BofA to establish post-Brexit EU headquarters in Dublin | Rule preventing risky incentive-pay structures stalled | IMF lowers 2017 growth forecasts for UK, US
July 24, 2017
PLI SmartBrief
Legal News in Brief
Corporate Spotlight
BofA to establish post-Brexit EU headquarters in Dublin
Bank of America has chosen Dublin to be the home of its EU headquarters after Brexit. The bank will relocate investment banking and market operations from London to Dublin and will also move some other activities from the UK to EU cities.
RTE (Ireland) (7/21),  The Charlotte Observer (N.C.) (tiered subscription model) (7/21),  Politico Pro (subscription required) (7/21) 
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Rule preventing risky incentive-pay structures stalled
Banker compensation issues were part of the Dodd-Frank Act, but a rule preventing incentive-pay structures that encourage excessive risk has not been approved. It remains on the Federal Reserve's agenda, but other banking regulators have dropped consideration of the rule, which cannot take effect unless multiple regulators adopt it.
The Wall Street Journal (tiered subscription model) (7/23) 
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National News
IMF lowers 2017 growth forecasts for UK, US
The International Monetary Fund, in a quarterly update to its World Economic Outlook, trimmed its 2017 UK growth forecast and identified Japan, China, Canada and the eurozone as emerging leaders of global economic growth. The IMF also lowered its US growth forecast to 2.1% from 2.3% and attributed the cut to the Trump administration not introducing policy reforms it had promised.
Bloomberg (7/23),  Financial Times (tiered subscription model) (7/23) 
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Financial and Tax Update
Chinese debt will weigh on Fed policy, analysts say
China's dollar-denominated bond holdings, which have increased nearly 20 times since the financial crisis to more than half a trillion dollars, could give the Federal Reserve pause before raising interest rates further. While the Fed has yet to flag Chinese debt as a concern, analysts expect it to affect interest-rate decisions before long.
Reuters (7/23) 
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Employment Focus
House votes to toughen anti-bias law
House lawmakers unanimously approved amendments to the Notification and Federal Employee Antidiscrimination and Retaliation Act of 2002 that would require the Equal Employment Opportunity Commission to refer retaliation or discrimination matters to the Office of Special Counsel for further disciplinary action. The measure also includes provisions aimed at eliminating conflicts of interest.
FedSmith Blogs (7/21) 
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Supreme Court and Federal Court Watch
11th Circuit upholds right to record secretly
A man who secretly recorded a meeting with the police chief of Homestead, Fla., had a right to do so, since the police chief did not verbally assert a right to privacy during these discussions, according to the US Court of Appeals for the 11th Circuit. Earlier, a district judge had ruled that the recording was illegal, as officials could prohibit recordings inside police stations.
The Palm Beach Post (Fla.) (tiered subscription model)/The Associated Press (7/22) 
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D.C. Circuit upholds $6.8B utility merger
The US Court of Appeals for the District of Columbia Circuit has upheld the approval of Exelon's $6.8 billion acquisition of Pepco. Opponents of the merger of the two utility companies said the D.C. Public Service Commission did not give D.C. residents adequate notice.
WTOP-FM (Washington, D.C.) (7/21) 
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Other Legal News
Senators hope to pre-empt DACA challenge with Dream Act
Sens. Lindsey Graham, R-S.C., and Dick Durbin, D-Ill., on Thursday filed a revised version of Dream Act legislation that would allow for lawful permanent resident status for young people who arrived illegally in the US. A group of state attorneys general is threatening legal action if President Donald Trump does not soon halt the Deferred Action for Childhood Arrivals program.
NBC News (7/20),  The Washington Post (tiered subscription model) (7/21) 
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Professional and Business Development
Advice on making a good first impression
In those first few minutes chatting with people, try to offer genuine pleasure in meeting them while asking open-ended questions as a way to engage and learn from them, writes Harvey Deutschendorf. When parting ways, use their name in your goodbye and memorize a few key details to use when you next meet.
Fast Company online (7/18) 
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How to impress others while networking
If you want to impress others when meeting them for the first time, practice describing what you do in a concise manner, writes Amna Shamim. Always try to listen more than you talk by using well-timed questions to redirect the conversation when you've been talking too much, Shamim writes.
Entrepreneur online (7/21) 
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PLI News
Projects, Pronouncements and Developments Affecting Your SEC Reporting
How do the latest SEC, EITF, PCAOB and FASB updates affect your reporting? Attend the FASB, SEC and PCAOB Update for SEC Reporting Professionals Workshop being held Aug. 23 in Grapevine, TX. Get up-to-date, in-depth information on all the latest developments and practical tips on applying existing financial reporting requirements, including pushdown accounting, debt issuance costs and commitment fees, discontinued operations and dispositions, segment reporting and goodwill impairment.
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Overseas Joint Ventures: Opportunities, Risks, and Potential Pitfalls
U.S. companies frequently enter into joint ventures with non-U.S. partners in order to pursue business overseas. One recent focus of JV activity is to deliver the defense technology and hardware opportunities highlighted during President Trump's recent visit to the Kingdom of Saudi Arabia. Attend the One Hour-Briefing Overseas Joint Ventures, being held Aug. 9. Faculty will discuss why overseas JVs are attractive arrangements for U.S. businesses, different types, important legal terms and issues, and more.
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