This week’s corporate law news roundup includes discussions of the recently-published proposed regulations under the New York Paid Family Leave Law, Trump’s second executive order banning immigration, and the SEC’s adoption of rules requiring hyperlinks and HTML format for public filings.
NEW YORK STATE PROPOSES PAID FAMILY LEAVE REGULATIONS
On February 22, 2017, the New York State Workers’ Compensation Board published proposed regulations under the New York Paid Family Leave Law (PFL), which was signed by Governor Andrew Cuomo on April 4, 2016. The comprehensive PFL will be gradually phased in over four years beginning January 1, 2018. It will eventually provide a total of 12 weeks of paid family leave for eligible employees to care for and bond with a newborn child, care for a family member with a serious health condition or assist with family obligations during a family member’s active military service. Notably, the PFL does not apply to caring for one’s own serious health condition, which (under certain circumstances) may fall within the federal Family Medical Leave Act (FMLA), or such programs as Workers’ Compensation or short-term or long-term disability. The PFL will be applicable to all private employers with at least one employee, and will be fully funded through employee payroll deductions. Comments on the proposed regulations must be submitted by April 8, 2017. For more information, see Withers’ advisory at http://www.withersworldwide.com/news-publications/employment-alert-paid-family-leave-in-new-york-is-a-reality–2.
TRUMP SIGNS SECOND EXECUTIVE ORDER BANNING IMMIGRATION, EFFECTIVE MARCH 16, 2017
On March 6, 2017, President Trump signed a revised version of his executive order on immigration, which restricts travel to the United States for 90 days of citizens from Syria, Iran, Sudan, Somalia, Libya and Yemen (SISSLY). The latest executive order removed Iraq from the list of restricted countries. At the end of the 90 days, the government will provide further guidance. Exclusions apply, and case-by-case waivers are available. The revised executive order will go into effect on March 16, 2017. For more information, see Withers’ advisory at http://www.withersworldwide.com/news-publications/travel-ban-20-goes-into-effect-march-16-2017.
SEC ADOPTS RULES REQUIRING HYPERLINKS AND HTML FORMAT FOR PUBLIC FILINGS
On March 1, 2017, the U.S. Securities and Exchange Commission finalized its proposed rules requiring registrants that file registration statements and reports subject to the Regulation S-K Item 601 exhibit requirements (or that file Forms 20-F or F-10) to include a hyperlink to each exhibit in the filing’s exhibit index and submit all such filings in HTML format. Excluded from the rules’ application are exhibits filed on paper pursuant to Rules 201 (temporary hardship exemption), 202 (continuing hardship exemption) or 311 of Regulation S-T; XBRL exhibits; and exhibits filed with Form ABS-EE. The new rules will not require registrants to electronically refile any documents that were previously filed only in paper format. The requirements become effective September 1, 2017. For non-accelerated filers and smaller reporting companies that submit filings in ASCII, these amendments will take effect on September 1, 2018. For more information, see https://www.sec.gov/rules/final/2017/33-10322.pdf.