January 11, 2017

Robert Plaze quoted in "SEC Blesses Negotiable Mutual-Fund Fees"

THE WALL STREET JOURNAL | Robert E. Plaze, a partner in Stroock’s Investment Management Practice Group, was quoted in a Wall Street Journal article that discusses mutual fund commissions in light of a recent approval granted by the Securities and Exchange Commission permitting Capital Group Cos. of Los Angeles to set their own mutual fund charges rather than setting commissions and fees.


Join Anne Salladin at ACI's Third National Forum on CFIUS & Team Telecom

Join Stroock Special Counsel Anne Salladin at the American Conference Institute’s Third National Forum on CFIUS & Team Telecom on February 1, 2017 in Washington, DC.

The program will provide sophisticated discussions on the most pressing issues affecting high stakes transactions.

  • February 1, 2017 - American Conference Institute’s Third National Forum on CFIUS & Team Telecom
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  • February 23-25, 2017 - The Maples Investment Funds Forum
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  • February 28-March 1, 2017 - Institutional Investor Legal Forum's Winter Roundtable
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  • January 11, 2017 | STROOCK SPECIAL BULLETIN

    "Recent Developments in U.S. Department of Labor Overtime Regulations and Impact for New York Employers"

    In late November 2016, Judge Mazzant of the U.S. District Court for the Eastern District of Texas issued a preliminary injunction preventing the U.S. Department of Labor (“DOL”) from implementing new regulations which, among other things, would have increased the minimum salary level required to qualify to be exempt from overtime. These regulations would have extended overtime eligibility to an estimated 4.2 million workers or resulted in these employees receiving substantial salary increases.

    As discussed in this Stroock Special Bulletin, regardless of the outcome of the injunction, New York employers will still be required to raise salaries or reclassify certain employees as non-exempt. The New York State Department of Labor (“NYSDOL”) recently adopted regulations, effective December 31, 2016, similar to those issued by the DOL, that raise the salary threshold for exempt status under the New York Labor Law.

  • January 5, 2017 | COMPENDIUM

    "Investment Management and Related Practices: Compendium of Articles Published in 2016"

    Throughout 2016, Stroock's Investment Management practice and our related interdisciplinary practice areas published several articles of interest to industry participants. These publications include a detailed article on the SEC's highly-anticipated proposed rulemaking governing the use of derivatives and financial commitment transactions by funds and BDCs, two related articles on the SEC's focus on business continuity and transition planning by registered funds and investment advisers, and an introductory article on the last set of key investment company rulemakings in 2016 governing liquidity risk management, reporting modernization and swing pricing.

    In addition, investment advisers (especially their compliance departments) may be interested in the article on the SEC's recent enforcement actions against wrap fee program participants. Finally, funds with commodities exposure or that invest in offshore investment vehicles may be interested in an article by our tax group covering a new revenue procedure and proposed IRS regulations that could affect a fund's ability to satisfy the gross income and asset diversification tests under the Internal Revenue Code.

  • January 2017 | HABITAT

    "The Meaning of 'And'"

    At some point, almost every cooperative board asks about the proprietary lease's "use clause." When it says the apartment can be used as a private dwelling by the lessee and the lessee's family, does that mean that both the lessee and the family must live there simultaneously? Some cooperatives have amended their leases, so that the language is unequivocal: "The apartment can be used as a private dwelling by lessee and simultaneously therewith, the lessee's family" (italics added).

    But there is a startling dearth of case law on this subject. In other words, what does "and" really mean?

  • December 21, 2016 | STROOCK SPECIAL BULLETIN

    "Federal Reserve Board Announces Procedure for Banking Entities to Qualify for Extension to Conform Investments in 'Illiquid Funds'"

    The Federal Reserve Board (the “Board”) announced on December 12, 2016 the procedure for banking entities to qualify and apply for an extension of the deadline for divesting interests in assets classified as “illiquid funds” under Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the Volcker Rule.

    This Stroock Special Bulletin provides an overview of the Board’s December 12th announcement, including deadline and requirements for submission.