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Regulatory & Compliance
IRS Releases U.S. Form 8937 For Issuers Of Securities To Use For Reporting Corporate Actions Affecting Basis Under Section 6045B: Immediate Deadline
All corporate issuers of stock, other than regulated investment companies, that during 2011 underwent a corporate action, defined below, affecting the basis of their securities must file or post on their websites a completed U.S. Form 8937 (the “Form”)[1] by January 17, 2012. The Form...
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SEC Adopts Net Worth Standard For Accredited Investors Under Regulation D
Effective July 21, 2010, the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act modified the $1 million net worth test for qualifying as an “accredited investor” under Regulation D to exclude for the first time the value of a person’s primary residence.[1] The...
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The IRS Proposes New Rules Under Section 892 That May Simplify Foreign Governments’ Investments In The United States, Including In Private Equity Funds
On November 2, 2011, the Internal Revenue Service (the “IRS”) issued proposed regulations under section 892[1] (the “Proposed Regulations”) that provide guidance to foreign governments and their controlled entities for making investments in the U.S. The Proposed...
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Dodd-Frank Designation Of Nonbank Financial Companies – FSOC Releases Proposed Rule
On October 11, 2011, the Financial Stability Oversight Council (“FSOC”) released a second notice of proposed rulemaking (the “October NPR”) to develop regulations implementing Section 113 of the Dodd-Frank Act.1 Section 113 grants FSOC the authority to subject certain...
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America Invents Act Makes Historic Changes To U.S. Patent Law
On September 16, 2011, President Obama signed the Leahy-Smith America Invents Act (H.R. 1249) (the “America Invents Act” or the “Act”), enacting the most significant update to U.S. patent law in over 50 years. In its own words, Congress passed the legislation to...
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The SEC Sanctions Broker For Failure To Maintain And Enforce Insider Trading Policies
The SEC sanctioned Janney Montgomery Scott LLC ("Janney"), a registered broker-dealer and investment adviser, for violating section 15(g)1of the Securities Exchange Act of 1934 (the "Exchange Act") by failing to have and enforce policies and procedures to prevent the misuse of...
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IRS Releases Timeline For Implementing FATCA, Including Delaying The Deadline Until 2014 For Foreign Financial Institutions' Compliance With Certain Provisions
On July 14, 2011, the Internal Revenue Service issued Notice 2011-531announcing plans to phase in the requirements of the Foreign Account Tax Compliance Act ("FATCA"), which targets noncompliance by U.S. taxpayers holding foreign accounts. The Notice addresses certain compliance,...
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