NOVEMBER 08, 2017
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Financial Institutions Legal News
In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.

There is no log in to access the database and new articles are added hourly.​
The new partnership audit rules under the Bipartisan Budget Act of 2015 (the “BBA Rules”) are scheduled to go into effect on January 1, 2018 for partnerships with a calendar year. The BBA rules signal a marked change in the way entities that are classified as partnerships for federal income tax purposes are audited in that for the first time, the entities, not their partners or members, are liable to pay the tax resulting from an IRS adjustment (“Imputed Underpayment”). The tax rate on that Imputed Underpayments is the highest rate under § 1 or § 10 of the Internal Revenue Code (39.6% at the time of the publication of this article).   More Details on Partnership Audit Rules Found Here >
Many a school child has received the awful warning to be careful lest some offense be entered on his or her “permanent record”.  As required by statute (15 U.S.C. § 78o-3(i)), the Financial Industry Regulatory Authority, Inc. (aka FINRA) has maintained a sort of permanent record for securities professionals known as “BrokerCheck“.  See FINRA Rule 8312.  Just how indelible is one’s disciplinary history on FINRA’s BrokerCheck?  California trial courts have the equitable power to order the expungement of public records, but will they exercise that authority to wipe away prior transgressions?    Read More on FINRA's BrokerCheck here >
The Second Circuit is the first court of appeals to consider the holding in the United States Supreme Court's decision in RJR Nabisco Inc. v. European Community, 136 S. Ct. 2090 (2016), which said that Section 1964 (c) of RICO does not apply extraterritorially for injury to business or property and requires a domestic injury, not merely recovery for foreign injuries. The Supreme Court did not explain how to determine a domestic injury.  More on Second Circuit RICO Complaint Decision Here >
On October 23, 2017, the U.S. Securities and Exchange Commission ("SEC") approved the Public Company Accounting Oversight Board's ("PCAOB") new auditing standard which requires the auditor's report to provide new information for the benefit of investors and other financial statement users.  In addition to continuing to give a pass or fail opinion in the auditor's report, the report must include a discussion of critical audit matters ("CAMs").  NEW PCAOB Standard Discussed Further Here >
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