On August 28, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued a final rule (the “Final Rule”) that will define most SEC-registered investment advisers (“RIAs”) and exempt reporting advisers (“ERAs”) as...more
10/16/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Compliance ,
FinCEN ,
Foreign Private Issuers ,
Investment Advisers Act of 1940 ,
Money Laundering ,
Mutual Funds ,
Policies and Procedures ,
Recordkeeping Requirements ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
Travel Rule
Background -
The Corporate Transparency Act of 2019 (“CTA”) became effective on January 1, 2024. Under the CTA, all “reporting companies” must file a Beneficial Ownership Information (BOI) report with the Financial Crimes...more
8/1/2024
/ Beneficial Owner ,
Corporate Transparency Act ,
Disclosure Requirements ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Fines ,
Noncompliance ,
Penalties ,
Popular ,
Reporting Requirements ,
Sanctions
A new law exempting certain “M&A brokers” from having to register with the SEC took effect on March 29. This will enable many boutique “investment banks” which only engage in transactions with eligible privately held...more
On December 8, 2021, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register its first installment of widely anticipated Proposed Rules regarding the Corporate Transparency Act of 2019 (CTA). The...more
NGE Corporate & Securities partner Michael Gray catches up with Labor & Employment Partner Sonya Rosenberg to discuss the latest developments regarding the vaccine and related mandates. They discuss best practices and...more
NGE Corporate & Securities partner Michael Gray recently interviewed Data Privacy & Information Governance partner David Wheeler about the cybersecurity needs for small and emerging companies. The discussion focused on the...more
NGE Corporate & Securities partner Michael Gray recently interviewed Labor & Employment partner Sonya Rosenberg on how employers should develop vaccine policies for employees, and how to maintain a safe work environment. ...more
SEC Chairman Jay Clayton recently noted that: “Many small businesses face difficulties raising the capital they need to grow and thrive . . . [and] finders may play an important role in facilitating capital formation for...more
10/12/2020
/ Accredited Investors ,
Broker-Dealer ,
Capital Formation ,
Capital Raising ,
Comment Period ,
Finders ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Small Business ,
Small Offering Exemptions
On August 26, 2020, the SEC adopted several changes to expand the definition of an “accredited investor.” For the first time, a new category will enable natural persons to qualify as accredited investors based upon their...more
On August 14, 2020, the IRS published Proposed Treasury Regulations (the “Proposed Regulations”) under Section 1061 of the Internal Revenue Code to close the “carried interest loop hole” through which managers of investment...more
8/25/2020
/ Arms Length Transactions ,
Capital Gains ,
Capital Investments ,
Carried Interest ,
Fund Managers ,
Holding Periods ,
Income Taxes ,
Investment Adviser ,
Investment Management ,
IRS ,
Partnership Interests ,
Partnerships ,
Pass-Through Entities ,
Popular ,
Proposed Regulation ,
Tax Cuts and Jobs Act ,
U.S. Treasury
The deadline to apply for a Paycheck Protection Program (PPP) loan is August 8, 2020. At this time, it appears that there is almost $130 billion in funds remaining available under the Paycheck Protection Program....more
U.S. companies will face restrictions on transferring and storing information about European residents after the European Court of Justice ruled that such transfers exposed Europeans to American government surveillance...more
7/29/2020
/ Data Protection ,
Disclosure Requirements ,
EU-US Privacy Shield ,
European Commission ,
European Court of Justice (ECJ) ,
General Data Protection Regulation (GDPR) ,
International Data Transfers ,
Personal Data ,
Standard Contractual Clauses ,
U.S. Commerce Department ,
US-EU Safe Harbor Framework
On July 4, 2020, President Trump signed the bill extending availability under the Paycheck Protection Program (PPP) to August 8, 2020. As of June 30, 2020, there was over $130 billion in funds remaining available under the...more
The United States and the world are in the midst of a pandemic and a resulting economic crisis of massive proportion, with most businesses, including many venture capital and private equity backed companies, experiencing...more
On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (“PPPFA”). The PPPFA amends the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic...more
6/12/2020
/ CARES Act ,
Federal Loans ,
Joint Statements ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Taxes ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Secretary of the Treasury
The U.S. Small Business Administration (SBA) recently issued an Interim Final Rule that confirms that when calculating the number of employees of an entity for purposes of determining eligibility for a PPP loan, an entity...more
As discussed in our previous client alerts, the SBA has released additional guidance on its review of the certification regarding the necessity of a PPP loan and extended the safe harbor to repay PPP loans to May 18, 2020. ...more
The SBA has released its Loan Forgiveness Application and Instructions for Borrowers, which provides the application and instructions for borrowers to calculate and submit their request to have all or a portion of their PPP...more
The U.S. Department of the Treasury recently updated their "Paycheck Protection Program Loans FAQ" with guidance extending the time frame to take advantage of the safe harbor to repay PPP loans to May 18, 2020....more
The U.S. Department of the Treasury recently updated their "Paycheck Protection Program Loans FAQ" with guidance regarding its review of a borrowers’ required good-faith certification concerning the necessity of their loan...more
The U.S. Department of the Treasury recently updated their “Paycheck Protection Program Loans FAQ” with guidance extending the time frame to take advantage of the safe harbor to repay PPP loans to May 14, 2020, and clarifying...more
The Small Business Administration (SBA) recently released additional guidance that businesses that are part of a single corporate group shall in no event receive more than $20 million of Paycheck Protection Program (PPP)...more
5/4/2020
/ Affiliated-Business Arrangements ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Franchises ,
Hospitality Industry ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
The Paycheck Protection Program (the “PPP”) under the recently-enacted CARES Act was designed to protect jobs with “forgivable” loans to small businesses. While some guidance has already been issued by the Small Business...more
Increased PPP Funding -
On Friday, April 24, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was amended to provide an additional $310 billion of funding for the Paycheck Protection Program (PPP),...more
The U.S. Department of the Treasury recently updated their "Paycheck Protection Program Loans FAQ" with guidance for businesses seeking PPP loans, but are owned by private companies. We have highlighted the Department's...more