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Posts Tagged ‘requirements’

Employer Reporting Deadlines Fast Approaching

Posted on: September 20th, 2012

By: Ben Mathis

For many employers, the deadline to file various reports to federal agencies regarding their employers is September 30th.  This includes filings for EEO-1, the Employer Information Report, and the Veterans Employment Report, commonly known as the VETS-100 or VETS-100A.  The EEO-1 filing requirement applies to private employers with 100 or more employees, as well as certain federal government contractors with 50 or more employees.  The filing includes delineating an employer’s work force by job categories and race, ethnicity, and sex.  The EEOC has an online filing system which may be found at

Federal contractors holding contracts valued at $25,000 or more and entered into prior to December 1, 2003, must file VETS-100 reports.  A contractor with a federal contract in the amount of $100,000 or more and entered into or modified as of December 1, 2003, must file a VETS-100A report.  Many employers will need to submit the VETS-100 and the VETS-100A reports if they have contracts entered into after December 1, 2003.  The Department of Labor has sample report forms at


FINRA Clarifies “Know Your Customer” and “Suitability” Rules

Posted on: September 17th, 2012

By: Joyce Mocek

FINRA Rule 2090, effective July 9, 2012, has streamlined and replaced the former NASD Rule 405, the “Know Your Customer” standard.  The new rule contains a “reasonable diligence” standard, compared to the old rule requirement of “use due diligence.”  Rule 2090 provides that “Every member shall use reasonable diligence, in regard to opening and maintenance of every account, to know (and retain) the essential facts concerning every customer and concerning the authority of each person acting on behalf of such customer.”  “Essential facts” are now defined.  The new Rule places additional obligations on member firms to not only comply with the “Know Your Customer” rule when opening an account, but also in maintaining an account.

Working in conjunction with the “Know Your Customer” rule, is a new “Suitability” rule, FINRA 2111.  The new Suitability rule, which replaced NASD Rule 2310, expands the scope of information that a broker must attempt to obtain through reasonable diligence.  It also requires firms and associated persons to document with specificity their reasonable basis for believing a factor is not relevant in order to be relieved of the obligation to obtain further information on that factor.  It expands the suitability obligations and requires “reasonable basis” to believe, based on “reasonable diligence” that an investment is suitable.  These new rules expand the obligations of member firms and associated persons, and also provide more clarity and structure in understanding the rules.

“Show Me Your Papers” Upheld by Arizona Federal Judge, Echoing Georgia Ruling

Posted on: September 7th, 2012

By: Kelly Morrison

A federal judge ruled Wednesday that Arizona authorities can enforce the most contentious section of the state’s immigration law, which critics have dubbed the “show me your papers” provision.

The ruling by U.S. District Judge Susan Bolton clears the way for police to carry out the 2010 law’s requirement that officers, while enforcing other laws, question the immigration status of those they suspect are in the country without documents.

An almost identical provision recently was approved by the Eleventh Circuit for use by Georgia law enforcement officers.