On December 26, 2024, a merits panel of the U.S. Court of Appeals for the Fifth Circuit reinstated a nationwide injunction against enforcement of the Corporate Transparency Act (CTA) that had been entered by the United States...more
1/3/2025
/ Appeals ,
Commerce Clause ,
Compliance ,
Corporate Counsel ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
Injunctions ,
Reporting Requirements ,
SCOTUS ,
Stays ,
Texas
On December 26, 2024, the U.S. Court of Appeals for the Fifth Circuit entered an order that has the effect of again prohibiting the enforcement of the Corporate Transparency Act (CTA) and staying all CTA filing deadlines. A...more
On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit entered an order that has the effect of reinstating Corporate Transparency Act (CTA) filing deadlines, including the upcoming deadline for certain entities...more
12/24/2024
/ Appeals ,
Beneficial Owner ,
Constitutional Challenges ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
Filing Deadlines ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Requirements ,
Reporting Requirements ,
Stays
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
The Corporate Transparency Act (CTA), a law intended to enable the Financial Crimes Enforcement Network (FinCEN) to detect shell companies and protect the U.S. financial system from abuse by money launderers, drug...more
11/1/2023
/ Beneficial Owner ,
Corporate Counsel ,
Corporate Transparency Act ,
Data Breach ,
Data Protection ,
Data Security ,
Due Diligence ,
False Reporting ,
FinCEN ,
New Legislation ,
Reporting Requirements ,
Scams ,
Shell Corporations
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
The Financial Crimes Enforcement Network (“FinCEN”), a unit of the U.S. Treasury, is mandated with protecting the U.S. financial system from illicit use by making it more difficult for bad actors to conceal their financial...more
Last week, the Biden administration issued an Executive Order on Ensuring Responsible Development of Digital Assets. As Blockchain/Web3.0/Metaverse innovations advance, the administration is taking initial steps to examine...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
After years of debate and revisions in both houses, the Corporate Transparency Act of 2019 (“CTA”), Congress’ most ambitious anti-money laundering and anti-terrorism financing legislation in years, was enacted on January 1,...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 April 16, 2019, the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert summarizing numerous issues it found in its recent examinations of SEC-registered...more
5/2/2019
/ Broker-Dealer ,
Customer Privacy ,
Data Privacy ,
Data Protection ,
Enforcement Actions ,
Investor Protection ,
OCIE ,
Personally Identifiable Information ,
Privacy Notice Rule ,
Registered Investment Advisors ,
Regulation S-P ,
Risk Alert ,
Securities and Exchange Commission (SEC)