News & Analysis as of

Self-Certification

FERC Denies Waiver for Failure to File PURPA Qualifying Facility Self-Certification

On May 17, 2018, the Federal Energy Regulatory Commission (FERC or the “Commission”) granted in part and denied in part a request by Zeeland Farm Services, Inc. (“Zeeland”) for a waiver of FERC’s regulations requiring small...more

IRS Allows Self-Certification of Qualified Opportunity Funds

by Ballard Spahr LLP on

The IRS released Opportunity Zone FAQs on April 24 explaining that an eligible entity will be able to self-certify to become a Qualified Opportunity Fund (QOF) by filing a form (to be released this summer) with its timely...more

New York State Department of Financial Services Reminds Institutions of Upcoming Deadline for Cybersecurity Certification

by Shearman & Sterling LLP on

New York State Department of Financial Services Superintendent Maria Vullo issued a press release reminding regulated entities and licensed persons of the NYDFS’s upcoming February 15, 2018 compliance certification deadline...more

An FTC Twofer – Made In USA Claims and Selfie/Self-Certification Marks

by Dorsey & Whitney LLP on

Last week the FTC published a Complaint and proposed Consent Order in In re Bollman Hat Company et al. addressing two hot topics: Made in USA ad claims, which have been an agency focus for decades, and “selfie” and...more

Reminder: Certain U.S. Reporting and Compliance Obligations for Investment Advisers and Funds

by Dechert LLP on

The U.S. federal securities laws and the rules of U.S. self regulatory organizations (such as the Financial Industry Regulatory Authority) impose certain reporting and compliance obligations on investment advisers and funds....more

Weekly Update Newsletter - January 2018

by PilieroMazza PLLC on

GOVERNMENT CONTRACTS - Pentagon Task Force’s $675 Million in Contracts to Rebuild Afghanistan Found Wasteful - According to an article from Government Executive, the Defense Department’s now-defunct business task force...more

Bitcoin Futures Trading Commences; Implications for Funds and Registered CPOs and CTAs

by Dechert LLP on

The Chicago Mercantile Exchange (CME) and the CBOE Futures Exchange (CFE) on December 1, 2017 self-certified contracts for bitcoin futures products with the U.S. Commodity Futures Trading Commission (CFTC). Additionally, on...more

CFTC Releases Statement on Three Exchanges’ Plans to List Bitcoin Contracts

On December 1, 2017, the Chicago Mercantile Exchange and CBOE Futures Exchange took the necessary regulatory steps to begin trading new bitcoin futures contracts this month. The Cantor Exchange took similar steps to begin...more

Securitisation Regulation and CRR Amendment – recent developments

by White & Case LLP on

In preparation of the joint debate on the Securitisation Regulation (the "Sec. Reg.") and the amendment to the Capital Requirement Regulation (the "CRR Amendment") in the plenary session of the European Parliament scheduled...more

FTC Seal of Disapproval for “Selfie” Certification Marks

by Dorsey & Whitney LLP on

For many years, consumers have relied on certification marks like the Good Housekeeping Seal of Approval and the UL logo as an assurance of product quality. Administered by independent organizations, consumers reasonably...more

Federal Trade Commission Reaffirms Commitment to Enforce EU-US Privacy Shield

by Dechert LLP on

The U.S. Federal Trade Commission (FTC) recently settled enforcement actions against three companies accused of misleading consumers about their participation in the European Union-United States Privacy Shield framework,...more

The Time is Right to Contact Recordkeepers About Hardship Substantiation

If your 401(k) plan recordkeeper has not talked to your company lately about hardship distributions, it may be time to reach out to the recordkeeper. The short story is that the IRS recently issued an internal memorandum...more

Swiss-U.S. Privacy Shield: Key Similarities, Key Distinctions with the EU-U.S. Approach

by White & Case LLP on

On April 12, 2017, the U.S. International Trade Administration ("ITA") will begin accepting self-certifications for the Swiss-U.S. Privacy Shield ("Swiss Privacy Shield"). The Swiss Privacy Shield replaces the U.S.-Swiss...more

IRS Will Now Permit DC Plan Hardship Withdrawal Self-Certification Summaries

by McDermott Will & Emery on

Two recently published memoranda by the Internal Revenue Service (the IRS) indicate that it is permissible for 401(k) and 403(b) plan sponsors and their third party administrators (TPAs) to rely on participants’ written...more

IRS Views on Self-Certification of Financial Hardship

In today’s virtual world, we suspect most plan sponsors rely upon the self-certification process to document and process 401(k) distributions made on account of financial hardship. The IRS has recently issued examination...more

Swiss-US Privacy Shield Will Replace Swiss-US Data Protection Safe Harbor

by Womble Bond Dickinson on

On January 11, 2017, the Swiss Federal Council announced that a new framework will govern the transfer of personal data from Switzerland to the US. According to the Federal Council, the Swiss-US Privacy Shield Framework...more

Holiday Horror Series: Part 2- Hectic Holiday Rollovers

by Weintraub Tobin on

With the holidays upon us, we all can relate to how easy it is to mistakenly overlook important things amidst the cheery holiday hustle and bustle: leaving the Christmas ham in the oven a few hours too long, forgetting to...more

Employee Benefits Developments - September 2016

by Hodgson Russ LLP on

Final IRS Regulations Eliminate Requirement to File 83(b) Election with Tax Return - Under Section 83(a) of the Internal Revenue Code (the “Code”), if property is transferred in connection with the performance of...more

Wealth Management Update - October 2016

by Proskauer Rose LLP on

October Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The October Section 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

IRS Allows Self-Certification For Waiver of 60-Day Rollover Requirement

by Seyfarth Shaw LLP on

On August 24th, the IRS released guidance that permits an automatic waiver of the sixty-day rollover period for retirement plan distributions by allowing individuals to self-certify that they qualify for the waiver under any...more

IRS Makes Late Rollovers Easier

by Snell & Wilmer on

Generally, distributions from a qualified retirement plan that are eligible for rollover must be rolled over within 60 days of the date on which the distribution occurs. If a taxpayer did not complete the rollover within 60...more

’Privacy Shield’ Replacing Invalidated EU-US Safe Harbor Agreement is Open for Business, but Challenges to its Validity are...

The Safe Harbor agreement between the European Union and the United States permitted American businesses to import personal data of EU citizens based on self-certification of compliance with EU data protection principles....more

The Early Days of the EU-U.S. Privacy Shield: Should Your Organization Self-Certify?

by Moore & Van Allen PLLC on

On August 1, 2016, the U.S. Department of Commerce began accepting self-certification applications for the new EU-U.S. Privacy Shield Framework. In the month that has followed over 100 companies (including Microsoft, Oracle...more

I Know My Rollover is Late, but It’s Okay. Trust Me.

As retirement plan professionals know, certain distributions from plans and IRAs to taxpayers can be rolled over to another plan or IRA within 60 days. Of course, sometimes 60 days is just not enough and the IRS recognizes...more

New Relief for Meeting the 60-Day Limit for IRA and Retirement Plan Rollovers

IRA and retirement plan rollovers are common occurrences, but they can be confusing. There a variety of rules and procedures which must be followed and mistakes may be costly. In addition to the potential for the rollover...more

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Cybersecurity

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