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MSRB Submits Content Outline for Municipal Advisor Representative Qualification Examination to SEC; Pilot Exam to Be Held in Fall 2015

April 28, 2015 | Skadden, Arps, Slate, Meagher & Flom LLP | Kenneth A. Gross, Ki P. Hong, Matthew Bobys, Melissa L. Miles, Patricia M. Zweibel, Shayla K. Parker, Charles M. Ricciardelli, Tyler Rosen

The Municipal Securities Rulemaking Board recently filed the content outline for the Municipal Advisor Representative Qualification Examination with the SEC. The outline includes the topics to be covered on the exam, sample questions and a list of reference materials.

The FCC Acts (Again) on Net Neutrality, Awaits Court Challenges

April 28, 2015 | Skadden, Arps, Slate, Meagher & Flom LLP | Cliff Sloan, John M. Beahn, Joshua F. Gruenspecht

The FCC's recent, most sweeping attempt to promulgate network neutrality regulations could have far-reaching implications for media, content, broadband and the Internet. While some parties already are appealing the rules in federal court, absent a judicial stay, those regulations will be in place for some time, at least until the judicial challenges are resolved.

Shadow Banking and Financial Stability: Regulators Propose Framework for Nonbank Noninsurers

April 28, 2015 | Skadden, Arps, Slate, Meagher & Flom LLP | Cyrus Amir-Mokri

As regulators express concern about activities of some nonbanks associated with the "shadow banking" system, a new consultation paper from the Financial Stability Board outlines the preferred methodology to identify nonbank noninsurer global SIFIs in a growing international effort to regulate these institutions.

Maryland Making Additional Changes to Pay-to-Play Law

April 21, 2015 | Skadden, Arps, Slate, Meagher & Flom LLP | Kenneth A. Gross, Ki P. Hong, Matthew Bobys, Melissa L. Miles, Patricia M. Zweibel, Shayla K. Parker, Charles M. Ricciardelli, Tyler Rosen

The Maryland legislature has passed and the governor is expected to sign a bill that makes further changes to the pay-to-play reporting law that took effect January 1, 2015. It will require companies that had Maryland state contracts worth at least $200,000 as of December 31, 2014, to begin filing semiannual reports even if they have not received new contracts this year.

MSRB’s Rule G-42 Submitted to SEC for Approval; Rule G-44 Now in Effect

April 21, 2015 | Skadden, Arps, Slate, Meagher & Flom LLP | Kenneth A. Gross, Ki P. Hong, Matthew Bobys, Melissa L. Miles, Patricia M. Zweibel, Shayla K. Parker, Charles M. Ricciardelli, Tyler Rosen

The Municipal Securities Rulemaking Board recently submitted Proposed Rule G-42 (standards of conduct for nonsolicitor municipal advisors) to the Securities and Exchange Commission for approval. The Proposed Rule is expected to take effect six months after it is approved by the SEC. Meanwhile, MSRB Rule G-44 (supervisory and compliance obligations of municipal advisors) went into effect April 23, 2015.

Outsourcing: Maximizing Value and Mitigating Risk in 2015

April 21, 2015 | Skadden, Arps, Slate, Meagher & Flom LLP | Stuart D. Levi, Jessica N. Cohen, James S. Talbot

On April 21, Skadden presented a seminar titled “Outsourcing: Maximizing Value and Mitigating Risk in 2015.” Areas of focus for this year included: service-level structure and optimization, liability coverage, and privacy and cybersecurity. The Skadden panelists were Jamie Talbot,...

MassMutual Victory May Pave the Way for Earlier Deductions

April 20, 2015 | Skadden, Arps, Slate, Meagher & Flom LLP | Alan J.J. Swirski, David A. Schneider, Paul M. McLaughlin

The Federal Circuit held that Massachusetts Mutual Life Insurance Company properly deducted policyholder dividends in the year prior to the year the dividends were actually paid based on the fact that the company guaranteed a lump-sum dividend amount to its policyholders as a group in the year prior to payment. The decision potentially has broad application to any entity that uses the accrual method of accounting.

Temple-Inland Sheds Light on Delaware’s Use of Estimations in Unclaimed Property Audits

April 17, 2015 | Skadden, Arps, Slate, Meagher & Flom LLP | Jonathan Frank, Edward B. Micheletti

Companies are required to comply with broad and often complex unclaimed property laws in all 50 states. Delaware is known as one of the states that aggressively pursues unclaimed property audits and uses estimation techniques to determine liability. While case law regarding unclaimed property compliance is sparse, a district court's recent opinion in Temple-Inland, Inc. v. Cook sheds light on Delaware's use of estimation techniques and calls into question whether they are permissible.

New IRS Tax Accounting Rule to Benefit M&A

April 16, 2015 | Skadden, Arps, Slate, Meagher & Flom LLP | Jody J. Brewster, David A. Schneider

The IRS recently adopted a new rule that is favorable to taxpayers and alleviates a tax risk that often complicates M&A. Until now, if a target company had been reporting something incorrectly on its tax returns, the buyer often had to foot the bill for correcting the mistake going forward. Under the new rule, the additional income that results from correcting that mistake now can be taken into account all in the preacquisition final target taxable year, rather than over the next four years, as had been the case historically.

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