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Inflation Reduction Act
The Transparency Initiative: Are You Ready?
Introduction The UK is set to become the first EU member state to transpose the most recent EU directives on accounting and transparency rules in an effort to satisfy growing demands for a European-wide strategy to fight corruption in relation...
New Municipal Advisor Supervision Requirements Adopted
Rule G-44, proposed earlier this year by the Municipal Securities Regulation Board (MSRB) and approved by the Securities and Exchange Commission (SEC) this month, requires that municipal advisors develop internal supervisory and compliance systems. The new rule will go into...
East Africa Licensing Update - Q4 2014
With Tanzania in the final stages of evaluating bids for oil and gas blocks offered in its latest bidding round which closed in Q2 2014, it was Mozambique's turn to announce its latest round in London on 23 October. Uganda...
Assets in Foreign Branches Off Limits to Domestic Judgment Creditors
New York’s high court announced last week that banking institutions with branches in New York are shielded from judgment creditors attempting to collect on customer assets held at foreign branches of the same bank. Specifically, the New York Court of...
Kenya's Lake Turkana Wind Power Project Lights the Way for the East African Power Market
Kenya is East Africa's largest economy, yet it faces a power supply crisis. Per capita, it generates barely 4% of the power generated by South Africa. Only 18% of the population has access to electricity and, even for this fortunate...
.bank and Other Domain Names to Open for Financial Institutions... And Others
The governing body that administers the domain name space, the Internet Corporation for Assigned Names and Numbers (ICANN), is in the process of vastly expanding the number of top level domain names (like .com and .net) from less than thirty...
IRS Releases Private Business Use Guidelines for ACO Participants
On Friday, October 24, 2014, the Internal Revenue Service (IRS) released Notice 2014-67, providing guidance regarding the circumstances under which participation by a hospital in an Accountable Care Organization (ACO) will not give rise to private business use of the...
Consequences of a Data Breach: Lessons from Wyndham Worldwide
On October 20, 2014, Wyndham Worldwide Corporation won dismissal of a shareholder derivative suit seeking damages arising out of three data breaches that occurred between 2008 and 2010. Dennis Palkon, et al. v. Stephen P. Holmes, et al. , Case...
FY 2015 Sequestration Reduction Percentage for Direct Pay Tax Credit Bonds Bumps Up to 7.3 Percent
According to an update released by The IRS Office of Tax Exempt Bonds (TEB), the sequester reduction percentage applied to the payments made to issuers of direct pay bonds in FY 2015 will be 7.3 percent. This new percentage will...
Predictive Coding Sanctioned as an "Expedited and Efficient" Discovery Method by the United States Tax Court
The volume of electronically stored information (“ESI”) has exploded, often making discovery prohibitively expensive. Supporters of “predictive coding” [1] champion it as a way to reduce significantly the cost of discovery. Opponents, however, label predictive coding as an unreliable and...
One Further Step Towards UK Shale: Government Provides Underground Drilling Access for Developers
In June this year we reported on the opening of the UK Government's public consultation concerning its proposal for changes to the laws concerning underground drilling access in connection with projects involving shale drilling and fracking, as well as geothermal...
Lincolnshire Pays $2.3 Million to Settle SEC Charges of Misallocation of Portfolio Company Expenses
To listen to the podcast, please click here . On September 22, 2014, New York-based private equity firm Lincolnshire Management, Inc. (Lincolnshire) agreed to pay $2.3 million to settle Securities and Exchange Commission (SEC) allegations that Lincolnshire misallocated portfolio company...
Delaware Court Approves Out-Of-State Forum Selection Bylaw Adopted At Time Of Merger
To listen to the podcast, please click here . In City of Providence v. First Citizens BancShares Inc. et al. , C.A. No. 9795-CB (Del. Ch. Sept. 8, 2014), the Delaware Court of Chancery (Bouchard, C.) held that a minority...
OSHA Broadly Expands Injury Reporting Requirement
To listen to the podcast, please click here . Under a new rule issued by OSHA last week, employers will be required to report to the agency any workplace incident resulting in the in-patient hospitalization of even one employee. This...