As described in an earlier alert, the IRS has announced a document correction program covering certain failures to comply with Section 409A of the Internal Revenue Code (“Section 409A”), which contains tax rules for nonqualified deferred compensation arrangements. This Alert focuses on a common error that can now be corrected, and the importance of finding and correcting this and other errors as quickly as possible ...
The U.S. Department of Labor (“DOL”) issued final regulations, effective January 14, 2010, that (1) clarify that the contribution timing rules apply to plan loan repayments, and (2) provide a safe harbor for depositing participant contributions (including loan repayments) to employee benefit plans with fewer than 100 participants on the first day of the plan year ...
The Provision of Services Regulations 2009 (Regulations) came into force on 28 December 2009 and created new obligations for service providers. The Regulations stem from the EU Services Directive (Directive), which aims to simplify regulatory and administrative procedures in relation to establishing and carrying on services in the EU, thereby encouraging more services to be provided on a cross-border basis ...
On January 19, 2010, the Department of Justice pulled back the curtain on its largest prosecutions of individuals in the history of the Foreign Corrupt Practices Act (“FCPA”). About 150 agents from the Federal Bureau of Investigation arrested 22 individuals and executed 14 search warrants in the United States and United Kingdom. Those arrested are believed to represent about 16 companies involved in the foreign bribery investigation ...
Dear Sirs, On December 31, 2009 the provisions of the Federal Law No ...
Dear Sirs, On November 27, 2009 the Order of the Federal Service on Financial Markets dated August 13, 2009 ¹ 09-33/pz-n “On peculiarities of the procedure of maintaining the register of registered securities’ holders by the issuers of registered securities” (hereinafter the “Order”) came into force ...
The Health Information Technology for Economic and Clinical Health Act (the “HITECH Act”) makes significant changes to the privacy and security requirements of the Health Insurance Portability and Accountability Act of 1996, as amended (“HIPAA”) ...
The United States Patent and Trademark Office (PTO) announced that, as part of President Obama’s recently proposed budget for Fiscal Year (FY) 2011, the PTO’s budget would be $2.322 billion, a 23 percent increase over FY 2010. This significant budget increase is part of PTO Director Kappos’ long term plan for increasing PTO examination efficiency and decreasing the backlog of applications ...
During negotiation of the Good Friday Agreement, it was suggested that sometimes "we all have to jump together". Having read through the Local Government and Communities Committee Report published on 28th January 2010 following an inquiry into Local Government Finances, this quote has particular resonance. While there is perhaps nothing new in the report, it is certainly timely as local government works its way through the budget setting exercise for 2010/11 ...
On 27 January 2010, the UK High Court (Technology and Construction) handed down its decision in the long running case of BSkyB v EDS. The decision by Ramsey J, although subject to potential appeal, could well become a landmark case affecting tenders, pitches and contracts for the provision of services ...
In a decision that is not surprising, but that should be welcomed by lenders (but perhaps not by borrowers), the Appellate Division of the New York Supreme Court held in Amcan Holdings, Inc., et al. vs. Canadian Imperial Bank of Commerce, et al., Case No. 603393/07, that a detailed, executed term sheet was not a binding contract to lend. Amcan sought financing from CIBC to finance an acquisition and refinance certain existing debt ...
On January 21, the U.S. Supreme Court struck down the restrictions on corporate expenditures encompassed in the Bi-Partisan Campaign Reform Act of 2002 (commonly known as the McCain-Feingold Act). The 5-4 opinion found the Act’s prohibition on the use of general treasury funds by corporations or unions to directly advocate the election or defeat of candidates or to broadcast electioneering communications ran afoul of the First Amendment’s established protections of free speech ...
Some unexpected changes have highlighted the introduction of new employee share scheme legislation, which received Royal Assent on 14 December 2009. Companies will need to give the legislation close consideration given the impact it will have on employee equity plans, particularly the drafting of plan rules and offer documents ...
The concern expressed in our last Australian Legal Update about the possibility of Australia following most of the rest of the developed world into recession fortunately proved unfounded. Australia has been a notable exception to the experience of many other countries in this respect ...
In light of recent case law on who properly qualifies as the employer of employees hired through an employment agency, it is essential for every organization to review its operating procedures to be sure of their legal and financial implications. This review, which we perform on behalf of managers of facilities in the heath-care industry, is effective in ensuring the sound management of the organization and preventing litigation ...
The Pay Equity Act (hereinafter the “Act”) celebrated its 10th anniversary in 2006. To mark the occasion, the Commission de l’équité salariale took stock of what had been achieved. After completing this analysis, on May 27, 2009, the National Assembly passed Bill 25, which made several amendments to the Act. These amendments came into force on May 28, 2009 ...
Over the past decade, the Court of Appeals for the Fifth Circuit has set a high bar for securities fraud class action plaintiffs, denying class certification in a number of cases. But in light of the financial crisis and language in recent Fifth Circuit decisions, some may have thought that the tide might be turning. On February 12, 2010, the Fifth Circuit dispelled that notion in The Archdiocese of Milwaukee Supporting Fund v. Halliburton ...
The Apprenticeships, Skills, Children and Learning Act 2009 (the "Act") received Royal Assent on 12 November 2009. Among other things it introduces a new statutory right for employees to request time off from work to study or train. From 6 April 2010 the new right only applies to employers with 250 or more employees. It is expected to apply to all other employers from 6 April 2011 ...
As the tax-exempt environment continues to become increasingly complex and focused on compliance and governance, it becomes more important to be aware of issues significant to the IRS. We have highlighted below a few of the issues on the IRS’ radar for 2010. Employment Tax Examinations ...
A landmark High Court decision handed down yesterday will have a significant impact on how regulators approach prosecutions of employers for breaches of occupational health and safety laws (OHS laws) across Australia ...
On January 1, 2010, the Texas Business Organizations Code (“TBOC”) became applicable to all Texas entities and foreign entities required to register to do business in Texas ...
On January 19, 2010, the Federal Trade Commission (FTC) announced its annual adjustment to the pre-merger notification filing thresholds under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (HSR), and for the first time in history, the HSR thresholds were decreased. The new thresholds became effective February 22, 2010 ...
When a governmental entity believes that information requested from it under the Texas Public Information Act (“PIA”) is exempt from disclosure, the PIA requires the entity to request an attorney general’s opinion within 10 business days after receiving the request. However, the PIA also allows the governmental entity to ask the requestor to clarify a request it finds to be unclear ...
The increased scrutiny on company directors means there is an onus on them to be aware of their roles and responsibilities. As the recent Residence receivership case showed, company directors are facing greater scrutiny than ever by the courts. While many cases arise because of personal borrowings or guarantees, many relate to whether a director has acted honestly and responsibly as a director ...
By Igor Svechkar, Partner with AstersLatest Developments Despite great expectations, 2009 has not seen any major legislative developments, the most noticeable changes relating to unfair competition regulation – in early 2009 the restatement of the Unfair Competition Act 1996 took effect to exclude a number of rudiments and bring the law into procedural conformity with the Competition Act 2001 ...
