The automotive industry has been abuzz with talk of the auto loan interest deduction included in the One Big Beautiful Bill — the sweeping federal tax and spending plan that was signed into law on July 4 by President Trump. ...more
Under Canadian securities law, the requirement to register as a dealer is triggered by trading securities for a business purpose. One of the uncertainties under the “business trigger” test and associated guidance is whether...more
The SEC’s dismissal of recent “unregistered dealer” enforcement actions cements a scaling back of the dealer definition and reflects a policy shift from the prior SEC....more
A Washington state appeals court has clarified the scope of Washington’s Franchise Act in Lucid Group USA, Inc. v. State of Washington, Department of Licensing. There, Lucid Group USA, Inc. (“Lucid Group”), the dealer, wanted...more
New York recently joined a small but growing number of states when it enacted a new law requiring automobile manufacturers to pay dealers for warranty work using “reasonable” time allowances from standard labor time guides....more
On September 4, 2024, New York Gov. Kathy Hochul signed into law an amendment to New York’s warranty reimbursement statute, N.Y. Veh. & Traf. Law § 465, requiring manufacturers to compensate dealers for labor using the...more
The Canadian Securities Administrators (“CSA”) have released a few updates this summer regarding National Instrument 93-101 Derivatives: Business Conduct and its companion policy (collectively, the “Business Conduct Rule”)....more
On June 25, 2024, the Motor Vehicle Regulation Advisory Committee of the Texas Department of Motor Vehicles (the “Advisory Committee”) rejected a rulemaking petition advanced by the Texas Automobile Dealers Association...more
On June 20, 2024, the Canadian Securities Administrators (CSA) issued a notice regarding Coordinated Blanket Order 31-930 - Exemption to Allow Exempt Market Dealer Participation in Selling Groups in Offerings of Securities...more
The Canadian Investment Regulatory Organization (“CIRO”) recently published for comment proposals relating to Phase 3 of its rule consolidation project (the “Rule Consolidation Project”) as well as a new integrated fee model...more
I wrote about a bill, SB 54, that would have required institutional investors, securities and real estate brokers, and others to report on the diversity status of "founding teams". At the time, I criticized the bill as being...more
On February 6, 2024, the Securities and Exchange Commission (SEC) adopted Rules 3a5-4 and 3a44-2 under the Securities Exchange Act of 1934 (Exchange Act), which significantly expand the definitions of “dealer” and “government...more
As lawyer, I pride myself of my ability to wordsmith; like most lawyers, I cannot resist marking up a draft even if it is only just stylistic changes. But sometimes, there is just no way to improve on someone else’s words....more
The Securities and Exchange Commission (the "SEC" or "Commission") has adopted new rules that further define the phrase "part of a regular business" for purposes of determining whether a person is a "dealer" or "government...more
The SEC’s ambiguous rule could have a chilling effect both on decentralized finance and on the provision of liquidity to centralized crypto exchanges. The Securities and Exchange Commission (SEC) adopted a new rule on...more
On February 6, 2024, by a vote of 3-2 along party lines, the Securities and Exchange Commission (the SEC or the Commission) adopted Rules 3a5-4 and 3a44-2 under the Securities Exchange Act of 1934 (the Exchange Act), which...more
SEC defines the phrase “as part of a regular business” to capture private funds and other market participants that take on liquidity-providing roles. The Securities and Exchange Commission (SEC) adopted new rules that...more
On Feb. 6, the Securities and Exchange Commission (SEC) announced two new rules that expanded the definition of “dealer” and “government securities dealer” under the Securities Exchange Act of 1934 (Exchange Act). These...more
High-frequency traders, private funds, decentralized exchange automated market makers, and even state pension plans should consider whether the expanded dealer definition triggers the need to register as a securities dealer...more
The Canadian Investment Regulatory Organization (“CIRO”) recently published for comment proposals relating to Phase 2 of its rule consolidation project (the “Rule Consolidation Project”), which is designed to bring together...more
On December 12, 2023, the Federal Trade Commission (FTC) announced it has finalized the Combating Auto Retail Scams Rule (CARS Rule), which imposes various obligations affecting dealers’ sales practices and will also impact...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 1, 2024 – January 5, 2024. ...more
A federal court in Wisconsin recently denied a manufacturer’s motion to amend a previously issued injunction in which the manufacturer sought permission to sell products via Amazon.com. Brava Salon Specialists, LLC v. REF...more
On July 11, 2023, the Senate Finance Committee released an open letter to the Digital Asset Community asking a variety of questions in connection with possible future legislation. Public comments must be emailed to the Senate...more
An issue that continues to captivate the electric vehicle manufacturing and financing industry is state law that prevents vehicle manufacturers from directly selling vehicles to buyers. In many states, a vehicle must be...more