Category Archives: Treatise

New Title! Master the 10-K and 10-Q

The second in our SEC Compliance & Disclosure Series, Master the 10-K and 10-Q is your guide to preparing and filing the SEC’s annual Form 10-K and quarterly Form 10-Q, as required by the Exchange Act of 1934. Like its counterpart Master the 8-K, this step-by-step guide draws on the expertise of author Gary M. Brown to deliver clear coverage that highlights areas in which your company can implement or refine its disclosure controls and procedures in order to ensure accurate and timely filings. Key topics include:

Filing procedures and deadlines
Signature and certification requirements
Filing extensions
The impact of late filings
The “furnished” versus “filed” distinction
Technical aspects of incorporation by reference
Special rules for asset-backed issuers
Exhibit requirements

This standalone guide provides detailed analysis of both forms, as well as their related potential disclosure items, and is enhanced with compliance practice pointers and more than a dozen appendices containing related forms, regulations, and SEC guidance – everything you need to Master the 10-K and 10-Q.

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Treatise Update: Friedman on Leases

Friedman on Leases is widely regarded as the leading authority on commercial real estate leasing, recognized for its unsurpassed comprehensive and practical instruction, as well as its extensive and balanced coverage of the full range of tenant and landlord concerns. The updated Friedman on Leases, Sixth Edition continues to deliver not only the foundational knowledge required by novice practitioners, but also analysis of and insight into the most current and relevant developments facing seasoned practitioners in the commercial real estate field.

Highlights of this Release #6 include the following:

Sample Provisions; Determination of Cancellation Fee. New sample provision to determine the Cancellation Fee. (See Chapter 22. Option to Cancel Lease section 22:5.5)

Case Developments. Includes the latest developments in the following areas:

Interruption of Services. If a tenant can establish that the interruption of services has caused a constructive eviction of tenant, most courts have allowed tenants to plead constructive eviction as a defense to a non-payment of rent action (see Chapter 12. Landlord’s Services section 12:2);

Tenant’s Retention of Possession After End of Lease: Liability for Damages. A tenant may be found to have retained constructive possession of the premises, giving rise to a holdover tenancy, by failing to remove fixtures or improvements as required to restore the premises (see Chapter 18. Termination of Lease section 18:2);

Effect of Bankruptcy on Landlord’s Remedies for Default; Claims for Damages. In finding that the damages cap in section 502(b)(6) does not apply to damages for waste, trespass, or nuisance, the Ninth Circuit Court of Appeals proposed a test to resolve the question of application of the cap, which test has been adapted by some jurisdictions (see Chapter 20. Tenant Bankruptcy section 20:6.3); and

Mechanics’ Lien. The New York Court of Appeals held that consent for purposes of the Lien Law can be inferred from lease terms, and no express consent or privity between landlord and contractor is required (see Chapter 23. Alterations and Improvements by Tenant section 23:9).

This essential treatise is available on PLI PLUS. If you would like to order a print copy, please contact libraryrelations@pli.edu.

New Edition! Legal Guide to the Business of Marijuana

Legal Guide to the Business of Marijuana is a unique resource for lawyers who represent clients in what has been called the fastest growing industry in the United States. Many states now allow medical and/or recreational use of marijuana, but it remains illegal under the federal Controlled Substances Act. As a result, marijuana enterprises must operate in a legal and regulatory environment of uncertainty and rapid change, and lawyers representing these enterprises must tread carefully when advising clients.

Written by James T. O’Reilly, a lawyer and public health specialist, Legal Guide to the Business of Marijuana offers critical guidance to help lawyers effectively represent their clients while steering clear of seen and as yet unseen perils implicit in the continued federal-state conflict. Highlights of the 2019 Edition include:

Discussion and summary of the new laws in Michigan, Missouri, Oklahoma and Utah, the latest states to enact some form of legalization.
Coverage of the Agriculture Improvement Act of 2018 (the “2018 Farm Bill”), which legalized production of hemp nationwide while also retaining the regulatory power of the FDA over CBD products derived from hemp.
Updated state-by-state Appendix of cannabis-related statutes, regulation, and court cases

This essential treatise is available on PLI PLUS. If you would like to order a print copy, please contact libraryrelations@pli.edu.

Treatise Update: Hedge Fund Regulation

Covering on the of most dynamic and rapidly changing sectors of the asset management industry, Hedge Fund Regulation (Second Edition) is designed to provide comprehensive understanding of hedge funds. It provides a single source that examines all aspects of these innovative investment vehicles and addresses current regulatory concerns that impact hedge funds, their managers and investors. Hedge Fund Regulation is updated regularly by its author to keep current with regulatory and enforcement developments. The latest release addresses current issues in structuring, launching, and operating a hedge fund.

Highlights of Release #13 include:
• Chapter 9, Privacy Regulations. Revises discussion on the management of cybersecurity risks by commodity pool operators and commodity trading advisors to reflect recent updated guidance from the National Futures Association. See section 9:6.2.
• Chapter 14, Books and Records. Discussion of recent SEC Risk Alert highlighting practices that can assist an investment adviser in meeting its obligations under the SEC’s Books and Records Rule and Compliance Rule with respect to the increasing use of electronic communications. See section 14:2.
• Chapter 18, Commodity Pool Operators and Commodity Trading Advisers. New section 18:5.2, Internal Controls System, covering the NFA requirement for commodity pool operators to implement an internal controls system designed to protect operators to implement an internal controls system designed to protect customer funds, maintain accurate financial books and records, and assure compliance with NFA and CFTC requirements.
• Chapter 23, Broker-Dealer Status and Relationships. Revised section 23:4, Best Execution, to include discussion of recently adopted revisions to Exchange Act Rules 600 and 606 regarding broker-dealer disclosure obligations on their handling of institutional orders and its implications for investment adviser best execution analysis.
• Chapter 24, Disclosures of Market Participation. Revisions to discussion of Hart-Scott-Rodino Act (HSR Act) compliance, including updated HSR Act thresholds. See section 24:7.

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Updated Treatise: Holtzchue on Real Estate Contracts and Closings

Holtzchue on Real Estate Contracts and Closings: A Step-by-Step Guide to Buying and Selling Real Estate (Third Edition) provides thorough legal, technical, strategic guidance to help implement dispute-free residential and commercial deals more quickly and easily. Featuring checklists, highlighted practice tips, and dozens of useful forms, this treatise is a valuable step-by-step “how to” guide that ensures practitioners can successfully prepare for a sale or purchase of real estate.

Release #21 includes new and updated cases and other authority throughout the text, including in the following important areas:

Attorney Malpractice: New section collects malpractice cases (see Front Matter at “Ethics and Professional Responsibility,” section [10]).
Purchase Money Note and Mortgage: Recent cases on installment land sale contracts (see section 2:2.5[B]).
Acceptable Title and Title Insurance: Where the N.Y. Appellate Division reversed annulment of Insurance Regulation 208, which prohibited title insurance corporations and title agents from providing any marketing payments or entertainments to attorneys, but affirmed annulment of regulations on closer fees and ancillary fee caps.
Closing Date and Place: Recent cases where the contract expressly states that time is of the essence (see section 2:2.9).
Condition of Premises and Caveat Emptor: Recent cases on affirmative representation on mold and Property Condition Disclosure Statement regarding water damage (see section 2:2.11[A][2]).
Remedies for Breach or Failure to Close: Recent cases on breaches by seller and specific performance (see section 2:2.17[A],[A][3]).
NYSBA Ethics Opinions: NYSBA Ethics Opinion 1161, opining that when a lawyer prepares a contract of sale, the lawyer may not disclose the contract to the broker who requested a copy without the client’s informed consent (see section 1:1.2).

This treatise is available on PLI PLUS. If you would like to order a print copy, please contact libraryrelations@pli.edu.

Employment Law Yearbook 2019 Edition

Each edition of Employment Law Yearbook provides a comprehensive overview of the most important developments in employment law over the past year, including critical case decisions, legislative changes, government agency actions, and other events of interest to employers, employment and HR professionals, corporate attorneys, and employee advocates. Employment Law Yearbook 2019 details and analyzes recent legal developments, including:

California test for determining independent contractor status: The California Supreme Court has adopted a new test—the “ABC test”—to determine whether workers are to be classified as employees or independent contractors. Under this test, articulated in Dynamex Operations West v. Superior Court, workers are presumptively considered employees, but the employer may demonstrate a worker is more appropriately classified as an independent contractor if it proves all of several articulated factors. Chapter 1, Wage-and-Hour Issues, section 1:2.3[A], Independent Contractors.
Transgender discrimination: The Sixth Circuit, in EEOC v. R.G. & G.R. Harris Funeral Homes, Inc., became the first federal appellate court to hold that discrimination based on an employee’s transgender status is sex discrimination under Title VII. A group of sixteen states has asked the Supreme Court to overturn the decision, but the Court has not yet decided whether to take up the case. Chapter 3, Gender and Sexual Orientation Discrimination and Sexual Harassment, section 3:2.2, Sexual Orientation and Gender Stereotyping.
Noncompete agreements: In August 2018, Massachusetts enacted a law that places limitations on noncompete agreements entered into on or after October 1, 2018. The law also adopts the Uniform Trade Secrets Act. Chapter 9, Guarding Trade Secrets, Section 9:3.1, Background.
New standard for evaluating facially neutral policies: In Boeing Co., the NLRB overturned the Lutheran Heritage “reasonably construe” standard and adopted a new balancing standard for evaluating facially neutral policies that potentially interfere with the exercise of section 7 rights. The NLRB delineated three categories of work rules based on the new standard. Chapter 11, Employee Blogging and Social Media, section 11:4.1[B][1], The New Standard of Reasonableness.

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Social Media and the Law

Social Media and the Law examines the range of legal issues that can arise from the personal and professional use of social media, including concerns related to privacy, civil litigation, employment, criminal activity and prosecution, intellectual property, defamation, advertising, and regulated industries. Relevant legislation, cases, trends, and industry responses are included in the discussions.

The most recent update covers many developments that occurred in this field in the last year. For example:

In September 2018, Tesla CEO Elon Musk settled a dispute with the SEC regarding his allegedly misleading tweet about taking Tesla private at $420 per share. The settlement included Musk paying $40 million in penalties and stepping down as Chairman of Tesla (see Chapter 1. The Social Media Phenomenon and Chapter 7. Compliance Considerations for Regulated Industries).
Recent studies demonstrate increasing use of AI, big data, and data analytics by employers to source and screen candidates (see Chapter 6. Employment and Workplace Issues).
In June 2018, the NLRB General Counsel’s Office issued a new guidance memorandum on employee handbook rules, following the NLRB’s Boeing decision. In it, the General Counsel detailed the types of rules that might be implicated under Boeing (see Chapter 6. Employment and Workplace Issues).
In Kumho Tires, the NLRB found an employer’s social media policy lawful under Boeing where it was in place to maintain the confidentiality of the company’s trade secrets and private or confidential information (see Chapter 6. Employment and Workplace Issues).
In In re CSGOLotto, Inc., the FTC for the first time brought an action against individual influencers for failure to disclose their connections with the advertiser (see Chapter 8 Advertising).

This essential treatise is available on PLI PLUS. If you would like to order a print copy, please contact libraryrelations@pli.edu.

Securities Law and Practice Deskbook – Updated!

Securities Law and Practice Deskbook remains your definitive one-volume guide to the Securities Act of 1933 (“Securities Act”), the Securities Exchange Act of 1934 (“Exchange Act”), relevant rules and regulations, and key case law. The book is intended to serve as an initiation into the U.S. federal securities laws and the way that securities lawyers approach problems. It also is meant to serve more experienced practitioners as a general review and first resource when approaching an unfamiliar area of securities law.

Release #13 brings you up to date on the latest important developments in securities law. Highlights include:

• Chapter 5, Reach of Securities Act Regulation. Cryptocurrencies and “ICOs” (initial coin offerings) continue to be the rage at the U.S. Securities and Exchange Commission. The Commission brings a first-of-its-kind enforcement action against the operator of an unregistered token “exchange.” Significant fines and penalties continue to be imposed with respect to unregistered token offerings. Also , the Commission instituted and settled enforcement actions against celebrity promoters of ICOs for violations of the Securities Act’s “anti-touting” provisions. Finally, the Commission also pursues enforcement action against the 21st-century example of “free stock” “airdropping” tokens in blockchain scenarios.

• Chapter 6, Securities Act Registration Exemptions. The number of PIPE offerings was essentially flat during 2018, but offering amounts were up 44%, to $31 billion. In response to a congressional requirement, the Commission made Regulation A+ available to reporting companies.

• Chapter 8, Liability for Securities Act Violations. Beware the “tout sheet.” Emphasizing Commission enforcement action under Securities Act section 17(b), that section gets applied in connection with the Commission’s focus on ICOs as the Commission brings “anti-touting” enforcement actions against professional boxer Floyd Mayweather Jr. and music producer Khaled Khaled, known as DJ Khaled, for failing to disclose payments they received for promoting investments in ICOs.

• Chapter 9, Registration and Periodic Reporting Under the Exchange Act. An enforcement action against Tesla and Elon Musk underscores the need to proceed with caution when using social media to satisfy the company’s disclosure obligations. The Commission continues its focus on non-GAAP financial measures with first-of-its-kind enforcement action for violation of the “equal or greater prominence” requirement.

• Chapter 10, Regulation of Proxy Solicitations. After lengthy delay, the Commission adopts the hedging disclosure requirements that were required by section 955 of the Dodd-Frank Act. The fate of several Dodd-Frank rules (e.g., pay for performance and “clawbacks”), continues to be unclear. New Staff Legal Bulletins in the shareholder proposal area urge companies to submit board analyses when seeking to exclude shareholder proposals under the “ordinary business” and “economic relevance” grounds for exclusion.

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New Edition! International Corporate Practice

International Corporate Practice: A Practitioner’s Guide to Global Success provides guidance on building a comprehensive global legal department, including advice on structuring, staffing, and budgeting, as well as the use of foreign legal consultants and outsourcing.

Written by some of the nation’s leading corporate attorneys and edited by Carole Basri, this release for International Corporate Practice expands and updates the title with new material designed to enable lawyers to operate efficiently on the global stage. Topics discussed include the following:

International Attorney-Client Privilege: Chapter 2 provides updates on the privilege in the United States(Section 2:2.1); Germany, with special reference to the Volkswagen/Audi diesel scandal(Section 2:2.2[B]); Portugal, with respect to the Anti-Money Laundering and Terrorism Prevention Law of 2017 (Section 2:2.2[F]); and Brazil(Section2:2.4[B]).
International Internal Investigations: Chapter 9 adds new material on the European Union’s General Data Protection Regulation (GDPR), which replaced the European Data Protection Directive, particularly with respect to the requirement of adequate justification for transfers of personal data to countries outside the European Economic Area (Section 9:3.3[B]). Also covered are legal privilege issues in internal investigations in Germany and the United Kingdom (Section 9:4).
International Business Arbitration: Chapter 11 clarifies the difference between the “legal seat” of the arbitration and the “venue” (physical location) of the arbitration (Section 11.2.1[C], Section 11:5); addresses the use of temporary, emergency arbitrators (Section 11:2.2.3[A]); and explains the potential roles of the “court of secondary jurisdiction” and the “court of primary jurisdiction” in the enforcement or vacatur of an arbitration award (Section 11:10.2).
International Antibribery Laws: Chapter 18 highlights a variety of enforcement developments, including prosecutions under the Foreign Corrupt Practices Act of foreign subsidiaries of U.S. corporations, and significantly increased penalties and fines (Section 18:4.1), as well as with multilateral efforts under the OECD Convention (Section 18:4.2).

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New Edition! Federal Bail and Detention Handbook 2019

We are pleased to announce that the Honorable Evelyn J. Furse, a United States Magistrate Judge for the District of Utah, at Salt Lake City, joins as Co-Author of Federal Bail and Detention Handbook.

Federal Bail and Detention Handbook 2019 provides up-to-date and accessible coverage of developments under the Federal Bail Reform Act of 1984. Among the important recent cases discussed in this edition are:

A Second Circuit case in which the court approved the pretrial release of an alleged leader of organized crime under conditions that included home detention with monitored video surveillance and (over defendant’s objection) the posting of armed guards, at defendant’s expense. Section 5:5, Other Conditions Courts Can Impose.
A Sixth Circuit case that found that while the district judge could release the defendant pretrial and presentence under the Bail Reform Act, the district court could not order ICE to refrain from detaining the defendant under the Immigration and Naturalization Act. Section 6:7.3, Risk of Nonappearance, and section 14.4, State Habeas Petitions, Federal Section 2255 Motions, Immigration Hearings, and International Extradition Cases.
A D.C. Circuit case that held that any prohibition against contact with victims or witnesses should be clear as to which victims or witnesses, and that such a prohibition would only apply to victims or witnesses to the then-pending charges in the case, not to victims or witnesses that the government might later identify. Section 5:5, Other Conditions Courts Can Impose, and section 11:3, Showing Required.

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