The Jacksonville Jaguars threw a wrench at the wide receiver market and didnt make many teams happy when they gave Christian Kirk a four-year deal worth $72 million. While its too early to tell if things are going to work out the way they envision, its fair to say the Jags are pleased with the early returns on their investment.

Jaguars offensive coordinator Press Taylor recently appeared on the Happy Hour and touched on several topics, including his relationship with Trevor Lawrence, how he will work with his staff, and the teams additions in free agency, including Kirk. When asked what the wide receiver brings to the offense, Taylor said the biggest thing is his versatility to line up all over the formation and win outside. He also praised his speed and described him as a great decision-maker. The offensive coordinator added that he likes his demeanor.

You know, probably something I didnt know about him was his demeanor. Weve been around each other for a week. Hes got a great demeanor about himself. He again asks great questions, similar to the quarterbacks where I think that makes up for a lot of less time on the grass, where they have the ability to sit and communicate in a meeting room and get on the same page and he brings out that element. He brings big plays, [hes a] dynamic player. Hes good with the ball in his hands. Hes able to win in a number of different ways which is intriguing for us.

Host J.P. Shadrick then noted that he hadnt heard someone refer to a widout as a decision-maker and asked Taylor what he meant. The offensive coordinator says part of that is the kind of questions Kirk makes, Can I adjust this way versus that?, Do you expect me to do this? Heres the whole clip in case you want to give it a listen.

A player is worth what a team is to pay him and while Kirks past production might not have been on par with the contract the Jaguars gave him, they are the ones that set the amount. They paid him not for what he has done but because of what he can do for them and if he lives up to expectations, will observers be able to say general manager Trent Baalke overpaid for him?

Its true that Kirk hasnt had a 1,000-yard season but its also worth noting that he wasnt the top target in the Arizona Cardinals offense and he thrive once head coach Kliff Kingsbury started to use his skillset correctly (using him more in the slot). The Jags saw what he did last season and believe he can take the next step.

The Jaguars needed to get Trevor Lawrence as many weapons as possible this offseason and while they had to pay a premium for Kirk, it will be worth it if he becomes a reliable target, helps them score more points, and plays a role in the young passers development in 2022.

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Jaguars pleased with investment in WR Christian Kirk - Black and Teal

If you're interested in investing in real estate, there are different sectors you can look at. Industrial real estate is huge right now, for example, due to an uptick in digital sales fueled by the pandemic. And in the coming years, as the world goes increasingly digital, data center demand could soar.

But if you're looking for a solid real estate investment, it pays to look at healthcare REITs, or real estate investment trusts. Here are a few reasons why.

Americans are living longer these days, which means seniors will soon start to make up a larger portion of the population. According to the Urban Institute, the number of Americans aged 65 and older will more than double over the next four decades, reaching 80 million in 2040. And while many older Americans prefer to age in place, that's not always feasible.

Image source: Getty Images.

That's where senior living facilities come in. In the coming years, there could be a massive uptick in demand for skilled nursing centers, nursing homes, and assisted living communities, all of which fall under the healthcare umbrella. If you invest now, ahead of that boom, you might really set yourself up to profit nicely.

The pandemic taught many people not to take their health for granted. In the coming years, we could see an uptick in patients seeking out care not just for serious matters but also for minor issues.

Plus, there could be an uptick in patients prioritizing preventive care. As a result, we could see increased demand for urgent care and wellness centers, as well as diagnostic centers.

Different real estate sectors carry varying levels of risk. When economic conditions take a turn for the worse, travel and leisure spending can taper off. That could really hurt hospitality and retail REITs.

Healthcare, on the other hand, is pretty much a recession-proof industry. Even if economic conditions sour, people will still have medical needs to tend to. And many will no doubt prioritize medical spending over leisure spending. That makes healthcare a more solid bet if you're looking to invest in real estate but want to minimize your risks.

Investing in healthcare REITs may not make you rich overnight -- and you shouldn't expect it to. But in time, you could end up growing a lot of wealth by investing in healthcare real estate.

Of course, you should know that there are risks associated with healthcare REITs. For one thing, there's oversupply to think about. If the market gets too saturated with healthcare facilities, some of those properties could end up sitting vacant for extended periods of time. Furthermore, regulatory changes could make different healthcare facilities more costly to operate, thereby eating into profits.

But ultimately, when it comes to healthcare REITs, the upside really does outweigh the downside. And so, it pays to think about adding healthcare real estate to your portfolio.

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3 Really Good Reasons to Invest in Healthcare Real Estate - The Motley Fool

Following an agreed investment by European investment company Gimv, Pharming's minority stake of 43.85% in BioConnection will reduce to 22.98%.

As a result of this transaction, Pharming will receive one-off US$ 7.5 million (EUR 6.9 million) net cash proceeds.

Pharming continues to support BioConnection to accelerate its growth strategy together with Gimv and its other shareholders.

LEIDEN, The Netherlands, April 22, 2022 /PRNewswire/ -- Pharming Group N.V. ("Pharming" or "the Company") (Euronext Amsterdam: PHARM), (NASDAQ: PHAR) announces a change in its minority holding in BioConnection B.V, a contract development and manufacturing organization (CDMO) and the long-time fill and finish partner in the production of Pharming's product RUCONEST. In April 2019, the company announced it had invested 4.1 million to acquire a 43.85% stake in BioConnection through its 100% subsidiary Pharming Technologies B.V.

Following receipt of an offer for all shares in BioConnection by Gimv, a European investment company listed on Euronext Brussels, the existing shareholders (including Pharming) reached agreement with Gimv today on the sale of all issued and outstanding shares to a new holding company incorporated by Gimv for BioConnection, followed by a partial re-investment by existing shareholders of the purchase price in the share capital of that new holding company.

As a result of the transaction, the minority stake held by Pharming in BioConnection will reduce to 22.98% and Pharming will receive one-off US$ 7.5 million (EUR 6.9 million) net cash proceeds in Q2 2022.

Pharming will continue to support BioConnection to accelerate its next stage of growth to further invest in its organization and infrastructure to increase the production capacity.

Chief Executive Officer, Sijmen de Vries, commented:

"We are pleased to continue our investment into BioConnection, as they have been an excellent partner for Pharming for many years. We look forward to continuing to support BioConnection as it continues to grow, and to work with existing shareholders and welcome Gimv as a new shareholder in BioConnection."

About Pharming Group N.V.

Pharming Group N.V. (EURONEXT Amsterdam: PHARM/Nasdaq: PHAR) is a global biopharmaceutical company dedicated to transforming the lives of patients with rare, debilitating, and life-threatening diseases. Pharming is commercializing and developing an innovative portfolio of protein replacement therapies and precision medicines, including small molecules, biologics, and gene therapies that are in early to late-stage development. Pharming is headquartered in Leiden, Netherlands, and has employees around the globe who serve patients in over 30 markets in North America, Europe, the Middle East, Africa, and Asia-Pacific. For more information, visit http://www.pharming.com.

Forward-looking Statements

This press release contains forward-looking statements, including with respect to timing and progress of Pharming's preclinical studies and clinical trials of its product candidates, Pharming's clinical and commercial prospects, Pharming's ability to overcome the challenges posed by the COVID-19 pandemic to the conduct of its business, and Pharming's expectations regarding its projected working capital requirements and cash resources, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to the scope, progress and expansion of Pharming's clinical trials and ramifications for the cost thereof; and clinical, scientific, regulatory and technical developments. In light of these risks and uncertainties, and other risks and uncertainties that are described in Pharming's 2021 Annual Report and the Annual Report on Form 20-F for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission, the events and circumstances discussed in such forward-looking statements may not occur, and Pharming's actual results could differ materially and adversely from those anticipated or implied thereby. Any forward-looking statements speak only as of the date of this press release and are based on information available to Pharming as of the date of this release.

Inside Information

This press release relates to the disclosure of information that qualifies, or may have qualified, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

For further public information, contact:

Pharming Group, Leiden, The NetherlandsSijmen de Vries, CEO: T: +31 71 524 7400

FTI Consulting, London, UK Victoria Foster Mitchell/Alex ShawT: +44 203 727 1000

FTI Consulting, USA Jim PolsonT: +1 (312) 553-6730

LifeSpring Life Sciences Communication, Amsterdam, The NetherlandsLeon MelensT: +31 6 53 81 64 27E: [emailprotected]

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The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication.

SOURCE Pharming Group N.V.

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Pharming announces change in its holding in BioConnection following a substantial investment by new investor - PR Newswire

ATLANTA--(BUSINESS WIRE)--In response to continued client demand for private real estate investments, Homrich Berg (HB) has added real estate industry expert Sarah Hauptman as Director of Real Estate. She joins current HB Principal Ross Bramwell on the real estate sourcing and due diligence team. HB has invested directly in individual real estate properties for over 25 years in HB client portfolios, and has committed over $300 million to direct real estate investments for HB clients during the past five years alone.

With over 15 years of experience in commercial, multifamily and other real estate sectors across industries like industrial and hospitality, Hauptman brings next-level expertise to the dedicated HB investment team. Hauptmans background working with institutional investors in the private real estate space provides a deep network and knowledge that will benefit HB clients looking for private real estate investments. Im eager to leverage my experience in a new way to help expand Homrich Bergs private investments platform, explains Hauptman. Ive worked in the Sunbelt region over the last several years, and Im excited to help clients capitalize on the potentially lucrative opportunities in this growing region.

Additionally, HBs expanded private markets offerings will provide clients an option for potentially hedging against rising inflation. Thomas Carroll, President of Homrich Berg, explains how this mindset and the growing popularity of private investments confirmed the need for adding another real estate expert like Hauptman to the team.

Real estate is an easy to understand, tangible asset, which makes it an attractive alternative investment option to consider, especially down here in the Sunbelt region, explains Carroll. Were excited to have Hauptman join our real estate team and bring her network and skills in the real estate investing space, working hand in hand with our already extensive bench of private investments experts.

Hauptman, an Atlanta native, recently moved back to the region after spending time in Dallas working with E2M Partners, Compatriot Capital and most recently Banner Oak Capital Partners, where she managed industrial assets across the Southeast region.

About Homrich BergFounded in 1989, Atlanta-based Homrich Berg is a national independent wealth management firm that provides fiduciary, fee-only investment management, and financial planning services, serving as the leader of the financial team for our clients, including high-net-worth individuals, families, and not-for-profits. Homrich Berg manages over $10 billion for more than 2,000 family relationships nationwide.

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Homrich Berg Expands Investment Team, Adds Sarah Hauptman as Director of Real Estate - Business Wire

As Yogi Berra said, Its dj vu all over again. A year ago, we described the portion of the Biden Administrations proposed tax plans that would have had a significant impact on the real estate industry. At the time the new administration was trying to follow through on its campaign promises to reform personal income taxes in the proposed American Families Plan. Our particular focus was the potential for significant increases in capital gains tax on appreciated real property for owner/investors and their estates through both rate changes and the repeal of like-kind exchanges. Last fall, the House Committee on Ways & Means issued a new summary of the tax proposals as part of a budget reconciliation bill. Many of the items in the Administrations initial plan (including the capital gains proposals) were not included in this summary, and the real estate industry breathed a collective sigh of relief. After several months of negotiations, the bill did not pass in the Senate.

The Administrations 2023 budget, as outlined in the Treasury Departments Green Book,[1] contains many of the same proposals that were in the American Families Plan, some with new provisions. While there does not appear to be sufficient support for these tax increases in Congress, real estate market participants should closely monitor both the progression of the proposed reforms and ongoing Congressional and White House negotiations. Aside from revenue raising, the proposal also includes additional funds and incentives to promote affordable housing and community development. This article focuses on the most current set of proposals that would impact real estate ownership and investing.

Renewed Focus on Capital Gains Taxes and Like-Kind Exchanges

As mentioned, the group of proposals in the budget plan that would likely most impact real estate market participants involves the taxation of capital gains. The Administration once again is suggesting that, beginning in 2023, the federal long-term (assets held more than one year) capital gains tax rate be brought in parity with ordinary income rates, meaning a doubling from the current rate of 23.8% to 40.8%, including the 3.8% net investment income (NII) tax, for taxpayers who file jointly with taxable income greater than $1 million. The budget also re-proposes increasing the marginal tax rate for the highest earners (here defined as $450,000 for married couples filing jointly or $400,000 for unmarried individuals) from the current 37% to 39.6%, or 43.4% with the NII tax.

While stated somewhat differently than last year, the budget also brings back the concept of incurring capital gains not only when a property is sold, but also when it is transferred through a gift, by funding a grantor trust, or upon the death of the owner (property transferred to a decedents spouse is exempt from recognizing the gain). A year ago, the proposal included a $1 million per person exclusion from capital gain recognition on property transferred by gift or at death. That provision appears to have been removed and replaced with a $5 million per donor exclusion from gains on appreciated assets transferred by gift during life. In other words, it seems the gains exclusion for unrealized gains in an estate has been removed.

When a gain is realized upon the death of the owner, the gains can be reported either on the estate tax return or a new capital gains return. Last year it was unclear whether the gains tax was deductible from estate taxes. The differentiation of a separate gains form could imply that it is, although it is not explicitly addressed.

In our analyses last year, we expressed concern about liquidity issues for heirs of long-term held real estate, particularly related to family businesses, where the estate may have extremely low bases in the inherited assets and therefore large unrealized gains. Currently, the basis in the assets can be stepped up to current fair market value at the time of death, and the heirs can hold or sell the assets without the burden of the gains tax. However, under the proposed scenario, the step-up in basis becomes moot and a family may have to sell the property to pay the tax. If the property is leveraged and significantly depreciated, the sale proceeds may be insufficient to cover the taxes. Moreover, by being forced to sell the properties, the heirs would then forgo ongoing income and value appreciation. The proposals do allow a 15-year fixed rate payment plan for the tax on appreciated illiquid assets transferred at death. Additionally, the rules provide for an estate to elect not to recognize unrealized gains on certain ongoing family-owned and -operated businesses.

As noted, the recognition of unrealized gains applies to transfers of assets, including interests in properties, during the owners lifetime. Currently, owners and investors can use grantor trusts to move ownership interests to their heirs. The owner, or grantor, sells the property to a grantor trust in which the heirs are beneficiaries and would benefit from the future value appreciation of the assets. That transference of assets from the grantor to the grantor trust is not currently recognized as a sale for income tax purposes (although it is recognized for estate tax). Under the proposed rules, any transfer of assets from a grantor to a grantor trust would be treated as a sale for income tax purposes and any capital gains on the assets would be taxable at the time of the transfer. Effectively, the grantor trust would be treated as a third party rather than an extension of the grantor, limiting the benefit of this estate planning strategy.

The like-kind exchange rules codified in IRC Sec. 1031 allow the deferral of capital gains upon the sale of a property if the proceeds are used to buy another property for equal or greater value. The replacement property must be identified within 45 days of the sale and purchased within 180 days. Of course, there are many complexities to these rules (see The Basics of 1031s). While like-kind exchanges were first entered into the Code in 1921, since the Tax Cuts and Jobs Act of 2017 the rules only apply to real property held for productive use in a trade or business or for investment. As in the American Families Plan, the current proposals limit the deferral of capital gains on investment property to $500,000 per taxpayer ($1 million for married individuals filing a joint return). Accordingly, the potential for deferral of capital gains recognized upon sale, transfer, or death have been curtailed. In combination, increased capital gains tax rates and the partial repeal of the like-kind exchange rules would likely reduce the capital available for future investments in real estate. It should be noted that some deferral of capital gains is still available through investment in qualified opportunity zones, and there is a separate proposal in Congress to enhance the benefits to investors providing capital to underserved communities (see below).

Here is an example of the impact of these proposed rule changes that we provided last year (this hypothetical example excludes any impact of depreciation recapture): A real estate investor buys a small apartment building for $3 million and sells the property in ten years for $7 million. To keep things simple, lets say the investors tax basis was reduced through depreciation and distributions to $2 million at the time of the sale. The gain on sale would then be $5 million. Currently, the investor can pay a gains tax of $1 million (20% of $5 million) and take home $6 million in net proceeds. Or the investor could roll the entire sales proceeds of $7 million into a like-kind exchange (the purchase of another real estate asset) and the payment of gains tax would be deferred until the investor sells the replacement property. Under the current proposal, the gains tax would be $2.2 million (43.4% of $5 million) or the investor could defer $500,000 of the gains through a like-kind exchange. In that case, the investor would put the $500,000 into a new deal, pay federal gains taxes of almost $2 million and take home the remaining $4.5 million.

Carried Interest

The proposal would create a new name for a non-passive interest in an investment vehicle: investment services partnership interest (ISPI). Profits from a real estate venture would be more clearly bifurcated between those earned by passive investors and those earned by active investors who provide services to the investment entity (e.g., deal sourcing, asset management) and own ISPI interests in that deal. Carried interest or promotes are the share of the profits earned by sponsor investors holding ISPIs and providing a service to the investment entity that are predicated upon achieving certain performance hurdles. Currently those interests are taxed as capital gains. The proposal would tax income on ISPI as ordinary income if the taxpayers income from all sources exceeds $400,000. Those same taxpayers would also have to pay self-employment tax on ISPI income. If the taxpayer has both ISPI and passive interests in the venture (say the person holds both general partner and limited partner interests in a partnership), income from the limited partner interests would not be reclassified as ordinary income.

The House proposal last fall made an exception to taxing carried interests as ordinary income when a real estate investment was held at least three years, beginning when substantially all the capital in the investment vehicle was invested. The Green Book does not mention this three-year holding period exception.

Net Investment Income Tax

Last years version of the American Families Plan would have eliminated the exclusion for real estate professionals to pay NII tax, resulting in the requirement to pay an additional 3.8% tax on the taxpayers share of rental income or capital gains on the sale of property in which they materially participate. The current budget proposal is silent on this provision.

Additional Support for Affordable Housing

As we recently described in a separate article, the lack of affordable housing in the United States has significantly worsened during the pandemic. The proposed budget addresses this issue in several ways:

Updates to Qualified Opportunity Zone Rules

While not part of the Administrations budget proposal, it is also important to be aware of potential new legislation pertaining to qualified opportunity zones (QOZs). A bipartisan group of senators and representatives let by Senators Booker and Scott has drafted The Opportunity Zones Transparency, Extension, and Improvement Act to enhance the QOZ program and attract additional capital to underserved neighborhoods across the country. The bill contains the following provisions:

Next Steps

The proposals contained in the Green Book look very familiar by now. Throughout 2022 they did not garner enough votes in Congress to become law. But they are still in play and real estate owners and investors should continue to carefully monitor these proposals as their language will likely continue to change and some may become law at some point. Of course, not knowing the outcome makes investment and estate planning difficult. Industry participants should continue to discuss these new tax proposals with their financial advisors. On a positive note, there may be additional opportunities to invest in affordable housing and community development if Congress passes those aspects of the budget and The Opportunity Zones Transparency, Extension, and Improvement Act.

(1) Information in this article regarding proposed tax law changes are primarily based on the General Explanations of the Administrations Fiscal Year 2023 Revenue Proposals issued by the Department of the Treasury in March 2022.

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The Latest Tax Proposals and Their Impact on Real Estate Investing - EisnerAmper

William F. Galvin, Secretary of the Commonwealth of Massachusetts, at a press conference on Sep. 10, 2018. Galvin championed a state rule governing investment advice, which a judge invalidated in March 2022.

Michael Swensen for The Boston Globe via Getty Images

The fight to protect consumers from bad investment advice has been a multi-year saga.

At first blush, it may seem a losing battle: In March, a judge struck down a Massachusetts rule that aimed to clamp down on unscrupulous investment brokers. The holy grail for consumer advocates an Obama-era U.S. Department of Labor rule to protect retirement investors also died in court in 2018.

Since then, consumer groups have bemoaned a lackluster roster of federal and state oversight.

A number of them say recent measures from the Securities and Exchange Commission and National Association of Insurance Commissioners which outline rules for brokers to give financial advice that's in the "best interest" of clients are basically straw men.

Here's a look at more stories on how to manage, grow and protect your money for the years ahead.

However, there is broad disagreement on this point.

NAIC President Dean Cameron, for example, said its measure was "bipartisan" and a "significant advancement" for retirees. And proponents of the SEC rule call it a monumental leap forward, the culmination of a Dodd-Frank Act directive in 2010 for the regulator to study more stringent rules for brokers.

In addition, many financial industry players who fought the Obama-era advice rule thought it would have negative effects for consumers.

"I think we're in a much better place with the receipt of investment advice for investors," said Lisa Bleier, associate general counsel at the Securities Industry and Financial Markets Association (SIFMA), a trade group that represents brokerage firms.

Meanwhile, many legal experts acknowledge that there has been positive change for consumers, despite the debate over how quickly reforms have happened and a granular focus on wins and losses.

"It is two steps forward, one step back," said Fred Reish, an investment-advice expert and partner at the law firm Faegre Drinker Biddle & Reath. "But if you ignore those back steps and look at this over a five- or 10-year period, the trend line is definitely toward greater protection for investors, and [especially] for retiree investors.

"You can see a better world developing in the marketplace," Reish added.

Investment advice may not sound like a complex concept. Yet underneath that "simplicity" is a web of rules and regulations.

For example, financial advisors, insurance agents and brokers are beholden to different rules about how they can treat customers when giving advice.

Further, one advisor might have different obligations based on the financial product they recommend to a client (a variable annuity, fixed annuity, life insurance or mutual fund, for example). The rules can also differ based on the type of account in which that investment is bought (perhaps an individual retirement account or a taxable brokerage account).

Advisors and brokers are supposed to disclose all of this (and, in some cases, avoid it outright), but clients may not have the wherewithal to make sense of the legal jargon and rules.

They're sort of tightening the screws.

Andrew Oringer

partner at Dechert

Basically, there are many shades of gray. The perpetual concern of consumer advocates is that loose rules permit advisors to enrich themselves at customers' expense.

This is the thicket into which regulators have waded and intervened. To varying degrees, they've tried placing more of a burden on "salespeople" (advisors, brokers and their firms) to give good advice to clients rather than on consumers to figure out if they can trust that advice. That might involve reducing conflicts of interest relative to the broker's compensation, for example.

The gold standard, for consumer advocates, is a "fiduciary" standard of care.

The fiduciary standard of carerequires that a financial advisor act solely in the client's best interest when offering personalized financial advice.

"You have an increasingly complex financial world, and you have consumers who by and large receive no education, who have no basis for reading 30-page documents and fine print and understanding what the industry terminology means," Reish said. "It's a hard world where consumers have to rely on their advisors.

"It's too complicated and too dense not to do that."

SEC chairman Gary Gensler testifies before a Senate Banking, Housing, and Urban Affairs Committee hearing on Sept. 14, 2021 in Washington.

Evelyn Hockstein-Pool/Getty Images

This is happening against the backdrop of a huge demographic shift in the U.S., as thousands of baby boomers hurtle into retirement every day.

Many are making important decisions that will have a bearing on their financial stability over a decades-long retirement: Should I roll money out of my 401(k) plan? Should I use those funds to buy an annuity?

"There have been some wins and some losses, but the trajectory is positive in terms of strengthening standards and not weakening them, by and large," Micah Hauptman, director of investor protection at the Consumer Federation of America, an advocacy group, said of investment-advice rules.

"[But] we have a long way to go to get to where investors are getting high-quality, unbiased advice they expect," he cautioned.

General optimism from consumer advocates piggybacks on two recent developments from the Labor Department and the SEC.

The Trump-era labor bureau issued a rule in December 2020 that, most importantly, reflected a change in attitude around the action of recommending a "rollover."

This is when an advisor or broker tells an investor to liquidate savings in a workplace retirement plan like a 401(k) and reinvest those funds in an individual retirement account. This can prove lucrative for brokers (depending on the IRA investment) since they often earn a commission for that sale.

Around $534 billion was rolled from workplace plans to IRAs in 2018 more than seven times the $70 billion of new contributions to IRAs that year, according to the Investment Company Institute, citing most recent IRS data. In 2016, 84% of traditional (pre-tax) IRAs were opened only with money from rollovers.

Xinhua News Agency | Xinhua News Agency | Getty Images

For decades, brokers have been able to avoid a "fiduciary" duty relative to those rollover recommendations due to certain workarounds available under the Employee Retirement Income Security Act of 1974.

The Labor Department's 2020 update restricts those workarounds in some cases, according to legal experts.

Rollover advice is now fiduciary (and therefore held to a higher legal standard) if the broker continues to give "regular" advice to that client afterward, financial experts said.

That might include a quarterly or even annual check-in to say that a client's investments look good and to hold steady, or to recommend some buying and selling. (The Labor Department doesn't define what constitutes "regular.")

This Labor Department interpretation is more stringent than its earlier framework and will likely impact how the bulk of brokers give rollover advice, legal experts said.

"The tone of the authority is, '[brokerage firms seeking rollovers had] better be concerned about this,'" said Andrew Oringer, a partner at Dechert who leads the law firm's national fiduciary practice.

"[Brokers' rollover] solicitations will probably look different," Oringer added. "Instead of one that says to a customer, 'Hey, do this,' it'll be one that says, 'Hey, we want you to consider doing this, here's some information, pros and cons, and other available options."

While an improvement, it's still not a strong-enough protection for retirement investors, Hauptman said.

The rollover rules take effect June 30. Many brokerage firms are still determining how best to put these rules into practice and have reached different conclusions, SIFMA's Bleier said.

"There are a variety of ways firms are choosing to interpret it, and I think they have that flexibility to do so," she said.

The Trump-era SEC issued an investment-advice rule Regulation Best Interest in 2019 that consumer advocates thought fell short in many respects.

At the time, SEC Commissioner Robert Jackson Jr., the lone dissenting vote against the measure, said the rule "exposes millions of Americans to the costs of conflicted advice." Not all agreed, though; Commissioner Hester Peirce, for example, said "the balance we have struck is a good one."

"[Regulation Best Interest] is the improvement," Kevin Carroll, associate general counsel at SIFMA, the securities industry trade group, said of the pace of investment-advice reform. "I think it's a wholesale rewriting of the standard of conduct," he added.

Firms had to comply with the new rules by June 2020. The SEC issued a bulletin in March this year that explains how agency staff will investigate certain violations of the regulation among brokerage firms.

The memo outlined conduct the Biden administration will and won't frown upon during its examinations, specifics that weren't present in the original rule and could have been left open to interpretation, according to legal experts.

You can see a better world developing in the marketplace.

Fred Reish

partner at Faegre Drinker Biddle & Reath

For example, the SEC memo outlines cost factors a broker must weigh in any advice, including investment fees, transaction costs, tax considerations and distribution fees. The agency also outlines distinct issues brokers must consider for rollovers, among other things.

"They're sort of tightening the screws," Oringer said. "They're putting additional color on the rules that exist."

He offered this explanation: Let's say a particular rule tells individuals to "be good" in their everyday lives, with an open-ended definition of "good"; but guidance later defines "good" as avoiding more than two glasses of alcohol with each meal and getting home before 9 p.m. each night.

Carroll pointed to language in the SEC bulletin as evidence of the overall strength of Regulation Best Interest.

In it, agency staff write that the rule's updated rules for broker behavior, when compared to a fiduciary standard for advisors, "generally yield[s] substantially similar results in terms of the ultimate responsibilities owed to retail investors." (The staff caveats that the rules may "differ in some respects and [can] be triggered at different times.")

"That's the SEC saying Reg BI is working," Carroll said.

"It is young [and] I'm sure there will be further enhancements," said Carroll, adding: "[The rule] is doing what it's supposed to do, and has a lot of eyes on it."

The strength or weakness of the Labor Department and SEC actions depend on how the agencies oversee these standards and those are liable to change based on the whims of new presidential administrations.

"Ultimately, [success] really depends on how these rules are enforced and it's too early to tell how enforcement will move the ball forward for investors," Hauptman said.

Further, last month's ruling against Massachusetts' investment advice rule likely won't have a chilling effect on other states that hope to change their own standards, legal experts said. The judge invalidated the rule for a fairly narrow procedural reason instead of a larger one dealing with the rule's substance, experts said.

William Galvin, secretary of the Commonwealth of Massachusetts, championed the state investment rule.

"I do not think any general conclusions can be drawn from the decision of the Massachusetts Court invalidating the Secretary's fiduciary duty rule," Marcia Wagner, founder of The Wagner Law Group, said in an e-mail.

Galvin's office hasn't yet decided whether it will appeal the decision, according to spokeswoman Debra O'Malley.

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The fight to protect consumers against bad investment advice is advancing, but slowly - CNBC

Vermont Business Magazine This Earth Day, Friday April 22, Goodwill Northern New England is reducing waste by investing $1.5 million in new methods of storing and transporting clothing and household donations. For years, the nonprofit used big cardboard boxes and wooden pallets to move items, and large metal racks to store the boxes. Starting this week, Goodwill now will use much more sustainable materials that are safer for employees, waste less material, and save money by being so durable. Goodwill expects this sustainability project to pay for itself in less than three years.

Every single shirt donated to Goodwill goes into one of these cardboard boxes before hitting a sales floor the scope of this project is huge.

Our donation centers and warehouses use tens of thousands of these large cardboard boxes each year, said Kossi Gamedah, the Senior Vice President of Retail, Logistics, and Supply Chain Operations. This investment will improve the work environment for our teammates, and reduce our expenses and carbon footprint. By reducing expenses, we can invest more in Goodwills programs that help people achieve their life and work goals.

Goodwill Northern New England handles between 50 to 60 million pounds of donations every year, diverting those items from landfills in Maine, NewHampshire and Vermont. This new investment is part of Goodwills larger sustainability plan in its retail operations. In 2017, the nonprofit voluntarily banned single use plastic bags from its stores. In 2021, it upgraded its fleet of tractor trailers to reduce its carbon footprint.

Sustainability is a core value at Goodwill were all about reuse, after all.When we learned about a new, sustainable approach to meet our storage needs, it just made sense to try to do right by the Earth, our employees and the people who support our work through their donations by taking this greener path, said Rich Cantz, President and CEO of Goodwill NNE.

The nonprofit spent $500,000 a year to replace broken cardboard boxes and wood pallets. The boxes could not stack up very high, because they lose their shape and strength. The new materials stack high and without any shelving. The new materials stack together like Legos. This space savings means Goodwill can fill its trucks, which will reduce transportation emissions and costs. It also means warehouses and the sorting area in the back rooms of every Goodwill store will be safer and can hold more donations in these sturdier materials.

With this new approach, we can take full advantage of every inch of space in each of our trucks, Cantz said. Taking full advantage of our logistics process helps us meet our bottom-line values of helping people, planet and Goodwill's programs.

Goodwill is phasing in these changes. Any still-useful boxes and pallets will be used until theyve fulfilled their useful purpose.

Goodwill Northern New England is a nonprofit social enterprise in Maine, New Hampshire and Vermont. Revenue from its thrift stores support its mission to help people achieve independence and personal stability. Goodwill NNEs programs include workforce training programs, group homes that support adults with disabilities, active community supports for adults with disabilities, AmeriCorps programs and two business-cleaning services. Goodwill NNE operates two brain injury clinics to help people get back to their lives after a brain injury. For more information visitGoodwillNNE.org.

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Goodwill unboxes a huge investment in sustainability - Vermont Biz

COLUMBUS, Ga. & SAN MATEO, Calif.--(BUSINESS WIRE)--Synovus Bank today announced that it has signed an agreement to strategically invest in Qualpay resulting in a 60% ownership interest. Qualpay is a provider of a cloud-based platform that combines a payment gateway with robust merchant processing solutions, which allows merchants and independent software vendors (ISVs) to easily integrate payments into their software or websites. The completion of the investment is subject to the satisfaction or waiver of customary closing conditions, including receipt of necessary regulatory approvals.

Beyond growing Qualpays core business propelling the platform's ability to enter new vertical markets and help a widening range of industries bridge to a better payments and reporting experience Synovus has also chosen to leverage Qualpays payments technology as an integral part of Maast, the banks new money-as-a-service offering that will launch later this year. Maast will combine embedded payments and embedded banking on one platform, accessed via a common integration layer and a single onboarding experience. Maast will provide a quick and easy way for ISVs to offer payment processing, deposit accounts, debit cards, and loans as features in their software, under their brand, backed by Synovus.

Additionally, the investment will boost Qualpay's unique offering to ISVs of an easy-to-use, flexible, configurable, and individually-branded experience aligned with customer needs and the growing payment facilitator market.

This investment in Qualpay demonstrates our commitment to delivering innovative solutions that scale at the speed of business, said Kevin Blair, Synovus president and CEO. Maast will help ISVs simplify the integration and delivery of value-added solutions while deepening customer relationships, enabling them become the go-to provider for software, payments, and banking services in the markets they serve.

Qualpay is excited to partner with Synovus to propel our growth into platform-as-a-service and augment with embedded finance, said Craig Gass, CEO of Qualpay. As we enter this new phase of growth, well provide ISVs best-in-class customer service from both the merchant and partner side in a way that is simply unmatched by other industry players. Weve enjoyed a long, fruitful relationship with Synovus, and we are extremely pleased to be chosen to support Maast in the delivery of this innovative fintech solution.

Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and retail banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking through 272 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.

Qualpay is a technology-first payments platform. Qualpay simplifies and improves the payments process for merchants across a range of industries. Qualpay also helps ISVs create value for their customers with elegantly embedded banking and payment services. Their solutions utilize the most up-to-date technology to reduce costs and streamline back-office operations. Qualpays comprehensive system addresses and resolves the payment challenges B2B and B2C businesses face, ensuring a stronger, more robust infrastructure that allows companies to focus on growing their business. Qualpay's reporting intelligence and data analytics allow customers to manage their payment finances quickly and efficiently, saving time and money. Simply put, Qualpay provides a better way to manage payments. For more information, please visit http://www.qualpay.com.

Maast, a wholly owned subsidiary of Synovus Bank, is a new money-as-a-service fintech platform expected to launch in late 2022 that will combine embedded payments and embedded banking on one platform, accessed via a common integration layer and a single onboarding experience. Maast will provide a quick and easy way for independent software vendors (ISVs) to offer their customers payment processing, deposit accounts and loans as features integrated with their software, under their brand, backed by Synovus. Maast will support a robust set of payment acceptance features aligned with vertical market requirements and customer needs, and its free linked business checking account will simplify enrollment, funding, reconciliation, reporting, and support. To learn more, visit http://www.maast.com.

Centerview Partners LLC served as financial advisor to Synovus on this transaction, while Alston & Bird served as legal advisor. Nomura Securities International, Inc. acted as exclusive financial advisor to Qualpay, while Wilson Sonsini Goodrich & Rosati acted as its legal advisor.

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus use of words such as believes, anticipates, expects, may, will, assumes, should, predicts, could, would, intends, targets, estimates, projects, plans, potential and other similar words and expressions of the future or otherwise regarding the outlook for Synovus future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding our future operating and financial performance; expectations on our growth strategy, strategic initiatives, expense and revenue initiatives, capital management, balance sheet management, and future profitability; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus ability to control or predict.

These forward-looking statements are based upon information presently known to Synovus management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2021, under the captions Cautionary Notice Regarding Forward-Looking Statements and Risk Factors and in Synovus quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

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Synovus Announces Strategic Investment in Qualpay to Help Deliver New Embedded Finance Platform - Business Wire

A $12.7 million development of 27 single-family houses is expected to break ground soon in Wiscasset and deliver solar-powered spec homes to the market later this year.

We envision not just new homeowners, but cash-buying investors and second-home owners from New York, Boston, D.C., etc., continuing to push up this way as well to enjoy an amazing quality of life in the summertime, while vacationing in the warmer spots in the winter, Mark McClure, managing partner of GenX Capital Partners, told Mainebiz.

He added, We also see families moving here as jobs on the mid-coast grows while enjoying the availability to quality schools and a quality of life year-round that can't be found in a vast majority of locations in New England that aren't premium priced.

Renewabuilt LLC, based in Brunswick, approached GenX in early February to secure funding for the acquisition and build-out of Clarks Point, a waterfront, 63-lot, 200-acre subdivision in Wiscasset.

Renewabuilt bought 49 lots for development, and its development entity and purchaser, RHI-Clarks Point LLC, holds an option to buy the remaining 14 lots.RHI-Clarks Point successfully closed the $12.7 million acquisition loan and construction line with an investor, Titan Funding in Boca Raton, Fla., designed to initially help fund the project.Gen-X Capital brokered the transaction.

Renewabuilt specializes in LEED and Passivhaus-inspired builds.GenX, based in Portland and Miami, is one of the largest private lending and equity originators and investors in New England.

"Renewabuilt's market is now the global community of investors, vacationers and modern work-from-home professionals seeking the quality of life with which Maine has become synonymous, the company described itself in a statement. We cater to that community by incorporating energy-efficient, durable and cost-of-ownership reducing features that smart and sophisticated building owners demand.

Renewabuilt homes are designed to be "turnkey green" for net-zero living when solar photovoltaic systems are added to the homes.

We look forward to providing midcoast Maine with our high demand product and want to thank Gen-X Capital, Titan Funding, and our sellers and new friends at Clarks Point Development LLC for their cooperation in making this transaction possible, the statement continued.

The timeline for construction includes submitting three building permits to the town early next week, said McClure.

The project should create immense financial upside for the developer and investor, said McClure, who added, we jumped at the chance to underwrite, fund it and get him in the ground ready for summer.

Much of the Clarks Point subdivision already has infrastructure in place and is ripe to be taken to the next level; all it needed was a builder with vision and the dollars behind them to make it happen, he noted.

The first 27 lots are fully improved and ready for construction in a Phase 1 plan. The 22 lots require approximately $800,000 for infrastructure improvements in order to make them shovel-ready, said McClure. Renewabuilt is coordinating that effort in a Phase 2 plan for launch in 2023.

McClure said the partners see plenty of opportunity in the area, due to growingshortage of housings, rising prices and affordability being pushed north and up the midcoast.

While we won't see homes prices or profit margins for homes on the midcoast like you will in see in southern Maine, the demand up there is getting stronger and stronger, said McClure. And GenX Capital Partners and their investors are taking notice and looking to deploy as much as $50 million in this region in the coming 12 to 18 months.

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$13M investment will fund over two dozen solar-home builds in Wiscasset, with more to come - Mainebiz

REDWOOD CITY, Calif. and BEVERLY, Mass.--(BUSINESS WIRE)--Codexis, Inc. (Nasdaq: CDXS) and seqWell, Inc. today announced the initiation of a strategic partnership and investment to accelerate the commercialization of seqWells genomics workflow solutions. Codexis, a leading enzyme engineering company enabling the promise of synthetic biology, and seqWell, a developer of transformative library preparation products for demanding genomics applications, plan to collaborate on using Codexis CodeEvolver platform technology for enzyme optimization with seqWells growing portfolio of genomics workflow and library preparation products. As part of this partnership, Codexis led seqWells $7 million Series C financing with a $5 million investment. Current investors Research Corporation Technologies (RCT) and BroadOak Capital Partners also participated in the Series C financing. This collaboration and investment enable seqWell to continue rapidly advancing its commercialization of new and existing products in the fast-growing genomics and next generation sequencing (NGS) library prep market.

seqWells plexWell platform is an NGS library preparation technology that enables simple, scalable multiplexing of hundreds to thousands of samples without the need for time- and cost-consuming sample preparation or library normalization steps. Through this partnership, the technology will be matched with Codexis CodeEvolver platform for discovering and developing novel, high performance enzymes and novel biotherapeutics, to further advance seqWells growing portfolio of genomics workflow and library preparation products. By harnessing optimized enzyme-based solutions, seqWell aims to transform the speed and accuracy of sequencing applications within the fast-growing genomics and NGS markets.

Dan Calvo, President and CEO at seqWell, said: We are thrilled to have Codexis as a strategic investor. This partnership creates great synergy in our pursuit of development and commercialization of innovative genomic tools to meet the demand for simplified, next-generation sequencing workflows that produce high quality results faster, with fewer steps required.

Dr. Rob Wilson, SVP & General Manager of Codexis Performance Enzymes business unit, who joins the seqWell Board with this partnership, commented: Next generation sequencing is an important strategic market for Codexis, and one in which we have a clear opportunity to create differentiated enzyme-based products to revolutionize future sequencing applications. With its plexWell technology, seqWell has proven its ability to develop efficient, scalable, and user-friendly products in core NGS workflows. He added: This investment amplifies Codexis strategic growth ambitions in the life science tools area and accelerates seqWells ability to bring exciting new products to market by leveraging Codexis enzyme engineering capabilities. Im delighted to join the seqWell board and to work with the team as we continue to grow both organizations.

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Codexis and seqWell Announce Strategic Investment and Partnership Initiation - Business Wire