Today’s Buzz: Cybersecurity, Troubled Mortgages, SEC Whistleblower Rules, and Much More

Here’s what’s hot in law news right now: 

Law firm Dechert on the latest issues affecting “big data” and the law.

[Link: Cybersecurity and Data Privacy: Big Data and the Law] 

Leveraging SEC whistleblower rules for the benefit of your compliance program: “The SEC whistleblower program … is primarily intended to reward individuals who act early to expose violations and who provide significant evidence that helps the SEC bring successful cases. The whistleblower rules contain three key provisions that can be integrated into a company’s existing compliance infrastructure to encourage internal reporting, thereby affording the company time to further investigate the claim, provide a solution, or self-report potential violations.” (How to Leverage SEC Whistleblower Rules: Seven Steps to Incentivizing Internal Reporting by BuckleySandler LLP) 

New laws and regulations in China: “On July 6, 2012, Standing Committee of the National People’s Congress published draft amendments to the PRC Labor Contract Law… The amendments focus on the labor dispatch related articles of the Labor Contract Law and proposes to strengthen the administration of labor dispatch companies and protect the rights and interests of dispatched workers.” (China 20/20: Legal and Regulatory Developments - August 2012 by Orrick, Herrington & Sutcliffe LLP) 

HUD starts selling troubled mortgages: “The U.S. Department of Housing and Urban Development recently announced that it is accepting applications for investors interested in buying distressed residential mortgage loans formerly insured by the FHA, focusing on mortgages in Chicago, IL, Newark, NJ, Phoenix, AZ, and Tampa, FL.” (HUD Selling Troubled Mortgages by Bilzin Sumberg Baena Price & Axelrod LLP) 

IRS explains Medicare deductions for small businesses: “Sole proprietors, partners (including LLC members) and two percent shareholders in an S corporation are not treated as ‘employees’ for purposes of certain benefits. Among those benefits is employer provided health insurance coverage.” (IRS Clarifies Medicare Premium Deductions for Sole Proprietors, Partners and S Corporation Shareholder-Employees by Leonard, Street and Deinard) 

Advice for financial advisors to retirement plans: “Putting clients’ needs first and getting you paid second is what it is all about. That is why I always say that being a financial advisor is only one part of being a retirement plan financial advisor. Being a plan’s financial advisor also means being their ombudsman when things go wrong with other providers, being their confidant, and most of the time, being their most trusted advisor.” (9 Things That Financial Advisors to 401(k) Plans Can Actually Use by The Rosenbaum Law Firm P.C.) 

Social media and networking in the workplace: “Good or bad, social media is a fact of life. Government regulations have been suggested, and in some cases imposed, with bad consequences coming to employers whose reaction to employee conduct in social media was not thoughtful or educated. With an understanding of some of the relevant issues, employers can implement meaningful and reasonable policies and guidelines for employees and respond appropriately and legally to social media issues that arise.” (Social Media in the Workplace - July 2012 by Snell & Wilmer L.L.P.) 

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