News & Analysis as of

Interpretive Letters

SEC Issues Important Interpretive Guidance on Implications of "Unbundling" the Costs of Investment Research from the Costs of...

On October 26, the Securities and Exchange Commission (SEC) issued three long-awaited letters clarifying how regulatory requirements in the European Union (EU), which go into effect on January 3, 2018, will impact US money...more

Off-Specification Used Oil: July 27th U.S. Environmental Protection Agency Interpretive Letter

The United States Environmental Protection Agency (“EPA”) addressed in a July 27th letter various requests regarding off-specification (“Off-Spec”) used oil....more

Family Offices Included as ‘Investment Advisers’ Under IPO Allocation Rule 5131(b)

by Shearman & Sterling LLP on

On May 9, 2017, the Financial Industry Regulatory Authority, Inc. (“FINRA”) issued an interpretive letter (the “Letter”) regarding its IPO allocation rule 5131(b) and its exception 5131.02(b) (the “IPO Allocation Rule”, or...more

OSHA Rescinds Policy Allowing Union Access to Nonunionized Facilities

On April 25, 2017, the Occupational Safety and Health Administration (“OSHA”) rescinded a four-year-old policy allowing unions to participate in OSHA safety and health inspections at nonunionized facilities. Under a...more

OSHA Withdraws Fairfax Memo

by Fisher Phillips on

OSHA has provided notice, in the context of an on-going federal lawsuit, (National Federation of Independent Businesses v. Dougherty, N.D. Tex., No. 16-2568, 4/27/17), that it has rescinded the interpretation letter and...more

Accessible Icon Update: New Federal Guidance Deepens Quandary for Businesses Facing Contradictory State Requirements

by Seyfarth Shaw LLP on

As we previously reported, New York State and more recently, Connecticut, passed legislation requiring the use of the “Accessible Icon” in lieu of the traditional International Symbol of Access (“ISA”) in new construction and...more

Accessible Icon Update: New Federal Guidance Deepens Quandary for Businesses Facing Contradictory State Requirements

by Seyfarth Shaw LLP on

As we previously reported, New York State and more recently, Connecticut, passed legislation requiring the use of the “Accessible Icon” in lieu of the traditional International Symbol of Access (“ISA”) in new construction and...more

Business Group Challenge to OSHA Interpretation Survives Motion to Dismiss and Leaves Serious Questions About Continued Viability...

by Seyfarth Shaw LLP on

Seyfarth Synopsis: In a victory for employers, a Texas federal court has refused to dismiss a lawsuit challenging an OSHA interpretation under which non-employee union representatives were permitted to participate in OSHA...more

Legal Alert: 2016 Year in Review

In 2016, the Department of Labor (DOL) continued a curtailed program of interpretive guidance under the Employment Retirement Income Security Act of 1974, as amended (ERISA). As has been the case for several years, the...more

SEC Issues Interpretive Letter on Proposed Applicable Margin Reset Mechanism

by Dechert LLP on

The staff of the Division of Corporate Finance (the “Staff”) of the U.S. Securities and Exchange Commission issued an interpretive letter (the “Interpretive Letter”) to Sancus Capital Management LP and its affiliates (“Sancus...more

Corporate and Financial Weekly Digest - Volume XI, Issue 31

BROKER-DEALER - FINRA Issues Notice Regarding SEC’s Approval of New NMS Stock Recording and Reporting Requirements Rule - On August 8, the Financial Industry Regulatory Authority issued Regulatory Notice 16-28,...more

Alcohol-Related Workplace Injuries Recordable, OSHA Says

by Jackson Lewis P.C. on

Employers are not exempt from the Occupational Safety and Health Administration’s reporting rule for on-the-job injuries linked to alcohol intoxication even though the injured employee’s consumption of alcoholic beverages...more

"Corporate Finance Alert: SEC Staff Issues Interpretations on General Solicitation Prohibition"

The staff of the SEC Division of Corporation Finance (Staff) recently issued new Compliance and Disclosure Interpretations (CDIs) and an interpretive letter regarding the general solicitation prohibition in securities...more

FINRA Relaxes Restrictions on Related Performance in Institutional Communications

by K&L Gates LLP on

On May 12, 2015, the Financial Industry Regulatory Authority (“FINRA”) issued an interpretive letter (the “Letter”) permitting the use of Related Performance Information (as defined below) in communications distributed solely...more

FINRA Allows Use of Related Performance Information in Communications Regarding Mutual Funds with Financial Intermediaries and...

by WilmerHale on

Overview and Background - On May 12, 2015, the staff of the Financial Industry Regulatory Authority (FINRA staff) issued an interpretive letter to Hartford Funds Distributors, LLC (Hartford Funds) that conditionally...more

OCC Releases Interpretive Letter Regarding National Bank’s Authority to Engage in Railcar Leasing and Meet the OCC’s ‘Net Lease’...

by Goodwin on

The OCC released an interpretive letter (“Letter #1142”) in which it concluded that a national bank’s proposal to arrange for third-party repair and maintenance service providers to service on-lease railcars and act as an...more

More Post-Windsor Tax Guidance: IRS Issues Letter Outlining Steps for Individuals to Obtain Tax Refunds for Same-Sex Spousal...

On June 27, 2014, the IRS published a letter outlining the steps taxpayers should take in order to obtain a refund for taxes paid on the value of employer-sponsored health coverage provided to an employee’s same-sex spouse....more

The CFTC’s Interpretive Letters Regarding Securitizations, REITs and the Definition of “Commodity Pool”

by Morrison & Foerster LLP on

In two interpretive letters issued on October 11, 2012 (collectively, the “Interpretive Letters”), the Division of Swap Dealers and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the...more

CFTC Issues Interpretive Statement Regarding Foreign Regulators and Swap Data Repositories

The Commodity Futures Trading Commission issued a final interpretive statement to provide guidance to foreign regulators and swap data repositories (SDRs) regarding the confidentiality and indemnification provisions of...more

CFTC Provides Guidance on Bona Fide Hedging for Rule 4.5 Compliance

by Katten Muchin Rosenman LLP on

On October 12, CFTC Staff Interpretive Letter 12-19 provided guidance with respect to the interpretation of bona fide hedging under CFTC Regulations. Under Rule 4.5 of the CFTC’s Regulations, advisers may be excluded from the...more

The CFTC’s No-Action Letter Relating to Eligible Contract Participants and Swap Guarantee Arrangements

by Morrison & Foerster LLP on

In a no-action letter issued on October 12, 2012 (the “No-Action Letter”), the Office of the General Counsel (“OGC”) of the Commodity Futures Trading Commission (the “CFTC”) clarified a number of matters relating to the...more

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