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The Multistate Tax Commission (MTC) kicked off the New Year with its Executive Committee Meetings in San Diego, California on January 3rd and 4th. The MTC’s working group on revising the Uniform Division for Income Tax Purposes Act ("UDITPA") generated the most vivid discussion.

As a follow-up to our April 17, 2008, legal alert regarding the Federal Energy Regulatory Commission's ("the Commission") new policy of allowing the inclusion of master limited partnerships ("MLPs") in proxy groups used to decide the return on equity ("ROE") of natural gas and oil pipeline companies (PL07-2), we provide the following additional details.

On November 13, 2006, the Securities Industry and Financial Markets Association Compliance & Legal Division hosted its Fall Compliance Seminar in New York City. During the course of the day, and across a variety of panel sessions, regulators from the SEC, SROs and the states repeatedly touched upon several issues that may form the central areas of inquiry in 2007.

In Texaco, Inc. v. Dagher, decided on February 28, 2006, the Supreme Court unanimously held that an economically integrated joint venture may set a single price for its own products sold under the separate brand names of the venture’s members without thereby engaging in unlawful price fixing.

Changes in the arbitrator selection process, new rules for third-party subpoenas, a recap of the new expungement rule, and changes in arbitrator honorarium were just some of the topics that Linda Feinberg, President of NASD Dispute Resolution, Inc., addressed during a phone-in workshop for arbitrators yesterday. A short summary of workshop highlights follows.

On February 23, 2006, the Municipal Securities Rulemaking Board (the "MSRB") announced that it voted to adopt, with substantial revisions, the interpretive guidance on customer protection obligations relating to the marketing of 529 Plans proposed in Notice 2005-28.

The High Risk Opportunities HUB Fund Ltd. ("High Risk") v. Credit Lyonnais that Credit Lyonnais failed to act in good faith in obtaining market quotations because it interfered with market-makers’ independence in valuing certain non-deliverable forward contracts ("NDFs") for purposes of determining the settlement amount upon an early termination.

In what may signal a sea change in the resolution of consumer debt collection disputes and potentially many other types of consumer disputes, the National Arbitration Forum (NAF) has announced that it will no longer accept consumer arbitration cases, and the American Arbitration Association (AAA) has announced that it has placed a moratorium on consumer debt collection arbitration cases.

Courts cannot prevent parties from filing baseless challenges to arbitration awards, but they can try to discourage them. The Eleventh Circuit recently gave fair warning that a party who loses at arbitration and then drags the dispute through the court system without “an objectively reasonable belief it will prevail” may be required to pay sanctions. Perhaps a “realistic threat of sanctions” will help temper the “never-say-die attitude” that leads some parties to view the arbitrator as just “a f

The U.S. Court of Appeals for the Eleventh Circuit, in one of its most detailed discussions of the Securities Litigation Uniform Standards Act of 1998 (SLUSA) to date, has affirmed the dismissal of an investor’s state law claims and its federal securities fraud claim against Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”).

Freedom-to-operate opinions are often a wise business investment when taking a product to market. A thorough freedom-to-operate analysis includes not only the client’s activities that might directly result in infringement, but also the possibility that a client may be liable when others directly infringe a patent.

Congress and the Obama Administration continue to work on substantial regulatory measures to reform the regulation of the financial services industry, ranging from the oversight of credit default swaps to the formation of a systemic risk regulator and the possibility of federal regulation of insurance.

The Streamlined Sales Tax Project ("SSTP") Governing Board voted unanimously on December 12, 2007, to amend the Streamlined Sales and Use Tax Agreement (the "Agreement") to allow member states to elect an origin sourcing rule to source intrastate sales (i.e., sales occurring entirely within a state).

An interim final rule implementing the mandatory extension of health plan coverage to children up to age 26, as passed under the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act (together, the Affordable Care Act), has been released.

On Thursday, October 26, 2006, the Federal Energy Regulatory Commission (“FERC”) issued an order on rehearing clarifying its prior determination that virtual transactions in the electricity markets operated by the Midwestern Independent Transmission System Operator, Inc. (“MISO”) were required to be assessed revenue sufficiency guarantee (“RSG”) charges.

In a ruling issued on October 12, 2005, the United States Court of Appeals for the Eighth Circuit reversed a district court’s certification of a nationwide class action asserting claims under a series of Minnesota consumer protection and deceptive trade practices statutes. In re St. Jude Medical, Inc., No. 04-3117, __F.3d__, 2005 WL 2509282 (8th Cir. Oct. 12, 2005).