FINRA Board of Governors met on September 23-24, 2021 to approve new maintaining qualifications fees and to reaffirm FINRA’s Financial Guiding Principles. The Board approved a proposal to establish a $100 annual fee for individuals who chose to complete continuing education (CE) to remain qualified to reregister with FINRA following the termination of the individual’s…
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On April 29, 2021, Alabama Governor Kay Ivey signed a new law that prohibits certain type indemnification provisions in professional services contracts and establishes a single standard of care for Alabama design professionals for Alabama projects governed by Alabama law. The new law, titled “Contract requirements for professional services of design professionals,” went into effect…
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FINRA has adopted new rules specifically tailored towards firms with a significant history of misconduct. The new rules, which become effective on January 1, 2022, allow FINRA to impose new obligations on broker-dealers with significantly higher levels of risk-related disclosures than other similarly sized peers. The new rules would also apply to firms with a…
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Last year, the United States Supreme Court decided Bostock v. Clayton Cty., Georgia, 140 S. Ct. 1731 (2020) and held that it is unlawful under Title VII to discriminate against an employee because of their gender identity or sexual orientation. Since then, employers have been left with little guidance regarding how far the decision reaches….
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In Childs v. Pommer, the Supreme Court of Alabama reviewed two appeals from judgment in connection with a construction contract. 2021 WL 4022619, at *1. With respect to the first appeal, the Supreme Court analyzed whether a subcontractor could be liable under a breach-of-contract theory when he was not a party to the contract. Under…
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In Chicago Ambulatory Surgery Associates, Inc. v. Restore Construction, Inc., 2021 WL 4168597 (Ill. App. Sept. 14, 2021), an Illinois court held an architect that contracted to provide design drawings and make regular site visits did not also undertake a duty to inspect plumbing work for compliance with those drawings. The owner hired Restore Construction,…
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On October 11, 2021, Community group SaveRGV (“SaveRGV”) sued the Texas General Land Office, Texas Land Commissioner George P. Bush and Cameron County (“Texas”) for allegedly violating the state constitution. SaveRGV alleges that, by frequently and unpredictably closing a nearby beach for SpaceX to launch rockets at a nearby facility, Texas is violating its constitution….
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In light of the fact that many member firms are increasingly using third-party vendors to perform a variety of core business functions, FINRA recently published Regulatory Notice 21-29, “FINRA Reminds Firms of their Supervisory Obligations Related to Outsourcing to Third-Party Vendors.” Regulatory Notice 21-29 reminds member firms of their obligation to establish and maintain a supervisory…
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In Petro Harvester Oil & Gas Co., LLC v. Baucum, No. 2019-IA-01442-SCT, 2021 WL 3418398 (Miss. Aug. 5, 2021), Mississippi property owners Tay and Deidra Baucum brought an action against Petro Harvester Oil & Gas Company (“Petro Harvester”) for improper use of its oil-disposal well located on neighboring land. The Baucums brought trespass, public and…
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In The Cottages at Stoney Creek Condominium Association, Inc., et al. v. JDR Construction, LLC, et al., No. 1D20-956, 2021 WL 2209851 (Fla. Dist. Ct. App. June 1, 2021), the Florida First District Court of Appeal affirmed the trial court’s decision granting summary judgment in favor of a general contractor on a statute of limitations…
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