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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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FBAR Regs: Good News and Bad News...

The good news is that new regulations have clarified the definition of "U.S. Persons" for FBAR reporting rules.
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E-Verify Tutorial Alert

Alert: Completion of a new tutorial is required in order to continue using E-verify after a redesign is released on Sunday, June 13, 2010.
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COBRA Premium Subsidy Extended Again

COBRA Premium Subsidy Extended Again Congress has passed, and the President has signed, the Continuing Extension Act of 2010 (the "Continuing Extension"), which again extends the COBRA premium subsidy program created by the American Recovery and…
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Marijuana Accommodation has Gone to Pot: Oregon Supreme Court Ruling Eliminates Protections

The Oregon Supreme Court held that Oregon's disability discrimination laws do not require an employer to accommodate an employee's use of medical marijuana.
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Oregon Legislature Hears Proposals To Modify The Business Energy Tax Credit

The 2010 special session of the Oregon Legislature began this week, and the House Revenue Committee wasted no time in holding a hearing on proposed revisions to the Business Energy Tax Credit ("BETC") that is available to projects in the conservation…
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Stronger Custody Rule Approved for SEC-Registered Investment Advisers

The SEC amended its custody rule, effective March 12, 2010, to increase the oversight of advisers that are deemed to have custody of client assets. An adviser is deemed to have "custody" in numerous situations, such as when the adviser deducts fees…
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Change in Law Regarding Employer Mandated Meetings

Effective January 1, 2010, Oregon law gives employees the right to opt out of certain employer mandated meetings and requires employers (regardless of the size) to post a communication in the workplace regarding that right.
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New and Extensive Massachusetts Data Protection Law

Do you have clients who are Massachusetts residents? If so, you should know that, beginning March 1, 2010, a new Massachusetts regulation will require that you implement a comprehensive information security program to protect the personal data of…
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The Genetic Information Nondiscrimination Act of 2008 (GINA) Took Effect on

GINA prohibits discrimination by employers (and health insurers) on the basis of genetic information."Genetic information" is defined broadly to include, among other things, information about "the manifestation of a disease or disorder in family…
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