Markets Restructuring Updates

June 8, 2009	Federal Government’s Acquisition of Equity Interests Does Not Constitute 409A Payment Event
May 21, 2009	Congress Amends Civil False Claims Act
May 21, 2009	IRS Expands Guidance on Application of Section 382 to Treasury’s Purchase of Financial Instruments
May 20, 2009	Defining “Meaningful Use” Under the HITECH Act
May 5, 2009	The Federal Reserve Bank of New York Announces Eligibility of CMBS and Insurance Premium Finance Loans for TALF’s June 2009 Subscription
April 22, 2009	Regulatory Update: HITECH’s Security Breach Notification Requirements
April 16, 2009	Multiemployer Plan Funding Relief Guidance Issued: Immediate Action Needed
April 6, 2009	Going Private 2.0
March 31, 2009	Get Smart: FERC Issues Proposed Guidance and Smart Grid Development Plan; Collaborative Recommends Criteria for DOE Smart Grid Funding
March 26, 2009	Expansion of the Term Asset-Backed Securities Loan Facility (TALF) and Update on the First TALF Funding
March 18, 2009	Planning a New Electrical Transmission Grid
March 17, 2009	New Local Rules Regarding Layoffs Promulgated in China
2009	Webcast- The Credit Crunch: Proactive Steps in an Uncertain Financing Environment - March 25, 2009
March 5, 2009	Washington Watch: President Obama's Directive to Evaluate and Change Federal Procurement
March 5, 2009	The Federal Reserve Board and Treasury Launch the Term Asset-Backed Securities Loan Facility (TALF)
March 5, 2009	The Obama Budget: The Impact on Hospitals and Other Service Providers
March 5, 2009	China’s RMB4 Trillion Stimulus Package
February 20, 2009	Final $787B Stimulus Package Does Not Include Certain Proposed Business Tax Incentives
February 17, 2009	Washington Watch: President Obama Signs Stimulus Bill
February 3, 2009	IRS Expands Guidance on Application of Section 382 to Treasury’s Purchase of Financial Instruments
January 30, 2009	Washington Watch: Key Elements of the Economic Stimulus Legislation
January 9, 2009	Brussels Brief Finance – State Aid:  First Measures under Temporary Framework Approved
2009	Event, Business Strategies in Distressed Times Breakfast Series, Newton, MA Next Event: Negotiating with Lenders in Distressed Situations – March 3, 2009 .
December 19, 2008	Brussels Brief Finance – State Aid:  Commission Adopts Temporary Framework to Tackle Credit Squeeze
December 15, 2008	Slow Economy Could Revive Prospects for Infrastructure Public-Private Partnerships
December 5, 2008	SEC Approves Measures Increasing Oversight of Credit Rating Agencies
November 28, 2008	Brussels Brief Finance – State Aid:  Commission Approves State Guarantees for Fortis and Dexia Rescues
November 24, 2008	The Nonprofit Investment Committee in Tough Times
November 17, 2008	Impact of Financial Markets Crisis on MAC Clauses
November 14, 2008	Brussels Brief Finance: Commission Adopts Proposal to Regulate Credit Rating Agencies
November 12, 2008	CFTC Acting Chairman Unveils Proposal for the Restructuring of Government Oversight of Financial Markets
November 10, 2008	IRS Issues Guidance That Treasury’s Purchase of Stocks Will Not Result in Ownership Change Under Section 382
November 3, 2008	Preparer-Penalty Statute Amended by Emergency Economic Stabilization Act of 2008
October 31, 2008	Brussels Brief Finance – State Aid:  Commission Approves German Rescue Package for Financial Markets
October 30, 2008	Abbe Lowell to Co-Chair "Defending White Collar Crimes" Seminar Emphasizing the Financial Crisis
October 27, 2008	Limitation on Use of Built-In Losses Following a Bank Ownership Change Suspended
October 24, 2008	Brussels Brief Finance: Commission Proposes Increasing Minimum Protection for Bank Deposits to EUR 100,000 Finance – Accounting: Commission Adopts Changes to Accounting Standards to Mitigate Consequences of Financial Crisis
October 23, 2008	Tax Provisions of the Emergency Economic Stabilization Act of 2008: Credit for Increasing Research Activities
October 22, 2008	Andrew Liazos was quoted on October 22 in Law360 regarding Wall Street's volatility.  Mr. Liazos noted that the credit crunch may force companies with liquidity problems to consider alternative compensation strategies.  "We are already seeing cash-strapped companies evaluate how to shift from cash compensation to equity based compensation," Mr. Liazos said.  "When there's a need to retain key performers and cash is scare, equity may become a particularly attractive retention tool."
October 21, 2008	U.S. Treasury Provides Interim Guidance on Executive Compensation Provisions in Emergency Economic Stabilization Act The interim guidance provides important details about permitted executive compensation practices for  financial institutions participating in the Troubled Asset Relief Program; other companies should also consider this guidance when working with their compensation committees regarding potential further executive compensation and corporate governance reform.
October 17, 2008	McDermott Will & Emery was mentioned on October 17 in Law360’s weekly article “Leaps & Bounds: Notable Firm News.”  Law360 noted that McDermott has established a markets restructuring group, “The group of six practice teams will analyze the impact of the financial environment and recent legislative and regulatory initiatives.”
October 17, 2008	Susan Cooke was quoted in the October 17 issue of the Boston Business Journal in an article regarding the rise of credit crisis teams.  Law firms continue to launch special credit teams to assist clients with the current Wall Street instability.  "Our view is that the financial crisis has a negative effect on many of our clients, so to help our clients address those effects, we've created the Markets Restructuring Task Force," commented Ms. Cooke.
October 17, 2008	Brussels Brief Finance – State Aid: Commission Issues Emergency State Aid Guidelines
October 16, 2008	Relaxed REMIC Requirements: IRS and Treasury Efforts to Address the Subprime Mortgage Crisis Expanded safe harbor rules allow real estate mortgage investment conduits (REMICs) and REMIC owners to modify certain residential mortgage loans while maintaining favorable tax status.
October 16, 2008	Emergency Economic Stabilization Act is Only the Beginning, Not the End The Emergency Economic Stabilization Act of 2008, recently signed into law, will affect both the financial institutions and those regulatory agencies that oversee them.
October 14, 2008	Potential Impact of Current Economic Conditions on Nonprofit Governance Nonprofit  organizations and their boards need to consider the ramifications of the current economic climate and the potential for increased government oversight.
October 13, 2008	Washington, D.C. trial lawyers Abbe Lowell and Bobby Burchfield were quoted on October 13 in the Legal Times regarding the lawyers in New York and D.C. being called to represent executives and companies involved in the economic crisis.  Messrs. Lowell and Burchfield expect the white-collar work to increase as more companies are investigated.  "In the past couple weeks we've got calls from a financial services industry company and a hedge fund company… This is just at the front end.  There are some executives out there who know they're next on the spot," said Mr. Lowell.  "The expertise is located in Washington and will be incredibly valuable to these senior executives," said Mr. Burchfield.  He continued, "You need a sophisticated, wise attorney to walk you through the pros and cons of testifying to Congress, and to achieve both goals: not being indicted and not damaging your reputations.  It's a difficult balance."
October 13, 2008	Mental Health Parity Act Signed into Law – Ramifications for Your Health Plan The Emergency Economic Stabilization Act of 2008, recently signed into law, includes significant amendments to the Mental Health Parity Act of 1996 that will affect most health plans.
October 10, 2008	IRS Temporarily Liberalizes Section 956 in an Effort to Facilitate Corporate Liquidity By temporarily liberalizing section 956, the IRS seeks to aid companies facing challenges as a result of illiquidity in the commercial paper and other key credit markets.
October 10, 2008	UK and European Response to the Banking Crisis UK response to banking crisis means changes for financial institutions and regulators.
October 7, 2008	Michael Peregrine was quoted in the October 7 issue of The Chronicle of Philanthropy in an article regarding the growing questions about the recent actions and responsibilities of boards of deeply troubled U.S. banks and companies that will eventually also be felt by nonprofit organizations.  "A spillover to charities from some of the events going on in Wall Street and Washington is probable.  Boards of tax-exempt organizations are beginning to brace themselves for the spillover: this climate of responsibility and possibly recrimination," Mr. Peregrine said.
October 7, 2008	Some Good News for GREEN: Tax Changes in the 2008 Energy Act The Energy Improvement and Extension Act of 2008, which was enacted on October 3, 2008, includes a package of energy-related tax provisions.
October 3, 2008	Practical Considerations for Contract Counterparties Regarding Recent Market Events Companies trading derivatives and commodities with or through entities that are currently undergoing corporate changes should review these possible actions, alternatives and note their legal implications.
October 2, 2008	Gregory Mocek appeared on CNBC on October 2 to discuss the decreasing price of a barrel of oil and the changing regulatory environment in the commodities market.  Mr. Mocek commented on the speculation and manipulation of oil prices.  "Speculation adds to the liquidity of the markets and that is a good thing."  Additionally he said that various agencies around the world are talking about ways commodity markets should be readdressed in terms of regulation.  To view the CNBC interview, click here.

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