The North American Securities Administrators Associaiton recently proposed "Model Exemptions" relating to state franchise registration and disclosure laws.
In 2009, the Employee Plans Unit of the IRS initiated a ROBS (rollovers for business startups) Compliance Project to monitor general compliance among ROBS plans.
The Financial Industry Regulatory Authority (FINRA) recently proposed an amendment to Rule 5122 that would require various disclosures in any private placement in which a FINRA member firm participatesnot just those in which it is the issuerincluding preparation of offering documents, distribution of offering and advice to the issuer.
In late September 2010, the Financial Accounting Standards Board (FASB) approved its position that participant loans from defined contribution plans (profit sharing, 401(k) and money purchase pension plans) should be classified, for financial reporting purposes, as receivables.
Effective October 26, 2009, New York Labor Law 195 was amended to include a provision mandating that: (1) employers provide all new employees with a written notice of their regular rate of pay, their regular payday and (if eligible for overtime) their overtime rate of pay; and (2) employers obtain a written acknowledgement form from any such new employees indicating their receipt of such notice.