CINXE.COM
John Wiley Partial Photo Copyright Win Affirmed On Appeal | Bloomberg Law
<!DOCTYPE html> <!--[if lt IE 7]> <html class="no-js lt-ie9 lt-ie8 lt-ie7"> <![endif]--> <!--[if IE 7]> <html class="no-js lt-ie9 lt-ie8"> <![endif]--> <!--[if IE 8]> <html class="no-js lt-ie9"> <![endif]--> <!--[if gt IE 8]><!--> <html class="no-js"> <!--<![endif]--> <head><script type="text/javascript" src="https://web-static.archive.org/_static/js/bundle-playback.js?v=7YQSqjSh" charset="utf-8"></script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("https://www.bna.com/john-wiley-partial-n57982088994/","20190406085613","https://web.archive.org/","web","https://web-static.archive.org/_static/", "1554540973"); </script> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/banner-styles.css?v=p7PEIJWi" /> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/iconochive.css?v=3PDvdIFv" /> <!-- End Wayback Rewrite JS Include --> <meta property="og:title" content="John Wiley Partial Photo Copyright Win Affirmed On Appeal"/> <meta property="og:description" content="Educational books publisher John Wiley & Sons Inc. won’t have to defend against some of the copyright infringement claims by brought DRK Photo, because DRK doesn’t have enough rights in the images to..."/> <meta property="og:url" content="https://web.archive.org/web/20190406085613/https://www.bna.com/john-wiley-partial-n57982088994/"/> <meta property="og:image" content="https://web.archive.org/web/20190406085613im_/https://www.bna.com/uploadedImages/BNA_V2/Company/BnaSocialShare.jpg"/> <meta property="og:type" content="website"/> <meta name="tests" content=""/> <meta name="csrf-token" content="6TYbLumfdHM9ZiHj78J5DkUJkWpF0HKxW5J1cS56505Ww0C4pYxoytbl5qSlhA4ImqR4mkNFULEF6DDBq1gcIfg5G741:hQGDdt_OCwElViIZ6XKSNT6Pbr8IgFf9cCF-pUpOwl6WDGjNwHGV1WH6InCw8gcE9aWVO88FQjti_d61bOIFINKTdBY1"/> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <meta charset="utf-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <link rel="apple-touch-icon-precomposed" sizes="57x57" href="/web/20190406085613im_/https://www.bna.com/assets/img/favicons/apple-touch-icon-57x57.png"/> <link rel="apple-touch-icon-precomposed" sizes="114x114" href="/web/20190406085613im_/https://www.bna.com/assets/img/favicons/apple-touch-icon-114x114.png"/> <link rel="apple-touch-icon-precomposed" sizes="72x72" href="/web/20190406085613im_/https://www.bna.com/assets/img/favicons/apple-touch-icon-72x72.png"/> <link rel="apple-touch-icon-precomposed" sizes="144x144" href="/web/20190406085613im_/https://www.bna.com/assets/img/favicons/apple-touch-icon-144x144.png"/> <link rel="apple-touch-icon-precomposed" sizes="60x60" href="/web/20190406085613im_/https://www.bna.com/assets/img/favicons/apple-touch-icon-60x60.png"/> <link rel="apple-touch-icon-precomposed" sizes="120x120" href="/web/20190406085613im_/https://www.bna.com/assets/img/favicons/apple-touch-icon-120x120.png"/> <link rel="apple-touch-icon-precomposed" sizes="76x76" href="/web/20190406085613im_/https://www.bna.com/assets/img/favicons/apple-touch-icon-76x76.png"/> <link rel="icon" type="image/png" href="/web/20190406085613im_/https://www.bna.com/assets/img/favicons/favicon-270x270.png" sizes="270x270"/> <link rel="icon" type="image/png" href="/web/20190406085613im_/https://www.bna.com/assets/img/favicons/favicon-196x196.png" sizes="196x196"/> <link rel="icon" type="image/png" href="/web/20190406085613im_/https://www.bna.com/assets/img/favicons/favicon-96x96.png" sizes="96x96"/> <link rel="icon" type="image/png" href="/web/20190406085613im_/https://www.bna.com/assets/img/favicons/favicon-32x32.png" sizes="32x32"/> <link rel="icon" type="image/png" href="/web/20190406085613im_/https://www.bna.com/assets/img/favicons/favicon-16x16.png" sizes="16x16"/> <meta name="msapplication-TileColor" content="#FFFFFF"/> <meta name="msapplication-TileImage" content="/assets/img/favicons/mstile-144x144.png"/> <meta name="msapplication-square70x70logo" content="/assets/img/favicons/mstile-70x70.png"/> <meta name="msapplication-square150x150logo" content="/assets/img/favicons/mstile-150x150.png"/> <meta name="msapplication-wide310x150logo" content="/assets/img/favicons/mstile-310x150.png"/> <meta name="msapplication-square310x310logo" content="/assets/img/favicons/mstile-310x310.png"/> <link rel="prev"/> <link rel="next"/> <link rel="canonical" href="https://web.archive.org/web/20190406085613/https://www.bna.com/john-wiley-partial-n57982088994/"/> <title>John Wiley Partial Photo Copyright Win Affirmed On Appeal | Bloomberg Law</title> <meta name="description" content="Educational books publisher John Wiley & Sons Inc. won’t have to defend against some of the copyright infringement claims by brought DRK Photo, because DRK doesn’t have enough rights in the images to..."> <meta name="viewport" content="width=device-width, initial-scale=1"> <link rel="stylesheet" type="text/css" href="https://web.archive.org/web/20190406085613cs_/https://assets.bwbx.io/font-service/css/AvenirNextPForBBG:400,600/styled-font-face.css"> <link rel="stylesheet" type="text/css" href="https://web.archive.org/web/20190406085613cs_/https://www.bbthat.com/assets/v2.2.2/that.css"> <link rel="stylesheet" href="/web/20190406085613cs_/https://www.bna.com/assets/css/main.min.css?v=Mesa-33.2"> <!-- This JS object is being used by Adobe DTM --> <script language="javascript" type="text/javascript" defer> var omniture = new Object(); omniture.bnaReportSuiteId = 'bureaunacorpprod'; omniture.pageName = 'bna::John Wiley Partial Photo Copyright Win Affirmed On Appeal'; omniture.serverName = 'edsprdw-ekp611'; omniture.channel = 'bna'; omniture.pageType = ''; omniture.userId = ''; omniture.pageType = ''; omniture.contentPath = 'BNA V2/Legal/Knowledge Center/News/Intellectual Property/'; omniture.ep1 = 'https://web.archive.org/web/20190406085613/https://www.bna.com/john-wiley-partial-n57982088994/'; omniture.ep2 = ''; omniture.hier1 = 'bna~~John Wiley Partial Photo Copyright Win Affirmed On Appeal'; omniture.promoCode = ''; omniture.productId = ''; omniture.productType = ''; omniture.isAuthenticated = 'Anonymous'; omniture.smartForm = 'News'; omniture.unisonTrackingCode = ''; omniture.eloquaCid = ''; omniture.utmSource = ''; omniture.utmMedium = ''; omniture.utmCampaign = ''; omniture.sfCid = ''; omniture.postDate = '2018-02-20'; omniture.user = new Object(); omniture.user.cti = ''; omniture.user.district = ''; omniture.user.category = ''; </script> <!-- End SiteCatalyst code version: H.19.4. --> <script src="//web.archive.org/web/20190406085613js_/https://assets.adobedtm.com/7d0037c78b661f04e91c8d04a01540069a056d85/satelliteLib-7aa03ff671c48bdd3a909b9ed5fb15bbc3c2a0a5.js"></script> <script>(function (w, d, t, r, u) { var f, n, i; w[u] = w[u] || [], f = function () { var o = { ti: "26004970" }; o.q = w[u], w[u] = new UET(o), w[u].push("pageLoad") }, n = d.createElement(t), n.src = r, n.async = 1, n.onload = n.onreadystatechange = function () { var s = this.readyState; s && s !== "loaded" && s !== "complete" || (f(), n.onload = n.onreadystatechange = null) }, i = d.getElementsByTagName(t)[0], i.parentNode.insertBefore(n, i) })(window, document, "script", "//web.archive.org/web/20190406085613/https://bat.bing.com/bat.js", "uetq");</script> <link rel="amphtml" href="/web/20190406085613/https://www.bna.com/john-wiley-partial-n57982088994/?amp=true"> <meta name="fragment" content="!"> </head> <body class="default-layout"> <script>viewScripts = [];</script> <style>#bb-that a{text-decoration:none}#bb-that .bb-that__sitemap{overflow:hidden;position:relative}#bb-that .bb-that__sitemap{max-height:0;-webkit-transition:max-height 0.6s ease-in-out;-o-transition:max-height 0.6s ease-in-out;transition:max-height 0.6s ease-in-out}#bb-that{font-family:AvenirNextPForBBG,"Helvetica Neue",Helvetica,Arial,sans-serif;background:#000;position:relative}@media (max-width: 759px){#bb-that .bb-that{display:none}}#bb-that *{font-family:AvenirNextPForBBG,"Helvetica Neue",Helvetica,Arial,sans-serif !important}#bb-that .bb-that--container{margin:0 auto;padding:0 30px;box-sizing:content-box}@media (min-width: 1020px){#bb-that .bb-that--container{padding:0}}#bb-that .bb-that--container:before,#bb-that .bb-that--container:after{content:" ";display:table}#bb-that .bb-that--container:after{clear:both}@media (min-width: 760px){#bb-that .bb-that--container{width:680px}}@media (min-width: 1020px){#bb-that .bb-that--container{width:980px}}@media (min-width: 1280px){#bb-that .bb-that--container{width:1160px}}#bb-that .bb-that-header{font-weight:600;font-size:15px;line-height:30px;padding:15px}@media (min-width: 760px){#bb-that .bb-that-header{font-size:12px;height:30px;padding:0}}#bb-that .bb-that-header__link{position:relative;display:block;outline-offset:2px}@media (min-width: 760px){#bb-that .bb-that-header__link{display:inline-block;padding:0 12px}}#bb-that .bb-that-header__link,#bb-that .bb-that-header__link>span{color:#f3f4ef;font-family:inherit;font-size:inherit;line-height:inherit}@media (min-width: 760px){#bb-that .bb-that-header__link,#bb-that .bb-that-header__link>span{line-height:1;-webkit-font-smoothing:subpixel-antialiased;-moz-osx-font-smoothing:auto}}#bb-that .bb-that-header__link:first-child{padding-left:0}#bb-that .bb-that-header__link:after{font-size:9px;position:absolute}@media (min-width: 760px){#bb-that .bb-that-header__link+.bb-that-header__link{border-left:1px solid #b3b3b3}#bb-that .bb-that-header__link+.bb-that-header__link:after{top:-3px}}#bb-that .bb-that-header__link>span:first-of-type{display:inline}#bb-that .bb-that-header__link>span:first-of-type+span{display:none}@media (max-width: 1019px){#bb-that .bb-that-header__link>span:first-of-type{display:none}#bb-that .bb-that-header__link>span:first-of-type+span{display:inline}}#bb-that .bb-that-header--sitemap-trigger{padding:0 27px 0 12px}#bb-that .bb-that-header--sitemap-trigger:after{display:inline-block;content:url("data:image/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20viewBox%3D%270%200%2015%2015%27%3E%3Cpath%20d%3D%27M0,2.5l7.5,10l7.5-10H0z%27%20fill%3D%27%23fff%27%2F%3E%3C%2Fsvg%3E");height:9px;width:9px;line-height:initial;opacity:0.7;-webkit-transition:opacity 0.1s ease-out;-o-transition:opacity 0.1s ease-out;transition:opacity 0.1s ease-out}#bb-that .bb-that-header--sitemap-trigger:hover:after{opacity:1}#bb-that .bb-that-header--sitemap-trigger:after{height:9px;width:9px;-webkit-transform:rotate(0);-ms-transform:rotate(0);-o-transform:rotate(0);transform:rotate(0);-webkit-transition:transform 0.35s ease;-o-transition:transform 0.35s ease;transition:transform 0.35s ease}@media (min-width: 760px){#bb-that .bb-that-header--sitemap-trigger:after{right:12px;top:2px;line-height:1}}@media (min-width: 1020px){#bb-that .bb-that--open{border-bottom:1px solid #474747}}#bb-that .bb-that--open .bb-that-header--sitemap-trigger:after{-webkit-transform:rotate(180deg);-ms-transform:rotate(180deg);-o-transform:rotate(180deg);transform:rotate(180deg)} </style> <div id="bb-that" data-alert-service="https://www.bbthat.com/api/alerts?site=bna"> <nav class="bb-that"> <a href="#that-jump-content--default" class="bb-that__skip-to-content" aria-label="Skip to content" role="button" tabindex="0">Skip to content</a> <header class="bb-that-header bb-that--container"> <a class="bb-that-header__link bb-that-header--sitemap-trigger" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/company/?utm_source=bloomberg-menu&utm_medium=bna" role="button" aria-controls="bb-that--container" aria-expanded="false">Bloomberg the Company & Its Products</a><a class="bb-that-header__link" href="https://web.archive.org/web/20190406085613/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=bna"><span>Bloomberg Anywhere Remote Login</span><span>Bloomberg Anywhere Login</span></a><a class="bb-that-header__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/professional/contact-menu/?utm_source=bloomberg-menu&utm_medium=bna&bbgsum=DG-WS-PROF-DEMO-bbgmenu">Bloomberg Terminal Demo Request</a> </header> <div id="bb-that--container" class="bb-that__sitemap bb-that--container" tabindex="-1" role="dialog"> <ul class="bb-that__sitemap-sections bb-that--visible-md bb-that--visible-lg"> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h3 id="that-list--bloomberg--1" class="bb-that-category__title">Bloomberg</h3><div class="bb-that-category__content"><p class="bb-that-category__text">Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.</p></div></section> <section class="bb-that-category"> <h3 id="that-list--for_customers--2" class="bb-that-category__title" aria-hidden="true">For Customers</h3><ul class="bb-that-category__content" aria-labelledby="that-list--for_customers--2"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Anywhere Remote Login</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/professional/downloads/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Software Updates</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Manage Products and Account Information</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--support--3" class="bb-that-category__title">Support</h3><div class="bb-that-category__content"><p class="bb-that-category__text"><span>Americas</span>+1 212 318 2000</p><p class="bb-that-category__text"><span>EMEA</span>+44 20 7330 7500</p><p class="bb-that-category__text"><span>Asia Pacific</span>+65 6212 1000</p></div></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h3 id="that-list--company--4" class="bb-that-category__title" aria-hidden="true">Company</h3><ul class="bb-that-category__content" aria-labelledby="that-list--company--4"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/company/london/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg London</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/company/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">About</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/careers/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Careers</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/diversity-inclusion/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Diversity and Inclusion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/gei?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Gender-Equality Index</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/philanthropy/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Philanthropy and Engagement</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/impact/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Sustainability</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.techatbloomberg.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Tech</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/company/beta/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Beta</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--communications--5" class="bb-that-category__title" aria-hidden="true">Communications</h3><ul class="bb-that-category__content" aria-labelledby="that-list--communications--5"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Press Announcements</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Press Contacts</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--follow--6" class="bb-that-category__title" aria-hidden="true">Follow</h3><ul class="bb-that-category__content" aria-labelledby="that-list--follow--6"><li class="bb-that-category__item"><a href="https://web.archive.org/web/20190406085613/http://www.facebook.com/Bloomberglp" class="bb-that-category__social-link bb-that--icon-facebook" target="_blank" rel="noopener" tabindex="0">Facebook</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20190406085613/https://twitter.com/bloomberg" class="bb-that-category__social-link bb-that--icon-twitter" target="_blank" rel="noopener" tabindex="0">Twitter</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20190406085613/https://www.linkedin.com/company/2494" class="bb-that-category__social-link bb-that--icon-linkedin" target="_blank" rel="noopener" tabindex="0">LinkedIn</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20190406085613/https://www.instagram.com/bloomberg/" class="bb-that-category__social-link bb-that--icon-instagram" target="_blank" rel="noopener" tabindex="0">Instagram</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h3 id="that-list--products--7" class="bb-that-category__title" aria-hidden="true">Products</h3><ul class="bb-that-category__content" aria-labelledby="that-list--products--7"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/professional/solution/bloomberg-terminal/?utm_source=bloomberg-menu&utm_medium=bna&bbgsum=DG-WS-PROF-SOLU-TERMINAL-bbgmenu" tabindex="0">Bloomberg Terminal</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/professional/solution/execution-order-management/?utm_source=bloomberg-menu&utm_medium=bna&bbgsum=DG-WS-PROF-SOLU-EXORDMGMT-bbgmenu" tabindex="0">Execution and Order Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/professional/solution/data-and-content/?utm_source=bloomberg-menu&utm_medium=bna&bbgsum=DG-WS-PROF-SOLU-DATACONT-bbgmenu" tabindex="0">Data and Content</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/professional/solution/financial-data-management/?utm_source=bloomberg-menu&utm_medium=bna&bbgsum=DG-WS-PROF-SOLU-FINDATA-bbgmenu" tabindex="0">Financial Data Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/professional/solution/integration-and-distribution/?utm_source=bloomberg-menu&utm_medium=bna&bbgsum=DG-WS-PROF-SOLU-INTEGDIST-bbgmenu" tabindex="0">Integration and Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/professional/solution/tradebook/?utm_source=bloomberg-menu&utm_medium=bna&bbgsum=DG-WS-PROF-SOLU-TBOOK-bbgmenu" tabindex="0">Bloomberg Tradebook</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--industry_products--8" class="bb-that-category__title" aria-hidden="true">Industry Products</h3><ul class="bb-that-category__content" aria-labelledby="that-list--industry_products--8"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bna.com/bloomberglaw/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Law</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bna.com/tax?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Tax</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://about.bgov.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Government</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bna.com/ehs/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Environment</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://about.bnef.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg New Energy Finance</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h3 id="that-list--media--9" class="bb-that-category__title" aria-hidden="true">Media</h3><ul class="bb-that-category__content" aria-labelledby="that-list--media--9"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/markets/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Markets</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/technology/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Technology</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/pursuits/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Pursuits</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/politics/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Politics</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/opinion/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Opinion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/businessweek/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Businessweek</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberglive.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Live Conferences</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloombergapps.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Apps</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloombergradio.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Radio</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/live?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Television</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">News Bureaus</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--media_services--10" class="bb-that-category__title" aria-hidden="true">Media Services</h3><ul class="bb-that-category__content" aria-labelledby="that-list--media_services--10"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/distribution?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Media Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloombergmedia.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Advertising</a></li></ul></section> </li> </ul> <ul class="bb-that__sitemap-sections bb-that--visible-sm"> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--company--11" class="bb-that-category__title" aria-hidden="true">Company</h3><ul class="bb-that-category__content" aria-labelledby="that-list--company--11"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/company/london/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg London</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/company/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">About</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/careers/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Careers</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/diversity-inclusion/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Diversity and Inclusion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/gei?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Gender-Equality Index</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/philanthropy/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Philanthropy and Engagement</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/impact/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Sustainability</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.techatbloomberg.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Tech</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/company/beta/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Beta</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--communications--12" class="bb-that-category__title" aria-hidden="true">Communications</h3><ul class="bb-that-category__content" aria-labelledby="that-list--communications--12"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Press Announcements</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Press Contacts</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--follow--13" class="bb-that-category__title" aria-hidden="true">Follow</h3><ul class="bb-that-category__content" aria-labelledby="that-list--follow--13"><li class="bb-that-category__item"><a href="https://web.archive.org/web/20190406085613/http://www.facebook.com/Bloomberglp" class="bb-that-category__social-link bb-that--icon-facebook" target="_blank" rel="noopener" tabindex="0">Facebook</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20190406085613/https://twitter.com/bloomberg" class="bb-that-category__social-link bb-that--icon-twitter" target="_blank" rel="noopener" tabindex="0">Twitter</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20190406085613/https://www.linkedin.com/company/2494" class="bb-that-category__social-link bb-that--icon-linkedin" target="_blank" rel="noopener" tabindex="0">LinkedIn</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20190406085613/https://www.instagram.com/bloomberg/" class="bb-that-category__social-link bb-that--icon-instagram" target="_blank" rel="noopener" tabindex="0">Instagram</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--products--14" class="bb-that-category__title" aria-hidden="true">Products</h3><ul class="bb-that-category__content" aria-labelledby="that-list--products--14"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/professional/solution/bloomberg-terminal/?utm_source=bloomberg-menu&utm_medium=bna&bbgsum=DG-WS-PROF-SOLU-TERMINAL-bbgmenu" tabindex="0">Bloomberg Terminal</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/professional/solution/execution-order-management/?utm_source=bloomberg-menu&utm_medium=bna&bbgsum=DG-WS-PROF-SOLU-EXORDMGMT-bbgmenu" tabindex="0">Execution and<br/> Order Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/professional/solution/data-and-content/?utm_source=bloomberg-menu&utm_medium=bna&bbgsum=DG-WS-PROF-SOLU-DATACONT-bbgmenu" tabindex="0">Data and Content</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/professional/solution/financial-data-management/?utm_source=bloomberg-menu&utm_medium=bna&bbgsum=DG-WS-PROF-SOLU-FINDATA-bbgmenu" tabindex="0">Financial Data<br/> Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/professional/solution/integration-and-distribution/?utm_source=bloomberg-menu&utm_medium=bna&bbgsum=DG-WS-PROF-SOLU-INTEGDIST-bbgmenu" tabindex="0">Integration and<br/> Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/professional/solution/tradebook/?utm_source=bloomberg-menu&utm_medium=bna&bbgsum=DG-WS-PROF-SOLU-TBOOK-bbgmenu" tabindex="0">Bloomberg<br/> Tradebook</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--industry_products--15" class="bb-that-category__title" aria-hidden="true">Industry Products</h3><ul class="bb-that-category__content" aria-labelledby="that-list--industry_products--15"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bna.com/bloomberglaw/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Law</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bna.com/tax?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Tax</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://about.bgov.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Government</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bna.com/ehs/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Environment</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://about.bnef.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg New Energy Finance</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--media--16" class="bb-that-category__title" aria-hidden="true">Media</h3><ul class="bb-that-category__content" aria-labelledby="that-list--media--16"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/markets/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Markets</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/technology/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg<br/> Technology</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/pursuits/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Pursuits</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/politics/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Politics</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/opinion/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Opinion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloomberg.com/businessweek/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg<br/> Businessweek</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberglive.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Live Conferences</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloombergapps.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Apps</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://www.bloombergradio.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Radio</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/live?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Television</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">News Bureaus</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--media_services--17" class="bb-that-category__title" aria-hidden="true">Media Services</h3><ul class="bb-that-category__content" aria-labelledby="that-list--media_services--17"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/distribution?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Media Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloombergmedia.com/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Advertising</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--bloomberg--18" class="bb-that-category__title">Bloomberg</h3><div class="bb-that-category__content"><p class="bb-that-category__text">Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.</p></div></section> <section class="bb-that-category"> <h3 id="that-list--for_customers--19" class="bb-that-category__title" aria-hidden="true">For Customers</h3><ul class="bb-that-category__content" aria-labelledby="that-list--for_customers--19"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Bloomberg Anywhere Remote Login</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/professional/downloads/?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Software Updates</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20190406085613/http://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&utm_medium=bna" tabindex="0">Manage Contracts and Orders</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--support--20" class="bb-that-category__title">Support</h3><div class="bb-that-category__content"><p class="bb-that-category__text"><span>Americas</span>+1 212 318 2000</p><p class="bb-that-category__text"><span>EMEA</span>+44 20 7330 7500</p><p class="bb-that-category__text"><span>Asia Pacific</span>+65 6212 1000</p></div></section> </li> </ul> <div class="bb-that__close" aria-label="Close" role="button" tabindex="0"></div> </div> </nav> </div> <div id="that-jump-content--default" tabindex="-1"></div> <div id="cookies"> <div id="cookie-consent"> <div class="container"> <div class="text"> <p>This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.</p> </div> <div class="cookie-consent-buttons"> <a id="cookie-consent-button" style="clear: left" class="button blue">I CONSENT TO COOKIES</a> <a id="cookie-info-button" class="button black-border-btn">MORE INFORMATION</a> </div> </div> </div> <div id="cookie-info"> <div class="container"> <div class="text"> <p>A cookie is a piece of data stored by your browser or device that helps websites like this one recognize return visitors. We use cookies to give you the best experience on BNA.com. Some cookies are also necessary for the technical operation of our website. If you continue browsing, you agree to this site’s use of cookies.</p> <p>For even more information, see <a href="/web/20190406085613/https://www.bna.com/privacy-policy/#information-collection">Privacy Policy: Our Policies Regarding the Collection of Information</a></p> </div> </div> </div> </div> <script> var cookies = document.getElementById('cookies'); var cookieConsent = document.getElementById('cookie-consent'); var cookieInfo = document.getElementById('cookie-info'); var consentButton = document.getElementById('cookie-consent-button'); var moreButton = document.getElementById('cookie-info-button'); var moreInfoShowing = false; consentButton.addEventListener('click', function () { var xhr = new XMLHttpRequest(); xhr.open('POST', '/api/cookies/consent', true); xhr.send(null); cookies.style.display = 'none'; }); moreButton.addEventListener('click', function () { if (!moreInfoShowing) { moreInfoShowing = true; cookieInfo.classList.add('show'); moreButton.innerHTML = "LESS INFORMATION"; } else { moreInfoShowing = false; cookieInfo.classList.remove('show'); moreButton.innerHTML = "MORE INFORMATION"; } }); </script> <div class="layout"> <!-- MAIN CONTAINER --> <div class="container"> <!-- .mobile-nav-container --> <!-- MOBILE PUSH NAV --> <div id="v2-push-overlay-cover"></div> <div id="mobileNavContainer" class="sidr left" style="display: none;"> <div class="inner v2-push-overlay-nav kdeb"> <nav class="push-mobile-nav"> <!-- This style="margin-top:24px;" is only for the initial "new-header-section". all the others(inner navigations) don't need it. --> <div class="new-header-section" style="margin-top:24px;"> <a href="#" id="v2-push-overlay-menu-close" class="icon-close" title="Search"></a> <div id="mobile-search" class="search"> <form action="/web/20190406085613/https://www.bna.com/search/detail" method="GET"> <span class="icon-search"></span> <input type="text" placeholder="Search by keyword" name="q"> </form> </div> </div> <ul class="mobile-top-level-nav" id="nav_menu_mob_main"> <li class="main"><a id="mobile-navigation-home" href="/web/20190406085613/https://www.bna.com/">Home</a></li> <li class="main"> <a id="mobile-navigation-sign-in" href="#" onclick="login();"> <p>Sign In</p> <i class="icon-caret-right"></i> </a> </li> <li class="main"> <a id="mobile-navigation-legal" data-menu-link="bloomberg-law" href="#"> <p>Bloomberg Law</p> <i class="icon-caret-right"></i> </a> <ul class="mobile-secondary-nav" data-menu="bloomberg-law" id="nav_menu_mob_legal"> <li> <div class="back"> <a href="#" class="sub-menu-subtitle-text">< Back to All Content</a> </div> </li> <li> <a id="mobile-navigation-legal-areas-of-interest" data-menu-link="law_areas-of-interest"> <p>Areas of Interest</p> <i class="icon-caret-right"></i> </a> <ul class="mobile-tertiary-nav" data-menu="law_areas-of-interest" id="nav_menu_mob_legal_areas_of_interest"> <li> <div class="back-to-secondary" data-menu-link="bloomberg-law"> <a href="#" class="sub-menu-subtitle-text">< Back to Bloomberg Law</a> </div> </li> <li><a id="mobile-navigation-legal-all-areas-of-interest" href="/web/20190406085613/https://www.bna.com/bloomberglaw/">All Areas of Interest</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-antitrust" href="/web/20190406085613/https://www.bna.com/antitrust/">Antitrust</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-banking-and-finance" href="/web/20190406085613/https://www.bna.com/banking-finance/">Banking & Finance</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-bankruptcy" href="/web/20190406085613/https://www.bna.com/bankruptcy/">Bankruptcy</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-benefits-and-executive-compensation" href="/web/20190406085613/https://www.bna.com/benefits-compensation/">Benefits & Executive Compensation</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-business-intelligence-center" href="/web/20190406085613/https://www.bna.com/business-intelligence-center/">Business Intelligence Center</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-corporate" href="/web/20190406085613/https://www.bna.com/corporate/">Corporate</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-e-discovery" href="/web/20190406085613/https://www.bna.com/e-discovery/">E-Discovery</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-environmental-safety" href="/web/20190406085613/https://www.bna.com/environmental-safety/">Environmental & Safety</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-health-care" href="/web/20190406085613/https://www.bna.com/health-care/">Health Care</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-hr-payroll" href="/web/20190406085613/https://www.bna.com/human-resources/">HR</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-intellectual-property" href="/web/20190406085613/https://www.bna.com/intellectual-property/">Intellectual Property</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-labor-and-employment" href="/web/20190406085613/https://www.bna.com/labor-employment/">Labor & Employment</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-litigation" href="/web/20190406085613/https://www.bna.com/litigation/">Litigation</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-privacy-and-data-security" href="/web/20190406085613/https://www.bna.com/privacy-data-security/">Privacy & Data Security</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-securities-and-capital-markets" href="/web/20190406085613/https://www.bna.com/securities-capital-markets/">Securities & Capital Markets</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-tax" href="/web/20190406085613/https://www.bna.com/tax/">Tax</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-tech-and-telecom" href="/web/20190406085613/https://www.bna.com/tech-telecom/">Tech & Telecom</a></li> <li><a id="mobile-navigation-legal-areas-of-interest-transactional" href="/web/20190406085613/https://www.bna.com/transactional/">Transactional</a></li> <li><p class="copyright">Copyright © 2019 The Bureau of National Affairs, Inc. All Rights Reserved</p></li> </ul> </li> <li><a id="mobile-navigation-legal-insight_center" href="/web/20190406085613/https://www.bna.com/news/#!query=&topic=islegal">Insight Center</a></li> <li><a id="mobile-navigation-legal-insight-blb" target="_blank" href="https://web.archive.org/web/20190406085613/https://biglawbusiness.com/">Big Law Business</a></li> <li><a id="mobile-navigation-legal-our-experts" href="/web/20190406085613/https://www.bna.com/legal-authors/">Our Experts</a></li> <li><a id="mobile-navigation-legal-our-customers" href="/web/20190406085613/https://www.bna.com/ourcustomers/#!topic=islegal">Our Customers</a></li> <li> <a id="mobile-navigation-legal-products" data-menu-link="law_products"> <p>Products</p> <i class="icon-caret-right"></i> </a> <ul class="mobile-tertiary-nav" data-menu="law_products" id="nav_menu_mob_legal_products"> <li> <div class="back-to-secondary" data-menu-link="bloomberg-law"> <a href="#" class="sub-menu-subtitle-text">< Back to Bloomberg Law</a> </div> </li> <li><a id="mobile-navigation-legal-products-subscriptions" href="/web/20190406085613/https://www.bna.com/products/#!page=1&topic=legal">All Products</a></li> <li><a id="mobile-navigation-legal-products-subscriptions" href="/web/20190406085613/https://www.bna.com/products/#!topic=legal&type=subscription">Subscriptions</a></li> <li><a id="mobile-navigation-legal-products-books" href="/web/20190406085613/https://www.bna.com/books/#!topic=legal"> Books</a></li> <li><a id="mobile-navigation-legal-products-professional-learning" href="https://web.archive.org/web/20190406085613/https://learning.bloombergnext.com/catalog/category.xhtml?eid=1471"> Professional Learning</a></li> <li> <p class="copyright">Copyright © 2019 The Bureau of National Affairs, Inc. All Rights Reserved</p></li> </ul> </li> <li><p class="copyright">Copyright © 2019 The Bureau of National Affairs, Inc. All Rights Reserved</p></li> </ul> </li> <li class="main"> <a id="mobile-navigation-tax" data-menu-link="tax-and-accounting" href="#"> <p>Bloomberg Tax</p> <i class="icon-caret-right"></i> </a> <ul class="mobile-secondary-nav" data-menu="tax-and-accounting" id="nav_menu_mob_tax"> <li> <div class="back"> <a href="#" class="sub-menu-subtitle-text">< Back to All Content</a> </div> </li> <li> <a id="mobile-navigation-tax-areas-of-interest" data-menu-link="tax_areas-of-interest"> <p>Areas of Interest</p> <i class="icon-caret-right"></i> </a> <ul class="mobile-tertiary-nav" data-menu="tax_areas-of-interest" id="nav_menu_mob_tax_areas_of_interest"> <li> <div class="back-to-secondary" data-menu-link="tax-and-accounting"> <a href="#" class="sub-menu-subtitle-text">< Back to Bloomberg Tax</a> </div> </li> <li><a id="mobile-navigation-tax-all-areas-of-interest" href="/web/20190406085613/https://www.bna.com/tax/">All Areas of Interest</a></li> <li><a id="mobile-navigation-tax-practice-areas-federal-tax" href="/web/20190406085613/https://www.bna.com/federaltax/">Federal Tax</a></li> <li><a id="mobile-navigation-tax-practice-areas-state-tax" href="/web/20190406085613/https://www.bna.com/StateTax/">State Tax</a></li> <li><a id="mobile-navigation-tax-practice-areas-payroll" href="/web/20190406085613/https://www.bna.com/payroll/">Payroll</a></li> <li><a id="mobile-navigation-tax-practice-areas-international-taxes" href="/web/20190406085613/https://www.bna.com/internationaltax/">International Tax</a></li> <li><a id="mobile-navigation-tax-practice-areas-estate-planning" href="/web/20190406085613/https://www.bna.com/estate-gifts-trusts/">Estate, Gifts, and Trusts</a></li> <li><a id="mobile-navigation-tax-practice-areas-financial-accounting" href="/web/20190406085613/https://www.bna.com/financial-accounting/">Financial Accounting</a></li> <li><a id="mobile-navigation-tax-practice-areas-tax-tech-solutions" href="https://web.archive.org/web/20190406085613/https://www.bnasoftware.com/">Tax Technology Solutions</a></li> <li><a id="mobile-navigation-tax-practice-areas-tax-reform-watch" href="https://web.archive.org/web/20190406085613/https://www.bna.com/taxreform">Tax Reform Watch</a></li> <li><a id="mobile-navigation-tax-practice-areas-daily-tax-report" href="https://web.archive.org/web/20190406085613/https://www.bna.com/dailytax/">Daily Tax Report</a></li> <li><p class="copyright">Copyright © 2019 The Bureau of National Affairs, Inc. All Rights Reserved</p></li> </ul> </li> <li><a id="mobile-navigation-tax-insight_center" href="/web/20190406085613/https://www.bna.com/news/#!query=&topic=istax">Insight Center</a></li> <li><a id="mobile-navigation-tax-our-experts" href="/web/20190406085613/https://www.bna.com/tax-accounting-authors/">Our Experts</a></li> <li><a id="mobile-navigation-tax-our-customers" href="/web/20190406085613/https://www.bna.com/ourcustomers/#!topic=istax">Our Customers</a></li> <li> <a id="mobile-navigation-tax-products" data-menu-link="tax_products"> <p>Products</p> <i class="icon-caret-right"></i> </a> <ul class="mobile-tertiary-nav" data-menu="tax_products" id="nav_menu_mob_tax_products"> <li> <div class="back-to-secondary" data-menu-link="tax-and-accounting"> <a href="#" class="sub-menu-subtitle-text">< Back to Bloomberg Tax</a> </div> </li> <li><a id="mobile-navigation-tax-all-products" href="/web/20190406085613/https://www.bna.com/products/#!topic=tax">All Products</a></li> <li><a id="mobile-navigation-tax-products-subscriptions" href="/web/20190406085613/https://www.bna.com/products/#!topic=tax&type=subscription">Subscriptions</a></li> <li><a id="mobile-navigation-tax-products-portfolios" href="/web/20190406085613/https://www.bna.com/products/#!topic=tax&type=portfolio">Portfolios</a></li> <li><a id="mobile-navigation-tax-products-bna-software" href="https://web.archive.org/web/20190406085613/https://www.bnasoftware.com/">Bloomberg Tax Technology</a></li> <li><a id="mobile-navigation-tax-products-books" href="/web/20190406085613/https://www.bna.com/books#!page=1&topic=tax">Books</a></li> <li><a id="mobile-navigation-tax-products-professional-learning" href="https://web.archive.org/web/20190406085613/https://learning.bloombergnext.com/catalog/category.xhtml?eid=1472"> Professional Learning</a></li> <li> <p class="copyright">Copyright © 2019 The Bureau of National Affairs, Inc. All Rights Reserved</p></li> </ul> </li> <li><p class="copyright">Copyright © 2019 The Bureau of National Affairs, Inc. All Rights Reserved</p></li> </ul> </li> <li class="main"> <a id="mobile-navigation-gov" data-menu-link="government" href="#"> <p>Bloomberg Government</p> <i class="icon-caret-right"></i> </a> <ul class="mobile-secondary-nav" data-menu="government" id="nav_menu_mob_gov"> <li> <div class="back"> <a href="#" class="sub-menu-subtitle-text">< Back to All Content</a> </div> </li> <li> <a id="mobile-navigation-gov-areas-of-interest" data-menu-link="govt_areas-of-interest"> <p>Areas of Interest</p> <i class="icon-caret-right"></i> </a> <ul class="mobile-tertiary-nav" data-menu="govt_areas-of-interest" id="nav_menu_mob_govt_areas_of_interest"> <li> <div class="back-to-secondary" data-menu-link="government"> <a href="#" class="sub-menu-subtitle-text">< Back to Government</a> </div> </li> <li><a id="mobile-navigation-govt-all-areas-of-interest" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/">All Areas of Interest</a></li> <li><a id="mobile-navigation-govt-congressional-staffers" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/congressional-staffers/">Congressional Staffers</a></li> <li><a id="mobile-navigation-govt-federal-agencies" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/federal-agencies/">Federal Agencies</a></li> <li><a id="mobile-navigation-govt-govt-affairs" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/government-affairs/">Government Affairs</a></li> <li><a id="mobile-navigation-govt-govt-contracting" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/government-contracting/">Government Contracting</a></li> <li><p class="copyright">Copyright © 2019 The Bureau of National Affairs, Inc. All Rights Reserved</p></li> </ul> </li> <li><a id="mobile-navigation-gov-insight-center" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/blog/" target="_blank">Insight Center</a></li> <li> <a id="mobile-navigation-gov-products" data-menu-link="govt_products"> <p>Products</p> <i class="icon-caret-right"></i> </a> <ul class="mobile-tertiary-nav" data-menu="govt_products" id="nav_menu_mob_govt_products"> <li> <div class="back-to-secondary" data-menu-link="government"> <a href="#" class="sub-menu-subtitle-text">< Back to Bloomberg Government</a> </div> </li> <li><a id="mobile-navigation-govt-bloomberg-govt" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/">Bloomberg Government</a></li> </ul> </li> <li><p class="copyright">Copyright © 2019 The Bureau of National Affairs, Inc. All Rights Reserved</p></li> </ul> </li> <li class="main"> <a id="mobile-navigation-ehs" href="https://web.archive.org/web/20190406085613/https://pro.bloombergenvironment.com/" target="_blank">Bloomberg Environment</a> </li> <li> <a id="mobile-navigation-marketing-services" href="/web/20190406085613/https://www.bna.com/upcoming-events/">Events</a> </li> <li class="main"> <a id="mobile-navigation-our-products" data-menu-link="our-products" href="#"> <p>Our Products</p> <i class="icon-caret-right"></i> </a> <ul class="mobile-secondary-nav" data-menu="our-products" id="nav_menu_mob_op"> <li> <div class="back"> <a href="#" class="sub-menu-subtitle-text">< Back to All Content</a> </div> </li> <li><a id="mobile-navigation-our-products-subscriptions" href="/web/20190406085613/https://www.bna.com/products/#!page=1&type=subscription">Subscriptions</a></li> <li><a id="mobile-navigation-our-products-books" href="/web/20190406085613/https://www.bna.com/books#!page=1">Books</a></li> <li><a id="mobile-navigation-our-products-portfolios" href="/web/20190406085613/https://www.bna.com/products/#!page=1&type=portfolio">Portfolios</a></li> <li> <a id="mobile-navigation-our-products-professional-learning" data-menu-link="our-products-events"> <p>Events</p> <i class="icon-caret-right"></i> </a> <ul class="mobile-tertiary-nav" data-menu="our-products-events" id="nav_menu_mob_our-products-events"> <li> <div class="back-to-secondary" data-menu-link="our-products"> <a href="#" class="sub-menu-subtitle-text">< Back to Our Products</a> </div> </li> <li><a id="navigation-all-products-books-webinars" href="https://web.archive.org/web/20190406085613/https://learning.bloombergnext.com/catalog/main.xhtml">Webinars</a></li> <li><a id="navigation-all-products-books-live-events" href="https://web.archive.org/web/20190406085613/https://www.bna.com/bnaliveevents/">Live Events</a></li> </ul> </li> <li><p class="copyright">Copyright © 2019 The Bureau of National Affairs, Inc. All Rights Reserved</p></li> </ul> </li> <li> <a id="mobile-navigation-about-us" href="/web/20190406085613/https://www.bna.com/about-us/">About Us</a> </li> <li><a id="mobile-navigation-contact-us" href="/web/20190406085613/https://www.bna.com/contact-us/">Contact Us</a></li> <li><a id="mobile-navigation-about-bloomberg" href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/company/">About Bloomberg</a></li> <li><p class="copyright">Copyright © 2019 The Bureau of National Affairs, Inc. All Rights Reserved</p></li> </ul> </nav><!-- / .mobile-nav --> </div> </div> <!-- / #push-nav-right --> <!-- mobile logo and nav buttons --> <div class="mobile-nav v2-mobile-nav"> <div class="mobile-nav-row"> <div id="mobile-home-menu" class="logo"> <div class="navicon-button"> <div class="center-header-mobile"> <a href="#" title="Menu"> <i class="icon-menu"></i> </a> </div> </div> </div> <ul id="tablet_nav_menu"> <li class="navigation-main-titles" id="tablet_nav_menu_law"> <a href="/web/20190406085613/https://www.bna.com/bloomberglaw/" class="bLaw-menu-tablet">Bloomberg Law</a> </li> <li class="navigation-main-titles" id="tablet_nav_menu_tax"> <a href="/web/20190406085613/https://www.bna.com/tax/" class="bTax-menu-tablet">Bloomberg Tax</a> </li> <li class="navigation-main-titles" id="tablet_nav_menu_govt"> <a href="https://web.archive.org/web/20190406085613/https://about.bgov.com/" class="bGovernment-menu-tablet">Bloomberg Government</a> </li> </ul> <div class="mobile-nav-buttons"> <nav> <ul> <li id="mobile-search-button" class="search-button"> <a href="#" class="icon-header-search" title="Search"></a> </li> <li id="mobile-home-button" class="home-button"> <a href="/web/20190406085613/https://www.bna.com/" class="icon-home" title="Home"></a> </li> <li id="mobile-phone-button" class="phone-icon"> <a href="/web/20190406085613/https://www.bna.com/contact-us/" class="icon-phone_icon" title="Phone"></a> </li> <li id="mobile-cart-button" class="cart-button"> <a href="/web/20190406085613/https://www.bna.com/ShoppingCart/ShowCart?ru=https%253A%252F%252Fwww.bna.com%252Fjohn-wiley-partial-n57982088994%252F" class="icon-shopping_cart" title="Cart" onclick="Dialogs.Wait.Show();"></a> </li> <a href="#" id="mobile-signin-button" class="button tooltip-bottom" onclick="login();" data-tooltip="Sign in to access your products, purchases, or BNA.com account.">SIGN IN</a> </ul> </nav> </div> </div> <!-- / <div class="login-row"> <p class="sign-in"> <a href="#" class="login-button">SIGN IN TO YOUR SUBSCRIPTIONS/ACCOUNT </a> </p> <p class="close"> <a href="#" class="login-button">CLOSE X</a> </p> </div>--> <div class="login-container" style="display: none;"> <div class="inner"> <div class="login-form"> <form action="//web.archive.org/web/20190406085613/https://www.bna.com/Authentication/LoginBanners?context=News&callback=?" id="login-banner-mobile-form" method="post"> <div class="label"> <label>SIGN IN TO YOUR SUBSCRIPTIONS/ACCOUNT</label> </div> <div class="login-banner-error" style="font-size: 1.1rem; color:#ff3500;"></div> <div class="user-container"> <input class="text-box single-line" id="Username" name="Username" placeholder="Email or Username" type="text" value=""/> </div> <div class="password-container"> <input class="text-box single-line" id="Password" name="Password" placeholder="Password" type="password" value=""/> <br/> </div> <div class="submit-container"> <button type="submit" value="SIGN IN">Sign In</button> </div> </form> </div> <div class="links"> <p> <a href="https://web.archive.org/web/20190406085613/https://profile.bna.com/profile/forgotpw">Forgot your username or password?</a> </p> <!--<p>Don’t have an account? <a href="#">Register</a></p>--> </div> </div> </div> </div> <!-- / .mobile-nav --> <!-- / .mobile-nav-container --> <!-- desktop nav --> <header class="v2-nav kdeb desktop-nav"> <div class="nav-container"> <nav class="desktop-main-nav"> <div class="right-menu-tray"> <div class="right"> <div class="desktop-search-container"> <form action="/web/20190406085613/https://www.bna.com/search/detail" method="GET"> <input type="search" placeholder="Search for keywords..." name="q" class="desktop-search"> <button type="submit" class="icon-search"></button> <div class="search-wrapper"> <div class="search-dropdown"> <div class="selected"><span>All</span></div> <div class="options"> <ul> <li>All</li> <li data-key="f_Legal" data-value="Legal">Legal</li> <li data-key="f_Tax_&_Accounting" data-value="Tax & Accounting">Tax & Accounting</li> <li data-key="f_EHS" data-value="EHS">EHS</li> <li data-key="f_HR" data-value="HR">HR & Payroll</li> </ul> </div> </div> </div> </form> </div> <a class="nav-icons" id="navigation-search"><span class="icon-header-search"></span></a> <a class="nav-icons" id="navigation-home" href="/web/20190406085613/https://www.bna.com/"><span class="icon-home"></span></a> <a class="nav-icons" id="navigation-phone" href="/web/20190406085613/https://www.bna.com/contact-us/"><span class="icon-phone_icon"></span></a> <a class="nav-icons" id="navigation-cart" href="/web/20190406085613/https://www.bna.com/ShoppingCart/ShowCart?ru=https%253A%252F%252Fwww.bna.com%252Fjohn-wiley-partial-n57982088994%252F" title="Cart" onclick="Dialogs.Wait.Show();"><span class="icon-shopping_cart"></span></a> <a id="desktop-navigation-login" class="button tooltip-bottom" onclick="login();" data-tooltip="Sign in to access your products, purchases, or BNA.com account.">SIGN IN </a> </div> </div> <ul id="nav_menu"> <!-- V2 Legal Main Nav --> <li class="navigation-main-titles" id="nav_menu_legal"> <a href="/web/20190406085613/https://www.bna.com/bloomberglaw/"> <span class="main_logo_text">Bloomberg<br/>Law</span> </a> <!-- V2 Legal Subnav Section --> <div class="v2-subnav"> <div class="desktop-sub-nav hovermenu"> <div class="leftside"> <div class="category-row"> <ul> <li class="active" cat-type="legal" id="nav_menu_legal_practiceareas" sub-container="nav_menu_legal_practiceareascontainer"> <a id="navigation-legal-areas-of-interest">Areas of Interest</a> </li> <li cat-type="legal" id="nav_menu_legal_products" sub-container="nav_menu_legal_productscontainer"> <a id="navigation-legal-products" href="/web/20190406085613/https://www.bna.com/products/#!topic=legal">Products</a> </li> <li cat-type="legal" id="nav_menu_legal_insight_center" sub-container="nav_menu_legal_insight_centercontainer"> <a id="navigation-legal-insight-center" href="/web/20190406085613/https://www.bna.com/news/#!topic=legal">Insight Center</a> </li> <!--Clicking on Our Experts subnav should direct you to the first item in the sub sub nav--> <li cat-type="legal" id="nav_menu_legal_experts" sub-container="nav_menu_legal_expertscontainer"> <a id="navigation-legal-our-experts" href="/web/20190406085613/https://www.bna.com/legal-authors/">Our Experts</a> </li> <li cat-type="legal" id="nav_menu_legal_customer" sub-container="nav_menu_legal_customercontainer"> <a id="navigation-legal-our-customers" href="/web/20190406085613/https://www.bna.com/ourcustomers/#!topic=legal">Our Customers</a> </li> </ul> </div> <!-- V2 Legal Subnav - Practice Areas --> <div class="nav-menu-list-items-container" id="nav_menu_legal_practiceareascontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-legal-areas-of-interest-antitrust" href="/web/20190406085613/https://www.bna.com/antitrust/">Antitrust</a></li> <li><a id="navigation-legal-areas-of-interest-banking-and-finance" href="/web/20190406085613/https://www.bna.com/banking-finance/">Banking & Finance</a></li> <li><a id="navigation-legal-areas-of-interest-bankruptcy" href="/web/20190406085613/https://www.bna.com/bankruptcy/">Bankruptcy</a></li> <li><a id="navigation-legal-areas-of-interest-benefits-and-executive-compensation" href="/web/20190406085613/https://www.bna.com/benefits-compensation/">Benefits & Executive Compensation</a></li> <li><a id="navigation-legal-areas-of-interest-business-intelligence-center" href="/web/20190406085613/https://www.bna.com/business-intelligence-center/">Business Intelligence Center</a></li> <li><a id="navigation-legal-areas-of-interest-corporate" href="/web/20190406085613/https://www.bna.com/corporate/">Corporate</a></li> </ul> </div> <div class="list-items-column"> <ul> <li><a id="navigation-legal-areas-of-interest-e-discovery" href="/web/20190406085613/https://www.bna.com/e-discovery/">E-Discovery</a></li> <li><a id="navigation-legal-areas-of-interest-environmental-safety" href="/web/20190406085613/https://www.bna.com/environmental-safety/">Environmental & Safety</a></li> <li><a id="navigation-legal-areas-of-interest-health-care" href="/web/20190406085613/https://www.bna.com/health-care/">Health Care</a></li> <li><a id="navigation-legal-areas-of-interest-hr-payroll" href="/web/20190406085613/https://www.bna.com/human-resources/">HR</a></li> <li><a id="navigation-legal-areas-of-interest-intellectual-property" href="/web/20190406085613/https://www.bna.com/intellectual-property/">Intellectual Property</a></li> <li><a id="navigation-legal-areas-of-interest-labor-and-employment" href="/web/20190406085613/https://www.bna.com/labor-employment/">Labor & Employment</a></li> </ul> </div> <div class="list-items-column"> <ul> <li><a id="navigation-legal-areas-of-interest-litigation" href="/web/20190406085613/https://www.bna.com/litigation/">Litigation</a></li> <li><a id="navigation-legal-areas-of-interest-privacy-and-data-security" href="/web/20190406085613/https://www.bna.com/privacy-data-security/">Privacy & Data Security</a></li> <li><a id="navigation-legal-areas-of-interest-securities-and-capital-markets" href="/web/20190406085613/https://www.bna.com/securities-capital-markets/">Securities & Capital Markets</a></li> <li><a id="navigation-legal-areas-of-interest-tax" href="/web/20190406085613/https://www.bna.com/tax/">Tax</a></li> <li><a id="navigation-legal-areas-of-interest-tech-and-telecom" href="/web/20190406085613/https://www.bna.com/tech-telecom/">Tech & Telecom</a></li> <li><a id="navigation-legal-areas-of-interest-transactional" href="/web/20190406085613/https://www.bna.com/transactional/">Transactional</a></li> </ul> </div> </div> <!-- V2 Legal Subnav - Products --> <div class="nav-menu-list-items-container" id="nav_menu_legal_productscontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-legal-products-subscriptions" href="/web/20190406085613/https://www.bna.com/products/#!topic=legal&type=subscription"> Subscriptions</a></li> <li><a id="navigation-legal-products-books" href="/web/20190406085613/https://www.bna.com/books/#!topic=legal"> Books</a></li> <li><a id="navigation-legal-products-professional-learning" href="https://web.archive.org/web/20190406085613/https://learning.bloombergnext.com/catalog/category.xhtml?eid=1471"> Professional Learning</a></li> </ul> </div> </div> <!-- V2 Legal Subnav - Insight Centers --> <div class="nav-menu-list-items-container" id="nav_menu_legal_insight_centercontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-legal-insight-blb" target="_blank" href="https://web.archive.org/web/20190406085613/https://biglawbusiness.com/">Big Law Business</a></li> <li><a id="navigation-legal-insight-blogs" href="/web/20190406085613/https://www.bna.com/news/#!topic=legal&type=blogpost&page=1">Blogs</a></li> <li><a id="navigation-legal-insight-news" href="/web/20190406085613/https://www.bna.com/news/#!topic=legal&type=news&type=insight&page=1">News & Insights</a></li> <li><a id="navigation-legal-insight-podcasts" href="/web/20190406085613/https://www.bna.com/news/#!topic=legal&type=podcast&page=1">Podcasts</a></li> <li><a id="navigation-legal-insight-videos" href="/web/20190406085613/https://www.bna.com/news/#!topic=legal&type=video&page=1">Videos</a></li> <li><a id="navigation-legal-insight-white-papers" href="/web/20190406085613/https://www.bna.com/news/#!topic=legal&type=whitepaper&page=1">White Papers</a></li> </ul> </div> </div> <!-- V2 Legal Subnav - Our Experts --> <div class="nav-menu-list-items-container" id="nav_menu_legal_expertscontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-legal-experts-authors" href="/web/20190406085613/https://www.bna.com/legal-authors/">Authors</a></li> <li><a id="navigation-legal-experts-editors-and-reporters" href="/web/20190406085613/https://www.bna.com/editors-reporters/?category=17179870400">Editors & Reporters</a></li> <li><a id="navigation-legal-experts-innovation-board-members" href="/web/20190406085613/https://www.bna.com/bloomberg-law-innovation-boards/">Innovation Board Members</a></li> </ul> </div> </div> <!-- V2 Legal Subnav - Our Customers --> <div class="nav-menu-list-items-container" id="nav_menu_legal_customercontainer"> <div class="list-items-column"> <ul></ul> </div> </div> </div> <div class="rightside"> <div class="icon-column"> <i class="icon-blaw"></i> </div> <div class="content-column"> <h4>Bloomberg Law</h4> <p>An integrated legal research and business intelligence solution, combining trusted news and analysis with cutting-edge technology to provide legal professionals with tools to be proactive advisers.</p> <a href="/web/20190406085613/https://www.bna.com/bloomberglaw/" id="nav-menu-legal-learn-more">Learn more</a> </div> </div> </div> </div> </li> <!-- V2 Tax Main Nav --> <li class="navigation-main-titles" id="nav_menu_tax"> <a href="/web/20190406085613/https://www.bna.com/tax/"> <span class="main_logo_text">Bloomberg<br/>Tax</span> </a> <!-- V2 Tax Subnav Section --> <div class="v2-subnav"> <div class="desktop-sub-nav hovermenu"> <div class="leftside"> <div class="category-row"> <ul> <li class="active" cat-type="tax" id="nav_menu_tax_practiceareas" sub-container="nav_menu_tax_practiceareascontainer"> <a id="navigation-tax-areas-of-interest">Areas of Interest</a> </li> <li cat-type="tax" id="nav_menu_tax_products" sub-container="nav_menu_tax_productscontainer"> <a id="navigation-tax-products" href="/web/20190406085613/https://www.bna.com/products/#!topic=tax">Products</a> </li> <li cat-type="tax" id="nav_menu_tax_insight" sub-container="nav_menu_tax_insight_centercontainer"> <a id="navigation-tax-insight-center" href="/web/20190406085613/https://www.bna.com/news/#!topic=tax">Insight Center</a> </li> <!--Clicking on Our Experts subnav should direct you to the first item in the sub sub nav--> <li cat-type="tax" id="nav_menu_tax_experts" sub-container="nav_menu_tax_expertscontainer"> <a id="navigation-tax-our-experts" href="/web/20190406085613/https://www.bna.com/tax-accounting-authors/">Our Experts</a> </li> <li cat-type="tax" id="nav_menu_tax_customers" sub-container="nav_menu_tax_ourcustomers"> <a id="navigation-tax-our-customers" href="/web/20190406085613/https://www.bna.com/ourcustomers/#!topic=tax">Our Customers</a> </li> </ul> </div> <!-- V2 Tax Subnav - Practice Areas --> <div class="nav-menu-list-items-container" id="nav_menu_tax_practiceareascontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-tax-practice-areas-estate-planning" href="/web/20190406085613/https://www.bna.com/estate-gifts-trusts/">Estate Planning</a></li> <li><a id="navigation-tax-practice-areas-federal-tax" href="/web/20190406085613/https://www.bna.com/federaltax/">Federal Tax</a></li> <li><a id="navigation-tax-practice-areas-financial-accounting" href="/web/20190406085613/https://www.bna.com/financial-accounting/">Financial Accounting</a></li> <li><a id="navigation-tax-practice-areas-international-taxes" href="/web/20190406085613/https://www.bna.com/internationaltax/">International Tax</a></li> <li><a id="navigation-tax-practice-areas-payroll" href="/web/20190406085613/https://www.bna.com/payroll/">Payroll</a></li> <li><a id="navigation-tax-practice-areas-state-tax" href="/web/20190406085613/https://www.bna.com/StateTax/">State Tax</a></li> </ul> </div> </div> <!-- V2 Tax Subnav - Products --> <div class="nav-menu-list-items-container" id="nav_menu_tax_productscontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-tax-products-subscriptions" href="/web/20190406085613/https://www.bna.com/products/#!topic=tax&type=subscription">Subscriptions</a></li> <li><a id="navigation-tax-products-portfolios" href="/web/20190406085613/https://www.bna.com/products/#!topic=tax&type=portfolio">Portfolios</a></li> <li><a id="navigation-tax-products-software" target="_blank" href="https://web.archive.org/web/20190406085613/https://www.bnasoftware.com/">Bloomberg Tax Technology</a></li> <li><a id="navigation-tax-products-books" href="/web/20190406085613/https://www.bna.com/books#!query=&startswith=&topic=tax&count=39/">Books</a></li> <li><a id="navigation-tax-products-professional-learning" href="https://web.archive.org/web/20190406085613/https://learning.bloombergnext.com/catalog/category.xhtml?eid=1472">Professional Learning</a></li> </ul> </div> </div> <!-- V2 Tax Subnav - Insight Centers --> <div class="nav-menu-list-items-container" id="nav_menu_tax_insight_centercontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-tax-insights-blogs" href="/web/20190406085613/https://www.bna.com/news/#!topic=tax&type=blogpost&page=1">Blogs</a></li> <li><a id="navigation-tax-insights-irc" href="https://web.archive.org/web/20190406085613/https://irc.bloombergtax.com/" target="_blank">Internal Revenue Code</a></li> <li><a id="navigation-tax-insights-news" href="/web/20190406085613/https://www.bna.com/news/#!topic=tax&type=news&type=insight&page=1">News & Insights</a></li> <li><a id="navigation-tax-insights-podcasts" href="/web/20190406085613/https://www.bna.com/news/#!topic=tax&type=podcast&page=1">Podcasts</a></li> <li><a id="navigation-tax-insights-videos" href="/web/20190406085613/https://www.bna.com/news/#!topic=tax&type=video&page=1">Videos</a></li> <li><a id="navigation-tax-insights-white-papers" href="/web/20190406085613/https://www.bna.com/news/#!topic=tax&type=whitepaper&page=1">White Papers</a></li> </ul> </div> </div> <!-- V2 Tax Subnav - Our Experts --> <div class="nav-menu-list-items-container" id="nav_menu_tax_expertscontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-tax-experts-advisory-board-members" href="/web/20190406085613/https://www.bna.com/advisory-board-meetings-e8589935158/">Advisory Board Members</a></li> <li><a id="navigation-tax-experts-contributing-authors" href="/web/20190406085613/https://www.bna.com/contributing-authors-m73014474790/?category=17179870734">Contributing Authors</a></li> <li><a id="navigation-tax-experts-editors-and-reporters" href="/web/20190406085613/https://www.bna.com/editors-reporters/?category=17179870734">Editors & Reporters</a></li> <li><a id="navigation-tax-experts-authors" href="/web/20190406085613/https://www.bna.com/tax-accounting-authors/">Portfolio Authors</a></li> </ul> </div> </div> <!-- V2 Tax Subnav - Our Customers --> <div class="nav-menu-list-items-container" id="nav_menu_tax_ourcustomers"> <div class="list-items-column"> <ul></ul> </div> </div> </div> <div class="rightside"> <div class="icon-column"> <i class="icon-tax_mega_menu"></i> </div> <div class="content-column"> <h4>Bloomberg Tax</h4> <p>Built on the foundation of our renowned <i>Tax Management Portfolios™</i>, <i>Bloomberg Tax</i> provides in-depth analysis from leading practitioner-experts, timesaving practice tools, news, commentary, and primary sources. </p> <a href="/web/20190406085613/https://www.bna.com/taxandaccounting/" id="nav-menu-tax-learn-more">Learn more</a> </div> </div> </div> </div> </li> <li class="navigation-main-titles" id="nav_menu_gov"> <a target="_blank" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/"> <span class="main_logo_text">Bloomberg<br/>Government</span> </a> <!-- V2 Gov Subnav Section --> <div class="v2-subnav"> <div class="desktop-sub-nav hovermenu"> <div class="leftside"> <div class="category-row"> <ul> <li class="active" cat-type="gov" id="nav_menu_gov_practiceareas" sub-container="nav_menu_gov_practiceareascontainer"> <a id="navigation-gov-areas-of-interest">Areas of Interest</a> </li> <li cat-type="gov" id="nav_menu_gov_products" sub-container="nav_menu_gov_productscontainer"> <a id="navigation-gov-products">Products</a> </li> <li cat-type="gov" id="nav_menu_gov_insight_center" sub-container="nav_menu_gov_insight_centercontainer"> <a id="navigation-gov-insight-center">Insight Center</a> </li> </ul> </div> <!-- V2 Gov Subnav - Practice Areas --> <div class="nav-menu-list-items-container" id="nav_menu_gov_practiceareascontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-gov-areas-of-interest-congressional-staffers" target="_blank" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/congressional-staffers/">Congressional Staffers</a></li> <li><a id="navigation-gov-areas-of-interest-federal-agencies" target="_blank" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/federal-agencies/">Federal Agencies</a></li> <li><a id="navigation-gov-areas-of-interest-government-agencies" target="_blank" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/government-affairs/">Government Affairs</a></li> <li><a id="navigation-gov-areas-of-interest-government-contracting" target="_blank" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/government-contracting/">Government Contracting</a></li> </ul> </div> </div> <!-- V2 Gov Subnav - Products --> <div class="nav-menu-list-items-container" id="nav_menu_gov_productscontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-gov-products-gov" target="_blank" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/">Bloomberg Government</a></li> </ul> </div> </div> <!-- V2 Gov Subnav - Insight Centers --> <div class="nav-menu-list-items-container" id="nav_menu_gov_insight_centercontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-gov-experts-blog" target="_blank" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/blog/">Blog</a></li> <li><a id="navigation-gov-experts-government-contracting-bgov200" target="_blank" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/bgov200/">Government Contracting: BGOV200</a></li> <li><a id="navigation-gov-experts-reports" target="_blank" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/resources/">Reports</a></li> </ul> </div> </div> </div> <div class="rightside"> <div class="icon-column"> <i class="icon-govt"></i> </div> <div class="content-column"> <h4>Bloomberg Government</h4> <p>The most comprehensive source of information and analytics for government affairs and contracting professionals. BGOV solutions deliver the complete picture on legislation and government contracting. </p> <a href="https://web.archive.org/web/20190406085613/https://about.bgov.com/" id="nav-menu-gov-learn-more">Learn more</a> </div> </div> </div> </div> <!-- V2 Gov Subnav Section --> </li> <li class="navigation-main-titles" id="nav_menu_ehs"> <a href="https://web.archive.org/web/20190406085613/https://pro.bloombergenvironment.com/" target="_blank"> <span class="main_logo_text">Bloomberg<br/>Environment</span> </a> </li> <li class="navigation-main-titles" id="nav_menu_all_products"> <a href="/web/20190406085613/https://www.bna.com/products/">Our Products</a> <!-- V2 Our Products Subnav Section --> <div class="v2-subnav"> <div class="desktop-sub-nav hovermenu"> <div class="leftside"> <div class="category-row"> <ul> <li class="active" cat-type="all_products" id="nav_menu_all_products_subscriptions" sub-container="nav_menu_all_products_subscriptionscontainer"> <a id="navigation-all_products-subscriptions" href="/web/20190406085613/https://www.bna.com/products/#!page=1&type=subscription">Subscriptions</a> </li> <li cat-type="all_products" id="nav_menu_all_products_books" sub-container="nav_menu_all_products_bookscontainer"> <a id="navigation-all_products-books" href="/web/20190406085613/https://www.bna.com/books/#!page=1&topic=all_products">Books</a> </li> <li cat-type="all_products" id="nav_menu_all_products_portfolios" sub-container="nav_menu_all_products_portfolioscontainer"> <a id="navigation-all_products-portfolios" href="/web/20190406085613/https://www.bna.com/products/#!page=1&topic=tax&type=portfolio">Portfolios</a> </li> <li cat-type="all_products" id="nav_menu_all_products_professional_learning" sub-container="nav_menu_all_products_professional_learningcontainer"> <a id="navigation-all_products-professional_learning" href="/web/20190406085613/https://www.bna.com/professional-learning/">Events</a> </li> </ul> </div> <!-- V2 all_products Subnav - Subscriptions --> <div class="nav-menu-list-items-container" id="nav_menu_all_products_subscriptionscontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-all-products-bloomberg-law" href="/web/20190406085613/https://www.bna.com/bloomberglaw/">Bloomberg Law</a></li> <li><a id="navigation-all-products-bloomberg-bna-tax-accounting" href="/web/20190406085613/https://www.bna.com/tax/">Bloomberg Tax</a></li> <li><a id="navigation-all-products-bloomberg-government" href="https://web.archive.org/web/20190406085613/https://about.bgov.com/" target="_blank">Bloomberg Government</a></li> <li><a id="navigation-all-products-bloomberg-ehs" href="https://web.archive.org/web/20190406085613/https://pro.bloombergenvironment.com/" target="_blank">Bloomberg Environment</a></li> <li><a id="navigation-all-products-bloomberg-products" href="/web/20190406085613/https://www.bna.com/products/">All Products</a></li> </ul> </div> </div> <!-- V2 all_products Subnav - Books --> <div class="nav-menu-list-items-container" id="nav_menu_all_products_bookscontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-all-products-legal" href="/web/20190406085613/https://www.bna.com/books#!page=1&topic=legal">Legal</a></li> <li><a id="navigation-all-products-tax-and-accounting" href="/web/20190406085613/https://www.bna.com/books#!page=1&topic=tax">Tax & Accounting</a></li> <li><a id="navigation-all-products-ehs" href="/web/20190406085613/https://www.bna.com/books#!page=1&topic=ehs">Environment, Health & Safety</a></li> <li><a id="navigation-all-products-hr" href="/web/20190406085613/https://www.bna.com/books#!page=1&topic=hr">Human Resources</a></li> </ul> </div> </div> <!-- V2 all_products Subnav - Portfolios --> <div class="nav-menu-list-items-container" id="nav_menu_all_products_portfolioscontainer"> <div class="list-items-column"> <ul> <li></li> </ul> </div> </div> <!-- V2 all_products Subnav - Events --> <div class="nav-menu-list-items-container" id="nav_menu_all_products_professional_learningcontainer"> <div class="list-items-column"> <ul> <li><a id="navigation-all-products-books-webinars" href="https://web.archive.org/web/20190406085613/https://learning.bloombergnext.com/catalog/main.xhtml">Webinars</a></li> <li><a id="navigation-all-products-books-live-events" href="https://web.archive.org/web/20190406085613/https://www.bna.com/bnaliveevents/">Live Events</a></li> </ul> </div> </div> <!-- V2 all_products Subnav - Reports/Surveys --> <!-- V2 all_products Subnav - White Papers --> <div class="nav-menu-list-items-container" id="nav_menu_all_products_professional_whitepaperscontainer"> <div class="list-items-column"> <ul> <li></li> </ul> </div> </div> </div> <div class="rightside"> <div class="icon-column"> <i class="icon-computer"></i> </div> <div class="content-column"> <h4>Our Products</h4> <p>Bloomberg BNA provides legal, tax, compliance, government affairs, and government contracting professionals with critical information, practical guidance, and workflow solutions, leveraging leading technology and a global network of experts.</p> <a href="/web/20190406085613/https://www.bna.com/products/" id="nav-menu-all-products-view-our-products">view our products</a> </div> </div> </div> </div> <!-- V2 HR Subnav Section --> </li> <li class="navigation-main-titles" id="nav_menu_marketing_services"> <a href="/web/20190406085613/https://www.bna.com/upcoming-events/">Events</a> </li> </ul> </nav> <!-- / .desktop-main-nav --> </div><!-- / .nav-container --> </header><!-- / .desktop-nav --> <script type="text/javascript"> /* function clearAll() { for (var e = 0; e < currentSubnavs.length; e++) currentSubnavs[e].style.display = "none", currentTitles[e].classList.remove("active"); } function resetMenuFocus() { function e(e) { currentSubnavs[e].style.display = "block", currentTitles[e].classList.add("active"); } mainTitles.forEach(function(t) { t.addEventListener("mouseover", function(n) { t === n.target && (clearAll(), e(0), e(5), e(10), e(13), e(17), e(21), e(26)); }); }); } function hideShowNavCategories() { menucontainer.forEach(function(e) { e.addEventListener("mouseover", function() { clearAll(), document.getElementById(e.getAttribute("sub-container")).style.display = "block", e.classList.add("active"); }); }); } var currentSubnavs = document.querySelectorAll("#nav_menu .nav-menu-list-items-container"), currentTitles = document.querySelectorAll("#nav_menu .category-row ul li"), menucontainer = Array.prototype.slice.call(document.querySelectorAll(".v2-subnav .leftside .category-row li")), mainTitles = Array.prototype.slice.call(document.querySelectorAll(".navigation-main-titles > a")); document.addEventListener("DOMContentLoaded", function() { hideShowNavCategories(), resetMenuFocus(); });*/ </script> <!-- / .desktop-nav --> <section class="banner show-overflow type-selector insight-center-border-bottom-banner ActiveCat banner img" style="background-image: url('/web/20190406085613im_/https://www.bna.com/assets/img/banners/banner-7_1.jpg'); background-position: 50%; background-repeat: no-repeat;"> <div class="inner-container"> <div class="left"> <div class="text"> <h2 class="BannerTitleWhiteBG">News</h2> </div> </div> </div> </section> <div class="blog v2news"> <div class="inner-container"> <div id="news-leftrail-section" class="left-rail"> <script> window.addEventListener("load", function () { var activeMenuUrl = 'john-wiley-partial-n57982088994'; setMenuHighlight(activeMenuUrl); }, false); function setMenuHighlight(activeMenuUrl) { if (typeof activeMenuUrl === "undefined" || activeMenuUrl === '') return; activeMenuUrl = activeMenuUrl.toLowerCase(); activeMenuUrl = activeMenuUrl.replace(location.protocol + '//' + window.location.host, ''); activeMenuUrl = activeMenuUrl.indexOf('/') === 0 ? activeMenuUrl.substr(1) : activeMenuUrl; var activeMenuItem = $('.accordion-nav li[id="' + activeMenuUrl + '"]'); if (activeMenuItem.length === 0) { activeMenuUrl += 'v2'; activeMenuItem = $('.accordion-nav li[id="' + activeMenuUrl + '"] '); if (activeMenuItem.length === 0) { activeMenuItem = $('.accordion-nav > li:has("#' + activeMenuUrl + '")'); } } activeMenuItem = activeMenuItem.eq(activeMenuItem.length - 1); var activeMenuContent = activeMenuItem.parent().closest('.content'); activeMenuContent.css('display', 'block'); if (activeMenuUrl.indexOf('#') !== -1) activeMenuContent.find('li').removeClass('active'); activeMenuItem.addClass('active'); var activeParentMenuContent = activeMenuItem.find('.content'); activeParentMenuContent.css('display', 'block'); for (var i = activeMenuItem.attr('level') ; i > 0; i--) { activeMenuItem = activeMenuItem.parent().closest('li'); activeMenuContent = activeMenuItem.parent().closest('.content'); activeMenuContent.css('display', 'block'); activeMenuItem.addClass('active'); } } </script> <ul class="accordion-nav"> <li id="news/#query=&topic=islegal&type=isnews" level="1"> <a href="/web/20190406085613/https://www.bna.com/news/#query=&topic=islegal&type=isnews" onclick="setMenuHighlight(this.href);">Legal News</a> <span class="trigger" level="1"></span> <div class="content"> <ul class="sub-1"> <li id="bankingfinanceandsecuritiesnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/bankingfinanceandsecuritiesnews/" onclick="setMenuHighlight(this.href);">Banking Finance & Securities</a> </li> <li id="bankruptcynews" level="2"> <a href="/web/20190406085613/https://www.bna.com/bankruptcynews/" onclick="setMenuHighlight(this.href);">Bankruptcy</a> </li> <li id="corporatetransactionalandantitrustnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/corporatetransactionalandantitrustnews/" onclick="setMenuHighlight(this.href);">Corporate Transactional and Antitrust</a> </li> <li id="healthlawnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/healthlawnews/" onclick="setMenuHighlight(this.href);">Health Law</a> </li> <li id="intellectualpropertynews" level="2"> <a href="/web/20190406085613/https://www.bna.com/intellectualpropertynews/" onclick="setMenuHighlight(this.href);">Intellectual Property</a> </li> <li id="laborandemploymentnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/laborandemploymentnews/" onclick="setMenuHighlight(this.href);">Labor & Employment</a> </li> <li id="lawpracticenews" level="2"> <a href="/web/20190406085613/https://www.bna.com/lawpracticenews/" onclick="setMenuHighlight(this.href);">Law Practice</a> </li> <li id="litigationandediscoverynews" level="2"> <a href="/web/20190406085613/https://www.bna.com/litigationandediscoverynews/" onclick="setMenuHighlight(this.href);">Litigation & E Discovery</a> </li> <li id="pensionbenefitsandcompensationnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/pensionbenefitsandcompensationnews/" onclick="setMenuHighlight(this.href);">Benefits and Executive Compensation Blog</a> </li> <li id="privacyanddatasecuritynews" level="2"> <a href="/web/20190406085613/https://www.bna.com/privacyanddatasecuritynews/" onclick="setMenuHighlight(this.href);">Privacy & Data Security</a> </li> <li id="taxlawnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/taxlawnews/" onclick="setMenuHighlight(this.href);">Tax Law</a> </li> <li id="technologytelecommunicationsandinternetnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/technologytelecommunicationsandinternetnews/" onclick="setMenuHighlight(this.href);">Technology Telecommunications & Internet</a> </li> </ul> </div> </li> <li id="news/#query=&topic=istax&type=isnews" level="1"> <a href="/web/20190406085613/https://www.bna.com/news/#query=&topic=istax&type=isnews" onclick="setMenuHighlight(this.href);">Tax & Accounting News</a> <span class="trigger" level="1"></span> <div class="content"> <ul class="sub-1"> <li id="financialaccountingnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/financialaccountingnews/" onclick="setMenuHighlight(this.href);">Financial Accounting</a> </li> <li id="estatesgiftsandtrustsnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/estatesgiftsandtrustsnews/" onclick="setMenuHighlight(this.href);">Estates Gifts and Trusts</a> </li> <li id="internationaltaxnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/internationaltaxnews/" onclick="setMenuHighlight(this.href);">International Tax</a> </li> <li id="statetaxnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/statetaxnews/" onclick="setMenuHighlight(this.href);">State Tax</a> </li> <li id="federaltaxnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/federaltaxnews/" onclick="setMenuHighlight(this.href);">Federal Tax</a> </li> </ul> </div> </li> <li id="news/#query=&topic=isehs&type=isnews" level="1"> <a href="/web/20190406085613/https://www.bna.com/news/#query=&topic=isehs&type=isnews" onclick="setMenuHighlight(this.href);">EHS News</a> <span class="trigger" level="1"></span> <div class="content"> <ul class="sub-1"> <li id="occupationalsafetyandhealthnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/occupationalsafetyandhealthnews/" onclick="setMenuHighlight(this.href);">Occupational Safety & Health</a> </li> <li id="internationalenvironmentnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/internationalenvironmentnews/" onclick="setMenuHighlight(this.href);">International Environment</a> </li> <li id="environmentalcompliancenews" level="2"> <a href="/web/20190406085613/https://www.bna.com/environmentalcompliancenews/" onclick="setMenuHighlight(this.href);">Environmental Compliance</a> </li> <li id="conservationandresourcesnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/conservationandresourcesnews/" onclick="setMenuHighlight(this.href);">Conservation and Resources</a> </li> <li id="chemicalsnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/chemicalsnews/" onclick="setMenuHighlight(this.href);">Chemicals</a> </li> </ul> </div> </li> <li id="news/#query=&topic=ishr&type=isnews" level="1"> <a href="/web/20190406085613/https://www.bna.com/news/#query=&topic=ishr&type=isnews" onclick="setMenuHighlight(this.href);">HR & Payroll News</a> <span class="trigger" level="1"></span> <div class="content"> <ul class="sub-1"> <li id="internationalpayrollnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/internationalpayrollnews/" onclick="setMenuHighlight(this.href);">International Payroll</a> </li> <li id="payrollnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/payrollnews/" onclick="setMenuHighlight(this.href);">Payroll</a> </li> <li id="internationalhumanresourcesnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/internationalhumanresourcesnews/" onclick="setMenuHighlight(this.href);">International Human Resources</a> </li> <li id="hradministrationnews" level="2"> <a href="/web/20190406085613/https://www.bna.com/hradministrationnews/" onclick="setMenuHighlight(this.href);">HR Administration</a> </li> </ul> </div> </li> </ul> </div> <div id="news-center-section" class="center blog-detail"> <div class="byline">February 20, 2018</div> <h1>John Wiley Partial Photo Copyright Win Affirmed On Appeal</h1> <div id="blog-social-section" class="social"> <ul> <li class="social-link"><a onclick="window.open('https://web.archive.org/web/20190406085613/https://facebook.com/sharer.php?u=https%3A%2F%2Fwww.bna.com%2Fjohn-wiley-partial-n57982088994%2F', 'facebook_share', 'height=480, width=640' );" class="icon-facebook-32"></a></li> <li class="social-link"><a onclick="window.open('https://web.archive.org/web/20190406085613/http://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.bna.com%2Fjohn-wiley-partial-n57982088994%2F&title=John%20Wiley%20Partial%20Photo%20Copyright%20Win%20Affirmed%20On%20Appeal&summary=Educational%20books%20publisher%20John%20Wiley%20%26%20Sons%20Inc.%20won%E2%80%99t%20have%20to%20defend%20against%20some%20of%20the%20copyright%20infringement%20claims%20by%20brought%20DRK%20Photo%2C%20because%20DRK%20doesn%E2%80%99t%20have%20enough%20rights%20in%20the%20images%20to...', 'linked_in_share', 'height=480, width=640' );" class="icon-linkedin-32"></a></li> <li class="social-link"><a onclick="window.open('https://web.archive.org/web/20190406085613/https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.bna.com%2Fjohn-wiley-partial-n57982088994%2F&text=John%20Wiley%20Partial%20Photo%20Copyright%20Win%20Affirmed%20On%20Appeal&via=bloombergbna', 'twitter_share', 'height=480, width=640' );" class="icon-twitter-32"></a></li> <li><a href="https://web.archive.org/web/20190406085613/https://www.youtube.com/user/BloombergBNA" id="nav_footer_social_youtube" target="_blank" class="icon-youtube-32"><span class="path1"></span></a></li> </ul> </div> <div class="extra-from-cta"> <div class="cta-right-align"> <a id="news-extra-cta-btn" class="add-to-cart-btn" data-id="111941" data-promo="NEWS211AA" data-track="" data-ecid="" data-sfcid="" data-utm-source="" data-utm-medium=""><text>REQUEST A DEMO</text></a> </div> <div class="from-name-link"> <strong>From</strong> <a id="news-extra-cta-title" class="spec-news" href="/web/20190406085613/https://www.bna.com/intellectual-property-m57982084274/" style="">Intellectual Property on Bloomberg Law</a> </div> <p>Access practice tools, as well as industry leading news, customizable alerts, dockets, and primary content, including a comprehensive collection of case law, dockets, and regulations. Leverage...</p> </div> <div id="news-description-section" class="description"> <p> <p> <i>By <a class="bluenobold" href="https://web.archive.org/web/20190406085613/mailto:pleung@bloomberglaw.com">Peter Leung</a></i> </p> <p>Educational books publisher John Wiley & Sons Inc. won’t have to defend against some of the copyright infringement claims by brought DRK Photo, because DRK doesn’t have enough rights in the images to bring a lawsuit. </p> <p>About 100 photographers signed agreements assigning DRK the right to sue to enforce their copyrights, but that isn’t enough because that’s only a “bare right to sue,” the U.S. Court of Appeals for the Second Circuit ruled Feb. 16 in a split decision. </p> <p>The decision may make it more difficult for agents like DRK to sue on behalf of individual photographers. </p> <p>DRK acts as an agent for individual photographers, who sign agreements to allow DRK to license their photos. John Wiley had taken several such licenses from DRK, which give the publisher a non-exclusive right to use a photo a certain number of times. DRK sued John Wiley, alleging that the publisher had exceeded the number of uses in several instances. </p> <p>The trial court said DRK didn’t have the right to sue on behalf of those photographers, and DRK appealed. </p> <h5>Exclusive Rights Needed</h5> <p>To have standing, the plaintiff must have a legal or beneficial right to one of the exclusive copyright rights, such as the right to reproduce, to distribute, or to display. A bare right to sue, without one of the exclusive rights under copyright, doesn’t convey standing to sue, Judge Susan L. Carney wrote, in an opinion that Judge Denny Chin joined. </p> <p>Congress clearly set the requirement in <a class="bluenobold" href="https://web.archive.org/web/20190406085613/http://www.bloomberglaw.com/public/document/US_Code_17_USC__501_Infringement_of_copyright?doc_id=XFO3CI003">17 U.S.C. § 501(b)</a> by stating that the one with the “legal or beneficial owner of an exclusive right under a copyright” is “entitled” to sue, the appeals court said. That language shows that Congress intended to limit the right to sue in copyright, even though the common law allows for the bare assignment of a right to sue in other instances, the majority said. </p> <p>Congress has a similar requirement for patents, and there’s a “historic kinship” between the two areas of law, the majority said. </p> <p>The majority also rejected DRK’s argument that the agreements gave it the exclusive rights under copyright. </p> <p>The agreement in question says the photographer will assign all copyrights in the photo to DRK, which will register it with the Copyright Office and then assign the copyrights back to the photographer, after the registration is complete, and after the resolution of any infringement actions. The agreement also assigns to DRK “all right, title and interest” which constitute the right to file an infringement lawsuit. </p> <p>The majority said the agreement was ambiguous as to whether DRK got any of the exclusive rights, and so it looked at external evidence about the terms of the agreement. It noted that DRK had told photographers that the agreement was nonexclusive, meaning that they could use other agents as well. DRK also told photographers that the rights transfer was only for registering with the Copyright Office and to file lawsuits. </p> <p>Both of the statements support the conclusion DRK had none of the exclusive rights required to file a copyright lawsuit, the majority said. </p> <h5>Dissent</h5> <p>Judge Barrington D. Parker dissented, saying that Section 501(b) doesn’t prohibit the assignment of a bare right to sue. The statute doesn’t state that a plaintiff must have one of the exclusive rights in order to sue, because it only refers to who is “entitled” to sue, which suggests it isn’t a requirement, he said. </p> <p>The trial court found DRK did have the right to sue on behalf of other photographers that signed a different agreement, and that part of the case wasn’t appealed. </p> <p>Levine Sullivan Koch & Schulz LLP represented John Wiley, while Harmon & Seidman LLC represented DRK. </p> <p>The case is <i> John Wiley & Sons v. DRK Photo </i>, 2018 BL 52803, 2d Cir., No. 15-1134, 2/16/18 . </p> <p>To contact the reporter on this story: Peter Leung in Washington at <a class="bluenobold" href="https://web.archive.org/web/20190406085613/mailto:pleung@bloomberglaw.com">pleung@bloomberglaw.com</a></p> <p>To contact the editor responsible for this story: Mike Wilczek at <a class="bluenobold" href="https://web.archive.org/web/20190406085613/mailto:mwilczek@bloomberglaw.com">mwilczek@bloomberglaw.com</a></p> <p> <i>Copyright © 2018 The Bureau of National Affairs, Inc. All Rights Reserved.</i> </p> </p> </div> <p class="spec-news product-extra-cta"> <a id="news-product-extra-title-cta-btn" href="#" style="width: 100%; float: left;" class="spec-news add-to-cart-btn" data-id="111941" data-promo="NEWS211AA" data-track="" data-ecid="" data-sfcid="" data-utm-source="" data-utm-medium="" href="#">Request Intellectual Property on Bloomberg Law</a> </p> </div> <div id="news-rightrail-section" class="right-rail"> <div> <div class="product-box-container parent-product" style="display: none"> <div class="header">Story Also Available On</div> <div id="news-related-stories-section" class="product-box related-product-box"> </div> </div> <div class="product-box-container related-products" style="display: none;"> <div class="header">Related Products</div> <div id="news-related-products-section" class="product-box related-product-box"> </div> </div> </div> <div class="bottom-news"> <div class="block news-block related-news" style="display: none;"> <div class="header">Related News</div> <div id="news-related-news-section" class="content"> <ul class="spec-news"></ul> </div> </div> <div class="block news-block related-blogs" style="display: none;"> <div class="header">Related Blogs</div> <div id="news-related-blogs-section" class="content"> <ul class="spec-news"></ul> </div> </div> </div> </div> </div> </div> </div> <footer class="v2-footer" style="clear:both;"> <div class="top-footer"> <div class="section-links"> <section class="support"> <div class="title">Company</div> <ul id="nav_footer_company"> <li><a href="/web/20190406085613/https://www.bna.com/about-us/" id="nav_footer_aboutus">About Us</a></li> <li><a href="/web/20190406085613/https://www.bna.com/careers/" id="nav_footer_careers">Careers</a></li> <li><a href="/web/20190406085613/https://www.bna.com/contact-us/" id="nav_footer_contactus">Contact Us</a></li> <li><a href="/web/20190406085613/https://www.bna.com/media/" id="nav_footer_media">Media</a></li> </ul> </section> <section class="bloomberg-bna"> <div class="title">Bloomberg BNA</div> <ul id="nav_footer_bloombergnbna"> <li><a href="/web/20190406085613/https://www.bna.com/bloomberglaw/" id="nav_footer_blaw">Bloomberg Law</a></li> <li><a href="/web/20190406085613/https://www.bna.com/tax/" id="nav_footer_tax">Bloomberg Tax</a></li> <li><a href="https://web.archive.org/web/20190406085613/https://www.bgov.com/" target="_blank" id="nav_footer_bgov">Bloomberg Government</a></li> <li><a href="https://web.archive.org/web/20190406085613/https://pro.bloombergenvironment.com/" target="_blank" id="nav_footer_ehs">Bloomberg Environment</a></li> <li><a href="/web/20190406085613/https://www.bna.com/hr/" id="nav_footer_hr">Bloomberg Law for HR Professionals</a></li> <li><a href="/web/20190406085613/https://www.bna.com/marketing-services/" id="nav_footer_marketing">Marketing Services</a></li> </ul> </section> </div><!-- / .section-links --> <div class="logos"> <div class="logo"> <a href="/web/20190406085613/https://www.bna.com/"> <img src="/web/20190406085613im_/https://www.bna.com/assets/img/logo.svg" alt="logo"> </a> </div> <div class="social"> <ul id="nav_footer_social"> <li><a href="https://web.archive.org/web/20190406085613/https://twitter.com/#!/bloombergbna" id="nav_footer_social_twitter" target="_blank" class="icon-twitter"></a></li> <li><a href="https://web.archive.org/web/20190406085613/http://www.linkedin.com/company/7401?trk=tyah" id="nav_footer_social_linkedin" target="_blank" class="icon-linkedin"></a></li> <li><a href="https://web.archive.org/web/20190406085613/https://www.facebook.com/pages/Bloomberg-BNA/277210725672457" id="nav_footer_social_fb" target="_blank" class="icon-facebook"></a></li> <li><a href="https://web.archive.org/web/20190406085613/https://www.youtube.com/user/BloombergBNA" id="nav_footer_social_youtube" target="_blank" class="icon-youtube-black"></a></li> </ul> </div> </div><!-- / .logos --> </div><!-- / .top-footer --> <div class="bottom-footer"> <div class="bottom-footer-container"> <div class="site-links"> <ul id="nav_footer_site_links"> <li><a href="/web/20190406085613/https://www.bna.com/payment/" id="nav_footer_payment">My Invoice</a></li> <li><a href="/web/20190406085613/https://www.bna.com/terms-conditions/" id="nav_footer_terms">Terms & Conditions</a></li> <li><a href="/web/20190406085613/https://www.bna.com/privacy-policy/" id="nav_footer_policy">Privacy Policy</a></li> <li><a href="https://web.archive.org/web/20190406085613/http://www.bloomberg.com/" id="nav_footer_bloomberg">Bloomberg.com</a></li> <li><a href="/web/20190406085613/https://www.bna.com/accessibility/" id="nav_footer_accessibility">Accessibility</a></li> </ul> </div> <div class="copyright"> <p><span>Copyright © 2019 The Bureau of National Affairs, Inc.</span> <span>All Rights Reserved</span></p> </div> </div> </div><!-- / .bottom-footer --> </footer> <!-- / .container --> </div> <script> cancelRegistrationUrl = "/"; viewScripts.push(function() { window.loadScript({ url: "/assets/js/videoModal.js", async: false, callback: function() { } }); window.loadScript({ url: '/assets/js/newsArticle.js', callback: function () { Application.module('NewsArticle').start({id: 57982088994, parentProductId: 0 }); } }); window.omniture.productId = '111941'; window.omniture.productType = 'News'; window.omniture.storyId = ''; window.omniture.CanonicalUrl = ''; }); </script> <div id="book-standing" class="modal mfp-hide" style="width:60%"> <div class="blue-modal-title">STANDING ORDERS</div> <div id="loginError" style="font-size: 1.3rem; color:#a60909; line-height:1;margin-bottom: 15px;"></div> <p>All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to <a href="https://web.archive.org/web/20190406085613/mailto:books@bna.com">books@bna.com</a>.</p> <p style="text-indent: -20px; margin-left: 20px;"> <input type="radio" name="standingOrder" value="standingOrder" style="visibility: visible;"> Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.) </p> <p style="text-indent: -20px; margin-left: 20px;"> <input type="radio" name="standingOrder" value="buyonlyOrder" style="visibility: visible;"> Notify me when updates are available (No standing order will be created). </p> <div id="selectionError" style="font-size: 1.3rem; color:#a60909; line-height:1;margin-bottom: 15px;"></div> <div style="text-align:center;"> <a class="button" onclick="StandingPopupContinue(false);" style="font-size: large;">CONTINUE</a> </div> </div> <div id="plus-standing" class="modal mfp-hide" style="width:60%"> <div class="blue-modal-title">STANDING ORDERS</div> <div id="loginError" style="font-size: 1.3rem; color:#a60909; line-height:1;margin-bottom: 15px;"></div> <p>This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to <a href="https://web.archive.org/web/20190406085613/mailto:research@bna.com">research@bna.com</a>.</p> <p style="text-indent: -20px; margin-left: 20px;"> <input type="radio" name="standingOrder" value="standingOrder" style="visibility: visible;"> Put me on standing order </p> <p style="text-indent: -20px; margin-left: 20px;"> <input type="radio" name="standingOrder" value="buyonlyOrder" style="visibility: visible;"> Notify me when new releases are available (no standing order will be created) </p> <div id="selectionError" style="font-size: 1.3rem; color:#a60909; line-height:1;margin-bottom: 15px;"></div> <div style="text-align:center;"> <a class="button" onclick="StandingPopupContinue(true);" style="font-size: large;">CONTINUE</a> </div> </div> <div id="dialogdiv"></div> <script type="text/javascript" defer> var forgotPasswordUrlConfig = 'https://web.archive.org/web/20190406085613/https://profile.bna.com/profile/forgotpw'; var isAuthenticated = false; // Special mechanism allows to redirect to main page with signing in dialog and redirect back after signing in var showLogin = false; var showLoginModal = false; var toUrlAfterSignin = ''; var checkoutUrl = 'https://web.archive.org/web/20190406085613/https://www.bna.com'; var isDesignatedRequired = false; var add2Cart = false; var add2CartM = ''; var urlAutherity = 'www.bna.com'; var controller = 'News'; var eloqua = new Object(); eloqua.siteId = '1424104964'; var menu = new Object(); menu.activeMenuUrl = '/john-wiley-partial-n57982088994/'; </script> <script type="text/javascript" defer> var authentication = {}; authentication.sessionOptions = { isAuthenticated: false, }; </script><script type="text/javascript" defer> var googleAnalytics = new Object(); googleAnalytics.isAuthenticated = false; googleAnalytics.accountNumber = 'UA-4341354-1'; googleAnalytics.userType = (isAuthenticated ? 'Logged-In' : 'Anonymous'); googleAnalytics.contentPath = 'BNA V2/Legal/Knowledge Center/News/Intellectual Property/'; googleAnalytics.pageType = 'News, Detail'; googleAnalytics.postDate = '2018-02-20'; </script> <script type="text/javascript" defer> var bVer = new Object(); bVer.machineName = 'EDSPRDW-EKP611'; bVer.build = 'Mesa-33.2'; bVer.sdate = '2019-03-27 11:49'; bVer.iteration = ''; bVer.roles = ''; bVer.userName = '[Unknown]'; bVer.userType = '[Unknown]'; bVer.registrLevel = '[Unknown]'; bVer.roles = '[Unknown]'; </script> <script> function createScript(url, async, onload) { var script = document.createElement('script'); script.type = 'text/javascript'; script.async = async || false; script.defer = true; if (typeof onload === 'function') { script.onload = function() { onload(); }; } script.src = url; document.getElementsByTagName('head')[0].appendChild(script); } function loadScript(scripts, final) { if (typeof scripts === 'undefined') return; if (typeof scripts === 'object' && !(scripts instanceof Array)) scripts = [scripts]; scripts.forEach(function(script, i, arr) { var url = script.url; if((typeof script.minify === 'undefined' || script.minify) && (script.url.indexOf('.min.js', script.url.length - 7) === -1)) url = script.url.replace('.js', '.min.js'); if (typeof bVer !== 'undefined' && bVer.build) url += '?v=' + bVer.build; var callback; if (final && i === arr.length-1) { callback = function() { if (typeof script.callback === 'function') script.callback(); $(document.body).addClass("render-complete"); } } else { callback = script.callback; } createScript(url, script.async, callback); }); } </script> <script> loadScript({ url: "//web.archive.org/web/20190406085613/https://ajax.googleapis.com/ajax/libs/jquery/1.10.2/jquery.min.js", async: true, callback: function() { loadScript([ { url: "//web.archive.org/web/20190406085613/https://ajax.googleapis.com/ajax/libs/jqueryui/1.10.2/jquery-ui.min.js" }, { url: '/assets/js/_layout.js' }, { url: '/assets/js/common.js' }, { url: '/assets/js/authentication.js', callback: function() { Application.module('Authentication').start({ context: controller, session: authentication.sessionOptions, forgotPasswordUrl : forgotPasswordUrlConfig }); var scripts = viewScripts; if (typeof scripts !== 'undefined') { if (scripts instanceof Array) { for (var i = 0; i < scripts.length; i++) { if (typeof scripts[i] === 'function') { scripts[i](); } } } else if (typeof scripts === 'function') { scripts(); } } }}, { url: "https://web.archive.org/web/20190406085613/https://www.bbthat.com/assets/v2.2.2/that.js", minify: false } ]); } }, true); </script> <!--[if lt IE 10]> <script src="/assets/js/_layoutIEless10.min.js?v=Mesa-33.2"></script> <![endif]--> <!--[if lt IE 9]> <link rel="stylesheet" href="/assets/css/ie8.css"> <script src="/assets/js/_layoutIEless9.min.js?v=Mesa-33.2"></script> <![endif]--> <!-- Markup for social links to show up in Google Knowledge Graph --> <script type="application/ld+json" defer> { "@context" : "https://web.archive.org/web/20190406085613/http://schema.org", "@type" : "Organization", "name" : "Bloomberg BNA", "url" : "https://web.archive.org/web/20190406085613/http://www.bna.com", "logo" : "https://web.archive.org/web/20190406085613/http://www.bna.com/assets/img/logo.svg", "sameAs" : [ "https://web.archive.org/web/20190406085613/https://twitter.com/#!/bloombergbna", "https://web.archive.org/web/20190406085613/http://www.linkedin.com/company/7401?trk=tyah", "https://web.archive.org/web/20190406085613/https://www.facebook.com/pages/Bloomberg-BNA/277210725672457", "https://web.archive.org/web/20190406085613/https://www.youtube.com/user/BloombergBNA"] } </script> <noscript> <img height="1" width="1" alt="" style="display: none;" src="//web.archive.org/web/20190406085613im_/https://www.bizographics.com/collect/?pid=8266&fmt=gif"/> </noscript> <script type="text/javascript">_satellite.pageBottom();</script></body> </html><!-- FILE ARCHIVED ON 08:56:13 Apr 06, 2019 AND RETRIEVED FROM THE INTERNET ARCHIVE ON 15:54:16 Feb 21, 2025. JAVASCRIPT APPENDED BY WAYBACK MACHINE, COPYRIGHT INTERNET ARCHIVE. ALL OTHER CONTENT MAY ALSO BE PROTECTED BY COPYRIGHT (17 U.S.C. SECTION 108(a)(3)). --> <!-- playback timings (ms): captures_list: 0.57 exclusion.robots: 0.057 exclusion.robots.policy: 0.021 esindex: 0.01 cdx.remote: 14.142 LoadShardBlock: 475.573 (3) PetaboxLoader3.datanode: 442.56 (4) PetaboxLoader3.resolve: 120.873 (2) load_resource: 183.613 -->