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Sullivan & Cromwell LLP | USA | 5 Nov 2018

SEC Provides Relief to Security-Based Swap Dealers from Business Conduct Rules: Relief From Certain Documentation Requirements Under the SEC’s Business Conduct Rules Would Apply for Five Years After the Registration Requirement Takes Effect

On October 31, 2018, the U.S. Securities and Exchange Commission (“SEC”) issued a statement (the “Statement”) setting forth its position that failing


Sullivan & Cromwell LLP | USA | 20 Jul 2018

SEC Increases Threshold for Additional Disclosure by Private Companies in Offerings of Securities to Employees; Solicits Comment on Ways to Modernize Rules and Forms for Compensatory-Related Offerings

On July 18, 2018, the SEC issued a final rule to amend Securities Act Rule 701, which provides an exemption from registration for securities offered


Sullivan & Cromwell LLP | USA | 19 Mar 2018

ERISA Fiduciary Rule: Fifth Circuit Vacates New ERISA Fiduciary Rule

On March 15, 2018, the Court of Appeals for the Fifth Circuit vacated, in its entirety, a 2016 Department of Labor (the "DOL") package of regulations


Sullivan & Cromwell LLP | USA | 10 Apr 2017

DOL Postpones Fiduciary Rule

On April 4, 2017, the Department of Labor (the "DOL") announced that the effective date of 2016 regulations (the "2016 Regulations") defining


Sullivan & Cromwell LLP | USA | 13 Jul 2015

IRS to eliminate common ERISA pension plan de-risking strategy

Last week, the Internal Revenue Service issued Notice 2015-49 (the “Notice”) announcing that it intended to prohibit one type of common defined


Sullivan & Cromwell LLP | USA | 19 May 2015

Supreme Court rules on statute of limitations for claims against plan fiduciaries

Yesterday in Tibble et al., Petitioners v. Edison International et al., the U.S. Supreme Court ruled that the six-year statute of limitations for


Sullivan & Cromwell LLP | USA | 29 Apr 2015

Re-proposed DOL “investment advice” rule would expand who is a fiduciary and substantially change the provision of financial services to plan and IRA investors

On April 14, 2015, the Department of Labor (“DOL”) proposed a regulation (the “Proposed Regulation”) defining the circumstances in which a person


Sullivan & Cromwell LLP | USA | 26 Jun 2014

Key Supreme Court ruling concerning ERISA "stock drop"; class actions

On June 25, 2014, in Fifth Third Bancorp et al., Petitioners v. John Dudenhoeffer et al., the U.S. Supreme Court issued an important opinion


Sullivan & Cromwell LLP | USA | 12 Nov 2012

District court rejects PBGC opinion that sought to impose pension liabilities on private equity funds

In a recent case, Sun Capital Partners III L.P. v. New England Teamsters and Trucking Industry Pension Fund, the U.S. District Court of Massachusetts has specifically rejected the PBGC’s position that private equity funds are jointly and severally liable for the pension liabilities of their portfolio companies under the Employee Retirement Income Security Act of 1974 ("ERISA").

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