Mar 25, 2014 - between the United States and the Cayman Islands, we would advise CLO managers to undertake the ... as a Reporting Model 1 FFI domiciled in the Cayman. Islands no later than April 25, 2014. a) Registering by that ... obtaining new acco
On September 10, 2014, the Securities and Exchange. Commission (the âSECâ) announced charges against. 28 officers, directors and investment firms for failing to make timely filings of reports on Form 41 and Schedules 13D and 13G2 under the Securi
Jun 11, 2014 - Students of fair lending jurisprudence know that the most significant issue in that area of the law is whether the government's assertion of liability, not just for intentional discrimination on a prohibited basis, but also for otherwi
As we wrote in October, the California Online Privacy. Protection Act (CalOPPA) will require â effective. January 1, 2014 â that websites that collect personal information about a person's âonline activities over time and across third-party web
âover time and across different websites when a consumer uses the operator's website or service.â If you do, these new disclosures are required under the. California amendment to CalOPPA. Although the law is effective January 1, California will b
Oct 16, 2013 - California Governor Jerry Brown recently signed six new bills into law that have a variety of implications for employers with California employees. Employers are advised to review these new laws with an eye towards bringing their polic
Apr 25, 2014 - unwind Bazaarvoice's acquisition of competitor ... 1 Section 7 of the Clayton Act prohibits mergers and acquisitions where the effect âmay be.
David Socko as a salesman. At the time of his hire, he signed an employment agreement containing a two-year covenant not to compete. Socko resigned in February 2009, but was rehired later that year, when he signed a new employment agreement also cont
Mar 11, 2014 - note of several recent employment law developments. Recent state and local legislation in New York and. New Jersey covers topics such as paid sick leave, pregnancy accommodations, minimum wage, equal pay, and leave for those affected b
May 21, 2014 - Section 11(c) of the OSH Act â which prohibits employers from discriminating or taking retaliatory action against any employee that has filed a safety complaint with OSHA, has or is going to testify before. OSHA, or has exercised any
provide a reasonable reimbursement to the employee. Although the Cochran decision remains subject to further appellate activity, California employers should review their cell phone policies in light of this ruling. The plaintiff in Cochran filed a pu
judicial review of compliance orders is appropriate, but that â[r] eal relief requires Congress to do what it should have done in the first place: provide a reasonably clear rule regarding the reach of the Clean Water Act.â Specifically, Justice
In its March 21, 2012, decision in No. 10-1062, Sackett v. EPA, the Supreme Court of the. United States unanimously held that an administrative compliance order EPA issued under the Clean Water Act was immediately reviewable in federal court under Ch
The agencies will distribute at least three economic scenarios. (baseline, adverse, and severely adverse) to all covered banks by. November 15 each year. Each scenario will include the paths of a number of economic variables, such as real Gross Domes
municipal advisor may provide municipal advisory services to the municipal entity or, in the case of conflicts arising after the ... investments or services to municipal entities; (ii) payments by municipal advisors made for the purpose of .... resel
The regulations provide an expansive list of accommodations that may be reasonable, such as modification of duties, work ... to time off for the number of days or hours the employee would normally work within four calendar months (17 1/3 ... position
Dec 24, 2013 - If an employer has an exclusive Internet or intranet site available for the use of its employees and to which all employees have access, the employer may satisfy this posting requirement by placing the Notice on the site. â¢ At the ti
OFCCP Proposes Amending Affirmative Action and. Nondiscrimination Regulations For Veteran Hiring and. Recruitment Under VEVRAA. On April 26, 2011, the ...
into an agreement whereby Netflix could help Wal-Mart promote its DVD sales business and. Wal-Mart could help Netflix further its online DVD rental business. At the time of the meeting,. Wal-Mart was already ... and development agreement to create an
On October 17, 2013, in Sonic-Calabasas v. Moreno. (Sonic II), the California Supreme Court overturned its. 2011 holding in Sonic-Calabasas v. Moreno (Sonic I) that an employee could not be required to waive his or her right to an administrative hear
Dec 24, 2013 - employees. If an employer has an exclusive Internet ... discrimination based on, among other things, an individual's ... san FranCisCo. Jeffrey S.
Lafe Solomon, issued a report on the lawfulness of employer policies governing social media. (Memorandum OM 12-59). ... The report analyzed seven social media policies from employers and determined whether the policies were lawful under ... or retali
Jul 10, 2013 - In a highly anticipated decision, Judge Cote of the S.D.N.Y. found that five major book publishers. âconspired with each other to eliminate retail price competition and raise e-book prices, and that. Apple played a central role in fa
National Labor Relations Board General Counsel Issues. Third Report on Employer Social Media Policies. On May 30, 2012, the National Labor Relations Board (âNLRBâ) Acting General Counsel,. Lafe Solomon, issued a report on the lawfulness of employ
controlled recognized environmental condition (“CREC”), has been added. The updated definition of a REC is shorter and more streamlined than the prior definition, but has not changed substantively. A CREC is a past release that has been addressed to the satisfaction of the state with residual contaminants allowed to remain in place subject to required controls, such as a deed restriction. An HREC now includes only past releases that have been addressed to the satisfaction of the state or meet the applicable criteria for unrestricted use without required controls. De minimis condition is now listed as a separate defined term under the new standard to mean a condition that does not threaten human health or the environment and generally would not be the subject of an enforcement action. Additionally, the new standard requires regulatory agency file and record review, which is intended to make Phase I ESAs more comprehensive. Specifically, the environmental professional is now required to review pertinent regulatory files pertaining to the listing of the subject property or an adjoining property on a state or federal environmental database to determine whether the listing constitutes a REC, HREC, CREC, or de minimis condition. If the environmental professional determines that the regulatory file review is not warranted, the justification for omitting the review must be included within the report. This requirement has raised consternation in the environmental consulting community, particularly among those involved in conduit lending due diligence, as the file review requirement will affect pricing in a highly competitive market. Certain user responsibilities have been clarified under the standard, including the user’s responsibility to conduct a title search for environmental liens and activity and use limitations. The revised standard specifies that in jurisdictions where environmental liens or activity and use limitations are only recorded or filed in judicial records, the user must search judicial records to satisfy the AAI requirement. If the user does
Environmental Practice not complete its responsibilities under the standard, the environmental professional must note this fact in the report and opine on the significance of the absence of such information on the Phase I ESA. II. EPA’s Proposed Amendments to the AAI Regulations In August, EPA proposed to allow the use of either the ASTM E1527-13 standard or the ASTM E1527-05 standard to satisfy the AAI requirement for establishing defenses to liability under CERCLA. EPA determined that “there are no legally significant differences between the regulatory requirements and the two ASTM E1527 standards”; therefore, EPA did not propose to require use of the ASTM E1527-13 standard to satisfy AAI. 78 Fed. Reg. 49,714, 49,716 (Aug. 15, 2013). Commenters have criticized EPA’s approach of allowing continued use of the less stringent ASTM E1527-05 standard. EPA expects to finalize the rule before the end of the year. At this time, it is unknown whether EPA’s final rule will allow continued use of the ASTM E1527-05 standard to satisfy AAI. III. Impact of the ASTM E1527-13 on Due Diligence
continues to allow the use of ASTM E1527-05 to satisfy AAI, the prior standard may remain in widespread use, given cost and timing considerations. From a purchaser or lender’s perspective, EPA’s decision as to what satisfies AAI will be determinative as to what they require of their environmental professionals. Of note, the ASTM E1527-05 standard will not expire at the end of the year and has not been superseded by the ASTM E1527-13 standard; it is simply no longer the current standard. One element of the new Phase I standard that may cause concern among the “users” of the reports, including purchasers, lenders, and rating agencies, will be how to deal with a finding that a known or threatened release from an adjacent property (e.g., a long-term gasoline station or a drycleaner using chlorinated solvents) constitutes a REC due to the potential for impacts to the property via the vapor migration pathway, where such impacts cannot be verified due to a lack of data or even any evidence of a release. In such situations, users could choose to conduct further due diligence, such as a vapor encroachment screening, or deal with the risk through some other mechanism, such as an indemnity or environmental insurance.
Overall, ASTM’s revisions will not significantly alter the environmental due diligence process. Because EPA has not yet approved use of the ASTM E1527-13 standard to satisfy AAI, there has not been an immediate shift toward the new standard among users of Phase I ESAs. It is also expected that compliance with the new standard will cost more and take longer due to the requirement to conduct regulatory file reviews. If EPA
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