This issue of Venable's Fund Forum includes the following items:
Stop the Press! The Fifth Circuit Vacates the DOL Fiduciary Rule
On March 15, 2018, the U.S. Court of Appeals for the Fifth Circuit vacated the U.S. Department of Labor's Fiduciary Rule. The Fifth Circuit found that the DOL overstepped its authority and acted unreasonably by enacting the Fiduciary Rule.
SEC Director Highlights Key Topics for the Division of Investment Management
The director of the SEC's Division of Investment Management recently delivered the Keynote Address for the ICI 2018 Mutual Funds and Investment Management Conference. Director Blass discussed four main topics: (1) the role of data in the SEC's work, (2) the role of fund directors, (3) aspects of exchange-traded funds (ETFs), and (4) considerations related to index providers.
Wake-Up Call to Private Equity: Government Names PE Firm as Defendant in a False Claims Act Action
In February, the Justice Department unsealed a False Claims Act complaint against a compounding pharmacy. The Complaint alleges that the compounding pharmacy defrauded the U.S. military's healthcare program, out of $68 million. Sounds like a run-of-the-mill civil enforcement case, doesn't it? It's not.
Cryptocurrency Addresses on OFAC Sanctions List
The Office of Foreign Assets Control, responsible for enforcing U.S. economic sanctions, has taken its first steps to tackle the exploding use of digital currencies. On March 19, 2018, OFAC released a digital currency-related FAQ indicating that OFAC may include digital currency addresses on its Specially Designated Nationals list of blocked persons, companies and entities.
IRS Announces End to OVDP; Taxpayers with Undisclosed Foreign Accounts and Assets Should Contact Their Tax Advisors Now
On March 13, 2018, the IRS announced that it will end the 2014 Offshore Voluntary Disclosure Program on September 28, 2018. The IRS is urging taxpayers with undisclosed foreign assets to come forward before the OVDP closes on September 28, noting that it will continue to use tools other than OVDP to pursue offshore tax avoidance. Curbing offshore tax avoidance and evasion continue to be top IRS priorities.
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