On 30 June 2016, the European Commission adopted a Delegated Act supplementing the EU Regulation on key information documents (“KID”) for packaged retail and insurance-based investment products (“PRIIPs”) (the “PRIIPs Regulation”). The Delegated Act introduces regulatory technical standards (“RTS”) specifying the content and underlying methodology of the KID that will have to be provided to retail investors when they buy certain investment products. The PRIIPs Regulation introduces a pan-European standardised precontractual disclosure document requirement for manufacturers of PRIIPs to assist...

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The secret to the success of the John Lewis Partnership – as one of the UK’s leading employee-owned companies, where all 90,000-plus ‘partners’ participate in the business and receive the same percentage of salary paid as a profit-sharing bonus – has recently gone public. The Nuttall review of 2012 raised awareness of employee ownership, and the Finance Act 2014 introduced a new Employee Ownership Trust (EOT), which offers tax benefits, including income tax relief on John Lewis-style bonuses. Employee-owned businesses...

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As 80 percent of learning takes place through our eyes, a comprehensive eye exam is the only way to ensure a child can see clearly and has healthy eyes that work properly. It is also one of the most important ways parents can give their child the best possible chance at success. To advocate for every child’s right to see clearly,Optometry Giving Sight, Vision Impact Institute and VSP Global ;">have teamed up to form Kids See: Success, with the goal...

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Curtis attorneys Michael S. Schwartz and Daniel Dykes were invited to give a presentation to the nationwide trust department of a major New York bank on July 28, 2016. The presentation focused on their recent article, “The Chan Zuckerberg Initiative” which appeared in the May 2016 issue of Trusts & Estates magazine.  The article discusses the recently announced charitable LLC created by Mark Zuckerberg and his wife, Priscilla Chan, and compares it to more traditional philanthropic vehicles. Compliments by Curtis, Mallet-Prevost,...

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A number of importers have received compliance letters from Customs. These letters identify a number of Customs Informed Compliance Publications, and remind importers of their obligation to exercise reasonable care in preparing and filing their customs entries. These notices are intended to encourage importers to review their import procedures and entry declarations to achieve higher levels of compliance. At the same time these letters will likely be used against importers to increase potential penalty claims if Customs identifies any violations...

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HMRC's new attack on the tax avoidance industry HMRC is in hyperactive mode right now – consultation documents are coming at us from all angles (even though it's August!) leaving advisors wondering when we can put our feet up and read some fiction. Amongst this flotilla of condocs is one which has caught the attention of the press entitled "Strengthening Tax Avoidance Sanctions and Deterrents" and this edition will look at the proposals contained within it and comment on how...

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In an initiative that is virtually without precedent in New York, in the past two months (June 15, June 22 and August 4) Attorney General Schneiderman announced agreements with three separate companies in three different industries under which they each agreed to stop utilizing non-compete agreements that applied to a broad range of their employees.  We are unaware of such action by any previous New York A.G. outside of that office’s traditional challenging of allegedly unlawful combinations of companies to...

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As the school year kicks into gear, The Genius of Play is encouraging parents, caregivers and children to engage in cognitive play activities to help build important developmental skills and increase their knowledge of the world around them. Through the end of September, The Genius of Play campaign will offer insight into the cognitive benefits of play with a new animated video demonstrating play’s impact on children’s critical thinking abilities. A new expert video will also showcase how playing games...

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Although you may dread it if you’re between the ages of five and 18, the back-to-school period at the end of August is the second-biggest shopping season for US retailers. The National Retail Federation estimates that parents of K-12 and college students will spend a record $75.8 billion this year, up 11.5% from 2015. This shopping includes school supplies, clothes, electronics, and household goods for dorms and apartments. It occurs at all types of retailers, but shoppers are favoring discounters...

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All different sized businesses can and should take advantage of grants and other forms of economic incentives to help their businesses save money.  Whether it’s a tax subsidy (i.e. tax credit, special exemption, tax abatement or other tax savings) or a capital grant for making investments in new plant or equipment, training grants to help fund workforce development, or rebates for energy efficiency, dozens – indeed thousands – of programs exist across the US. The key is to understand how...

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