Businesses operating in New York City should be aware of a local law addressing the use of automated employment screening and decision-making tools coming into effect on January 1, 2023.
To help offset some production costs associated with producing digital games in New York state, the Department of Economic Development on Aug. 10 issued an emergency regulation (at page 9) providing the procedures to claim the 25% Digital Gaming Media Production Tax Credit.
The New York Department of Financial Services (“NYDFS”) made clear last week that crypto companies can be held accountable for allegedly failing to comply with anti-money laundering (“AML”) / Bank Secrecy Act (“BSA”) regulations.
On July 14, 2022, the New York City Council introduced legislation that would allow employees to file a civil action against their employers to enforce their rights under the New York City Earned Safe and Sick Time Act.
The New York State Department of Financial Services (DFS) has issued an Industry Letter providing guidance on overdraft and non-sufficient funds (NSF) fees to depository institutions that it supervises.
Hoping that faster construction methods can be combined with increased subsidies to undertake billions of dollars of desperately needed affordable housing renovations, New York’s Legislature has authorized the use of several alternative project delivery methods on some New York City affordable housing units. Contained in the NYC Public Housing Preservation Trust Act, the plan to use alternative construction methods is contingent on federal authorization of subsidies to provide ongoing support for units currently owned by the New York City Housing Authority (NYCHA).
On June 2, 2022, the New York Senate passed Senate Bill S6486D (the Bill), which would amend the state’s environmental conservation law and set forth a two-year moratorium on certain cryptocurrency mining operations in the state of New York. The Bill passed the New York Assembly earlier in 2022 and now awaits Gov. Kathy Hochul’s signature. If signed, the Bill would prohibit the issuance of permits for certain electric-generating facilities that provide energy for mining operations that use proof-of-work (PoW) authentication methods to validate blockchain transactions. The legislation also would require a comprehensive generic environmental impact statement review by the New York Department of Environmental Conservation in consultation with the state’s Department of Public Service.
On June 8, 2022, the New York State Department of Financial Services (DFS) issued a new Regulatory Guidance, setting foundational criterial for USD-backed stablecoins used by DFS-regulated entities. This represents the first U.S. state agency to regulate issuers of stablecoins. Generally, issuers that currently issue U.S.-dollar-backed stablecoins under DFS supervision are expected to come into compliance with the Regulatory Guidance within three months. This GT Alert summarizes the Regulatory Guidance.
An insightful discussion on the importance of being true to yourself as an attorney.
On May 13, 2022, in Reserve Mechanical Corporation v. Commissioner, the U.S. Court of Appeals for the Tenth Circuit affirmed a Tax Court decision that a micro-captive insurance company did not qualify for the exemption from income tax as a small insurance company under I.R.C. § 501(c)(15). Therefore, the purported premium payments the company received constituted fixed, determinable, annual, or periodical (FDAP) income taxable at a rate of 30% under I.R.C. § 881(a). The IRS scrutinizes micro-captive transactions because of their potential for tax evasion.
The regulations implementing the CCPA require that a business verify the identity of a consumer that submits a specific-information access request to a “reasonably high degree of certainty.”
The Financial Industry Regulatory Authority (FINRA) in November 2022 released a targeted exam letter pertaining to communications for crypto products and services.
It has been a long and heated debate as to whether NFTs and certain cryptocurrencies can be deemed as securities under applicable laws and precedents.
In a prior post, we wrote about the importance of reviewing the terms governing the sale of an NFT to determine what rights, if any, are included in the sale in order to commercially exploit the asset associated with the NFT, and the confusion that emerges in interpreting such terms through the lens of copyright law.
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