JUNE 11, 2019
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SEC Approves Amendments to FINRAs Codes of Arbitration Procedure for Customer and Industry Disputes

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Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.

There is no log in to access the database and new articles are added hourly.
On May 9, 2019, the U.S. Securities and Exchange Commission) proposed amendments to the definitions of “accelerated filer” and “large accelerated filer” in Exchange Act § 240 12b-2 to reduce the number of issuers that would qualify as accelerated filers and exempt more companies from the Section 404(b) of the Sarbanes-Oxley Act’s requirement to provide an auditor’s attestation of management’s assessment of internal control over financial reporting (ICFR). More on SEC's Bank Assistance Here >
Davis Kulthau Law Firm LogoOne of the most exciting new topics in real estate is the creation of opportunity zones as part of the Tax Cut and Jobs Act of 2017. Recently, the IRS issued additional guidance on the use of opportunity zones in the form of proposed regulations. Based on the proposed regulations, the excitement surrounding opportunity zones appears justified. While opportunity zones are a compelling opportunity for developers, there are many nuances that must be taken into account when structuring an opportunity zone project. More on Opportunity Zones Here >
As we have blogged, there is perplexing, significant and ongoing uncertainty regarding just how federal criminal and Bank Secrecy Act laws will be – or will not be – enforced against financial institutions providing banking services to marijuana-related businesses (“MRBs”). As our blog has discussed, recent bipartisan efforts in the 116th Congress to provide a level of federal protection to financial institutions providing MRBs access to the banking system have been potentially promising and intriguing – but, ultimately, also very uncertain.  The most recent effort in this ongoing saga is the FY2020 spending bill drafted by the House Appropriations Committee’s Subcommittee on Financial Services and General Government. More on Congress' Bill For Marijuana Industry Financial Services Here >
Despite the growth of crypto-currencies in number and use, relatively little guidance has been provided by the Internal Revenue Service (IRS) to date related to the federal income taxation of such crypto transactions. Back in 2014, the IRS issued Notice 2014-21 which addressed a few fundamental issues, notably as confirming the status of crypto-currency as property for federal income tax purposes rather than a currency (a “fiat currency” in crypto circles). Some of the consequences of this determination were also addressed in Notice 2014-21, including that when virtual currency  received or exchanged for goods and services or exchanged for another form of crypto or fiat, such exchange is considered a taxable event (with the gain measured in U.S. dollar (“USD”) equivalency).  More on IRS Guidance on Crypto-Currency Here >
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