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Adobe PDFCFPB Enforcement Action Against Payday Lender Has Broad Implications for Financial Institutions
Stephen Lillley, Andrew J. Pincus, Jeffrey P. Taft; Mayer Brown LLP;
Legal Alert/Article
July 22, 2014, previously published on July 17, 2014
The US Consumer Financial Protection Bureau (CFPB) has entered a consent order with a payday lender for debt collection practices that the CFPB alleged violated the Dodd-Frank Act’s prohibition on unfair, deceptive or abusive acts or practices. The $10 million settlement casts a significant...

 

Adobe PDFDo What I Say, Not What I Do: The US Internal Revenue Service Finalizes Changes to the Mixed Straddle Rules
James R. Barry, George W. Craven, Mark H. Leeds; Mayer Brown LLP;
Legal Alert/Article
July 22, 2014, previously published on July 21, 2014
In 1981, when Congress enacted the straddle rules preventing selective loss recognition, it directed the IRS to allow taxpayers to recognize built-in gain and loss on mixed straddles. In response, the IRS wrote regulations that permit such gain and loss recognition. The IRS has changed its view and...

 

HTMLWyndham Seeks Immediate Appeal Over FTC Authority To Regulate Data Security While District Court Allows Case To Proceed On Common-Enterprise Theory
Stephen Lilley, Archis A. Parasharami; Mayer Brown LLP;
Legal Alert/Article
July 22, 2014, previously published on July 21, 2014
For the past two years, a federal court in New Jersey has considered important data security issues in the FTC v. Wyndham Worldwide Corp. litigation. Two recent opinions issued by the court now have brought that case back into the news—and made clear that the stakes are as high as ever.

 

Adobe PDFPension protection fund changes following Olympic Airlines case
Beth Brown, Ronan McNabb; Mayer Brown International LLP;
Legal Alert/Article
July 22, 2014, previously published on July 2014
The regulatory amendments drawn up by the Secretary of State for Work and Pensions following the outcome in Trustees of Olympic Airlines SA Pension & Life Assurance Scheme v Olympic Airlines SA have been drafted narrowly and may end up protecting no one other than the beneficiaries of the...

 

Adobe PDFDC Pensions Flexibility: Government Consultation Response Published
Jonathan Moody, Anna Rogers, Ian Wright; Mayer Brown International LLP;
Legal Alert/Article
July 22, 2014, previously published on July 21, 2014
In the 2014 Budget, the Government announced what it called “the most fundamental reform to the way people access their pensions in almost a century”. The most significant change announced was that, from April 2015, members with money purchase or cash balance rights would be able to...

 

HTMLWTO Appellate Body Rules on Dispute over US Countervailing Duty Law
Timothy J. Keeler, Duane W. Layton, Matthew J. McConkey, Paulette Vander Schueren; Mayer Brown LLP;
Legal Alert/Article
July 17, 2014, previously published on July 14, 2014
The Appellate Body of the World Trade Organization (“WTO”) has issued its decision in the dispute between the United States and China over the so-called “GPX Legislation.” The GPX Legislation expressly authorizes the US Department of Commerce (“Commerce”) to...

 

HTMLNinth Circuit Decision Clarifies the Applicability of US Antitrust Law to Foreign Conduct; Leaves Some Ambiguities
Robert E. Bloch, Kelly B. Kramer, Stephen M. Medlock; Mayer Brown LLP;
Legal Alert/Article
July 17, 2014, previously published on July 16, 2014
One of the most important topics in cartel enforcement today is the extent to which the Foreign Trade Antitrust Improvements Act (“FTAIA”) limits the extraterritorial reach of the Sherman Act. On July 10, 2014, the Ninth Circuit weighed in on this question by affirming a broad...

 

HTMLAssessing Damages for Pregnancy and Disability Discrimination in Hong Kong
Duncan A. W. Abate, Hong Tran; Mayer Brown JSM;
Legal Alert/Article
July 17, 2014, previously published on July 16, 2014
The recent Hong Kong District Court case (DCEO 4/2013) involved a termination of the employment of the plaintiff on the ground of her disability and pregnancy. This was held to be unlawful under both the Disability Discrimination Ordinance (DDO) and the Sex Discrimination Ordinance (SDO).

 

HTMLCONFAZ ICMS Convention No. 63/2014: Tax Amnesty Program for the State of Sergipe
Carolina M. Bottino, Ivan Tauil; Tauil & Chequer Advogados in association with Mayer Brown LLP;
Legal Alert/Article
July 17, 2014, previously published on July 15, 2014
On 07/11/2014, ICMS Convention No. 63/2014, enacted by the National Finance Policy Council - CONFAZ - was published in the Official Gazette. It authorizes the State of Sergipe to implement a Tax Amnesty Program to waive or reduce penalties and interest related to ICMS debts due by December 31, 2013.

 

HTMLClamping Down on Illegal Guesthouses in Hong Kong: Government Seeks Input on New Proposals
Andrew P. B. MacGeoch, David S. C. Mallinson, Emily I. C. Wong; Mayer Brown JSM;
Legal Alert/Article
July 17, 2014, previously published on July 16, 2014
The Home Affairs Department of the government has issued a consultation document (the “Document”) reviewing the Hotel and Guesthouse Accommodation Ordinance (Cap.349) (the “Ordinance”) with recommendations to improve the licensing regime and the effectiveness of enforcement...

 


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