On October 20, 2020, New York State issued its first guidance on the New York State Sick Leave Law (New York Labor Law § 196-b) (NYSSLL). The guidance, titled “New York State Paid Sick Leave FAQ” (FAQ) appears on the state’s new webpage dedicated to an overview of the NYSSLL, which includes, among other things, information about sick leave accruals, eligibility for sick leave, and permitted uses of sick leave. The guidance, currently consisting of 44 questions and answers, addresses a multitude of...

Worker classification is a hot-button issue these days, with high stakes for employers and workers.  In September, the US Department of Labor (DOL) proposed a new rule clarifying the test for independent contractor status, which would enable companies to more easily classify workers as independent contractors by emphasizing two “core” factors: the worker’s degree of control over the work; and their opportunity for profit and loss based on their initiative and/or investments. By contrast, in 2019, California passed A.B....

Key Notes: New rule will provide consistent framework for fund of fund arrangements. Reliance on the new rule will require compliance with certain conditions. Existing fund of funds exemptive orders will be rescinded. On October 7, the Securities and Exchange Commission (SEC) adopted Rule 12d1-4 (Rule), which establishes a comprehensive regulatory framework for fund of funds arrangements. Prior to its adoption, fund managers navigated a complex and sometimes inconsistent regime of rules and exemptions to engage in fund of funds...

Which would provide parties with uniform way to address existing and new derivatives contracts after discontinuation of Libor. The International Swaps and Derivatives Association Inc. (ISDA) has published its 2020 IBOR Fallbacks Protocol and related Amendments to the 2006 ISDA Definitions to address discontinuation of the U.S. dollar (USD) Libor and other interbank offered rates (IBORs) in the global derivatives market. USD Libor is anticipated to be discontinued at the end of 2021. Existing derivatives transactions will require a...

As we enter the last quarter of what has turned out to be an eventful year, cross-asset class investors continue their search for the ‘best’ asset class. Without  a crystal ball, it appears impossible to answer where this will be with any degree of advance certainty. It is therefore crucial to diversify by blending asset classes ideally including those which offer a positive yield. The way the blend evolves over time is key for future risk-adjusted returns. Even if the...

With a hot national spotlight on issues of racial diversity, equality, and inclusion, the composition of corporate boards of directors is facing increased scrutiny from the American public, legislators and the plaintiffs’ bar. The plaintiffs’ bar fired their first shot in July 2020 with a shareholder derivative complaint against the board of a Fortune 100 company, followed in quick succession by additional derivative lawsuits against the boards of a number of public companies that allegedly lack any racially diverse...