Legal Updates

California Employment Laws Taking Effect in 2014 Require a Revisit of Policies and Practices

By Jennifer Nutter and Amy Messigian

’Twas the night before the holiday party and all through the halls,
Human Resources was stirring, and posting on walls!
The policies were hung on the blackboard with care with the knowledge that 2014 soon would be there!

Like a holiday carol sung every December, a tune repeats this December for California employers as in years past:  review your policies.  In light of the bevy of new laws that take effect on January 1, it is time to conduct a handbook and policy review to ensure compliance as the new laws roll out. 

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Dodd-Frank Standards Proposed for Assessing Diversity Policies and Practices of Covered Entities in the Financial Services Industry

With my colleagues Peter Stein and Dean Singewald II, I recently coauthored an advisory for employers in the financial services industry: Dodd-Frank Standards Proposed for Assessing Diversity Policies and Practices of Covered Entities in the Financial Services Industry.

Following is an excerpt:

Six federal agencies (“Agencies”) subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Act”) issued much-anticipated jointly proposed standards in accordance with Section 342 of the Act for assessing the diversity policies and practices of the entities that they regulate in the financial services industry. The proposed standards were published in the Federal Register on October 25, 2013. In issuing the proposed standards, the Agencies stated that their goal is to “promote transparency and awareness of diversity policies and practices” of the covered entities (“Covered Entities”), given the Agencies’ recognition that greater diversity and inclusion “promotes stronger, more effective, and more innovative businesses, as well as opportunities to serve a wider range of customers.”

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MANDATORY CPP INCREASE — NOT

There seems to be general agreement that some or even many middle income workers do not save enough for retirement. These are the people who not have a workplace pension, and have not saved sufficiently in tax-deferred programs or in taxable savings and other income-producing assets. At this time employers and employers contribute 9.9% of income up to the YMPE, 4.5% each. The maximum benefit at age 65 is just over a $1,000 per month, together with the OAS and GIS, is barely enough for a single person to live on and would certainly require a substantial decrease standard of living for middle income people. More…

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ADA Accessibility Attestation Forms for FIDA (Medicare-Medicaid Advantage Duals) Plans

The Financial Alignment Initiative of the Centers for Medicare & Medicaid Services (“CMS”) is a test program designed to better coordinate care for dual Medicare-Medicaid enrollees by aligning the financing of Medicare and Medicaid. Pursuant to this initiative, states may partner with CMS to test one of two model programs for the coordination of Medicare and Medicaid benefits.

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ADA Accessibility Attestation Forms for FIDA (Medicare-Medicaid Advantage Duals) Plans

The Financial Alignment Initiative of the Centers for Medicare & Medicaid Services (“CMS”) is a test program designed to better coordinate care for dual Medicare-Medicaid enrollees by aligning the financing of Medicare and Medicaid. Pursuant to this initiative, states may partner with CMS to test one of two model programs for the coordination of Medicare and Medicaid benefits.
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Summary: The 2012-2013 Public Guardian and Trustee Annual Report

The B.C. Public Guardian and Trustee (“PGT”) recently issued its Annual Report for 2012-2013.

From 2012–2013, the PGT served approximately 30,300 clients and managed approximately $893 million of client assets. Most PGT clients have some vulnerability often resulting from their status as minors or mental incapability.  Clients can include:

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Corporate Social Responsibility

Corporate social responsibility (“CSR”), a new initiative under the Companies Act 2013 (“CA13”), is the process by which an organization thinks about and evolves its relationships with stakeholders for the common good, and demonstrates its commitment in this regard by adoption of appropriate business processes and strategies.

  • CA13 requires that every Company having net worth of Rs. 500,00,00,000/- (Rupees Five Hundred Crore) or more, or turnover of Rs. 1000,00,00,000/- (Rupees One Thousand Crore) or more, or net profit of Rs. 5,00,00,000/- (Rupees Five Crore) or more, during any financial year, shall constitute a CSR Committee of 3 (three) or more directors, 1 (one) of which has to be an independent director, and the composition of such committee is required to be included in the Board’s report.
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The end of the transitional period is looming: concerns for transitional security interests in personal property

The transitional period under the Personal Property Securities Act 2009 (Cth) (PPSA) ends at midnight on 30 January 2014 Australian Eastern Standard Time.

If a transitional security interest is not perfected by this time, it may not only lose its priority but may also be extinguished altogether.

Contact us to ensure that your transitional security interest is perfected. -More…

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Rimeligere å tinglyse fra 1. januar 2014

I forslag til statsbudsjett har regjeringen foreslått å endre tinglysingsgebyret for fast eiendom fra 1060 kroner til 525 kroner.

Forslaget er ventet vedtatt av Stortinget i desember, og gjelder fra 1. januar 2014.

Les mer om dette her

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SMSF and LRBA – Welcome clarification by the ATO

The ATO has released a draft legislative instrument providing a welcome clarification regarding trusts formed to hold property for limited recourse borrowing arrangements.

Section 67A of the Superannuation Industry (Supervision) Act (SIS Act). permits an SMSF to borrow where: More…

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