Here's what you should know.
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…
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?
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…
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."
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…
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…
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.
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.