SLB 14I: Impact of Board Discussion on 2018 NALs

Posted by Arthur H. Kohn and Katy Yang, Cleary Gottlieb Steen & Hamilton LLP, on Sunday, July 8, 2018 Editor's Note: Arthur H. Kohn is a partner and Katy Yang is an associate at Cleary Gottlieb Steen & Hamilton LLP. This post is based on a Cleary Gottlieb memorandum by Mr. Kohn and Ms. Yang. Related research from the Program on Corporate Governance includes The Case for Shareholder Access to the Ballot by (discussed on the Forum here), and Private Ordering and the Proxy Access Debate by Lucian Bebchuk and Scott Hirst (discussed on the Forum here). When the staff (the “Staff”) of the Division of Corporation Finance of the Securities and Exchange Commission (“SEC”) released Staff Legal Bulletin No. 14I (“SLB 14I”) last fall, it seemed that the Staff was potentially signaling that it would be taking a more issuer-friendly approach in its review of no-action letter requests (“NALs”). In particular, the language…

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Former corrections officer alleged to have used fake pay stubs in an effort to qualify for a mortgage

Former corrections officer alleged to have used fake pay stubs in an effort to qualify for a mortgageSource: Office of the State ComptrollerA former New York state corrections officer and his wife were arrested Friday, June 29, 2018, for allegedly giving false pay stubs to “boost” their family income to qualify for mortgage loans from two banks as the result of an investigation by New York State Comptroller Thomas P. DiNapoli, the New York State Police and the New York State Department of Corrections and Community Supervision’s Office of Special Investigations (DOCCS).The couple are accused of providing doctored prior DOCCS pay stubs to mislead the two banks that the husband was still employed by DOCCS, although he had left the agency the year before. The scheme "unraveled" when the banks contacted DOCCS to verify the applicant's employment. "This couple thought they could use a forged state pay stub to trick two banks into giving them a…

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Cryptocurrency IRS Offshore & Foreign Reporting (2018 Update)

Cryptocurrency IRS Offshore & Foreign Reporting (2018 Update) by Golding & Golding Cryptocurrency IRS Offshore & Foreign Reporting (2018 Update) Unfortunately, at the time of writing of this article, the U.S. government agencies responsible for International and Offshore Reporting (FinCEN and the IRS) have not set any concrete rules reporting the reporting and disclosure of foreign cryptocurrency. The rules are unclear and misguided at best, and now that the IRS has joined J5 — an international enforcement group dedicated to combatting tax evasion involving cryptocurrency — it is important to do your best to stay (or get into) IRS compliance. Cryptocurrency – Tax vs. Reporting If you are a U.S. Person and would otherwise owe tax money to the IRS due to cryptocurrency sales, exchanges, or capital gain you still pay tax to the U.S. — even if the sale was abroad.  As to FBAR, FATCA and other international reporting, the IRS has…

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Can Helmets Make the Difference? — Life & Death

Helmet Safety Comes in a Variety of Activities As everyone heads outdoors for the summer to take advantage of the warm weather and to engage in recreational activities, protect the most important part of the human body – the head. Traumatic brain injuries are disabling and, sometimes fatal. All it takes is a haphazard fall from a two-wheeler to cause a head wound, changing one’s life forever. “Trauma to the brain can occur as a result of an impact, which can cause a concussion or open skull fracture, or a jarring motion, such as a quick turn or sudden stop,” according to an article by Chicago’s Rush University Medical Center titled “Helmet Safety: Keep a Lid On It.” “Even seemingly mild head injuries, where you don’t lose consciousness, can cause permanent behavioral and cognitive problems, such as memory loss, inability to concentrate, sleep disorders and, in some cases, permanent disability or death.” Helmets are…

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Q2 2018 Quick Links, Part 3 (Privacy, Advertising, E-Commerce)

Privacy * Financial Times: How the wealthy use privacy laws to keep out of the news. GDPR as a pro-censorship tool * Techdirt: Companies Respond to the GDPR By Blocking All EU Users  * Financial Times: Data protectionism: the growing menace to global business * Politico: ‘Too inconvenient’: Trump goes rogue on phone security * NY Times: U.S. News Outlets Block European Readers Over New Privacy Rules * Nextgov: The government’s big idea to bolster the nation’s collective cyber defense isn’t attracting private-sector participants. * Burke v. New Mexico, 2018 WL 2134030 (D. N.M. May 9, 2018) Plaintiff has failed to state a claim for violation of her Fourth Amendment right to privacy because she has no reasonable expectation of privacy in the information she shared on her CaringBridge webpage. Plaintiff’s webpage was viewable to any member of the public, so long as that person had a registered…

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