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

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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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

MEPA Issues Straw Proposals to Update Climate Resiliency and Greenhouse Gas Policies – Comments Due September 16th

The Massachusetts Environmental Policy Act (MEPA) Office in the Executive Office of Energy and Environmental Affairs (EOEEA) has floated two straw proposals (available here) outlining conceptual frameworks to update the 2021…more

Climate Change, Comment Period, Environmental Policies, Environmental Protection Agency (EPA), Greenhouse Gas Emissions

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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

Deadline for Form 13F Filers for New Reporting Requirements on Executive Compensation Votes Rapidly Approaching

The Securities and Exchange Commission adopted rule and form amendments that will require institutional investment managers who file Form 13F to use Form N-PX to report how they voted proxies on executive compensation (or…more

Executive Compensation, Filing Deadlines, Filing Requirements, Form 13F, Fund Managers

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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

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)

See all updates »

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 »

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

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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Patrick Dinardo

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 »

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

Corporate Transparency Act: Complying with Beneficial Ownership Rules

On January 1, 2024, the Corporate Transparency Act (CTA) will go into effect, imposing new reporting obligations that will require entities (LLCs, corporations, partnerships, etc.) formed in or doing business in the United…more

Beneficial Owner, Business Entities, Business Ownership, Compliance, Corporate Governance

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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)

See all updates »

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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Jeffrey Karp

Treasury Department/Internal Revenue Service Delay in Issuing Guidance Means Hydrogen Producers Remain Uncertain About Tax Credit Eligibility Under the Inflation Reduction Act

Overview of the federal Inflation Reduction Act - The Inflation Reduction Act (IRA or Act), signed by President Biden on August 16, 2022, includes the largest Congressional investment in U.S. history to facilitate the…more

Biden Administration, Eligibility, Greenhouse Gas Emissions, Hydrogen Power, Inflation Reduction Act (IRA)

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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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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

See all updates »

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

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

See all updates »

Connie Lee

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

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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Mark Norris

Important Changes to the UK's Office of Financial Sanctions Implementation's Enforcement Powers Come into Force On June 15, 2022

From June 15, 2022, important changes to the Office of Financial Sanctions Implementation’s (OFSI) enforcement powers come into force. These were highlighted in our 2022 Compliance and Regulatory Update…more

Breach of Financial Sanctions, Economic Sanctions, Enforcement Actions, Financial Services Industry, Office of Financial Sanctions Implementation (OFSI)

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Nicholas O'Donnell

Federal Appeals Court Strikes Another Blow to Chabad Cultural Property Claims Against Russia

The U.S. Court of Appeals for the D.C. Circuit recently dismissed a long-running dispute against Russia concerning the library of the Lubavitcher Rebbe (the Library), a collection of books and papers once held by the then-Rebbe…more

Appellate Courts, Bad Faith, Denial of Certiorari, Dismissals, Expropriation

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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

Supreme Court Extends Copyright Damages Period, Overrules Three-Year Lookback

On May 9, 2024, in Warner Chappell Music, Inc. v. Nealy, the U.S. Supreme Court held that the Copyright Act permits a copyright owner to recover damages for infringing acts that occurred more than three years before bringing a…more

Copyright, Copyright Infringement, Copyright Litigation, Damages, Discovery Rule

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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

Uncertainty Heightened as Two District Courts Reach Conflicting Conclusions on FTC Non-Compete Ban’s Enforceability

Just weeks after a federal court in Texas held that the Federal Trade Commission (“FTC”) exceeded its authority in issuing a rule banning nearly all non-compete agreement (and, therefore, the plaintiffs challenging that rule…more

Appeals, Employer Liability Issues, Employment Contract, Employment Litigation, Federal Bans

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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

MEPA Issues Straw Proposals to Update Climate Resiliency and Greenhouse Gas Policies – Comments Due September 16th

The Massachusetts Environmental Policy Act (MEPA) Office in the Executive Office of Energy and Environmental Affairs (EOEEA) has floated two straw proposals (available here) outlining conceptual frameworks to update the 2021…more

Climate Change, Comment Period, Environmental Policies, Environmental Protection Agency (EPA), Greenhouse Gas Emissions

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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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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Spencer Stone

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

See all updates »

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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Ashley Tan

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 »

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

See all updates »

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

Texas Court Blocks Federal Non-Compete Ban, Setting Up Appellate Challenge

The FTC’s near-total ban on non-competes was scheduled to take effect on September 4, 2024. With just weeks to go, a Texas court has set aside the rule and ordered that it will not take effect at all. (Earlier this summer, that…more

Arbitrary and Capricious, Employer Liability Issues, Federal Bans, Federal Trade Commission (FTC), Final Rules

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Ida Vanto

Supreme Court Extends Copyright Damages Period, Overrules Three-Year Lookback

On May 9, 2024, in Warner Chappell Music, Inc. v. Nealy, the U.S. Supreme Court held that the Copyright Act permits a copyright owner to recover damages for infringing acts that occurred more than three years before bringing a…more

Copyright, Copyright Infringement, Copyright Litigation, Damages, Discovery Rule

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Sarah Wellings

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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Geoffrey Wynne

Trade & Export Finance Webinar Presentation: An update on developments in the creation and financing of trade assets and how to get involved

What this talk will cover - What is going on! What are trade assets? Who needs finance? Who can or wants to finance them? Who else could finance them? How to become involved in trade finance assets? Legal issues…more

Buyers, Financial Institutions, Financial Regulatory Reform, Financial Services Industry, Foreign Financial Assets

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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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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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