“The audit committee directly oversees management’s reporting of the company’s financial position and results to investors. Auditors validate. Naturally, both agents should support each other’s work with an open dialogue about how to protect investors from misleading or inadequate management reports.” - James R. Doty, PCAOB Chairman, PCAOB Open Board Meeting, Aug. 15, 2012 The Public Company Accounting Oversight Board (“PCAOB”) recently issued Auditing Standard No ...
Total Maximum Daily Loads, or TMDLs, serve a profoundly important function under the federal Clean Water Act. They provide regulators with a systematic and comprehensive mechanism for identifying all sources and causes of water quality impairment, and then calculating the reductions needed to address the impairment in an equitable manner. But for TMDLs to be effective, they must be derived in a legally and technically defensible manner ...
On January 14, 2013 the United States and Spain signed a new protocol (the “Protocol”) amending the existing income tax treaty between the United States and Spain that was signed on February 22, 1990 (the “Treaty”). The Protocol modernizes the Treaty to conform with the existing treaty policies of both the United States and Spain. Key provisions of the Protocol include: Exclusive residence-state taxation (i.e ...
The long awaited Health Insurance Portability and Accountability Act (HIPAA) Privacy and Security Regulation amendments (the “Changes”) to incorporate the changes made by Health Information Technologyfor Economic and Clinical Health (HITECH) in 2009 as part of the American Recovery and Reinvestment Act and by the Genetic Information Nondiscrimination Act (“GINA”) were recently released ...
On December 5, 2012, EPA issued revised enforcement guidance to assist agency personnel in exercising enforcement discretion regarding the treatment of tenants under Superfund’s bona fide prospective purchaser (BFPP) defense. (See here.) The revised guidance supersedes guidance the agency had issued on January 14, 2009 and expands some of the protections ...
The wait is over. On January 17, 2013, the Department of Health and Human Services’ ("HHS’") Office for Civil Rights ("OCR") released its long-anticipated megarule ("Omnibus Rule") amending the HIPAA Privacy, Security, Breach Notification and Enforcement Rules. These amendments implement and expand on the requirements of the Health Information Technology for Economic and Clinical Health ("HITECH") Act and the Genetic Information Nondiscrimination Act of 2008 ...
A client asks, "Can I say ‘Made in USA’ for my product if it has some imported content"? While the question seems simple enough, the proper response requires the advisor to inquire into the reason for the question and the company’s specific objective. Depending on the client’s response and the pertinent facts, the resulting analysis and legal conclusion may differ considerably. If the company wants to assert a "Made in USA" or other U.S ...
On January 17, 2013, the Treasury Department ("Treasury") and the Internal Revenue Service ("IRS") issued final regulations with respect to the Foreign Account Tax Compliance Act ("FATCA"). The legislation applies to payments to foreign financial institutions ("FFIs") and nonfinancial foreign entities ("NFFEs"). In general, FATCA requires certain persons making payments to FFIs and NFFEs to withhold 30 percent of any payment (a "Withholdable Payment") consisting of either (1) U.S ...
Legislators filed bills before the official start date of the 83rd Texas Legislative Session; many of the bills already filed address healthcare issues. 1. The Budget. Texas legislative leaders recently approved a self-imposed budget cap for the 2014-2015 biennium based on a conservative estimate of growth in the state’s economy, holding lawmakers to not more than a 10 ...
On January 6, 2013, the Basel Committee on Banking Supervision announced that it was relaxing the liquidity rules that will be applied to banks beginning in 2015. The Group of Central Bank Governors and Heads of Supervision (“GHOS”), the oversight body of the Basel Committee, then unanimously adopted the last changes made by the Basel Committee to the liquidity coverage ratio (“LCR”), which were presented in the version published in December 2010 ...
On January 4, 2013, the United States District Court for the Northern District of Illinois, Eastern Division (the “District Court”) issued a Memorandum Opinion and Order1 that seems demonstrably at odds with the majority of cases analyzing the § 546(e) safe harbor provision.2 General Background Facts Sentinel Management Group, Inc ...
In 2007, companies completed more than 12,000 M&A deals globally, with values totaling over $3.5 trillion.1 Butthose volume and dollar records have since been buried under years of bad news. Dykema’s 2012 Mergers &Acquisitions Outlook Survey indicates that the mortgage meltdown, the recession, the European debt crisis, theaftereffects of the presidential election and now the “fiscal cliff” have pushed expectations for 2013 to a near recordlow ...
Omnibus HIPAA Rule, Including Significant Breach Notification Rule Changes, Released by HHS - The long-awaited final rule modifying the HIPAA Privacy, Security, Enforcement, and Breach Notification Rules (the Rule) was released on January 17, 2013 by the Department of Health and Human Services (HHS) ...
In a January 13, 2013 blog post, the Federal Trade Commission’s Bureau of Consumer Protection’s Business Center Blog highlighted the FTC’s recent groundbreaking settlement for violations of the Fair Credit Reporting Act (“FCRA”) in the mobile app context ...
On December 27th, 2012, the Court of Appeal for Yukon released its decision in Ross River Dena Council v. Government of Yukon, 2012 YKCA 14. The case dealt with the Yukon Government’s duty to consult with First Nations when allowing mineral claims to be recorded on land with asserted Aboriginal rights and title claims. The case arose as a result of the “open entry” claim staking system and in particular, as a result of the Yukon Quartz Mining Act, S.Y. 2003, s. 14 (the Act) ...
A recent Supreme Court of Canada decision addressed a number of thorny issues relevant to commercial real estate disputes including whether a Plaintiff must mitigate its damages where it has made a claim for specific performance of a real estate contract. The decision has wide-ranging implications for commercial real estate developers ...
A small nonprofit hospice in Idaho became the first healthcare provider to settle a potential violation of the HIPAA Security Rule affecting fewer than 500 individuals. On January 2, 2013, Hospice of North Idaho agreed to a settlement in the amount of $50,000 with the Department of Health and Human Services, Office of Civil Rights (OCR) following an investigation relating to a 2010 breach involving a stolen, unencrypted laptop containing patient information ...
On January 7, 2013 there was published in the Federal Official Gazette a Ruling where by the Energy Regulatory Commission makes an invitation to bid under the open international tender LIC-GAS-019-2012 covering the first permit for natural gas distribution in the western geographical area, formed by the municipalities of Sayula, Tuxpan and Zapotlán el Grande, in the state of Jalisco, and the municipalities of Amería, Colima, Manzanillo, Tecomán and Villa de Alvarez, in the state o
One of the “Thirteen Presidential Goals” announced by President Peña Nieto when he took office last December is to promote competitiveness in the telecommunications sector. He said: “It is essential to increase the economic competitiveness, specifically, in the telecommunications sector ...
In re: Signal Mountain Cement Company – Assessment Appeals Commission Upholds Assessor’s Use of “Value in Use” Methodology for Standard Valuation of Tangible Personal Property in Tennessee but Affirms Taxpayer Use of “Fair Market Value in Exchange” Methodology in Nonstandard Valuations ...
After all of the sand had run out of the hourglass, Congress finally passed (and the President signed) a compromise tax bill to avoid very substantial income tax increases on taxpayers with income under $400,000 ($450,000 for joint filers). The good news for our estate planning clients is the “permanent” extension of the current estate, gift, and generation-skipping transfer tax exemptions, and a slight increase in the tax rate from 35% to 40% ...
The access to records clause, sometimes called the inspection or audit clause, is a common fixture in reinsurance agreements and serves an important function. It enables the reinsurer to track the performance of the agreement and maintain an accurate view of the business ceded. More specifically, it allows the reinsurer to ensure the cedent is complying with the terms and conditions of the agreement, including timely reporting of losses and calculation of premiums ...
On April 1, 2013, employers will be permitted to submit new H-1B petitions to U.S. Citizenship and Immigration Services (“USCIS”) for Fiscal Year 2014. As in previous years, April 1 is the earliest date that employers may submit new “cap subject” petitions to USCIS, and October 1, 2013, is the earliest date that a foreign worker may commence employment under a “cap subject” petition ...
The North Carolina construction world was abuzz during 2012 about new legislation bringing significant changes to North Carolina’s mechanic’s lien and payment bond laws. Governor Perdue signed SB 42 and HB 1052 into law this past summer. Key provisions of the laws are set to take effect on January 1, 2013, with other changes coming on April 1, 2013 ...
Although only tangentially related to oil and gas operations, the recent pipeline rupture and resulting fire near Charleston, West Virginia highlights the importance of safety inspections and the costs incurred when accidents occur ...
