Microsoft has discontinued support for Internet Explorer. To access the Sullivan website, please install a modern browser like Microsoft Edge or Google Chrome.
Since the publication of this Client Alert on July 30, 2026, several significant developments have affected the implementation of NYC’s Non-Primary Residence Surcharge (the “Pied-à-Terre Tax”), including the NYC Department of Finance (“NYC DOF”) extending the deadline for property owners to submit exemption applications to September 18, 2026. On August 7, 2026, three NYC homeowners filed a lawsuit challenging the City’s implementation of the surcharge, including the City’s process of identifying
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
Sullivan & Worcester represented Longfellow Investment Management Co., LLC (LIM), a Boston-based investment management firm, in establishing a global distribution partnership with subsidiaries of iM Global Partner, a global asset management firm, and the sale of a minority, non-controlling equity interest. Through the partnership, LIM is expected to expand its global distribution footprint and access additional investment product structures, including mutual funds, UCITS and ETFs, while maintaining its majority employee
(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
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
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
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
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
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
Sullivan partner Tehila Levi Lati will speak at a webinar held in collaboration with Amazon and Digate titled "Going Live in China" on September 8, 2026. Designed for decision-makers and technical leaders navigating regional expansion, the program will explore key technical, legal and operational considerations for launching in China, including cloud infrastructure, local licensing, data privacy and corporate risk management. During the webinar, Tehila will leverage her deep experience leading Sullivan's China and
Since the publication of this Client Alert on July 30, 2026, several significant developments have affected the implementation of NYC’s Non-Primary Residence Surcharge (the “Pied-à-Terre Tax”), including the NYC Department of Finance (“NYC DOF”) extending the deadline for property owners to submit exemption applications to September 18, 2026. On August 7, 2026, three NYC homeowners filed a lawsuit challenging the City’s implementation of the surcharge, including the City’s process of identifying
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
Sullivan & Worcester represented Longfellow Investment Management Co., LLC (LIM), a Boston-based investment management firm, in establishing a global distribution partnership with subsidiaries of iM Global Partner, a global asset management firm, and the sale of a minority, non-controlling equity interest. Through the partnership, LIM is expected to expand its global distribution footprint and access additional investment product structures, including mutual funds, UCITS and ETFs, while maintaining its majority employee
(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
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
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
