The US Securities and Exchange Commission (SEC), by a 3 to 2
vote, adopted a pay ratio disclosure rule, requiring public
companies to compare the compensation of their chief executive
officer to the median compensation of their other employees
Late in 2012, in Sun Capital Partners v. New England Teamsters ("Sun Capital"),1 a federal district court in Massachusetts (the "District Court") held that certain private equity funds were not trades or businesses that could be held jointly and severally liable for the pension obligations of a portfolio company in which such funds had invested.
The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010. One of the purposes of the new law was to strengthen enforcement of those US tax rules that provide for taxation of worldwide income (including income relating to another country’s compensation programs) in response to the government’s perception that US taxpayers were underreporting assets held outside of the United States.
Employers with deferred compensation arrangements that are subject to US Internal Revenue Code Section 457A have only until the end of 2011 to amend their plans to secure certain transition relief for amounts attributable to services performed prior to 2009 ("grandfathered amounts").
The Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury issued final regulations under the Bank Secrecy Act (the "BSA") in February of 2011 with respect to the "Report of Foreign Bank and Financial Accounts" (FBAR).
The US Internal Revenue Service and the Financial Crimes Enforcement Network ("FinCen") of the Department of Treasury issued guidance in February 2010 with respect to the "Report of Foreign Bank and Financial Accounts."
The American Recovery and Reinvestment Act of 2009 (commonly being referred to as the Stimulus Bill) included new rules relating to continuation of health coverage, including rules relating to premium subsidies and special coverage elections. These rules were summarized in our February 20, 2009, Client Update, "2009 Economic Stimulus Package Provides for COBRA Subsidies IMMEDIATE ACTION REQUIRED."