In a September 16, 2014 decision which has broad implications for corporate officers, import managers and other persons involved in import operations, the U.S. Court of Appeals for the Federal Circuit found the president of an importing corporation individually liable for customs penalties under the theory that he was responsible for the “introduction” into the United States of under-valued merchandise imported by the company.  The decision, US v. Trek Leather, Inc., can be accessed at https://www.cafc.uscourts.gov/images/stories/opinions-orders/11-1527.Other.9-12-2014.1.PDF. The Customs penalty statute (19....

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Some people go to Atlantic City with a fistful of quarters and dreams of instant wealth. Others go down there apparently with a fistful of quarters hoping to come home with the Pier at Caesars. According to September special servicer commentary, recent bids have come in below the latest appraised value of $5.5 million. Nonetheless, the special servicer is still reviewing those offers and is in discussions with potential buyers. The property backs an $80.5 million Pier at Caesars loan that represents 11.3% of MSC...

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Private investigators are facing increased scrutiny over their compliance with data protection rules. In recent months, the Irish courts have seen two criminal prosecutions concerning private investigators.  Following a prosecution in June when a private investigator was charged with over 70 data protection offences, a separate private investigation company and two of its directors now face 23 charges. Considering two prosecutions have been brought in recent months, this may be an area of increasing focus for the Data Protection Commissioner...

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One of Throgmorton's main focuses is the alternative investment management sector, and you will be aware that Capita Asset Services was recently granted an AIFM licence allowing us to provide independent AIFM services to both EU and non-EU funds in the alternative investment market to ensure they are compliant. The acquisition complements our AIFM service and strengthens our specialist in-house professional services teams. Throgmorton is one of the UK's largest specialist accountancy and back office service providers to the financial services...

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GRANITO, a member of the EACCNY, is pleased to announce they have been selected to be the local co-organizer for the 2015 annual EBN (European BIC Network) forum with over 250 global Business and Innovation Centers and organizations active in supporting growth and development of entrepreneurs, start-ups and SMEs under the umbrella of the European Community. The EBN XXIV Annual Congress will be held at the end of May, complimenting the simultaneous "EXPO Milano 2015".  It is anticipated there will...

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According to a report from the Wall Street Journal on Tuesday, Washington Prime Group--a REIT spun-off from Simon Property Group--has reached an agreement to buy Glimcher Realty. The purchase price is said to be just over $2 billion. As part of the deal, Simon agreed to buy two properties from Glimcher for $1.09 million: the University Park Village mall in Forth Worth, Texas and the Jersey Gardens Mall in Elizabeth, New Jersey. The latter property has a sizable footprint in CMBS 3.0. The mall carries $350...

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On October 1, 2014, FY 2015 H-1B cap-subject visa petitions will be valid. Individuals in possession of valid H-1B petitions must take appropriate action to demonstrate work authorization for the petitioning employer. For certain individuals, demonstrating H-1B status can be as straightforward as completing an I-9 form. For example, if the following requirements are met: 1) an H-1B “Change of Status” petition was approved; 2) they will be physically present in the United States on October 1, 2014; and 3)...

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The Internationsl Property Tax Institute, a member of the EACCNY, is pleased to announce that the results of their research - “The Best and Worst of International Property Tax Administration: Scorecard on State and International Property Tax Administrative Practices" - are now available.   The results are contained in two documents: the Scorecard itself and an Addendum to the Scorecard which contains additional information about the property tax systems in the Scorecard. This research was carried out jointly by The Council On...

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In the past few months, Ireland has found itself at the centre of an intense battle over whether US authorities can access data on Irish-based Microsoft servers. The debate has continued with a recent decision of the New York District Court to remove the suspension on the warrant ordering the handover. Following this decision, on 5 September 2014 the case shifted up a gear with Microsoft voluntarily entering contempt and proceeding to the Second Circuit Court of Appeals to continue...

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CBP has informally advised various trade associations that the proposed changes to the Informed Compliance Publication (ICP) on Bona Fide Sales & Sales for Exportation to the United States will be withdrawn. CBP has indicated that it was not seeking to change policy or the law affecting first sale through the proposed ICP revisions but was instead looking to provide clarity with regard to the documents which could be required during an audit of first sale transactions. Based upon the...

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