• Money market fund reform becomes reality. What’s changing?

    On July 23, 2014 the US Securities and Exchange Commission (SEC) adopted a Final Rule that amends Rule 2a-7 of the Investment Company Act of 1940, which governs money market funds. These long anticipated amendments are designed to provide both structural and operational reform addressing an investor run on funds during a financial crisis, as was seen in 2008. The Final Rule becomes effective sixty days after publication in the Federal Register and provides for a two-year implementation period.
  • Income tax consequences of hedge or private equity fund investments

    Many tax-exempt organizations and employee benefit plans, such as pensions, IRAs and retirement plans, are attracted to hedge or private equity funds (Funds) as a method of realizing above-average returns on investments. Since related function or passive income is exempt from federal income tax, and many hedge or private equity investments are passive to the tax-exempt, most income generated from these entities can be generated free of federal and state income tax.
  • Cybersecurity: Steps to take now

    The federal government expects banks to get a lot more serious about cybersecurity. For the first time in history, the US Treasury Secretary has criticized the nation’s safeguards to protect against cybersecurity attacks on our financial infrastructure. In response, the Federal Financial Institutions Examination Council (FFIEC) took three initial steps to increase awareness in the US banking system.
  • SEC enforcement of federal securities laws

    Due to increased concerns about potential widespread violations of the federal securities laws by municipal issuers and underwriters the SEC has undertaken a new initiative to identify and clean up false certifications.
  • The Affordable Care Act: where are we now?

    Employers are now more than ever faced with additional obligations under the Affordable Care Act, this article provides an overview of how the final regulations affect employer groups by employee size.