New York City Department of Finance (“NYC DOF”) recently began notifying property owners by mail that they may be subject to the City’s new Non-Primary Residence Surcharge, which will be imposed annually on certain high-value residential properties that are not used as primary residences.[i] Although the surcharge is commonly referred to as the “Pied-à-Terre Tax,” it applies to a broader range of non-primary residences. Receipt of a notice does not necessarily

On July 29, 2026, the Securities and Exchange Commission (the "SEC") notified Nasdaq that it had received notices of intention to petition for review of the SEC's July 22, 2026 order approving Nasdaq's proposed rule change requiring listed companies to maintain a minimum Market Value of Listed Securities ("MVLS") of $5 million. Pursuant to Rule 431(e) of the SEC's Rules of Practice, the July 22, 2026 approval order has been

Douglas S. Stransky, partner and leader of the Tax Practice Group, has published a new post on the LexisNexis blog examining a recurring problem in cross-border acquisitions: entity classification errors discovered in tax due diligence. Using a hypothetical fact pattern in which a target’s foreign subsidiary never filed its check-the-box election, the post explains why classification mistakes persist, how a missing Form 5471 can leave the assessment statute open indefinitely under

Sullivan & Worcester represented long-term client Olibra LLC, the owner of the Bond smart-home connectivity platform, in its acquisition by Somfy Group, a global leader in the motorization and automation of openings and closures for homes and buildings. Bond will continue to operate independently under its existing leadership team while benefiting from Somfy's global resources, industry expertise and long-term investment. The transaction brings together Somfy's expertise in motorization and automation with

Simon Cook, in his role as ITFA's Head of Education, will jointly moderate a Q&A on “The next generation: Three emerging leaders, three ideas”, together with Charlie O'Mulloy, chair of ITFA’s Emerging Leader Committee and Associate Banker at EBRD, at ITFA’s 52nd Annual International Trade and Forfaiting Conference in Split, Croatia on September 9. The Q&A will follow the presentations made by the finalists of the 2026 ITFA Emerging Leader

Geoffrey Wynne will present a breakout session, together with Paul Coles of Orbian, at ITFA's 52nd Annual International Trade and Forfaiting Conference, titled: “From template to transaction: What works, what doesn’t, what banks change.” The session will explore how banks and market participants use ITFA templates and guidance in live trade finance transactions. Using concrete case examples, the session will examine where standard documentation works well, where it needs to be adapted and

Geoffrey Wynne will participate in a panel discussion at ITFA's 52nd Annual International Trade and Forfaiting Conference alongside Ailsa McNeil, Director at Texel, and Hernan Mayol, Board Member and Representative of ITFA Americas and Chair of ITFA’s Latin America Regional Committee (LARC). The session, titled “Financing the future: From defence to critical raw materials,” will be moderated by Clarissa Dann, Editorial Director at Deutsche Bank AG.  The session will explore how trade

(London and New York) – Sullivan has advised BAFT (the Bankers Association for Finance & Trade) and ITFA (the International Trade and Forfaiting Association) on the publication of the two Capital Requirements Regulation (CRR) legal opinions covering the 2008 English law Master Participation Agreement (MPA). The newly released opinions comprise the EU CRR opinion on English law MPA 2008 and the UK CRR opinion on English law MPA 2008. They are intended

On July 22, 2026, the Securities and Exchange Commission (the “SEC”) approved Nasdaq's amended proposed rule for a new continued listing requirement requiring Nasdaq-listed companies to maintain a minimum Market Value of Listed Securities (“MVLS”) of $5 million. The SEC approved the proposal as modified by Amendment No. 1 following a lengthy process that generated significant comments from market participants, issuers, investors, exchanges, law firms, and industry groups. The new rule

Boston, MA – Sullivan & Worcester has been selected by Massachusetts Lawyers Weekly for its "Empowering Women" award for the fourth consecutive year, recognizing the firm’s ongoing commitment to elevating, supporting, and empowering women in the legal profession. The annual recognition honors law firms that have demonstrated a strong commitment to supporting women in the profession by fostering opportunities for leadership, professional development, mentorship, and career advancement. “This honor underscores Sullivan’s long-term dedication

New York City Department of Finance (“NYC DOF”) recently began notifying property owners by mail that they may be subject to the City’s new Non-Primary Residence Surcharge, which will be imposed annually on certain high-value residential properties that are not used as primary residences.[i] Although the surcharge is commonly referred to as the “Pied-à-Terre Tax,” it applies to a broader range of non-primary residences. Receipt of a notice does not necessarily

On July 29, 2026, the Securities and Exchange Commission (the "SEC") notified Nasdaq that it had received notices of intention to petition for review of the SEC's July 22, 2026 order approving Nasdaq's proposed rule change requiring listed companies to maintain a minimum Market Value of Listed Securities ("MVLS") of $5 million. Pursuant to Rule 431(e) of the SEC's Rules of Practice, the July 22, 2026 approval order has been

Douglas S. Stransky, partner and leader of the Tax Practice Group, has published a new post on the LexisNexis blog examining a recurring problem in cross-border acquisitions: entity classification errors discovered in tax due diligence. Using a hypothetical fact pattern in which a target’s foreign subsidiary never filed its check-the-box election, the post explains why classification mistakes persist, how a missing Form 5471 can leave the assessment statute open indefinitely under

Sullivan & Worcester represented long-term client Olibra LLC, the owner of the Bond smart-home connectivity platform, in its acquisition by Somfy Group, a global leader in the motorization and automation of openings and closures for homes and buildings. Bond will continue to operate independently under its existing leadership team while benefiting from Somfy's global resources, industry expertise and long-term investment. The transaction brings together Somfy's expertise in motorization and automation with

Simon Cook, in his role as ITFA's Head of Education, will jointly moderate a Q&A on “The next generation: Three emerging leaders, three ideas”, together with Charlie O'Mulloy, chair of ITFA’s Emerging Leader Committee and Associate Banker at EBRD, at ITFA’s 52nd Annual International Trade and Forfaiting Conference in Split, Croatia on September 9. The Q&A will follow the presentations made by the finalists of the 2026 ITFA Emerging Leader

Geoffrey Wynne will present a breakout session, together with Paul Coles of Orbian, at ITFA's 52nd Annual International Trade and Forfaiting Conference, titled: “From template to transaction: What works, what doesn’t, what banks change.” The session will explore how banks and market participants use ITFA templates and guidance in live trade finance transactions. Using concrete case examples, the session will examine where standard documentation works well, where it needs to be adapted and