SEC Raises "Qualified Client" Thresholds

On July 12, 2011, the Securities and Exchange Commission issued an order raising the financial thresholds under Rule 205-3 under the Investment Advisers Act of 1940, which permits registered investment advisers to charge certain clients a performance…
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SEC Extends Deadlines for Compliance with New Investment Adviser Registration Regime under Dodd-Frank

As we detailed in a previous Tonkon Tip, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank") makes significant changes to the current investment adviser regulatory regime.
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New ERISA Participant-Directed Plan Disclosure Rules

A discussion of the new Department of Labor rules, enumerating the plan and investment-related information that employers must furnish to participants.
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From Aesop to the Supreme Court

In 1679, La Fontaine memorialized Aesop's famous Cat's Paw fable into verse as a metaphor for princes who do kings' dirty deeds and receive no reward. In the fable, a monkey convinces a cat to take roasting chestnuts out of a fire. After the cat…
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BlackBerry Use and Overtime Laws: the Lawsuits Have Started

Thinking about giving a BlackBerry or an iPhone to your employees? Think again. As the lines between business hours and private lives become blurred by always-there-technology, employers are facing new challenges in administering wage and hour laws…
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Get Ready Now to Comply with ERISA Service Provider Fee Disclosure Rules

On January 1, 2012, new rules go into effect that will require investment advisers, brokers and others who provide services to ERISA plans to disclose to plan fiduciaries information relating to the service provider's compensation. This disclosure is…
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City and County Income Tax Traps

The Multnomah County Business Income Tax and the Portland Business License Law (the City/County Tax) is a 3.65% combined tax on "business income" apportioned to the city and county under a single sales factor. The City/County Tax is loaded with…
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SEC Extends Deadline for Brochure Supplements for Certain RIAs

As discussed in a previous Tonkon Tip, the SEC recently amended the requirements of Form ADV Part 2 to require registered investment advisers to provide clients with a "brochure" under Part 2A of Form ADV and "brochure supplements" under Part 2B of…
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Oregon State Taxation of Nonqualified Deferred Compensation Plan Benefits

Hypothetical: Oregon executive will begin to receive payments from a nonqualified deferred compensation plan upon retirement. He plans to move to Washington state following retirement. Will the payments be subject to Oregon income tax?
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DOL Proposes Broader Definition of ERISA "Fiduciary" Applicable to Investment Advisers

On October 22, 2010, the Department of Labor ("DOL") published proposed regulations that would broaden the definition of when a person is an ERISA "fiduciary" by reason of giving investment advice to an employee benefit plan or a plan's participants…
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Tonkon Torp water law expert to address Portland City Club

Janet Neuman, senior counsel on water law at Tonkon Torp, will speak at the Portland City Club on Friday, December 3 at 12:15 p.m. on "The Politics of Water."
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SEC Amends Part 2 of Form ADV to Create New Disclosure Regime for RIAs

The SEC recently amended the requirements for the principal disclosure document that SEC-registered advisers provide to their clients and prospective clients. Under the previous Form ADV Part II, advisers were required to respond to a series of…
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Oregon Election Outlook

November 2, 2010 will go down as an historic Election Day in Oregon. Not only because of an uncommonly close gubernatorial race that made John Kitzhaber Oregon's first three-term Governor, but because voters also approved Ballot Measure 71 which for…
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Dodd-Frank to Change Investment Adviser Registration Requirements

Are you an investment adviser currently registered with the Securities and Exchange Commission ("SEC")? If so, you may have to de-register with the SEC and register instead with one or more states, as required by the recently passed Dodd-Frank Wall…
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Diversity Lottery 2012 Opens; H-1B Cap Update

The U.S. Department of State opened entries for the Diversity Lottery 2012 (DV-2012) beginning October 5, 2010 at noon EDT, and ending November 3, 2010, at noon EDT. Please note that this is a shorter entry period than in previous years.
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Delaying a Difficult Decision...

Deciding whether to pull up stakes and change residency is often a difficult decision for individuals and families. Yet, it is a decision that Oregonians often face when selling stock because of the income tax consequences of remaining an Oregon…
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Changes to "Accredited Investor" and "Qualified Client" Standards Under Dodd-Frank Act

On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), which brings into place a broad range of financial regulatory reforms. Title IV of the Dodd-Frank Act, titled…
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Health Care Reform Update: Model Notices

The Department of Labor (DOL) has issued model notices that include background information and model language that may be used to satisfy the new notice obligations.
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Health Care Reform Update

This Tip reports on the interim final regulations issued under the Patient Protection and Affordable Care Act (the "Health Care Act") regarding the prohibition on annual and lifetime dollar limits on "essential health benefits" under group health…
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SEC Provides Custody Rule Relief to Investment Advisers Serving as Co-Trustees

Earlier this year, the SEC amended its custody rule, Rule 206(4)-2, to impose new requirements on investment advisers deemed to have "custody" of client assets. As discussed in a previous Tonkon Tip, an adviser is deemed to have custody if the…
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