Publications

USCIS FEE INCREASES AS OF 12/23/2016

Effective December 23, 2016, fees for most applications and petitions filed with U.S. Citizenship and Immigration Services (USCIS) will increase. The increases in fees range from as little as $15 to as much as hundreds of dollars for some common categories. What will change under the new Fee Rule: USCIS will increase its filing fees […]

Supreme Court IP Activity Update July 2016

Enhanced Damages and Attorneys’ fees easier to obtain. PTO decisions on whether to institute IPR proceedings are final and unappealable PTO use of “broadest reasonable claim construction” in determining invalidity in IPRs upheld. Enhanced Damages/Attorneys’ Fees:  Halo Electronics, Inc. v. Pulse Electronics, Inc., 136 S. Ct. 1923 (June 13, 2016): Supreme Court rejects the Federal […]

Patent litigation in the United States: overview

Maria Luisa Palmese has made a contribution on patent litigation for Thomson Reuters’ Practical Law website. http://us.practicallaw.com/6-623-0657?q

New Law Permits Denial or Revocation of US Passports Due to Significant Federal Tax Delinquencies

Under the Fixing America’s Surface Transportation Act, which President Obama signed on December 4, 2015, an individual’s US passport can, for the first time, be denied or revoked because the individual has a significant US tax liability.  This provision became effective on January 1, 2016. The liability does not have to be for US income […]

“Regulation Crowdfunding” Update

On November 16, 2015, the U.S. Securities & Exchange Commission “Regulation Crowdfunding” Rule was published in the Federal Register.  The Rule becomes effective 180 days after the date of publication, which will be May 16, 2016, except that Form “Funding Portal” and amendments to “Form ID” will become effective January 29, 2016.  A publicly available […]

OCIE Publishes Results of Examinations of Investment Advisers and Funds That Outsource Their Chief Compliance Officer

On November 9, 2015, the Office of Compliance Inspections and Examinations (the “OCIE”) of the Securities and Exchange Commission (the “Commission”) published the results of its examinations of investment advisers and funds that outsource their chief compliance officer (“CCO”) and the risks related to doing so (the “Risk Alert”).  Not surprisingly, the examinations came up […]

Using Your Drone for Your Business – The Sky is NOT the Limit

Anyone watching or reading the news over the last few months will have noticed an increase in stories concerning drones. These stories reach from the mundane (drones being used to inspect pipelines and powerlines) to the ridiculous (a man shooting down his neighbor’s drone with a shotgun). Drones are a fairly new technical innovation and, […]

Securities and Exchange Commission Adopts Final Rules to Permit Crowdfunding

On October 30, 2015 the Securities and Exchange Commission (the “Commission”) adopted its long-awaited final crowdfunding rules under “Regulation Crowdfunding.” All transactions relying on Regulation Crowdfunding must take place through a registered intermediary, either a broker­dealer registered with the Commission or a funding portal registered with the Commission.  Companies are not permitted to undertake any […]

The IRS Presumption Rules and the Withholding Certificate (Form W-8) Dilemma: A Solution for Foreign Partnerships Providing Services to U.S. Clients

Compensation paid to a nonresident alien or foreign entity for services performed outside the United States is not U.S. source income and is therefore not subject to nonresident alien/foreign entity withholding or FATCA withholding.  Nonetheless, a U.S. payer may still be required to backup withhold at the rate of 28% on non-U.S. source payments if […]

THE GLOBAL ENTRY PROGRAM – BEAT THE LONG IMMIGRATION/CUSTOMS LINES

WHAT IS GLOBAL ENTRY: Global Entry is a U.S. Customs and Border Protection (CBP) Program that allows expedited clearance for pre-approved, low-risk travelers upon arrival in the United States. Once approved, a participant avoids the long lines in front of the immigration inspection and customs areas, and processes his/her entry and entry documentation at designated […]

Doppelte Staatsangehörigkeit -Voraussetzungen der Beibehaltung der deutschen Staatsangehörigkeit vor der US-Einbürgerung

Durch das zum 1. Januar 2000 in Kraft getretene Gesetz zur Änderung des Staatsangehörigkeitsrechts wurde für die in den USA lebenden Deutschen, die die US-amerikanische Staatsangehörigkeit erwerben möchten, die Beibehaltung der deutschen Staatsangehörigkeit wesentlich erleichtert. Wichtiger Hinweis: Wer durch Geburt in den USA die US-Staatsangehörigkeit und gleichzeitig durch Abstammung von einem deutschen Elternteil die deutsche […]

Work Eligibility for Certain H-4 Visa Holders

 DHS Extends Eligibility for Employment Authorization to Certain H-4 Dependent Spouses of H-1B Visa Holders The U.S. Citizenship and Immigration Services (USCIS) announced that, effective May 26, 2015, the Department of Homeland Security (DHS) is affording eligibility for employment authorization to certain H-4 dependent spouses of H-1B nonimmigrants who are seeking employment-based lawful permanent resident (LPR) […]

ACCESSING GLOBAL MARKETS THROUGH UCITS FUNDS

Global Appeal of UCITS Funds Undertakings for Collective Investments in Transferable Securities (“UCITS”) are among the most popular forms of investment funds.  The UCITS framework was originally developed to facilitate cross-border European fund investments by providing a single investment fund standard (European passport) for all European Union (“EU”) member states.  Along with simplifying EU cross-border […]

U.S. Entry – The Do’s and Don’ts – Important Entry Rules, Regulations and Consequences for Violators

We are sending you this memo due to an apparent recent trend concerning U.S. admissions of Visa Waiver Program (“VWP”) Applicants and B-1 Travelers who are relying on improper information about their eligibility for U.S. immigration benefits through various sources, including Consular Call Centers and the Internet.  We encourage all B-1 visa applicants and VWP […]

Five-Year Visa Stamps Issuance

Guidance Regarding L-1 and E1/2 Visa Stamp Issuance and Permissible U.S. Stay

SEC Proposes Amendments to Form ADV

The Securities and Exchange Commission (the “SEC”) recently proposed amendments to Form ADV, the disclosure form used by registered investment advisers.  Investment advisers are required to file Form ADV when registering with the SEC and update their Form ADV annually thereafter.  Form ADV requires disclosures regarding an investment adviser’s investment methods, organization and business practices […]

SEC Update

Janet R. Murtha published an article on the new SEC rules which permit general solicitations and advertising in connection with private offerings in the September issue of The Investment Lawyer.  

Proposed Rules for Cross-Border Security-Based Swap Activities

For a detailed discussion summarizing how the Securities and Exchange Commission proposes to apply its rules regulating security-based swaps to cross-border security-based swap activities, please download the pdf above.

US Government Moves Rapidly to Meet FATCA Milestones

May 2, 2013  — For a detailed discussion summarizing several of the US government’s latest actions to implement the Foreign Account Tax Compliance Act (“FATCA”), please download the pdf above.  

Dealing with FBARs

Charles E. Chromow published an article on FBAR reporting of foreign financial accounts by US persons in the August issue of the Journal of International Taxation.  

Proposed Regulations under FATCA

March 5, 2012 — Starting in 2014, the Foreign Account Tax Compliance Act of 2009 (“FATCA”) will, among other things, force non-US financial institutions to disclose their US customers. Non-compliant institutions face a 30% US withholding tax on certain payments such as dividends, interest and other “fixed and determinable annual or periodical” payments from US […]

New IRS Amnesty for Holders of Offshore Accounts

January 17, 2012 — The IRS issued a new amnesty program for persons who have not reported income from foreign bank and other accounts. For a detailed discussion, please download the pdf above.  

Offshore Accounts – Deadline Extended for 2011 Tax Amnesty

August 31, 2011 — On February 9, 2011, the IRS announced a new Offshore Voluntary Disclosure Initiative for persons who had not reported income from foreign bank and other accounts to the IRS. Due to Hurricane Irene, the IRS extended the deadline for this amnesty. For a detailed discussion, please download the pdf above.  

Delayed Implementation Schedule for Foreign Account Tax Compliance Act of 2009

August 23, 2011 — The IRS recently issued Notice 2011-53. This Notice delays the implementation of the Foreign Account Tax Compliance Act of 2009 (FATCA). For a detailed discussion, please download the pdf above.  

SEC Adopts New Rule Establishing Large Trader Reporting Requirements

August 22, 2011 — On July 26, 2011, the SEC adopted a new rule that establishes a reporting regime for large traders. For a detailed discussion, please download the pdf above.  

SEC Adopts Final Rules Implementing New Regulatory Regime for Investment Advisers, Extends Compliance Deadline

June 27, 2011 — On June 22, 2011, the SEC adopted final rules implementing changes to the Advisers Act pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act and extended the deadline for compliance with most provisions of the new law to March 30, 2012.The rules contain the conditions for the exemptions from […]

Recent Agency Guidance Under Foreign Account Tax Compliance Act of 2009

June 27, 2011 — Recently the IRS issued Notice 2011-34. This is the second published guidance by the IRS and the US Treasury Department with respect to FATCA. For a detailed description, please download the pdf above.  

IRS Suspends Obligation to Report Information About Investments in Foreign Corporate Funds

July 14, 2011 — Recently the IRS issued Notice 2011-55. This Notice postpones the obligation of a US investor to report its holding in a passive foreign investment company (PFIC). For a detailed discussion, please download the pdf above.  

New IRS Guidance Regarding Amnesty for Taxpayers With Foreign Accounts

June 3, 2011 — On February 9, 2011, the IRS announced a new Offshore Voluntary Disclosure Initiative for persons who had not reported income from foreign bank and other accounts to the IRS. Yesterday, the IRS extended the deadline for this amnesty and provided relief for US taxpayers living abroad. For a detailed description, please […]

SEC Proposes Changes to Definition of “Qualified Client”

May 13, 2011 — On May 10, 2011, the SEC announced its intent to change the monetary thresholds in the definition of a “qualified client” pursuant to Rule 205-3 of the Advisers Act. Section 418 of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the SEC to adjust these thresholds as of July […]

SEC Considers Delaying Registration Deadlines for Certain Investment Advisers

April 12, 2011 — In a letter dated April 8, 2011, to the North American Securities Administrators Association, Robert E. Plaze, Associate Director of the SEC indicated that he expects the SEC to consider granting certain investment advisers a grace period for compliance with the new registration requirements under the Advisers Act as introduced by […]

Foreign Account Tax Compliance Act of 2009 First Agency Guidance

January 20, 2011 — Recently the IRS issued Notice 2010-60. This is the first published guidance by the IRS and the US Treasury Department with respect to FACTA. For a detailed description, please download the pdf above.  

Foreign Investment Advisers: Traps for the Unwary in the Proposed SEC Rules

December 13, 2010 — On November 19, 2010, the SEC proposed rules implementing the new exemption for foreign private advisers from SEC registration introduced by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new exemption will become effective on July 21, 2011. It relies in substantial part on the SEC’s current position with […]

Proposed SEC Rules for Venture Capital Funds and Private Fund Advisers

December 13, 2010 — On November 19, 2010, the SEC proposed rules defining the term venture capital fund and implementing the new exemption from SEC registration for advisers to private funds introduced by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new exemptions will become effective on July 21, 2011. For a detailed […]

SEC Proposal Defines “Family Offices” to be Excluded from the Investment Advisers Act

October 19, 2010 — On October 12, 2010, the SEC proposed a rule specifying “family offices” that continue to be exempt from the registration as investment advisers under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The SEC now proposes to adopt a new rule 202(a)(11)(G)-1 under the Advisers Act to define […]

First Agency Guidance Under Foreign Account Tax Compliance Act of 2009

October 8, 2010 — On August 27, 2010, the IRS issued Notice 2010-60, the first major guidance about the application of the Foreign Account Tax Compliance Act of 2009 (“FATCA”). For a detailed discussion of the principal content of this notice, please download the PDF above.  

Dodd-Frank: Outlook for U.S. and Foreign Investment Advisers, Private Funds, and Family Offices

August 17, 2010 — On July 21, 2010 President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. This act will change the regulation of U.S. and foreign investment advisers, private funds and family offices. For a detailed description of these changes, please download the PDF above.