Client Resources
Beneficial Ownership Reporting Requirements under the Corporate Transparency Act as of January 1, 2024
In 2020, Congress adopted the Corporate Transparency Act (the “CTA”) to strengthen the integrity of the U.S. financial system by making it harder for illicit actors to use shell companies to launder money or hide assets. Unless a newly formed or existing entity in the U.S. can claim an exemption, the CTA will require that they report to the U.S. government specified information about themselves and their controlling persons and owners. The CTA will go into effect on January 1, 2024. Existing companies will have to report by the end of 2024, and newly formed companies will have to report shortly after formation (90 days if during 2024, or 30 days after 2024).
SEC charges FinTech investment adviser Titan for misrepresenting hypothetical performance of investments (and other violations)
On June 13, 2022, the U.S. Supreme Court issued a long-awaited opinion on the scope of 28 U.S.C. § 1782 (“Section 1782”), unanimously holding that only a governmental or intergovernmental adjudicative body constitutes a “foreign or international tribunal” for purposes of Section 1782.Thus, Section 1782 applications cannot be used to...
U.S. Supreme Court Holds that Section 1782 Discovery does not Apply to Private Foreign or International Arbitration Proceedings
On June 13, 2022, the U.S. Supreme Court issued a long-awaited opinion on the scope of 28 U.S.C. § 1782 (“Section 1782”), unanimously holding that only a governmental or intergovernmental adjudicative body constitutes a “foreign or international tribunal” for purposes of Section 1782.Thus, Section 1782 applications cannot be used to...
SEC Considering a Proposed Exemptive Order for Finders
On October 7, 2020, the Securities and Exchange Commission (the “SEC”) voted to propose a new, limited, conditional exemption from broker registration requirements for “finders” who help issuers raise capital in private markets from accredited investors. (See https://www.sec.gov/news/press-release/2020-248). Under Section 15(a)(1) of the Securities Exchange Act of 1934, finders and...
Why U.S. Export Control Laws Are Relevant to Non-U.S. Companies
It is not unusual for European and other non-U.S. companies to ignore U.S. export control laws, including for the re-export of U.S.-originated goods or components. Such an approach can turn out to be shortsighted. Generally, while the U.S. is very export-friendly, it controls how and to which countries its products…