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Allen Barron, Inc.

The Action Cryptocurrency Investors Need to Take Immediately

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What is the action cryptocurrency investors need to take immediately? What has changed, and why should any digital asset holder or investor pay attention to this game-changing development? Here is the short answer: If you...more

Allen Barron, Inc.

Preparing to Sell Your Business

Allen Barron, Inc. on

There are several steps to follow when preparing to sell your business. It is important to allow plenty of time for planning and organization, as the process will usually require many months to a year or more. Why does it...more

Tonkon Torp LLP

Before Selling a Business, Consider a Buyer’s Perspective

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Several situations can prompt the sale of a Company. The owners may need to fund their retirement or succession from sale proceeds. A tempting, unsolicited offer may materialize. Or the owners may simply be ready to sell the...more

Akin Gump Strauss Hauer & Feld LLP

SEC Releases Risk Alert on EXAMS Process

Investment Advisers: Assessing Risks, Scoping Examinations, and Requesting Documents* I. Introduction - The SEC-registered investment adviser (“adviser”) population is large and diverse, ranging from global asset managers...more

Amundsen Davis LLC

Considerations Before Responding to a Creditor’s Citation to Discover Assets

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Before responding to a creditor’s citation to discover assets ("CDA"), financial institutions should consider whether the court presiding over the judgment can lawfully direct them to act against a debtor's accounts. Even if...more

Rivkin Radler LLP

Supreme Court Upholds IRS Collections Summons Without Notice

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The Supremes- The Constitution has figured prominently in the news of late. In the days preceding the initial discussions among members of the Administration and the Congressional leadership regarding the debt ceiling,...more

Conn Kavanaugh

Backstage Pass: What Lawsuit Pleadings Tell Us About Life In A Rock And Roll Band

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In a lawsuit filed in California last year, Journey guitarist Neal Schon alleged that bandmate Jonathan Cain had denied him access to the group’s corporate credit card. Cain alleged in a cross-complaint that Schon’s prior...more

Lippes Mathias LLP

Increasing Government Scrutiny Requires Robust MWBE Compliance Programs to Avoid Criminal, Civil Investigations

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New York’s state contracts boast some of the most ambitious diversity goals in the nation, and are well recognized for their frequent utilization of Minority and/or Women-owned Business Enterprises, known as MWBEs, with a set...more

Fox Rothschild LLP

A Corporate Riddle: When are Three Director Seats on a Five-Member Board not a Majority?

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Adam Downing had a rather ordinary request under North Carolina corporate inspections law. As a shareholder in Cycle Holdings, Inc. he wanted to inspect financial and business records of Cycle Labs, Inc. – a holding of Cycle...more

Morrison & Foerster LLP

SEC Requires Tailored Shareholder Reports and Amends Fund Advertising Rules

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Recently, the U.S. Securities and Exchange Commission (SEC) adopted rule and form amendments for registered open-end funds (Final Rules) that will substantially change the form and content of fund shareholder reports. The SEC...more

Fox Rothschild LLP

Be Prepared for Your Divorce Series: Part II – Gather Your Proofs

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In anticipation of this series, I reached out to some former clients and asked them: How could you have been better prepared for your divorce? One client told me that she wished she had gathered all her proof documents...more

Hendershot Cowart P.C.

Shareholder Access to Books & Records in Texas – What Are My Rights?

Hendershot Cowart P.C. on

Under Texas law, a member of a limited liability company (LLC) or a qualifying shareholder of a corporation has the right to examine the company’s books and records, so long as there is a proper purpose. This right is...more

Woods Rogers

Financial Exploitation of the Elderly: New Duties for Financial Institutions under 2022 Virginia Legislation

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Financial exploitation affects at least 10% of the elderly population in the U.S. and is a growing problem according to the U.S. Treasury’s Financial Crimes Enforcement Network. The 2022 Virginia General Assembly enacted...more

Hendershot Cowart P.C.

Sibling Abusing Power of Attorney?

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Does this scenario sound familiar? “My sister has power of attorney over my mother. Lately, she’s been taking expensive vacations, paying for spa services, and carrying a designer purse that seems beyond the reach of her...more

StoneTurn

Technology and Data Can be Powerful Fraud Investigative Tools or Create Massive Headaches. Need an Advil?

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Multi-national organizations battle fraud and corruption risks daily given the size, scale, and complexities of their businesses, increased regulation and enforcement, and challenges preparing for a post-pandemic fraud...more

Stikeman Elliott LLP

New Amendments to Auditor Oversight Rules Require Access to Audit Working Papers of Component Auditors

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Changes to National Instrument 52-108 Auditor Oversight and its Companion Policy (the Amendments) require auditors that perform a significant portion of a reporting issuer’s audit work to provide the Canadian Public...more

Perkins Coie

The Anti-Money Laundering Act of 2020: The Remarkable Expansion of the U.S. Government’s Subpoena Power Over Foreign Financial...

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On New Year’s Day 2021, Congress passed the Anti-Money Laundering Act of 2020 (AMLA). As we reported last April, the AMLA 2020 included sweeping reforms aimed at strengthening protections against money laundering, terrorism...more

Fox Rothschild LLP

A Clubhouse Conundrum

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At one of Charlotte’s finest golf courses, Myers Park Country Club, the summer weather isn’t all that’s leaving some members hot under the collar. As the club embarks on a $27 million renovation plan tied to its 100th...more

Cohen & Gresser LLP

Anti-Money Laundering Act of 2020 Significantly Expands Reach of Subpoenas of Non-U.S. Banks That Have U.S. Correspondent Accounts

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Non-U.S. banks that maintain correspondent accounts in the United States face the prospect of significantly broader subpoenas from the Department of Justice (“DOJ”) and the Department of Treasury (“Treasury”) as a result of...more

Goodwin

SEC Adopts Broad Exempt Offering Reforms

Goodwin on

In the News. The Securities and Exchange Commission (SEC) adopted broad exempt offering reforms; the Department of Labor (DOL) finalized a rule, with significant revisions from the original proposal, on ESG investments; the...more

Goodwin

OCC Finalizes “True Lender” Rule

Goodwin on

In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more

Morrison & Foerster LLP

CFPB Seeks Comment On Improving Consumer Access To Financial Information

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On October 22, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advance notice of proposed rulemaking (ANPR) that seeks comment on consumer access to financial information, pursuant to Dodd-Frank Act...more

Freeman Law

Bare Bitcoins — No Fourth Amendment Privacy in Virtual Currency Records

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Virtual currency has been around for a number of years now, and yet many still believe virtual currency transactions provide a level of anonymity and privacy not afforded by other types of monetary transactions. That simply...more

Fox Rothschild LLP

U.S. Consumer Financial Protection Bureau Seeks Input On Consumer Access To Financial Records

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The U.S. Consumer Financial Protection Bureau (CFPB) is issuing an Advanced Notice of Proposed Rulemaking to solicit comments and information that will assist the development of proposed regulations under Section 1033 of the...more

Partridge Snow & Hahn LLP

Internal Revenue Service Clarifies Tax Rule for Marijuana Industry

The Internal Revenue Service (IRS) issued guidance on Thursday, September 10, 2020, to marijuana businesses. The new guidance does not change existing IRS rules, but briefly explains the rules for reporting income, paying...more

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