33100500_1 4 Belgium v Spain (Barcelona Traction) ICJ 1970 Belgian shareholders in Canadian company with investment in Spain. After Spanish courts/ authorities seized assets, Belgium sought to assert right to espouse diplomatic protection on behalf of shareholders.
Understanding the Best Interest Contract (BIC) Exemption Initially a more controversial part of the initial DOL proposal, the final rule includes a Best Interest Contract exemption that allows a financial institution to receive variable compensation.
Generally, the Internal Revenue Service (IRS or the Service) imposes the following requirements on organizations exempt from federal income tax under IRC Â§ 501(c)(7): 1  The organization must be a club composed of individuals;  The club must be organized for pleasure, recreation, and other nonprofit purposes;