On January 19, 2021, in
United States v. Henco Holding
Corp.,
1 the Eleventh Circuit reversed and
remanded a district court decision that had granted taxpayers
motion to dismiss the Government s transferee claims because
the Government had failed to timely assess tax liabilities under
§ 6501 against four defendants as transferees. The Eleventh
Circuit held that the Government was not required to separately
assess the defendants as transferees under § 6901 and that its
transferee-liability suit was not barred under § 6501. Thus,
the court held that the Government could timely assert transferee
liability under state law without satisfying the requirements of
§§ 6501 and 6901, so long as the IRS filed suit to
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On March 11, the Consumer Financial Protection Bureau
(CFPB) announced that it is rescinding a January
2020 policy statement that limited the abusive acts and
practices standard created by the 2010 Dodd-Frank Act. By
rescinding the policy statement, the CFPB - under the direction of
Acting Director Dave Uejio - signals a return to the more
aggressive enforcement and rulemaking stance that characterized the
agency under the Obama administration.
With the 2010 Dodd-Frank Act, Congress gave the CFPB broad
authority to prohibit unfair, deceptive, or abusive acts or
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On March 11, 2021, the SEC s Investor Advisory Committee
convened and hosted a panel discussion regarding special purpose
acquisition companies (SPACs). The panel aimed to shed light
on the recent increase in SPAC activity, the risks associated with
this increased activity, and potential policy implications.
Acting SEC Chair Allison Lee delivered opening remarks.
She noted that SPACs act as a potential avenue for bringing private
issuers to the public market. She added the need for
appropriate disclosure for SPACs and adequate recourse against
sponsors and underwriters. Commissioner Hester Peirce
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The Securities and Exchange Commission (SEC) announced in recent
weeks multiple efforts to highlight climate change in corporate
disclosures and to increase scrutiny and, potentially, enforcement
focus on company disclosure efforts on climate and other
environmental, social, and governance (ESG) matters. While
the topic of ESG disclosures is not new, the increased attention to
the topic, and climate change in particular, is noteworthy and
expected to remain an area of focus at the SEC and under the Biden
Administration more broadly.
Existing Frameworks
The question of whether and what companies should disclose to