Posts Categorized: Corporate

FinCEN Extends and Expands Orders to Identify Beneficial Owners of All-Cash Real Estate Purchases

We reported previously that the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) had issued a Geographic Targeting Orders (GTOs”) originally in July 2016 ordering title insurance companies to identify the actual owners of limited liability companies used in all-cash purchases of high-end real estate ($3 million and greater) in certain cities.  FinCEN has now announced an extension… Read more »

CFIUS Guidelines for Mandatory Critical Technology Reporting

We previously reported on the updates made to the implementing legislation of the Committee on Foreign Investment in the United States (“CFIUS”) by the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”).  Among other things, FIRRMA mandated reporting of transactions that involve acquisition of critical technologies in the United States.  On October 11, 2018,… Read more »

CFIUS Update Passed by Congress

On August 1, 2018, the U.S. Senate passed the Foreign Investment Risk Review Modernization Act (“FIRRMA”) as part of the Defense Authorization Bill (Title XVII).  FIRRMA changes and updates the law setting up the Committee on Foreign Investment in the United States (“CFIUS”), which allowed CFIUS to review certain acquisitions by and mergers with foreign… Read more »

SEC Increases Thresholds for “Smaller Reporting Company”

On June 28, the Securities and Exchange Commission increased the thresholds for “smaller reporting companies” (“SRCs”) and made certain other amendments designed to enlarge the category.  See here. “SRCs” are the lowest category of reporting companies (large accelerated filers, accelerated filers, non-accelerated filers and SRCs).  They need file only two years of audited financial statements,… Read more »

EU General Data Protection Regulation To Go Into Force

The EU General Data Protection Regulation (the “GDPR”) is scheduled to go into force on May 25, 2018.  The GDPR replaces existing data protection laws throughout the EU, and tightens the requirements that apply to businesses that collect and use personal data.  While a full understanding of the GDPR is beyond the scope of this… Read more »

SEC Report on Virtual Token Offerings and ICOs

On July 25, 2017, the Securities and Exchange Commission (the “SEC”) Division of Enforcement released a Report of Investigation (the “Report”) and a press release on the securities law analysis of an offer of DAO virtual tokens (“DAO Tokens”).  (Such an offer is sometimes called an Initial Coin Offering, or “ICO”.)  The Report may be the first of this type of report… Read more »

Comparison of NY and Delaware Corporation Rules

When the choice is between establishing a New York corporation or establishing a Delaware corporation headquartered or doing business in New York, the considerations are complex. As with a Delaware LLC, there was a time when Delaware rules and Delaware courts were viewed as most favorable to corporations founded in Delaware, but that is no… Read more »

Comparison of NY and Delaware LLC Rules

The choice in establishing a limited liability company (an “LLC”) for a company headquartered or doing business in New York is often between a Delaware LLC and a New York LLC. There was a time when the flexibility of the rules and the competence of Delaware courts in corporate matters often made Delaware a logical… Read more »