Statute of Limitations Tolled in California Amid Pandemic
8/3/20
By: Matthew Jones In response to the COVID-19 pandemic, California’s Governor Gavin Newsom issued a “state of emergency” for the entire State. In response, the California Judicial Council adopted several Emergency Rules to implement during the pandemic. In particular, Rule 9 states that all statute of limitations for civil causes of action are tolled from April 6,…
FINRA Amends Rules to Incentivize Timely Payment of Arbitration Awards
6/17/20
By: Kathleen Cusack and Kirsten Patzer On May 21, 2020, the Financial Industry Regulatory Authority (FINRA) announced that effective September 14, 2020, its Membership Application Program (MAP) rules will be amended to further incentivize the timely payment of arbitration awards. The amendment to MAP will seek to do so by preventing an individual from switching firms…
FINRA Issues Guidance on Remote Work Including Continued Warning for Cyber Threats
6/15/20
By: Kathleen Cusack and Kirsten Patzer Although all 50 states have begun the process of reopening, business spaces have not yet returned to full capacity and many people continue to work remotely. On May 28, 2020, the Financial Industry Regulatory Authority (FINRA) issued new guidance for working from home based on surveys of financial firms. …
FINRA In-Person Hearings Further Postponed Until July 31
5/20/20
By: Kathleen Cusack and Kirsten Patzer On Friday, May 15, 2020, amidst continued concern over the potential spread of COVID-19, the Financial Industry Regulatory Authority (FINRA) postponed all in-person arbitration and mediation proceedings until July 31, 2020. FINRA initially postponed in-person meetings beginning in March and extended the suspension several times. In its most recent…
Considerations For CPAs Dealing With Unpaid Fees
4/15/20
By: Nancy Reimer, Nicole Graham, Elizabeth Lowery, Zinnia Khan, and Caroline Wu Many Certified Public Accountants and accounting firms will likely be increasingly confronted with collecting fees as the COVID-19 health crisis continues. In dealing with unpaid fees, a CPA must pay close attention to their professional duties and obligations with respect to the release…
3/30/20
By: Greg Fayard The federal Coronavirus Aid Relief and Economic Security (CARES) Act signed into law March 27, 2020, includes retirement tax relief for victims of the pandemic—namely victims’ 401(k)s and IRAs. Under section 2202 of the $2 Trillion law (which amends the IRS code), victims under 59 and a half may withdraw up to…
Business Continuity Plans in the Age of Coronavirus
3/23/20
By: Jennifer Weatherup As the Coronavirus, or COVID-19, has caused unprecedented disruptions, including a precipitous decline in the stock market, it is increasingly important for broker-dealers to prepare plans which will allow them to fulfill their responsibilities to customers and continue operations under difficult circumstances. More specifically, broker-dealers should ensure that their business continuity plans…