Here's what you should know.
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…
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…
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…
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.
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…
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…
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.
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…
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…
Federal Contractors Are Required to Use E-Verify for Many Federal Contracts Awarded On or After September 8, 2009
Companies who receive federal contracts on or after September 8, 2009, must use the government E-Verify system to confirm their employees' eligibility to work in the United States if the federal contract includes the Federal Acquisition Regulation E…
U.S. Department of Labor Sending Questionnaires to Certain H-1B Workers
The U.S. Department of Labor (DOL) has begun sending detailed questionnaires to H-1B workers who are current or former employees of companies DOL is investigating. Please note that DOL states in the questionnaire that the H-1B worker is not required…
Expanded Form U4 Disclosure - All Forms U4 Must Be Amended
By November 14, 2009, registered investment advisers and broker-dealers must amend all of their representatives' Forms U4 to comply with amendments to Form U4 recently approved by the SEC.
ICE Form I-9 Audit Initiative: Are Employers Prepared?; H-1B Numbers Remain Available
On July 1, 2009, U.S. Immigration and Customs Enforcement ("ICE") issued a news release announcing that it is launching "a bold, new [Form I-9] audit initiative" and has issued 652 Notices of Inspection (NOIs) to employers nationwide.
Act Now: Trademark Infringement on Facebook
On Tuesday, June 9, Facebook, Inc., the social networking website company, publicly announced that beginning Saturday, June 13th at 12:01 a.m. U.S. EDT, users of the Facebook website will be allowed for the first time to create personalized URLs for…
New LCA System Required by U.S. Department of Labor
The U.S. Department of Labor (DOL) has activated a new online system for the filing and certification of Labor Condition Applications (LCAs). The system is referred to as the "iCert Portal" and will be required as of May 15, 2009.