News & Analysis as of

Intermediaries

DOH Extends Deadline for Fiscal Intermediary Authorization Application to Dec. 15

by FordHarrison on

Notice of Extension. The New York State Department of Health (DOH) has extended the deadline from November 30 to close of business on December 15, 2017 for currently operating Fiscal Intermediaries under the Consumer Directed...more

FTC Hosts Workshop – “Understanding Competition in Prescription Drug Markets: Entry and Supply Chain Dynamics”

by Mintz Levin on

On Wednesday, November 8, 2017 the Federal Trade Commission (FTC) hosted a workshop seeking to explore the general question of why the cost of prescription drugs has risen greatly in recent history. The Workshop was framed...more

CDPAP Fiscal Intermediaries Must File an Application for Authorization With DOH or Cease Operations

by FordHarrison on

On November 1, 2017, the NYS DOH issued its "Application for Fiscal Intermediary Authorization" and implementation guidelines. Significantly, DOH imposed a very short timeframe, stating: "As of November 1, 2017, all existing...more

Licensing for crowd-sourced funding operators

by DLA Piper on

Amendments to the Corporations Act 2001 (Cth) (Corporations Act), introducing a crowd-sourced funding (CSF) regime, will take effect on 29 September 2017. From this date, CSF operators (intermediaries) will be able to apply...more

Third Circuit Rejects Unsecured Oil Producers’ Claims of Automatic Perfection

by King & Spalding on

On July 19, 2017, the U.S. Court of Appeals for the Third Circuit (the “Court”) issued an opinion, upholding a district court’s ruling that downstream purchasers took oil purchased from a bankrupt intermediary, SemGroup L.P....more

Do Private Company M&A Intermediaries Need to Register with the SEC as Broker-Dealers?

by Farrell Fritz, P.C. on

Since 2014, many private company mergers and acquisitions intermediaries have chosen not to register as broker-dealers. That’s because a 2014 SEC no-action letter took the position that intermediaries that limited their...more

Investment Funds Update: Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

CSSF Circular 17/654 Dated 17 May 2017 - The CSSF published its Circular addressed to credit institutions and certain PSFs regarding the sub-delegation for IT cloud services. The CSSF has also, inter alia, amended its...more

Securities Litigation Alert: District Court Says Indirect Purchasers of Shares Can Bring Fraud Claims Against Private Company and...

by Fenwick & West LLP on

In a case with important implications for late-stage private companies, a federal magistrate judge ruled last week that investors in funds holding private company securities can bring fraud claims against the issuer of the...more

UCC8, UCC9, and The Hague Convention

by Liskow & Lewis on

Lenders who take security interests in securities accounts are familiar with the rules of Articles 8 and 9 of the Uniform Commercial Code that identify the governing jurisdiction for these transactions. Commencing April 1,...more

Hague Securities Convention Takes Effect to Clarify Applicable Law Governing Securities Accounts Held by Intermediaries

by Sullivan & Worcester on

On April 1, 2017, the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (the "Convention") will take effect in the United States. On December 15, 2016, the United...more

The Hague Securities Convention – III. What is required to be a governing law?

Two things are required. First, the choice should be expressly made. If an express choice is not made, there are a series of fallback rules under the Convention, but clearly the far better approach is to make an express...more

Employment Status Checker

by Dentons on

HMRC has published an employment status checker so that employers can check whether the IR35 legislation on intermediaries and ‘disguised employees’ will apply to a particular engagement. The tool determines if, on the basis...more

Hague Securities Convention to Enter Into Effect in the United States - Choice of Law in Respect of Securities Held by...

by Shearman & Sterling LLP on

On April 1, 2017, the Hague Securities Convention — or by its actual name, the Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary — will enter into effect in the United...more

SEC Releases White Paper on Crowdfunding

On February 28, 2017, the SEC released a white paper analyzing crowdfunded offerings during the first six months following the effective date of Regulation Crowdfunding (May 16, 2016). The white paper noted that crowdfunding...more

Payment of premium through the intermediary and rule of appearance

by DLA Piper on

The captioned judgment states a well-known case law principle in the field of motor third party liability, i.e. the damaged party enjoys full insurance cover if the insured party, liable for the accident, holds the...more

The Bribery Act and Management of Commercial Intermediaries

by Dentons on

Omani companies with UK shareholders (whether minority or majority) could be forgiven for believing that the UK Bribery Act 2010 (the Act) does not apply to their operations in the Sultanate of Oman. However, two recent cases...more

DOL Issues Additional Guidance on Fiduciary Rule

by Morrison & Foerster LLP on

On January 13, 2017, the U.S. Department of Labor (“DOL”) issued a second set of guidance on its new fiduciary rules, which are scheduled to become effective on April 10, 2017. The guidance was issued in the form of FAQs...more

A Case of Appendicitis: SEC Staff Guidance on Sales Load Variation Disclosures Sends Funds Scrambling

by Morrison & Foerster LLP on

A Guidance Update published in December 2016 by the SEC’s Division of Investment Management has sent funds scrambling to beef up prospectus disclosures to accommodate changes to fees charged by financial intermediaries before...more

European “Intermediaries” May Be Forced To Take Active Measures Against Trademark Infringement Committed By Third Parties

by Ladas & Parry LLP on

Recent cases in the Court of Justice of the European Union (“CJEU”) and the Court of Appeal of England and Wales (“the English Court of Appeal”) have addressed the question of whether those who provide facilities to persons...more

Dollar Financial UK Ltd v HMRC: When Must a Financial Intermediary Charge VAT?

Executive Summary - The decision in Dollar Financial UK Ltd v HMRC [2016] UKFTT 598 will likely be of interest to a range of participants in the lending market, and the financial services sector more generally, because...more

Mutual Fund Sales by Intermediaries – Fall-Out from DOL Fiduciary Rule and FINRA Enforcement

by Dechert LLP on

Mutual fund sales and distribution arrangements are once again under review. It has been reported that fund intermediaries are re-examining their practices relating to sales charges, share class structures and product...more

EU: Injunctions against intermediaries available also in the offline world

by White & Case LLP on

The Court of Justice of the European Union (CJEU) recently confirmed that the ability of rightholders to apply for an injunction against intermediaries whose services are used by a third party to infringe an intellectual...more

IRS Floats Updated Qualified Intermediary Agreement

by Alston & Bird on

In recent Notice 2016-42, the IRS has proposed a new qualified intermediary (QI) agreement. The current QI agreement, set forth in Rev. Proc. 2014-39 (“the 2014 QI agreement”), expires December 31, 2016. The IRS expects to...more

Government Investigations: Use of the Financial Crimes Enforcement Network and Virtual Currency

by Moskowitz LLP on

Since 2009, the US Department of Justice has implemented an aggressive anti-tax evasion strategy that has changed by targeting tax havens that host financial intermediaries (i.e., banks) to the financial intermediaries...more

A Compilation of Enforcement and Non-Enforcement Actions

by Foley & Lardner LLP on

Non-Enforcement - Remember to Update Your Risk Disclosure on an Ongoing Basis - The staff of the Securities and Exchange Commission (SEC) issued guidance reminding mutual funds, exchange traded funds, and other...more

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