Effective December 31, 2021, the London Interbank Offered Rate (LIBOR) will be replaced by the Secured Overnight Financing Rate (SOFR) as a primary benchmark index. The impending transition is expected to disrupt the whole market structure and pose significant challenges and risks to financial institutions.
In fall of 2019, a final rule to amend the "Volcker Rule" was approved by the Federal Reserve Board and other agencies charged with implementing the Volcker Rule. In January 2020, the agencies proposed further revisions to the covered funds provisions of the Volcker Rule, requesting comment by April 1, 2020.
The SECURE Act, an acronym for “Setting Every Community Up for Retirement Enhancement Act” was signed into law on December 20, 2019, as part of a massive compromise government spending bill. The Act represents the most significant reform of the retirement system since the Pension Protection Act of 2006.
The regulatory landscape for the cannabis industry continues to evolve as it reaches new heights both in the U.S. and Canada.
New lease accounting rules are coming soon for all government entities. After a COVID-19 one-year delay, Statement No. 87 of the Government Accounting Standards Board, Leases (“GASB 87”) is now required for fiscal years beginning after June 15, 2021 and is applicable to both government entity lessees and government entity lessors.
In this LIVE Webcast, a panel of thought leaders and professionals brought together by The Knowledge Group will provide and present an in-depth analysis of the fundamentals as well as recent developments in eDiscovery and Litigation Preparedness: Tools, Tactics, and Best Practices to Leverage. Speakers will also present all important issues surrounding this significant topic. Join us for this Knowledge Group Webinar!
With today’s heavily challenging economic situation, businesses of all sizes have started venturing into different cost reduction initiatives in order to optimize profitability while ensuring market competitiveness. These cost reduction programs include reducing costs of services and other supplies.
The implementation of anti-corruption programs has become more proactive over the past years. Multinational corporations have continued to prioritize investments with strong anti-corruption initiatives. Additionally, jurisdictions have taken significant measures to improve their legislative framework against bribery by requiring businesses to follow internal policies and regulations.
As the world grapples with the unprecedented economic disruptions brought by the Coronavirus Disease 2019 (COVID-19) pandemic, multinational enterprises (MNEs) in the U.S. and Canada are confronted by the added challenge of maintaining transfer pricing compliance. Most businesses are now forced to adjust their transfer prices, analysis, and documentation and revisit their force majeure clauses to look for alternative means of fulfilling their contract obligations. Thus, creating a profound strain on the operations of MNEs.
The Department of Labor Regulations on disclosure of 401(k) plan fees and expenses are designed to provide transparency to participants in a user-friendly format, allowing for an apples-to-apples comparison of fees and expenses under a plan’s investment options that impact participant account balances, and a look under the hood on plan administration costs charged to participant accounts. But greater disclosure can lead to greater scrutiny, and an essential duty for plan sponsors is monitoring fees and expenses that could reduce participant account balances, and timely addressing excesses.
In May 2019, the US Treasury Department’s Office of Foreign Assets Control (OFAC) published a framework for OFAC compliance. The core elements of the guidance are aimed at creating a tailored risk-based strategy to ensure sanctions compliance across an organization. It also outlines five components of a compliance program and it includes an appendix identifying the root causes of compliance breakdowns and deficiencies. To mitigate risks, it is imperative for companies to assess the adequacy of their OFAC compliance programs and to tailor them to target risks relevant to the business.
In April 2019, the Internal Revenue Services (IRS) released its second set of new regulations on the Qualified Opportunity Zone (QOZ) program. The additional guidelines aim to give light on the initial regulations released last 2018. However, several open questions still remain, that investors and related practitioners must be continuously proactive in monitoring the latest regulatory trends and development. Understanding the latest updates and how these might affect their businesses also will help them maximize opportunities while mitigating potential risks and pitfalls.
Initial coin offerings (ICOs) have become one of the most promising financing instruments today. Because of its considerable advantages, more startup companies are utilizing ICOs for investment opportunities and capitalization.
The cannabis industry has been continuously evolving over the years. Legalizations have become more rampant not just inside the U.S. but also around the globe. However, along with this expanding acceptance are the intensified probes and regulations from federal and state legislators which have created further confusion and conflicts and compromised consumer protection.
The consumer finance industry has been shifting because of the challenges brought by the COVID-19 pandemic. The crisis instigated a profound economic impact on consumer finance companies and spurred financial disputes and litigation.
