Criminal Action Against In-House Lawyer Underscores Risks in Dealing with Government Investigations
Lawyers who deal with government investigators and regulators should take note of a recent federal criminal action charging a former in-house lawyer at GlaxoSmithKline for statements she made while representing the company in a government investigation. For more information, please click here to read the Client Alert published by the White Collar Defense & Investgations, Securities Litigation and Enforcement practice group on November 29, 2010.
Qualified Retirement Plans: Year-End Compliance
Although 2010 has been dominated by new healthcare-related laws and regulations requiring significant design changes to group health plans, as discussed in a prior alert, qualified retirement plans are not immune to new requirements that must be addressed by the end of 2010. For more information, please see the Client Alert published b y the Employee Benefits and Executive Compensation Client Service Group on November 30, 2010.
SEC Proposed Whistleblower Rules Attempt to Balance Competing policy Considerations
The Securities and Exchange Commission has now issued proposed rules to implement the whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank“). Dodd-Frank amended the Securities Exchange Act of 1934 by adding Section 21F. Section 21F directs the SEC to pay awards to whistleblowers who provide the SEC with information about securities laws violations that lead to successful enforcement actions. Proposed Regulation 21F defines statutory terms, establishes the standards and procedures for rewarding eligible whistleblowers and generally seeks to explain the program. For more information on the proposed rules, please click here to see the Client Alert published by the Corporate Finance and Securities Client Service Group on November 11, 2010.
SEC Proposes “Family Office” Exemption from Definition of Investment Advisers
On October 12, 2010, the U.S. Securities and Exchange Commission (the “SEC”) proposed Rule 202(a)(11)(G)-1 (the “Proposed Rule”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) to define family offices for purposes of excluding them from the definition of “investment adviser.” For more information on the Rule, please click here to see the Client Alert published by the Private Client practice group on November 1, 2010.
Senate Adopts Corporate Finance and Executive Compensation Provisions in Financial Reform Bill
On May 27, the Senate released the text of the financial reform bill that was passed the prior week. The bill, known as the “Restoring American Financial Stability Act of 2010″ or the “Act,” would result in sweeping reforms to the financial industry. However, it also contains a number of significant provisions that would affect corporate governance and executive compensation at public companies, as well as Regulation D private placements, whistleblowers and beneficial ownership reporting. This Corporate Finance and Securities Bulletin outlines some of the more important provisions of the Act.
Click here for a complete copy of the Bulletin.
FTC Extends Deadline for Identity Theft Red Flags Rule to December 31, 2010
The Federal Trade Commission announced that it will further delay enforcement of the “Red Flags” Rule through December 31, 2010, while Congress considers legislation that would affect the scope of entities covered by the Rule. The announcement does not affect other federal agencies’ enforcement of the original November 1, 2008 deadline. As a result, the extension does not apply to banks and other financial institutions that are covered by the Red Flags which were separately issued by the Federal Reserve, FDIC, Treasury Department, or National Credit Union Administration. This Antitrust, Franchise & Consumer Client Bulletin discusses the announcement.
Click here to read the complete Bulletin.
Agencies Issue Interim Rules on Dependent Health Care Coverage of Children to Age 26
On May 10, the Internal Revenue Service, the Department of Labor and the Department of Health and Human Services jointly issued interim final regulations addressing the provision of dependent coverage of children to age 26 under the Patient Protection and Affordable Care Act, as amended.
Click here for a copy of the Employee Benefits & Executive Compensation Client Bulletin regarding the new regulations.