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.
Barclays' CEO Fined for Attempting to Unmask a Whistleblower – A Cautionary Tale for Respecting Whistleblower Protections
Last month, the UK's Financial Conduct Authority (FCA) announced its third largest fine ever levied on an individual when it fined Jes Staley, the CEO of Barclays, for attempting to reveal the identity of a whistleblower. The episode provides an important opportunity to remind companies and their executives of the myriad regulations that protect whistleblowers in the United States and overseas.
SEC Addresses Cryptocurrency Holdings by Registered Funds
The SEC Division of Investment Management recently published a letter to the Securities Industry and Financial Markets Association addressing the interest among sponsors in offering registered funds that would hold cryptocurrencies and cryptocurrency-related products. The Division emphasized that flexibility to innovate is a key feature of the Investment Company Act of 1940 (the "1940 Act") and reiterated that the Division seeks to "foster innovation that benefits investors and preserves the important protections that Congress established in the 1940 Act." The Division noted, however, that cryptocurrencies and related products are in many ways unlike the types of investments typically held by registered funds, and, as a result, there are a number of investor protection issues that need to be addressed before sponsors begin offering investments in cryptocurrency-holding funds to retail investors.
Maryland Begins Phase-in to Single Factor Apportionment
As a result of legislation passed in its 2018 legislation session, Maryland begins a five-year phasing-in of a single factor sales-based apportionment formula for multistate corporations beginning with the 2018 tax year. Maryland Chapter Laws 341 and 342.
Currently, Maryland corporations engaged in a unitary business in multiple states in addition to Maryland must use a traditional three-factor formula with a double weighted sales factor to apportion taxable income within and without Maryland for Maryland corporate income tax purposes. Thus, the factor consists of (i) the sum of the Maryland property factor, plus the Maryland payroll factor plus twice the Maryland sales factor (ii) divided by four.
GDPR's Impact on the Use of Blockchain to Facilitate International Trade
Companies involved in global supply chain services are becoming increasingly interested in blockchain technology and how the use of this technology can enhance efficiency and security within the supply chain. Blockchain-based applications have enormous potential to transform transportation and logistics operations in the United States and worldwide.
June 26, 2018: "Pre-Empting Unnecessary Risks and Navigating the Unknowns of Exporting" at the American Express Summit For Success