Securities Finance & Banking Immigration

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Ill-equipped or Ill-researched? A letter to the editor of Fortune Magazine

There’s an irony in Fortune Magazine’s July 24, 2014, article “The dark, disturbing world of the visa-for-sale program.” The article accuses foreign EB-5 investors of being “ill-equipped (or disinclined) to assess the...more

Russian Legislation Update - 21 July – 17 August 2014

In This Issue: - Corporate: Register of Shareholders - Investment Partnership - Dual Citizenship - Economic Partnership - Excerpt from Corporate: Register of Shareholders: On 31 July 2014 the...more

Banker Beware: EB-5 Programs Can Be Fraught With Peril

The EB-5 visa, created by Section 203(b)(5) of the United State's (U.S.) Immigration Act of 1990, was established to attract foreign capital and create U.S. jobs by providing a method of obtaining a Green Card for foreign...more

A practical guide to compliance with U.S. securities broker-dealer laws for regional centers and project developers using EB-5...

Are regional centers really required to register as broker-dealers under U.S. securities laws? Recent articles have suggested that every United States Citizenship and Immigration Services (“USCIS”)-approved regional...more

California’s New Rule for Private Fund Advisers will Result in Significant New Requirements and Restrictions for Many California...

On August 27, 2012, the California Department of Corporations adopted a new Rule 206.204.9, which was intended to encourage capital investment in private investment funds by providing an exemption from investment adviser...more

Beware of EB-5 Investor Scam

Recently, U.S. Citizenship and Immigration Services (USCIS) issued a warning regarding scams associated with the EB-5 investor visa. According to USCIS, scammers target foreign nationals who are seeking to become permanent...more

A View of EB-5 Program Issues from a Top SEC Enforcement Official

As participation in the U.S. Citizen and Immigration Services (USCIS) Immigrant Investor Program or “EB-5 program” grows, regulatory interest is showing a commensurate uptick. On November 20, 2013, Associate Director Stephen...more

Broker-Dealer Registration Issues Associated with Development Projects under the EB-5 Program

The EB-5 Immigrant Investor Program (the “EB-5 Program”) administered by the U.S. Citizenship and Immigration Service (USCIS) has been a significant source of capital for various real estate and other development projects...more

EB-5 Program Faces Heightened Enforcement Scrutiny

Announcements last week by the Securities and Exchange Commission (SEC) and U.S. Citizenship Immigration Services (USCIS) indicate that investments made through the EB-5 Immigrant Investor Program (the EB-5 Program) will be...more

SEC Charges Texas Couple for EB-5 Fraud Scheme

Marco and Bebe Ramirez were recently charged by the Securities and Exchange Commission (SEC) for fraudulently obtaining at least $5 million from foreign investors. The pair raised the funds by falsely promising that their...more

Concurrent EB-5 Offerings In The United States And Abroad

Until recently, U.S. offerors and others had to make offerings of EB-5 project investments solely offshore in order to benefit from Regulation S, an exclusion from registration requirements. The offerors had to exclude...more

FINRA Issues Guidance on Suitability Rule for EB-5 Securities Transactions

FINRA has clarified that its Suitability Rule applies to broker dealers' assessment of EB-5 transactions, but that the broker can and should assess the immigration benefit among the economic interests of the investor. ...more

FINRA Raises the Bar on Due Diligence by Broker Dealers Involved in EB-5

At the end of August, the Financial Industry Regulatory Authority, Inc. (FINRA) issued an interpretive guidance letter to a registered broker dealer (BD), Trustmont Financial Group, Inc. (Trustmont). Trustmont had sought...more

FINRA provides guidance on immigration due diligence to broker-dealers in EB-5 offerings

There is some interesting but overlooked news on the EB-5 front. In a letter to a broker-dealer dated August 26, 2013, FINRA (Financial Industry Regulatory Authority) confirmed that the suitability rule (Rule 2111)...more

FINRA Provides Guidance on the Applicability of the Suitability Rule to Broker-Dealers Marketing Private Placements in the EB-5...

In an interpretive letter to a broker-dealer dated August 26, 2013, FINRA (Financial Industry Regulatory Authority) interpreted the suitability requirements under Rule 2111 for recommendations to foreign nationals making...more

EB-5 Issuers May Commence General Solicitation for Rule 506 Offerings on September 23, 2013

The final rules for eliminating the prohibition against general solicitation and general advertising in Rule 506 offerings will become effective on September 23, 2013, which is 60 days after the July 24, 2013 date they were...more

The Securities and Exchange Commission Lifts The Ban On General Solicitation and General Advertising

The Securities and Exchange Commission (SEC) announced the elimination of the ban against general solicitation for offerings relying on Rule 506 of the Regulation D exemption. The amendments to the rule were required by the...more

SEC Implements JOBS Act to Allow General Solicitation in Regulation D Offerings

The U.S. Securities and Exchange Commission has issued regulations implementing the portion of the Jumpstart Our Business Startups Act (JOBS Act), enacted more than a year ago, allowing an issuer enjoying exemption from...more

What the SEC’s Elimination of the Prohibition on General Solicitation for Rule 506 Offerings means to the EB-5 Community

As we previously reported, on July 10, 2013, the SEC adopted the amendments required under the JOBS Act to Rule 506 that would permit issuers to use broad-based marketing methods such as the Internet, social media, email...more

SEC Adopts Rules to Remove Ban on General Solicitation for Rule 506 Offerings – Will significantly affect permissible EB-5...

This morning the Securities and Exchange Commission, by a 4 to 1 vote of the Commissioners, approved implementing rules under Title II of the Jumpstart Our Business Startups (JOBS) Act to remove the ban on general...more

Investing In Georgia: Economic Development Newsletter - June 2013

Welcome to King & Spalding's economic development news bulletin, Investing in Georgia. In this edition, you will find: - An economic-impact study linking the use of tax-exempt municipal bonds to the development of our...more

Affiliating with a Broker-Dealer

We frequently speak with our clients about whether their participation in an EB-5 program requires registration as a broker-dealer. Joseph Furey, Assistant Chief Counsel at the SEC Division of Trading and Markets, addressed...more

Terror Tactics: Report Urges Government To Use Financial, Immigration, Trade And Immigration Systems To Squeeze Theft Of IP

A new report on halting the theft of trade secrets and other intellectual property reads like a blueprint for fighting terrorism­—not surprising, given that it was co-authored by the nation’s former spy chief and a member of...more

SEC Commissioner Comments On JOBS Act; Immigration Reform

On May 18, 2013, SEC Commissioner Luis A. Aguilar spoke at the annual gala of the Georgia Hispanic Chamber of Commerce, using the opportunity to highlight the contributions of immigrants (and Hispanic immigrants in...more

Expatriation Lite: Leaving The U.S. Tax System While Retaining Your Citizenship

As many Miami residents who earn income abroad may be aware, the United States is one of only two countries in the world that taxes its citizens and residents (collectively, “U.S. taxpayers”) on their worldwide income. ...more

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