Monthly Archives: April 2015

Employee Benefits Alert: The DOL Proposed Regulations on Fiduciaries

After many years and many false starts, the Department of Labor (DOL) has issued a package of proposed regulations and prohibited transaction exemptions (PTEs) addressing who is a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA).  These proposed regulations and PTEs, if ultimately finalized as currently drafted, will make changes, some more dramatic than others, in how investment professionals deal with ERISA-covered retirement plans and Individual Retirement Accounts (IRAs).

The genesis of these proposed regulations is the DOL’s concern that plan sponsors, plan participants, and IRA holders are not being well-served by some in the investment community. The DOL believes that a subset of investment professionals are more interested in their own compensation than in serving the best interest of the plans or IRAs.

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“Principal File Bankruptcy? All Is Not Lost…” Manju Gupta for Fidelity & Surety Law Committee Newsletter

For a surety, the bankruptcy filing of a principal raises a number of issues and several challenges, but it does not necessarily mean a loss. The surety can maximize its recovery by staying vigilant and timely asserting its subrogation rights.

When a principal files for bankruptcy, and the surety is called upon to perform under a performance or payment bond, the surety should determine which goods were supplied to the principal/debtor immediately prior to the filing. Under the Bankruptcy Code,1 not all claims are treated the same. The Bankruptcy Code provides that certain unsecured claims have priority over general unsecured claims, and creates specific rights to recover goods supplied to the debtor immediately prior to the bankruptcy filing. This practice pointer addresses two types of rights to which a surety may be subrogated: (1) reclamation rights and (2) administrative priority claims under § 503(b)(9) of the Bankruptcy Code.

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Bernard Pinsky featured in the Advisor

Bernard Pinsky, Q.C., was featured in a recent Advisor article about accredited investor rule amendments to purchasing exempt market securities. He was also featured in another Advisor article about the OSC proposing a new whistleblower program.

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Nærstående kan ikke få virksomhedspant

Muligheden for at stifte virksomhedspant blev indført med virkning fra 1. januar 2006. Selvom ordningen således snart har 10 år på bagen, opleves ordningen som ”ny”, og forskellige spørgsmål omkring virksomhedspant begynder at finde vej til domstolene.

Da man etablerede ordningen, ønskede man at modvirke misbrug af ordningen, som skaber en meget stærk position for panthaveren, ved at forbyde etablering af virksomhedspant til fordel for pantsætterens nærstående. Herom blev der derfor indført en regel i tinglysningslovens § 47 e.

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Positive Change for the Home Health Community in New Jersey

On March 3, 2015, the New Jersey State Board of Nursing (“Board”) issued a comprehensive set of proposed amendments, repeals and new rules pertaining to Delegation and Certification; Homemaker-Home Health Aides.  The changes broaden the authority of registered professional nurses (“RNs”) and permit RNs to train, and then delegate tasks to licensed practical nurses (“LPNs”), certified home health aides (“CHHAs”) and other assistive persons (collectively “assistants”).  This certainly seems like a positive step for the Home Health industry and its patients.  Nurses will be able to serve a broader patient base by maximizing the talents of more caregivers who are, perhaps, being under-utilized in the current model.

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Lauren Liang presents to CHOA for Spring 2015 seminars

On Saturday in Coquitlam, Lauren Liang presented to the Condominium Home Owners Association of BC (CHOA) for their Spring 2015 strata education program. Lauren spoke on the fees and costs that strata corporations may collect and the collection tools available.

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ILN Today Post

Responsible lending – an ongoing dilemma

Lenders and brokers face significant challenges to ensure that ASIC will be satisfied with their responsible lending processes.

How can licensees meet both customers’ immediate requirement and objective of a fast and easy approval, while at the same time meeting the legal obligation to enquire and verify information about ability to repay and the customer’s ‘underlying requirements and objectives’?

The Cash Store case demonstrated that courts will impose significant penalties on licensees who do not comply on a systemic basis.  The case demonstrated that generic statements about purpose will not be sufficient, and that more detailed enquiries and verification may be appropriate in respect of more vulnerable customers. More…

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ILN Today Post

Nominert til Advokatforeningens talentpris 2015

Advokatforeningens talentpris er en årlig pris for advokatbransjen. Utmerkelsen går til det advokatfirmaet som best evner å finne, vinne og utvikle juridiske talenter – uavhengig av kjønn, etnisitet eller andre ytre forhold. Juryen hadde møte den 22. april og har nominert 5 firmaer som er med i den videre konkurransen om prisen. En av de 5 nominerte er advokatfirmaet Økland. Les mer her

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ILN Today Post

Companies Act 2014 Seminars (27.4.2015)

Major company law reform and consolidation is taking place in the form of the Companies Act 2014 (the “Act”). The Act was enacted in December 2014. It is not yet in force but it is expected to be commenced on 1 June 2015 by Statutory Instrument. As part of our Corporate and Commercial Department’s education and awareness scheme George Kennedy, Senior Associate Solicitor, gave a presentation on the Act to the ACCA (the Associatio …

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Lidings Receives Exceptional Recognition by Chambers & Partners Europe 2015

Reputable international ranking agency Chambers & Partners Europe has published the list of leading legal advisors in Russia based on the results of its annual research. The ranking recommends Lidings for Dispute Resolution, Corporate and M&A, and Life Sciences advice in Russia.

The firm is ranked among top dispute resolution practices in Russia following a number of precedent setting cases where it represented the interests of large financial institutions and industrial companies. “A new entrant in the rankings, this team advises a range of international clients on varied commercial disputes, predominantly on proceedings in the Russian courts. Particularly recommended for real estate-related cases”, states the directory. Head of dispute resolution at Lidings Andrey Zelenin received personal recognition in the ranking: “Practice head Andrey Zelenin is praised by sources for his “strategic advice.” In addition to dispute resolution, his broad practice encompasses corporate advisory work and assisting with matters related to the life sciences sector”.

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