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- The regulatory agencies (the IRS, DOL, and HHS) have started to fill in some (but by no means all) of the gaps in the Affordable Care Act guidance needed to implement the transformation of health coverage that is supposed to happen in 2014.
- The Internal Revenue Service (IRS) has released final regulations on the excise tax imposed on the sale of certain medical devices (the Device Tax) under the Affordable Care Act. The Device Tax will impact the sale of any taxable medical device by the manufacturer, producer, or importer of the device, at a rate of two-point-three percent (2.3%) of the sale price.
- On November 16, 2012, Institutional Shareholder Services Inc. (ISS) released the 2013 Updates to its U.S. Corporate Governance Policy (the 2013 Updates). The 2013 Updates will be effective for shareholder meetings on or after February 1, 2013, unless otherwise noted within the alert.
- Labor and Employment Alert: Washington State Supreme Court Holds that Missed Rest Breaks May Result in Overtime LiabilityIn Washington State Nurses Association v. Sacred Heart Medical Center, the Supreme Court of Washington held that when employees miss a legally mandated rest break, both the missed rest break and the additional labor provided during that missed break constitute "hours worked." In effect, missing a rest break extends the employees' workday, which may entitle them to overtime compensation under Washington law.
- The 2012 elections are just less than a month away. Many states allow employees to take time off, sometimes with pay, so that they can vote. The chart below provides a general overview of each state’s law as to time off, pay, and what, if any, advance notice is required before taking time off to vote.
- Securities Alert: NYSE Amends Rule Filing To Correct Effective Dates of Compliance with New Compensation Committee and Compensation Adviser Independence StandardsOn October 1, 2012, New York Stock Exchange LLC (NYSE) amended the proposed listing standards it issued on September 25, 2012 implementing the requirements imposed by Section 10C of the Securities Exchange of 1934 and Exchange Act Rule 10C-1.
- Securities Alert: NYSE, NASDAQ Propose Rules Regarding Compensation Committee and Adviser IndependenceOn September 25 and 26, 2012, respectively, New York Stock Exchange LLC (NYSE) and The NASDAQ Stock Market LLC (NASDAQ) proposed amendments to their listing standards to comply with the requirements of Section 10C of the Securities Exchange Act of 1934 (the Exchange Act), as set forth in Exchange Act Rule 10C-1, relating to the independence of compensation committees and compensation advisers.
- Whitney Gibson, an attorney in the Vorys Cincinnati office, and Christopher Anderson, Ph.D., co-founder of Cyber Investigation Services, LLC, authored a column for PR News with tips to help public relations professionals identify an individual who is seeking to hurt a business online.
- Jeffrey Marks, a partner in the Vorys Cincinnati office, authored a column about the decision from U.S. Court of Appeals for the Sixth Circuit in Onkyo Electronics V. Global Technovations for Law360.
- The most significant changes under the Patient Protection and Affordable Care Act (ACA) are scheduled to go into effect in 2014. One of those changes is the imposition of shared responsibility penalties on large employers that fail to offer health coverage to all of their full-time employees (or offer health coverage to full-time employees that is deemed to be unaffordable or inadequate).
- Kimberly J. Schaefer, a partner in the Cincinnati office, published this article in Summer 2012 edition of The Bankers' Statement," regarding financial institutions' use of vendors.
- Victor Walton and Joseph Harper, attorneys in the Vorys Cincinnati office, authored a column for Law360 about theories that have been used for calculating damages in False Claims Act (FCA) fraudulent inducement cases.
- Securities Alert: New SEC Rule and Disclosure Requirements Adopted Governing Compensation CommitteesOn June 20, 2012, the Securities and Exchange Commission (SEC) adopted a new final rule and amendments to current proxy disclosure rules regarding compensation committees. The new rule implements compensation committee listing requirements.
- Labor and Employment Alert: $2,500 Limit On Health FSAs, More Guidance on SBCs, and Other Employee Benefits NewsThe future of the Patient Protection and Affordable Care Act (ACA) will be determined by the Supreme Court decision expected this month. In the meantime, the regulatory agencies have continued to develop guidance that will apply to employers' group health plans – assuming health care reform survives intact.
- In recent examinations, the FDIC has identified issues arising from the existence of "optionality" provisions in participation agreements that provide the originating lender with the option of repurchasing the participated portion of the loan upon a borrower default.
- Michael Bronson and Patrick Hagan, attorneys in the Vorys Cincinnati office, co-authored a column entitled “An Unconstitutional FCA Provision Lurking In PPACA?” The column was originally posted in the May 30, 2012 editions of Government Contracts Law360, Health Law360 and Public Policy Law360.
- Rosemary Welsh, of counsel in the Vorys Cincinnati office, outlined the steps employers can take to reduce the longevity of workers’ compensation claims in the May/June 2012 edition of the Ohio Chamber of Commerce’s Ohio Matters magazine.
- The Centers for Medicare and Medicaid Services (CMS) has issued two rulemakings aimed at alleviating procedural and administrative burdens on providers in response to the president's Executive Order 13563, Improving Regulation and Regulatory Review.
- Labor and Employment Alert: Health Plans Must Pay Patient-Centered Outcomes Research Fee and Other Employee Benefits NewsThe Patient Protection and Affordable Care Act (PPACA) established the Patient-Centered Outcomes Research Institute to study the effectiveness of various treatments. The Institute's work will be supported by the Patient-Centered Outcomes Research (PCOR) fee.
- Client Alert: Bankers Beware: Copying and Removal of Confidential Financial Institution and Supervisory Information Can Lead to FDIC ActionBank officers and directors, as well as bank legal counsel should take heed of the FDIC's Financial Institution Letter dated March 19, 2012 (FIL-14-2012).