August 6, 2015

Proposed rules on private equity management fee waivers and more in this edition of Business News Digest

4 min

Venable attorneys produce periodic alerts and newsletters covering a variety of topics and practice areas. For your convenience, we have assembled below a collection of the latest alerts and newsletters from July 2015.

Potential Elimination of Discounts on Transfers to Family Members

The window of opportunity to benefit from valuation discounts when transferring assets to family members may be closing very soon. Venable attorneys Jeanne L. Newlon, A. Christopher Sega, Stefan F. Tucker, Elizabeth R. Glasgow, Sarah H. B. Kahl, and Nicholas C. Guerra write that representatives of the U.S. Treasury Department and Internal Revenue Service may issue new Proposed Regulations as early as this September to curb or eliminate the availability of such discounts on intra-family transfers.

Click here to learn more about the new proposed regulations and their potential impact.

IRS Proposed Rules on Private Equity Management Fee Waivers

In late July, the Internal Revenue Service issued proposed regulations that provide guidance to partnerships and their partners regarding when an arrangement will be treated as a "disguised payment" for services (REG-115452-14). One arrangement covered by the proposed rules concerns "fee waiver" arrangements in private equity funds. Venable attorneys Stephanie M. Loughlin and Michael R. Manley write that these arrangements are increasingly common, but their tax treatment is receiving more scrutiny.

Click here to learn more about these arrangements and the proposed regulations.

U.S. Department of Labor Proposes Sweeping Changes to FLSA Overtime Exemption Criteria

On June 30, 2015, the U.S. Department of Labor made public its much-anticipated proposed changes to the executive, administrative, professional, computer, and outside sales employee exemptions under the Fair Labor Standards Act, commonly referred to as the "white collar" exemptions. If adopted, write Venable attorneys Brian J. Turoff and David A. Katz, the proposals will have a profound impact on employers' ability to treat certain employees as exempt from receiving overtime compensation.

Click here for a summary of the proposals and what they could mean for employers.

NLRB Allows Union Access to Witness Statements

The National Labor Relations Board recently held that employers may be required to provide unions with access to witness statements taken during internal investigations in connection with the grievance and arbitration process. The Board's ruling overturns 37 years of precedent, write Venable attorneys Brian J. Clark and David A. Katz, which provided employers a blanket exemption from having to produce to union representatives' witness statements taken in advance of an arbitration.

Click here for a summary of the decision and its impact on employers.

Digital Media Link: Legal Issues in Virtual Reality, Trademarks, and Copyrights

Venable attorneys Po Yi, Jessica Borowick, Krista S. Coons, Andrew P. MacArthur, Marcella Ballard, Kristen S. Ruisi, Linda J. Zirkelbach, and Joshua J. Kaufman address topics related to virtual reality, developing trademark protection strategies to safeguard against malicious registrations by third parties, and the importance of securing IP rights for digital content providers.

Click here to read the July issue of Digital Medial Link.

Additional Articles

CFPB Provides Insight Into Upcoming Rulemakings, Faster Payments Guidance, and Enforcement Trends

Consumer Financial Products Will Be Focus of FTC Workshop on Lead Generation

FDA Extends Menu Labeling Rule Compliance Date

FDA Proposes Further Revisions to Nutrition Facts and Supplement Facts Panels

FDA Seeks Industry and Public Comment on Potential Issuance of Rules on Liquid Nicotine Exposure Warnings and Child-Resistant Packaging

How to Interpret the U.S. Supreme Court's MATS Ruling

IRS Shuts Down Pension Plan De-Risking Technique of Offering Lump Sums to Retirees in Pay Status

Recent Decisions Hold Anti-SLAPP Acts Inapplicable in Federal Court; Increase Likelihood of Supreme Court Review

Upcoming Event

Recent Developments in Hotel REITs at Practising Law Institute's Hotels 2015: Law and Practice Seminar

Wednesday, September 9, 2015 | 3:30 p.m. ET

This seminar will discuss recent developments in Hotel REITs. Specific topics include:

  • Rationales for hotel REITS forming under Maryland law;
  • Maryland statutes and case law affecting hotel REIT issuances, governance, and hotel management agreements; and
  • Recent activity in shareholder activism.

Venable attorney Patricia McGowan will moderate this panel.

Click here to register for the event or for more information.

*Registration fee is $1,595 for the full-day seminar.

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Venable's Corporate Group attorneys have been nationally and regionally ranked in Chambers USA, Chambers Global, Super Lawyers, Legal 500, and U.S. News - Best Lawyers.