New Nonresident Alien Bank Reporting Rules Seen Hastening Automatic Information Exchange By Foreign Countries

New rules requiring U.S. banks to report interest on deposits held by nonresident aliens represent a significant advance in global information sharing and may be a factor in getting more countries to sign agreements to automatically exchange information with the United States, practitioners told BNA in recent interviews

IRS Unveils Final Rules Requiring Reporting Of Bank Interest Paid To Nonresident Aliens

Banks will have to report deposit interest paid to nonresident aliens as a way to help the United States combat tax evasion through its ability to reciprocate tax information shared by other countries, the Internal Revenue Service said in final rules (T.D. 9584).

Equal Employment Opportunity Commission Updates Enforcement Guidance On Employers’ Use of Criminal Histories

The Equal Employment Opportunity Commission April 25 approved updated enforcement guidance on potential discrimination resulting from employers’ use of individuals’ arrest and conviction records to make hiring and other employment decisions.
EEOC on a 4-1 vote said that although Title VII of the 1964 Civil Rights Act does not bar use of criminal background checks, employers may violate Title VII if they intentionally discriminate among individuals with similar criminal histories or if their policies have a disproportionate adverse impact based on race, national origin, or other protected category, and employers cannot demonstrate “business necessity.”

House Passes Bill to Promote Cyber-Threat Data Sharing for Government, Private Sector

In the shadow of a veto threat, the House April 26 approved cybersecurity legislation (H.R. 3523) authored by leaders of the House Intelligence Committee.
Under the bill, the government would be able to share information with private sector companies in an effort to head off cyber-attacks. Companies could, on a voluntary basis, share information about cyberthreats with the federal government and be shielded from certain liability.

SEC, CFTC Adopt Long-Awaited Definitions for Swap Dealer, Major Swap Participant

In a long-awaited vote, the Securities and Exchange Commission April 18 unanimously adopted final definitions for security-based “swap dealers” and “major swap participants”—entities that will be subject to registration, capital, margin, and business conduct requirements in the new regime.

BNA INSIGHTS: JOBS Act Will Simplify IPO Process and Private Capital Raising

On April 5, 2012, President Obama signed into law the Jumpstart Our Business Startups Act, or “JOBS Act.” The JOBS Act, which was passed in both the House and the Senate with bipartisan support, will simplify the initial public offering process for many companies and create new ways of raising private capital.

BNA INSIGHTS: The Federal Trade Commission’s Privacy Report: Protecting Consumer Privacy in an Era of Rapid Change—Five Key Takeaways

On March 26, the Federal Trade Commission (FTC or Commission) published a landmark privacy report, Protecting Consumer Privacy in an Era of Rapid Change: Recommendations for Businesses and Policymakers (Privacy Report) The Privacy Report finalizes a preliminary FTC staff report issued in December 2010 (Staff Report)

Commerce Department Report Links IP-Intensive Industries to U.S. Job, GDP Growth

The U.S. Department of Commerce unveiled a new report, Intellectual Property and the U.S. Economy: Industries in Focus, on the importance of IP to job and economic growth in America, at a White House ceremony April 11.

Energy Department ‘Ahead of Schedule’ in Meeting Goal to Reduce Cost of Solar Energy

WASHINGTON, D.C.—The Energy Department is “ahead of schedule” in meeting its goal to make electricity generated by solar power cost-competitive with energy produced from traditional sources by 2020, a department official said April 12.

BNA INSIGHTS: Is the Tide Turning for Plaintiffs in Privacy Class Actions?

The last several years have witnessed an unprecedented number of high profile data security breaches and other privacy-related mishaps, garnering tremendous media attention and spawning a seemingly endless flood of class action litigation alleging the unauthorized acquisition, use or disclosure of personal data. But for all of the headlines these events have garnered, they have consistently failed to translate into tangible victories for the plaintiffs’ bar.

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