03/26/2020
Stimulus deal includes temporary relief for retirement plans
Historic legislation would also ban companies' use of aid to buy back stock
Legal, Regulation & Compliance
03/26/2020
House bill introduced to suspend required minimum distributions
Currently, individuals who do not follow RMD rules face a penalty of 50% of the amount that should have been distributed, the lawmakers noted.
03/26/2020
Wall Street Bonuses Could Fall 40% This Year in ‘Perfect Storm’
“This is a shock to the system that you see about every 10 years.”
03/26/2020
SEC provides additional relief for certain filing and proxy delivery obligations, and issues disclosure guidance relating to the impacts of COVID-19
The company or any person required to make any filings with respect to such company files the subject report, schedule, or form required to be filed no later than 45 days after the original due date.
03/26/2020
SEC Charges Investment Adviser for Failing to Disclose Conflicts
Securities and Exchange Commission v. Donald H. Hunter, Civil Action No. 3:20-cv-00391-RNC (D. Conn, filed March 24, 2020)
03/25/2020
Focus Financial Sues Executive Who Jumped to Hightower
Holsopple, who the suit says falsely represented that he was not joining a direct competitor when he unexpectedly resigned and who was subsequently sent a cease-and-desist letter, did not respond to a request for comment.
03/25/2020
Tax in the time of COVID-19
The goal is to ensure that households and businesses are able to keep their heads above water until the health crisis can be contained, so that the economy is ready to rebound once the worst of the pandemic has passed.
03/25/2020
Acting selfishly has consequences right now – why ethical decision making is imperative in the coronavirus crisis
In fluid situations, these conditions are hard to meet.
03/25/2020
Law Firms Conduct Layoffs, Slash Salaries In Response To Pandemic
We sympathize with anyone who has to deal with the anxiety of a global health crisis AND financial insecurity.
03/25/2020
Coronavirus Job Listings and Money Laundering Schemes
Scammers posing as a legitimate charity foundation are hiring online customer service representatives that are required to do some groundwork in an initial stage.
03/25/2020
IRS Clarifies Tax Filing and Payment Deadline Extensions
The Internal Revenue Service released a Q&A on Notice 2020-18 to clarify the relief available to taxpayers during the Coronavirus (COVID-19) pandemic.
03/24/2020
Employers can immediately recover the cost of mandatory COVID 19 related leave through reducing payrolltaxes
The Families First Coronavirus Response Act requires employers with less than 500 employees to provide 10 days paid sick leave plus paid FMLA leave for COVID-19-related reasons. We outline the ways employers can immediately take advantage of this change.
03/24/2020
Statute of Limitations Suspended in New York
New York extends statutes of limitations and deadlines in New York State litigations in unprecedented move.
03/23/2020
EU, US, UK Authorities Grant Relief on Call Recording Rules
Also last week, the UK FCA (Financial Conduct Authority) signalled it will give temporary relief on rules requiring bankers and traders working from home to record calls with clients.
03/22/2020
CSA issues guidance as banks, insurers get court order to hold online AGMs
The guidance relates to all business done at annual meetings, including election of directors and amendments to equity incentive plans.
03/20/2020
US Federal Coronavirus Update Administration Blueprint for Third Economic Relief Package
To that end, Leader McConnell announced the formation of three republican task forces to examine major aspects of any economic relief legislation and draft a bill that can then be negotiated with Senate democrats and the House.
03/20/2020
NYDFS Seeks Assurances from Regulated Entities in the Wake of COVID-19
The four Industry Letters issued by the NYDFS are directed to various regulated entities and require responses regarding the entities’ prospective responses to COVID-19.
03/19/2020
4 key coronavirus crash personal finance questions answered
We haven’t heard anything definitive yet on providing an exception to these IRS rules as part of any relief program during the coronavirus pandemic.
03/18/2020
SEC Fines HSBC $725K For Allegedly Misleading Advisory Clients
However, HSBC allegedly did consider several financial factors in determining the representatives’ compensation, including how much clients paid in advisory fees for HSBC Spectrum and Managed Portfolio Account.
03/18/2020
Institutional investors give thumbs down to federal response on outbreak
The survey results from 69 partner-level investors found that 38% have no confidence in the federal government’s ability to contain the outbreak