Key Points New tax reporting provisions on cryptocurrency, as well as criminal consequences for noncompliance, survived in the Infrastructure Investment and Jobs Act (H.R. 3684) signed into law. The legislation imposes potential felony charges for failures to report certain "receipt" of digital assets, as well as expands the definition of "broker" to target crypto exchanges. On November 5, 2021, President Biden signed the Infrastructure Investment and Jobs Act into law ...
Defined contribution (DC) pension schemes will soon be required to disclose more information than ever before in a bid to assess and improve value for their members. On 16 September 2021, The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) published a joint discussion paper on developing a common regulatory framework for measuring value for money (VFM) for DC members. Background VFM has become a key element of DC governance in recent years ...
Calculating holiday pay can be a difficult and complicated area of employment law to navigate. There have been a number of notable cases handed down over the last five years, and it’s fair to say that further clarity is still needed for employers. In this article, we discuss five different areas that employers often have to grapple with when tackling holiday pay issues. 1 ...
On September 30, 2021, Governor Gavin Newsome approved and signed AB 26, AB 48, AB 89, AB 481, AB 490, and AB 958, which amend existing laws, add entire new chapters, and expand laws impacting law enforcement agencies, their operations, and the review of conduct of peace officers ...
On Nov. 10, 2021, the General Counsel’s Office of the National Labor Relations Board issued a guidance memorandum [OM 22-03] dictating employers and unions will be required to engage in decision bargaining over discretionary aspects of vaccination policies required by the OSHA Emergency Temporary Standard mandating COVID vaccinations and testing. Under the OSHA Emergency Temporary Standard (ETS), employers must create Vaccination and Testing Policies by Dec. 6, 2021 ...
Update: On September 16, 2021, the Final Rule on Borrower Appeals of Final SBA Loan Review Decisions was posted and became effective on September 14, 2021 (the “Final Rule”). The Final Rule applies to all appealable final SBA loan review decisions under the PPP and applies to all appeals filed after the effective date and to those appeals filed before the effective date for which a notice and order has not been made ...
Apple Inc. v. Qualcomm Inc., Appeal Nos. 2020-1683, -1763, -1764, 1827 (Fed. Cir. Nov. 10, 2021) Our Case of the Week reinforces a developing body of law concerning standing to appeal from an adverse PTAB decision in an IPR. This is the second such decision arising from a global settlement between Apple and Qualcomm this year. We wrote about the first case, in April this year, here ...
For the unaided construction contractor, navigation of changing vaccine mandates can be daunting, and it is no wonder there continues to be confusion about these mandates’ effects. Members of the construction industry have been discussing these rules in terms of how they apply to contractors working on federal or state projects ...
Between Brexit and the pandemic, the UK is experiencing its most severe labour shortage since the 1990s. Businesses can mitigate against these recruitment issues by obtaining a licence from the Home Office to sponsor foreign staff. A sponsor licence may not magically generate willing workers, but it will ensure the holder remains agile when an international recruitment opportunity arises ...
Pursuant to the Department of Labor and Employment (“DOLE”) Department Order Nos. 216 and 217, Series of 2020 (collectively, “Department Orders No. 216 and 217”), Private Employment Agencies (“PEAs”) are required to submit a hard copy of the monthly recruitment and placement reports to the appropriate Regional Office of the DOLE within seven (7) days after each reference month ...
On 12 October 2021, the Bangko Sentral ng Pilipinas (“BSP”) issued Memorandum No. M-2021-72, to provide guidelines on the submission of the reports on crimes and/or losses (“RCL”). The following are the submission procedures under the Memorandum: Banks and NBQBs shall follow the existing manner of reporting a crime and/or loss incident, i.e ...
Circular Letter No. CL-2021-080, issued on 18 October 2021 by the Bangko Sentral ng Pilipinas (“BSP”), disseminates to all BSP-Supervised Financial Institutions (“BSFI”) the Anti-Money Laundering Council’s (“AMLC”) Guidelines on Digitization of Customer Records (“DIGICUR”) adopted via the AMLC Regulatory Issuance (“ARI”) A, B, and C, No. 2, Series of 2018 ...
The Bangko Sentral ng Pilipinas (“BSP”) in Memorandum No. M-2021-053 dated 13 October 2021 clarified the definition of “digital banks”. A digital bank refers to a bank which offers financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical branch/sub-branch or branch-lite unit offering the same ...
New regulations are in force that require occupational pension schemes providing defined contribution (DC) benefits to demonstrate value for members or face consolidation. The New Regulations The Occupational Pension Schemes (Administration, Investment, Charges and Governance) (Amendment) Regulations 2021 (the new regulations) came into force on 1 October 2021 ...
Payment Service Banks (“PSBs”) have remained a veritable vehicle for financial inclusion across countries since their introduction into the financial space,. In July 2021, the Central Bank of Nigeria (“CBN”) issued a Supervisory Framework for Payment Service Banks, to supplement the existing Guidelines for the Licensing and Regulation of Payment Service Banks, (issued in 2018 and revised in 2020) ...
The Italian Government has approved the long-awaited annual bill on competition (“Draft Bill”).1 The Draft Bill covers a broad spectrum of controversial topics, including local public services, energy and transportation. In the next weeks, the Draft Bill will be submitted to the Italian Parliament for approval ...
In this update, we consider the draft Commercial Rent (Coronavirus) Bill published yesterday and in particular the proposed binding arbitration scheme for resolution of rent arrears under business tenancies. As discussed in our update yesterday, the Government has now published draft legislation which is intended to resolve payment of the estimated £7.5bn rent arrears still due across the real estate sector ...
As we begin to move beyond the pandemic, flexible work looks set to remain the norm. We consider how employers can successfully navigate long-term hybrid working models and ensure that they minimise any associated disadvantages. We recently commented in a previous post on the detrimental effect that a ‘day one’ right to flexible work could have - in particular, highlighting the potential impact on junior employees ...
Key Points New tax reporting provisions on cryptocurrency, as well as criminal consequences for noncompliance, survived in the Infrastructure Investment and Jobs Act (H.R. 3684) set to become law. The legislation imposes potential felony charges for failures to report certain "receipt" of digital assets, as well as expands the definition of "broker" to target crypto exchanges ...
On Nov. 4, 2021, the IRS announced in Notice 2021-61 cost-of-living adjustments ("COLAS") to the tax-qualified retirement plan dollar limits for 2022. Most of the applicable dollar limits currently effective for 2021 will increase significantly compared with prior years. Below is a summary of the limits that are generally relevant for most retirement plans. Effective Jan ...
On Nov. 8, 2021, the U.S. Department of Health & Human Services Office of the Inspector General (OIG) updated and renamed its Provider Self-Disclosure Protocol. Now called the Health Care Fraud Self-Disclosure Protocol (SDP), the OIG’s revisions are the first changes to the SDP since 2013. We report on the key elements of these changes below ...
