on account of the Section 856(g)(3) “lock out” plus another five (5) years of built-in…more

Acquisitions, Corporate Taxes, Due Diligence, Internal Revenue Code (IRC), Mergers

See all updates »

Matthew Bailey

Cooking Up Pandemic Relief: the Restaurant Revitalization Fund and Grants to Food and Beverage Providers

In March 2021, the American Rescue Plan Act of 2021 (the “Act”) was signed into law. The Act provides for $1.9 trillion of relief to many individuals and businesses overcoming the economic impact caused by the COVID-19 pandemic…more

American Rescue Plan Act of 2021, Beverage Manufacturers, Coronavirus/COVID-19, Food Manufacturers, Paycheck Protection Program (PPP)

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Victor Baltera

EPA Proposes New Stormwater Regulations for Three Boston Area Watersheds

On October 31, 2024, Region 1 of the United States Environmental Protection Agency (“EPA”), which covers the New England states, proposed sweeping new requirements to regulate stormwater discharges from certain commercial,…more

Annual Reports, Best Management Practices, Clean Water Act, Comment Period, Environmental Protection Agency (EPA)

See all updates »

Daniela Barrdear

Prudential Regulatory Authority delays UK implementation of Basel 3.1 to 2027

In response to global uncertainty the Bank of England’s Prudential Regulation Authority (PRA) has further delayed the implementation of the Basel 3.1 standards in the UK to 1 January 2027. This delay comes just four months after…more

Bank of England, Basel Committee on Banking Supervision (BCBS), Basel III, Capital Requirements, Capital Requirements Regulation (CRR)

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Carole Bass

LePage v. Mobile Infirmary Association: Alabama Wrongful Death of a Minor Statute Applies to Cryogenically Preserved Embryos

Carole M. Bass and Cara Koss co-authored this article. The authors have long raised as an issue the impact personhood legislation could have on assisted reproduction and, by extension, on estate and trust administration where…more

AL Supreme Court, Alabama, Appeals, Estate Planning, Fiduciary Duty

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Howard Berkenblit

New SEC Guidance May Lead to More 5% Shareholders Having to File Schedule 13Ds

The SEC’s Division of Corporation Finance recently published a new Compliance and Disclosure Interpretation (CD&I) 103.12 regarding shareholders’ engagement with issuers’ management in the context of eligibility to report on…more

Corporate Governance, Disclosure Requirements, Investors, Reporting Requirements, Schedule 13D

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J. Truman Bidwell Jr.

Identify and Report “Control” Investors: The Corporate Transparency Act of 2020

We write to advise you of important legislation just enacted in the United States and proposed legislation in the United Kingdom. The National Defense Authorization Act for Fiscal Year 2021 (NDAA) was recently passed by both…more

Anti-Money Laundering, Beneficial Owner, CFIUS, Corporate Transparency Act, FinCEN

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Harvey Bines

Cooking Up Pandemic Relief: the Restaurant Revitalization Fund and Grants to Food and Beverage Providers

In March 2021, the American Rescue Plan Act of 2021 (the “Act”) was signed into law. The Act provides for $1.9 trillion of relief to many individuals and businesses overcoming the economic impact caused by the COVID-19 pandemic…more

American Rescue Plan Act of 2021, Beverage Manufacturers, Coronavirus/COVID-19, Food Manufacturers, Paycheck Protection Program (PPP)

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Marian Boyle

Interpreting English Law Contracts: avoiding the bear traps

The importance of clear drafting cannot be overstated. Ambiguity of language can lead to disputes, costly litigation and unintended outcomes. The recent Court of Appeal judgment in Cantor Fitzgerald & Co v Yes Bank Ltd [2024]…more

Ambiguous, Appeals, Banking Sector, Commercial Litigation, Contract Drafting

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Ashley Brooks

Zoning and Development Newsletter - January 2024

Welcome to the Third Issue of Sullivan’s Zoning and Development Newsletter- This newsletter is a collaboration between members of our Permitting & Land Use Practice Group and the Litigation Department, in order to provide our…more

Affordable Housing, Appeals, Building Permits, Construction Project, Judicial Proceedings

See all updates »

Aidan Browne

Irish Digital Firms Now on the Clock to Comply with Anti-Money Laundering Rules

With the European Union’s (“EU”) focus on strengthening its rules to prevent money laundering and terrorism financing, Ireland recently joined the ranks of member states who incorporated the EU’s financial crime regulations into…more

AMLD V, Anti-Money Laundering, Central Bank of Ireland, EU, Financial Crimes

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Maria Capocci

Transferring Risk in Trade Assets

The original Bankers Association of Finance and Trade Master Participation Agreement (“BAFT MPA”) was launched in 2008 to enable market participants (with its focus on banking groups) to more easily enter into risk transfer…more

Creditors, Debtors, Purchase Agreement, Sale of Assets, Sellers

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Laura Christeson

Trademark Scams Alert: Recognizing and Responding to Evolving Threats

Trademark scams are on the rise, again. In the five years since we initially published this advisory, scammers have honed their tactics, using advanced technology to distribute misleading solicitations and invoices related to…more

Intellectual Property Protection, Registration Requirement, Scams, Technology, Trademark Registration

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Simon Cook

Sullivan & Worcester Advises Arqit on Documentary Framework to Support the Issue of Electronic Promissory Notes under the Electronic Trade Documents Act 2023

London, UK - Sullivan & Worcester (Sullivan) is advising Arqit Limited (Arqit), a leader in quantum-safe encryption, in relation to its documentary framework to support the creation, issue and storage of electronic promissory…more

Compliance, Digital Assets, Electronic Trading, Electronically Posted Documents, Financial Regulatory Reform

See all updates »

Cameron Cosby

How REITs are Impacted by the “One Big Beautiful Bill Act”

The U.S. House of Representatives, by a one-vote margin, passed the “One Big Beautiful Bill Act” (the “House Bill”) early in the morning on May 22, 2025. The House Bill has yet to be considered by the U.S. Senate and will likely…more

Business Taxes, Commercial Real Estate Market, Corporate Taxes, EBITDA, Energy Sector

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Christopher Curtis

Sullivan & Worcester Advises ETF Managers Group on Launch of First Global Dry Bulk ETF

International law firm Sullivan & Worcester LLP acted as fund counsel to Exchange Traded Managers Group (ETFMG) on the launch of the first dry bulk shipping exchange-traded fund, Breakwave Dry Bulk Shipping ETF (NYSE ARCA: BDRY)…more

Commodity Futures Contracts, ETFs, Investment Companies, Investment Management, National Futures Association

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David Danovitch

SEC and CFTC Continue Their Lucrative Pursuits of Penalizing Unapproved Communication Methods

SEC's and CFTC's Enforcement Actions Against Multiple Firms - In its continued pursuit of rooting out and penalizing broker-dealers and investment advisers for their failure to prevent unapproved communication methods, the…more

Broker-Dealer, CFTC, Electronic Communications, Enforcement Actions, Financial Institutions

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Paul Decker

Ameek Ashok Ponda Submits Comments to IRS to Address Favorably REITs Deploying Renewable Energy Infrastructure at their Properties

On April 16, 2024, Ameek Ashok Ponda, with assistance from Paul Decker, Sarah Wellings and Connie Lee, submitted a comment letter to the Internal Revenue Service (IRS) regarding his recommendations for the 2024-2025 Priority…more

IRS, Opinion Letter, Proposed Regulation, Real Estate Investments, REIT

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Erika Dennery

Sullivan Files Amicus Brief on Behalf of NAIOP Massachusetts

Sullivan was pleased to file an amicus brief on behalf of NAIOP Massachusetts – The Commercial Real Estate Development Association (NAIOP) in the case of Attorney General v. Town of Milton. The case involves the Town’s failure…more

Amicus Briefs, Declaratory Relief, Injunctive Relief, Land-Use Permits, MA Supreme Judicial Court

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Patrick Dinardo

Massachusetts SJC Rules That Statute of Repose Does Not Bar Contractual Indemnification Claim Against Architect

On April 16, 2025, the Massachusetts Supreme Judicial Court (the “SJC”) issued a decision concluding that a claim based on a negotiated contract providing for indemnification of damages caused by an architect’s negligence cannot…more

Architects, Breach of Contract, Construction Contracts, Construction Litigation, Contract Disputes

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Michael Dyson

SEC and CFTC Continue Their Lucrative Pursuits of Penalizing Unapproved Communication Methods

SEC's and CFTC's Enforcement Actions Against Multiple Firms - In its continued pursuit of rooting out and penalizing broker-dealers and investment advisers for their failure to prevent unapproved communication methods, the…more

Broker-Dealer, CFTC, Electronic Communications, Enforcement Actions, Financial Institutions

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Judith Edington

Relief to Nonprofits and Incentives for Charitable Giving under the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), signed into law by President Trump on March 27, 2020, provides access to loans or tax credits to certain nonprofit organizations and encourages increased…more

CARES Act, Coronavirus/COVID-19, Financial Stimulus, Relief Measures, SBA

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Sam Fowler-Holmes

EU Commission Proposes New Late Payment Regulation – Evolution or Revolution of the EU Late Payment Regime?

On 12 September 2023, the European Commission proposed a new EU Regulation on combatting late payments in commercial transactions which will revise and replace EU Directive 2011/7/EU (the Late Payment Directive). The Commission…more

Creditors, Debtors, Enforcement Actions, EU, EU Directive

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Jillian Friedmann

For Whom the Limitations Period Tolls: The SJC Imposes 106 More Days of Potential Liability on Defendants

In a decision dated September 3, 2021, the Massachusetts Supreme Judicial Court (SJC) solidified the broad reach of its emergency tolling orders. Through a series of emergency orders in the early months of the COVID-19 pandemic,…more

Coronavirus/COVID-19, Court Schedules, MA Supreme Judicial Court, Statute of Limitations, Time Extensions

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John Gahan III

Proposed Bipartisan Amendments to the Opportunity Zone Statute Could Have a Significant Effect on Current and Potential Investors

Late last week, a bipartisan group of U.S. Senators and U.S. Representatives introduced an expansive bicameral bill, titled the Opportunity Zones Transparency, Extension, and Improvement Act (the “OZ Bill”). This proposed…more

Investment Funds, Investors, IRS, Opportunity Zones, Qualified Opportunity Funds

See all updates »

John Graham

Relief to Nonprofits and Incentives for Charitable Giving under the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), signed into law by President Trump on March 27, 2020, provides access to loans or tax credits to certain nonprofit organizations and encourages increased…more

CARES Act, Coronavirus/COVID-19, Financial Stimulus, Relief Measures, SBA

See all updates »

David Guadagnoli

Summer 2024 Employment and Benefits Updates

The rate of change in the employment and benefits area seems to be accelerating. This alert addresses some of the changes that have been of most concern to our clients. Observations on Long-Time Part-Time Employee…more

Employee Benefits, Employees, Employer Liability Issues, Fiduciary Rule, Minimum Wage

See all updates »

William Hanson

Breaking: FinCEN Removes BOI Reporting Requirements for U.S. Companies and U.S. Persons

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced, on March 21, 2025, that it issued an interim final rule that removes the requirements for U.S. companies and U.S. persons to report…more

Beneficial Owner, Business Entities, Corporate Transparency Act, Disclosure Requirements, Filing Requirements

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Kimberly Herman

Companies Turn to Trade Secret, Patent, Copyright to Mitigate Risks from FTC Non-Compete Ban

On April 23, 2024, the Federal Trade Commission narrowly approved a rule banning most non-competition agreements. The rule, set to go into effect on September 4, 2024, prohibits employers from including non-compete provisions in…more

Copyright, Defend Trade Secrets Act (DTSA), Employer Liability Issues, Federal Bans, Federal Trade Commission (FTC)

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John Hunt

SEC and CFTC Continue Their Lucrative Pursuits of Penalizing Unapproved Communication Methods

SEC's and CFTC's Enforcement Actions Against Multiple Firms - In its continued pursuit of rooting out and penalizing broker-dealers and investment advisers for their failure to prevent unapproved communication methods, the…more

Broker-Dealer, CFTC, Electronic Communications, Enforcement Actions, Financial Institutions

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Brian Hurley

SJC Rejects Contractual Liability Waivers for “Willful or Knowing” Violations of Chapter 93A

On January 24, 2022, the Massachusetts Supreme Judicial Court (SJC) issued a unanimous decision directly curtailing the enforceability of limitation of liability provisions in the context of willful or knowing violations of…more

Chapter 93A, Commercial Leases, Double Damages, Landlords, MA Supreme Judicial Court

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Jon Jenkins

Demo Days May Soon Be In the Clear

The Current Problem with Demo Days - Under U.S. federal securities law, any offer and sale of securities must either be registered with the Securities and Exchange Commission (SEC) or be conducted in compliance with an…more

General Solicitation, Private Placements, Proposed Rules, Regulation D, Rule 506 Offerings

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Chuanyang Jiang

Nasdaq Adopts New Requirements for Board Diversity

On August 6, 2021, the SEC approved Nasdaq’s proposed rule regarding board diversity and disclosure. This rule will require companies listed on Nasdaq to have at least two diverse directors or to explain why it failed to do so…more

Board of Directors, Compliance, Corporate Governance, Disclosure Requirements, Diversity and Inclusion Standards (D&I)

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Matilda Johnson

Debunking Legal Jargon for Trade & Export Finance and Related Regulation

In this blog, we take a look at some new jargon and key terms that you might come across in your transactions or industry discussions in the coming months. Trade & Export Finance - Uniform Rules for Transferable Electronic…more

Cross-Border Transactions, Electronic Payment Transactions, EU, International Trade, Legislative Agendas

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Richard Jones

Massachusetts Supreme Judicial Court Issues a Win for Sullivan Client in State Tax Dispute

Justices Strike Down Tax Assessed on Capital Gain from Sale of Exempt Urban Redevelopment Project, a Win for Massachusetts Urban Redevelopment and Affordable Housing - On Friday, March 10, 2023, the Supreme Judicial Court…more

Affordable Housing, Appeals, Capital Gains, MA Supreme Judicial Court, Oral Argument

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Scott Kaufman

Taking Steps Toward Federal Blockchain and Cryptocurrency Regulation

On May 22, 2024, with bi-partisan support, the U.S. House of Representatives passed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (“FIT21”), becoming the first major cryptocurrency legislation to…more

Blockchain, Broker-Dealer, CFTC, Cryptoassets, Cryptocurrency

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Jerry Kazanjian

Federal Circuit Holding in Crocs v. Effervescent Puts the Shoe on the Other Foot

On October 3, 2024, in Crocs, Inc. v. Effervescent, Inc., the U.S. Court of Appeals for the Federal Circuit (“CAFC”) issued a precedential opinion ruling that a brand’s false claim of patent ownership in a product advertisement…more

CAFC, False Advertising, Lanham Act, Precedential Opinion, Trademark Litigation

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Karen Kepler

Housing Bill Becomes Law, But It’s Not Just About Housing

On Tuesday, August 6th, Governor Healey signed into law House Bill 4977, “An Act relative to the Affordable Homes Act.” The 181-page Bill provides for $5.1 billion in capital funding to support housing production and…more

Affordable Housing, Housing Developers, Housing Market, Landlord and Tenant Acts, Legislative Agendas

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Caroline Kupiec

Massachusetts Supreme Judicial Court Issues a Win for Sullivan Client in State Tax Dispute

Justices Strike Down Tax Assessed on Capital Gain from Sale of Exempt Urban Redevelopment Project, a Win for Massachusetts Urban Redevelopment and Affordable Housing - On Friday, March 10, 2023, the Supreme Judicial Court…more

Affordable Housing, Appeals, Capital Gains, MA Supreme Judicial Court, Oral Argument

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Ellis Lawson

WTO Agreement Continues Push Towards Digitalisation of Trade Documents

A significant milestone in the digitalisation of trade was reached on 26 July 2024 with the World Trade Organisation (WTO) Joint Statement Initiative (JSI) on Electronic Commerce publishing the text of its agreement on…more

E-Commerce, Electronic Agreements, Electronic Data Transmissions, Joint Statements, Trade Agreements

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Natalie Lederman

Breaking: FinCEN Removes BOI Reporting Requirements for U.S. Companies and U.S. Persons

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced, on March 21, 2025, that it issued an interim final rule that removes the requirements for U.S. companies and U.S. persons to report…more

Beneficial Owner, Business Entities, Corporate Transparency Act, Disclosure Requirements, Filing Requirements

See all updates »

Connie Lee

Remediation of M&A REIT Targets (UPDATED)

The past is prologue: Do REIT qualification issues close with tax years, do they persist for ten (10) years (being the sum of five (5) years on account of the Section 856(g)(3) “lock out” plus another five (5) years of built-in…more

Acquisitions, Corporate Taxes, Due Diligence, Internal Revenue Code (IRC), Mergers

See all updates »

Tehila Levi Lati

Key Changes in China's Company Law which is Reshaping the Business Landscape for Foreign Investors, including Retroactive Implications

The amended Company Law of the People's Republic of China (“the New Company Law”) was adopted by the National People's Congress of China and published on December 29, 2023, effective on July 1, 2024. This new legislation brings…more

Board of Directors, China, Company Law, Corporate Governance, Foreign Investment

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Fiona Luong

Covid-19 Coronavirus: What you need to know about virtual and electronic signing

In these uncertain times, trade finance and other transaction parties may face particular logistical challenges when signing documents in person. One option available to the transaction parties is to sign documents "virtually"…more

Coronavirus/COVID-19, E-Signatures, Electronic Notarization Standard

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David McLaughlin

IRS Updates Guidance on Filing and Payment Deadlines and Provides New Guidance Relating to Other Taxpayer Actions

Yesterday, the Internal Revenue Service issued Notice 2020-23, which updates and amplifies its earlier guidance under Notice 2020-18 and Notice 2020-20, discussed in our earlier Client Alert. Compared to previous grants of…more

Coronavirus/COVID-19, Filing Deadlines, IRS, Like Kind Exchanges, Qualified Opportunity Funds

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Alexander Middlemiss

California Jury Stamps Its Approval on SEC’s Novel Shadow Trading Theory

Showcasing its shadow trading theory in a case of first impression, the U.S. Securities and Exchange Commission (SEC) secured a favorable verdict in a closely watched case. After hearing testimony over eight days of trial, a…more

Enforcement Actions, Insider Trading, Misappropriation, Securities and Exchange Commission (SEC), Securities Exchange Act of 1934

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Jeffrey Morlend

Are Syndicated Term Loans Securities? The Second Circuit Says No.

On August 24, 2023, the Second Circuit Court of Appeals determined in the highly anticipated case, Kirschner v. JP Morgan Chase Bank N.A., et al., that syndicated term loans are not securities. The Court upheld the district…more

Bank Loan Markets, Loan Syndication and Trading Association (LSTA), Loans, Securities, Securities Regulation

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Michael Murray

Zoning and Development Newsletter - January 2024

Welcome to the Third Issue of Sullivan’s Zoning and Development Newsletter- This newsletter is a collaboration between members of our Permitting & Land Use Practice Group and the Litigation Department, in order to provide our…more

Affordable Housing, Appeals, Building Permits, Construction Project, Judicial Proceedings

See all updates »

David Nagle

Massachusetts Brownfields Tax Credit

In a bid to rehabilitate the Brownfields Tax Credit ("BTC") application and approval process, the Massachusetts Department of Revenue ("DOR") has issued final regulations (830 CMR 63.38Q.1) and new administrative procedures (AP…more

Brownfield Properties, Contaminated Properties, Final Rules, Income Taxes, Redevelopment

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Melissa Niles

Massachusetts SJC Clarifies Law on Appellate Interest After Judgment Satisfied in Full Pending Appeal

On March 11, 2025, the Massachusetts Supreme Judicial Court (the “SJC”) issued a decision concluding that once a losing party satisfies a judgment in full, postjudgment interest stops running even if the losing party then…more

Appeals, Appellate Courts, Damages, Debtors, Litigation Strategies

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Mark Norris

Prudential Regulatory Authority delays UK implementation of Basel 3.1 to 2027

In response to global uncertainty the Bank of England’s Prudential Regulation Authority (PRA) has further delayed the implementation of the Basel 3.1 standards in the UK to 1 January 2027. This delay comes just four months after…more

Bank of England, Basel Committee on Banking Supervision (BCBS), Basel III, Capital Requirements, Capital Requirements Regulation (CRR)

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Nicholas O'Donnell

Chapman Law Review Article Spotlights Recent Supreme Court Missteps on Sovereign Immunity and Cultural Property, Calls for Congress to Act

I am proud to announce the publication in the Chapman Law Review of my article: “Turnabout is Foul Play: Sovereign Immunity and Cultural Property Claims”. As the article explains, the Roberts Court has contorted beyond…more

Art, Cultural Artifacts, Expropriation, Foreign Sovereign Immunities Act of 1976 (FSIA), Judicial Authority

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Eugene O'Flaherty

Zoning and Development Newsletter - January 2024

Welcome to the Third Issue of Sullivan’s Zoning and Development Newsletter- This newsletter is a collaboration between members of our Permitting & Land Use Practice Group and the Litigation Department, in order to provide our…more

Affordable Housing, Appeals, Building Permits, Construction Project, Judicial Proceedings

See all updates »

Louisa O'Kelly

Corporate Transparency Act Ruled Unconstitutional

The Corporate Transparency Act (CTA) requires most entities formed or registered to do business in the United Sates to report to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) certain information…more

Beneficial Owner, Corporate Transparency Act, FinCEN, Regulatory Requirements, Reporting Requirements

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Luna Owen

Sullivan & Worcester Advises Arqit on Documentary Framework to Support the Issue of Electronic Promissory Notes under the Electronic Trade Documents Act 2023

London, UK - Sullivan & Worcester (Sullivan) is advising Arqit Limited (Arqit), a leader in quantum-safe encryption, in relation to its documentary framework to support the creation, issue and storage of electronic promissory…more

Compliance, Digital Assets, Electronic Trading, Electronically Posted Documents, Financial Regulatory Reform

See all updates »

Michael Palmisciano

U.S. Trademark Fees to Increase Effective January 18, 2025

The United States Patent and Trademark Office (“USPTO”) has announced increases and adjustments of certain trademark official fees, effective January 18, 2025. These changes follow a year-long comprehensive review process and…more

Fees, Filing Fees, Intellectual Property Protection, Surcharges, Trademark Application

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Jennifer Pastarnack

2008 v. 2020: What Secondary Loan Market Participants Should Consider Now

Similarities and distinctions are already being drawn between the impact on our economy of the 2008 sub-prime mortgage-induced financial crisis and today’s global pandemic of COVID-19. With the shutdown of non-essential…more

Coronavirus/COVID-19, Financial Services Industry, Loan Syndication and Trading Association (LSTA), Section 365

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Domenick Pugliese

SEC Adopts Amendments to the Investment Company Names Rule (Rule 35d-1)

On September 20, 2023, the Securities and Exchange Commission (“SEC”) adopted amendments to Rule 35d-1[1] (the “Names Rule”) under the Investment Company Act of 1940, as amended (“1940 Act”), as well as amendments to certain…more

Investment, Investment Adviser, Investment Advisers Act of 1940, New Amendments, New Rules

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Eric Rietveld

HHS Recommends Major Shift in the Legal Treatment of Cannabis

On August 29, 2023, the U.S. Department of Health and Human Services (“HHS”), after completing an almost year-long evaluation of cannabis’s current status as a Schedule 1 substance, recommending to the Drug Enforcement…more

Cannabis Products, Controlled Substances, Controlled Substances Act, DEA, Department of Health and Human Services (HHS)

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John Riley

SEC Proposes New Rules to Encourage Private Fund Transparency and Address Certain Conflicts of Interest

The U.S. Securities and Exchange Commission (the “SEC”) published on February 9, 2022 a release (the “Proposing Release”) in which it proposed new rules (collectively, the “Proposed Rules”) that would apply to investment…more

Dodd-Frank, Investment Adviser, Investment Advisers Act of 1940, Investment Company Act of 1940, Private Funds

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Meghan Rohan

SEC’s Proposed Changes to Regulation S-P Would Overhaul Records and Information Requirements of Covered Institutions

On March 15, 2023, the United States Securities and Exchange Commission (“SEC”) proposed amendments to Regulation S-P that, if finalized, would place additional burdens on covered institutions when it comes to handling consumer…more

Broker-Dealer, Covered Entities, Notification Requirements, Proposed Amendments, Proposed Regulation

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Ryan Rosenblatt

Massachusetts SJC Rules That Statute of Repose Does Not Bar Contractual Indemnification Claim Against Architect

On April 16, 2025, the Massachusetts Supreme Judicial Court (the “SJC”) issued a decision concluding that a claim based on a negotiated contract providing for indemnification of damages caused by an architect’s negligence cannot…more

Architects, Breach of Contract, Construction Contracts, Construction Litigation, Contract Disputes

See all updates »

Daniel Ryan

Proposed Bipartisan Amendments to the Opportunity Zone Statute Could Have a Significant Effect on Current and Potential Investors

Late last week, a bipartisan group of U.S. Senators and U.S. Representatives introduced an expansive bicameral bill, titled the Opportunity Zones Transparency, Extension, and Improvement Act (the “OZ Bill”). This proposed…more

Investment Funds, Investors, IRS, Opportunity Zones, Qualified Opportunity Funds

See all updates »

Gregory Sampson

EPA Proposes New Stormwater Regulations for Three Boston Area Watersheds

On October 31, 2024, Region 1 of the United States Environmental Protection Agency (“EPA”), which covers the New England states, proposed sweeping new requirements to regulate stormwater discharges from certain commercial,…more

Annual Reports, Best Management Practices, Clean Water Act, Comment Period, Environmental Protection Agency (EPA)

See all updates »

Rachael Schwartz

SEC Adopts Amendments to Form N-PORT and Form N-CEN Reporting Relating to Liquidity Risk Management; Issues Guidance on Open-End Fund Liquidity Risk Management Programs

On August 28, 2024, the Securities and Exchange Commission (“SEC”) adopted amendments to reporting requirements on Forms N-PORT and N-CEN that apply to certain registered investment companies, including registered open-end…more

Closed-End Funds, Form N-CEN, Form N-PORT, Investment Management, Liquidity

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Lewis Segall

State Governments Order the Shutdown of Non-Essential Businesses to Reduce the Spread of Coronavirus (COVID-19)

As the novel coronavirus ("COVID-19") continues to spread rapidly, a number of states have ordered the closure of all non-essential businesses to limit further transmission of this disease. As of March 24, 2020, nearly 20 states…more

Essential Functions

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Joseph Segilia

HHS Recommends Major Shift in the Legal Treatment of Cannabis

On August 29, 2023, the U.S. Department of Health and Human Services (“HHS”), after completing an almost year-long evaluation of cannabis’s current status as a Schedule 1 substance, recommending to the Drug Enforcement…more

Cannabis Products, Controlled Substances, Controlled Substances Act, DEA, Department of Health and Human Services (HHS)

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Anna Lea Setz

SEC Adopts Rules for Cybersecurity Disclosures

On July 26, 2023, the Securities and Exchange Commission (SEC) adopted rules imposing significant new disclosure requirements regarding cybersecurity risk management, strategy and governance and incident reporting by public…more

Corporate Governance, Cyber Attacks, Cyber Incident Reporting, Cybersecurity, Disclosure Requirements

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Amy Sheridan

Summer 2024 Employment and Benefits Updates

The rate of change in the employment and benefits area seems to be accelerating. This alert addresses some of the changes that have been of most concern to our clients. Observations on Long-Time Part-Time Employee…more

Employee Benefits, Employees, Employer Liability Issues, Fiduciary Rule, Minimum Wage

See all updates »

Christopher Shields

Caught in a Revolving Door: The Supreme Court Determines who Owes you Honest Services

It is no secret that the modern U.S. Supreme Court has regarded enforcement of federal anti-corruption laws with a deep concern for constitutional overreach. That same concern animates petitioner’s arguments in Percoco v. United…more

Anti-Corruption, Criminal Convictions, Criminal Prosecution, Litigation Strategies, Lobbyists

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Daphna Shteinberg

New SEC Guidance May Lead to More 5% Shareholders Having to File Schedule 13Ds

The SEC’s Division of Corporation Finance recently published a new Compliance and Disclosure Interpretation (CD&I) 103.12 regarding shareholders’ engagement with issuers’ management in the context of eligibility to report on…more

Corporate Governance, Disclosure Requirements, Investors, Reporting Requirements, Schedule 13D

See all updates »

Benjamin Sklar

SEC Amends Deadlines and Other Rules for Reporting Beneficial Ownership on Schedules 13D and 13G

The Securities and Exchange Commission has amended the rules governing beneficial ownership reporting under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934 (Exchange Act). Sections 13(d) and 13(g) of the Exchange…more

Beneficial Owner, Corporate Governance, Filing Deadlines, Filing Requirements, Publicly-Traded Companies

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Joshua Stein

SEC Approves NYSE and NYSE American Rule Changes Regarding Minimum Price Criteria Compliance Periods and the Use of Reverse Stock Splits

In January 2025, the Securities and Exchange Commission (SEC) approved rule changes proposed by the New York Stock Exchange (NYSE) and NYSE American that impact companies utilizing reverse stock splits to regain compliance with…more

Compliance, Delisting, Listing Rules, NYSE, Publicly-Traded Companies

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Spencer Stone

Breaking: FinCEN Removes BOI Reporting Requirements for U.S. Companies and U.S. Persons

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced, on March 21, 2025, that it issued an interim final rule that removes the requirements for U.S. companies and U.S. persons to report…more

Beneficial Owner, Business Entities, Corporate Transparency Act, Disclosure Requirements, Filing Requirements

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Douglas Stransky

The Most Draconian Tax Rule in the World

In today's blog, we look at the most draconian tax rule in the world and examine whether the rule is valid. In addition, we examine a recent United States Tax Court case where the court upheld this draconian rule against a UK…more

Business Taxes, Chevron Deference, Corporate Taxes, Filing Requirements, Foreign Corporations

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Alison Strongwater

U.S. Trademark Fees to Increase Effective January 18, 2025

The United States Patent and Trademark Office (“USPTO”) has announced increases and adjustments of certain trademark official fees, effective January 18, 2025. These changes follow a year-long comprehensive review process and…more

Fees, Filing Fees, Intellectual Property Protection, Surcharges, Trademark Application

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Ashley Tan

Governor Signs Economic Development and Clean Energy Bills: Key Insights

On November 20, 2024, Massachusetts Governor Maura Healy signed a $3.9 billon economic development bill, known as the Mass Leads Act (H 5100), and also signed the Climate and Clean Energy Siting Law (S 2967). These laws are…more

Clean Energy, Climate Change, Energy Projects, Energy Sector, Legislative Agendas

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Joel Telpner

Irish Digital Firms Now on the Clock to Comply with Anti-Money Laundering Rules

With the European Union’s (“EU”) focus on strengthening its rules to prevent money laundering and terrorism financing, Ireland recently joined the ranks of member states who incorporated the EU’s financial crime regulations into…more

AMLD V, Anti-Money Laundering, Central Bank of Ireland, EU, Financial Crimes

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Amichay Tessler

The Supreme Court of Israel Issues Groundbreaking Decision on Derivative Claims, Referencing Article Co-Authored by Sullivan Partner Amichay Tessler

Tel Aviv, Israel – Recently, in a precedential case, the Supreme Court of Israel (the "Supreme Court") cited and based its groundbreaking decision on an article co-authored by Amichay Tessler, a litigation partner in Sullivan &…more

Board of Directors, Corporate Governance, Derivative Complaint, Discovery, Good Faith

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Erika Todd

2025 Massachusetts Pay Transparency Requirements

An Act Relative to Salary Range Transparency, which has multiple requirements for employers, is bringing significant changes to Massachusetts job markets. Larger employers have an upcoming reporting deadline on February 3, and…more

EEO, Employee Rights, Equal Pay, Filing Requirements, New Legislation

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Ida Vanto

Breaking: FinCEN Removes BOI Reporting Requirements for U.S. Companies and U.S. Persons

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced, on March 21, 2025, that it issued an interim final rule that removes the requirements for U.S. companies and U.S. persons to report…more

Beneficial Owner, Business Entities, Corporate Transparency Act, Disclosure Requirements, Filing Requirements

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Natasha Varyani

Sullivan Files Amicus Brief on Behalf of NAIOP Massachusetts

Sullivan was pleased to file an amicus brief on behalf of NAIOP Massachusetts – The Commercial Real Estate Development Association (NAIOP) in the case of Attorney General v. Town of Milton. The case involves the Town’s failure…more

Amicus Briefs, Declaratory Relief, Injunctive Relief, Land-Use Permits, MA Supreme Judicial Court

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Eric Victorson

SEC Expands Confidential Submission Options for Issuers to Facilitate Capital Raising

On March 3, 2025, the U.S. Securities and Exchange Commission (SEC) announced expanded accommodations for issuers submitting draft registration statements for nonpublic review. These enhancements are intended to facilitate…more

Capital Raising, Disclosure Requirements, EDGAR, Filing Requirements, Initial Public Offering (IPO)

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Sarah Wellings

Remediation of M&A REIT Targets (UPDATED)

The past is prologue: Do REIT qualification issues close with tax years, do they persist for ten (10) years (being the sum of five (5) years on account of the Section 856(g)(3) “lock out” plus another five (5) years of built-in…more

Acquisitions, Corporate Taxes, Due Diligence, Internal Revenue Code (IRC), Mergers

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Geoffrey Wynne

Sullivan works with ITFA on Launch of Short Term SWIFT FI Trade Loan Template

London, UK – Geoffrey Wynne, partner and head of Sullivan's Trade & Export Finance Group, worked with an ITFA working group headed by Paul Coles, chair of its Market Practice Committee, to develop a Short Term SWIFT Financial…more

Banks, Borrowers, Contract Terms, Financial Institutions, Financial Services Industry

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Dyna Yates

Collateral Managers – Do you need them?

In our webinar of 23 March 2023, Sam Fowler-Holmes and I looked at some common structures in trade finance. When discussing structuring warehouse financing, we mentioned that one key mitigator of risk in such structures was…more

Borrowers, Collateral, Collateral Agreements, Financial Services Industry, Financial Transactions

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Jiahang Zhou

Breaking: FinCEN Removes BOI Reporting Requirements for U.S. Companies and U.S. Persons

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced, on March 21, 2025, that it issued an interim final rule that removes the requirements for U.S. companies and U.S. persons to report…more

Beneficial Owner, Business Entities, Corporate Transparency Act, Disclosure Requirements, Filing Requirements

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Amy Zuccarello

Zero Degrees Celsius: The Effects of a "Crypto Winter" and Celsius’ Bankruptcy on Crypto Customers

Part 1 – Celsius Bankruptcy - The Celsius Network was conceptualized as an alternative to conventional banking, offering its customers return rates of up to 20% on deposits of digital assets, and providing digital…more

Bankruptcy Code, Chapter 11, Commercial Bankruptcy, Crypto Exchanges, Cryptoassets

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