Carol Buckmann was quoted in the Law360 article, “New ERISA Suits Could Clarify Plans’ Cybersecurity Duties,” which discusses recent lawsuits that raise new questions for the courts regarding ERISA and its applicability to employers’ cybersecurity measures and data privacy obligations. Carol weighed in on a lawsuit filed in April against Abbott Laboratories and its record-keeper, Alright Solutions, which was also the topic of a recent Insights post, which she explains “could chart a path forward for workers seeking to hold companies accountable for benefit plan security breaches.” Read the Law360 article.
On May 19, the Commodity Futures Trading Commission’s Global Markets Advisory Committee approved a report that contains several recommendations for action by the CFTC with respect to the implementation of its initial margin (IM) rules for uncleared swaps. The recommendations are focused on the unique challenges faced by small end users of swaps and entities that engage in swap activity through separate managed accounts (SMAs). The report recommends that the CFTC take all of the following actions: issue Interpretive Guidance to confirm that a swap dealer can continue to trade with an SMA client in the case of an inadvertent…
On May 20, the Commodity Futures Trading Commission’s Division of Enforcement (Division) issued new guidance (Guidance) outlining factors the Division will consider in recommending civil monetary penalties (CMPs) imposed by the CFTC in enforcement actions. This is the first publicly issued Division CMP guidance since the CFTC published its penalty guidelines in 1994. The Guidance is designed to provide market participants with greater transparency as to Division staff’s decision-making criteria regarding CMPs. The Guidance identifies three factors that will inform the Division’s recommendations regarding an appropriate penalty: (1) the “gravity of the violation” (including, but not limited to, facts surrounding…
On May 19, the Commodity Futures Trading Commission published in the Federal Register a request for public comment on the CFTC’s draft 2020-2024 Strategic Plan (Strategic Plan). The current draft of the Strategic Plan includes a discussion of the CFTC’s mission, vision, core values, strategic goals and strategic objectives. The proposed strategic goals include: strengthening the resilience and integrity of the derivatives markets while fostering their vibrancy; regulating the derivatives markets to promote the interests of all Americans; encouraging innovation and enhancing the regulatory experience for market participants at home and abroad; being tough on those who break the rules;…
By Tracey Levy and Alexandra Lapes With the goal of getting employees back to work safely while ensuring business continuity, and in compliance with local, state, and federal laws, employers should consider the following key measures to take as New York, New Jersey, and Connecticut permit more businesses to reopen during the COVID-19 pandemic. 1 … Read More The post Working Our Way to Normalcy: A Tri-State Guide to Reopening Your Business appeared first on Levy Employment Law.…
The importance of making end of life preparations cannot be stressed enough. Many people put off making these plans thinking there is always time. The sad reality is that none of us are guaranteed time. Others may be bothered by the thought of death itself and allow this to paralyze them when it comes to making plans and getting their affairs in order for the end of life. However, most of these same people have wishes and thoughts about where and to whom their assets are distributed. Many of them also have ideas about what they do and do not…
We are delighted to announce that Benjamin Notterman has joined the Law Office of Zachary Margulis-Ohnuma as an associate attorney. Mr. Notterman comes to us from the New York University Center on the Administration of Criminal Law, where he was a research fellow investigating executive clemency under the direction of Prof. Rachel Barkow. As an associate at our firm, he will focus on wrongful convictions, civil rights, victims’ rights, and sex crimes. Mr.  Notterman is an experienced civil litigator. He graduated from NYU School of Law in 2014 and went to work at Jones Day, a large international law firm.…
Co-founding partner Carol Buckmann has been tapped by PLANSPONSOR magazine to author a weekly column titled, COVID-19 Compliance Corner, which debuted on Monday, May 11, 2020. The first column, “Who Qualifies for Coronavirus-Related Distributions?” which quickly became one of the most well-read articles on the PLANSPONSOR website, explains who qualifies for coronavirus-related retirement plan distributions, as prescribed in the Coronavirus Aid, Relief and Economic Security (CARES) Act. The article outlines: Who is eligible for these distributions How these distributions are taxed What the alternatives are to CARES Act-related plan distributions. The second article, “New Loan Provisions Under the CARES Act,”
Carol Buckmann, co-founding partner of Cohen & Buckmann, was quoted in a Forbes article titled, “Why Target-Date Funds Still Make Sense for Retirement Investors.” The article discusses why target date funds still may be the right retirement investment strategy, and how and when investors should evaluate their fund’s performance to determine if changes should be made. Carol was quoted saying: “A Morningstar article reports that through March 20, 2020, target date funds lost on average 17% to 33% of their value, depending on projected retirement age.” It continued with, “[t]hough target date fund managers may have learned lessons from 2008…
The International Swaps and Derivatives Association, Inc. (ISDA) has launched a new webpage containing information about interest rate benchmark reform and the transition away from the use of interbank offered rates (IBORs, including LIBOR) as floating rates in swap transactions. The page and subsequent materials are available to everyone, not just ISDA members. The page has seven sections: Background Benchmark Fallbacks/Consultations Bloomberg: Fallback Spread Vendor Other Related ISDA Benchmark Initiatives Relevant Research/Reading Material Press Releases/Latest News/Speeches/Presentations Market Education Calls/Webinars/Conferences The ISDA webpage on benchmark reform is available here.…
To address the latest COVID-19 developments and the impact on the derivatives industry, National Futures Association (NFA) is hosting a webinar focused on NFA’s current operations, regulatory approach and relief issued. The webinar is scheduled for May 27, 2020 at 9:30 a.m. CT. The webinar is free, but registration is required. The webinar’s registration page is available here.…