Not Money in the Bank: Why Investment Accounts Held by a Broker Are Not Insured Like Bank Deposits by David W. Allen The market downturn has brought with it failures of once-prominent brokerage firms, and raised investor concerns about whether and to what extent their accounts are protected. Above all, investors should understand that their assets are not protected in the same way as bank deposits are by the FDIC. The Securities Investor Protection Corporation (SIPC) protects investor accounts if a brokerage firm becomes insolvent, or engages in unauthorized trading. But those protections are subject to important limits that narrow the scope of coverage. This article discusses those limits, and describes the typical proceedings of an SIPC liquidation of a broker-dealer. [Contact Author] [FULL STORY]

HIPAA Gets a Stimulus: Major Changes to Privacy and Security Rules by Priscilla E. Kimball The American Recovery and Reinvestment Act of 2009, informally known as the “Stimulus Bill”, has brought dramatic changes to the HIPAA Privacy and Security Rules. Covered entities, such as health care providers, employer sponsored health plans and insurers, and business associates are significantly affected, and even vendors of personal health records will feel the impact. [Contact Author] [FULL STORY]

Strings? Why Yes, There are Some Strings Attached. Compensation Restrictions Tightened at Federally-Assisted Financial Institutions by Michael J. Drooff As part of passing the American Recovery and Reinvestment Act of 2009 (“ARRA”), commonly known as the Stimulus Bill, Congress substantially tightened the restrictions on executive compensation which apply to financial institutions receiving capital infusions from the U.S. Treasury Department. The new restrictions have seriously affected compensation programs at financial institutions while Treasury investments in them remain outstanding, prompting many such institutions to consider early repayment of their Treasury investments. The new restrictions also signal Congress’ intent to impose new restrictions on executive compensation across the board, not just within the financial sector. [Contact Author] [FULL STORY]

What Employers and Others Need to Know about New Hampshire's New Gay Marriage Law by Bradford E. Cook and Jacob Hale Russell New Hampshire will become the sixth state to allow same-sex marriages, effective the first day of 2010. The legislation’s principal legal effect is a name change - it uses the word "marriage" instead of "civil unions," which have existed in New Hampshire since January 1, 2008. The institution of civil unions will cease to exist in 2011, at which point all remaining civil unions in the state will be converted to marriages. [Contact Authors] [FULL STORY]

Business Succession Planning: Now is The Time by Janet B. Fierman and Daniel K. Fink Owners of closely held businesses are working hard, especially in this economic climate, to keep their businesses operating and growing. Increasing numbers of these owners have put their exit plans on hold for business and personal reasons. Yet, this is an excellent time for owners to work on their exit plans. The analysis and strategic planning involved in this process is and will be invaluable for the continuing business operations. Current conditions provide a good opportunity to resolve difficult and unpleasant problems ignored in better times. This article lays out a brief overview of the issues to consider in succession/exit planning and of the options available. [Contact Authors] [FULL STORY]

Commercial Lease Renegotiations: Tips for Landlords and Tenants by Bruce H. Bagdasarian There’s a new power struggle underway in the commercial real estate leasing marketplace. Tenants are now seeking to capitalize on the economic chaos by renegotiating existing commercial leases - in some cases, as a last ditch effort to stave off bankruptcy. Clearly, it’s a new playing field for commercial landlords and tenants. Landlords and tenants should consider key factors in renegotiating a commercial lease. [Contact Author] [FULL STORY]

Roadmap to Housing Development Funds: HUD Issues Guidance on Implementation of Tax Credit Assistance Program by Kenneth A. Viscarello The American Recovery and Reinvestment Act of 2009 contained a provision designed to jump-start the affordable housing industry by appropriating $2.25 billion dollars in additional HOME funds to provide additional capital investments in Low Income Housing Tax Credit projects. On May 4, 2009, HUD finally issued a Notice to provide guidance to state credit housing agencies and developers on how the additional HOME funds will be used and distributed. [Contact Author] [FULL STORY]

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Client Focus

Students Miss School and Can’t Say Why: It was a Matter of National Security D.C. High School Students Introduce President Obama to Student Conservation Association (SCA) and Their Many Community Service Projects This Spring 12 teenagers, all volunteers with the Student Conservation Association (SCA), were permitted to tell only their parents why they just had to skip school. As it turned out planting trees with the President of the United States was an acceptable excuse for missing classroom time. [Contact Authors] [FULL STORY]

This labor and employment law event brings together representatives of management, labor and the New Hampshire Public Employee Labor Relations Board to share information and updates on subjects that they regularly encounter. Experienced labor negotiators, employment lawyers and public sector officials attend to discuss a variety of timely issues among peers.

The registration fee includes continental breakfast, lunch, refreshments and seminar materials. For more information about this Public Sector Labor and Employment Law Review and Update, contact Liz Teasck at 603.627.8105 or events@sheehan.com.

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