On November 29, 2023, the Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury published an amendment to its rule requiring certain entities not otherwise exempt to report their beneficial ownership, extending for entities established in 2024 the required reports from 30 days after establishment to 90 days. FinCEN will still require… Read more »
Posts Categorized: Investment in United States
DOJ Brings Charges in First NFT Fraud Case
The U.S. Department of Justice (the “DOJ’) has charged two individuals with a conspiracy to defraud investors in non-fungible tokens (“NFTs”) in which they abandoned the scheme and made off with the money invested (a “rug-pull”) shortly after it was invested. NFTs are digital assets recorded on a blockchain, a decentralized digital ledger. The advertised… Read more »
SEC Settles SPAC Enforcement Action
On July 13, 2021, the Securities and Exchange Commission (the “SEC”) announced settlement of enforcement actions aganist a Special Purpose Acquisition Corporation (the “SPAC”), entitled Stable Road Acquisition Company, its sponsor, its CEO, its merger target, entitled Momentus Inc. (“Momentus”) and the founder and the former CEO of Momentus. SPACS have become increasingly popular in… Read more »
Holding Foreign Companies Accountable Act Becomes Law
On December 18, 2020, the Holding Foreign Companies Accountable Act (the “HFCAA”) was signed into law and the Securities and Exchange Commission (the “SEC”) was advised to adjust its rule proposal to take into account the new legislation. Under the legislation, a reporting company that uses an auditor in a jurisdiction that restricts or controls… Read more »
New Committee on Foreign Investment in the United States (“CFIUS”) Rules to Go Into Effect
On February 13, 2020, new CFIUS rules are scheduled to go into effect. The new rules have been adopted by the Treasury Department under the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) which increases the CFIUS authority to review and disallow investment in U.S. sensitive companies. The rules also resulted in the exemption… 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 »