U.S. Citizenship and Immigration Services (USCIS) administers the Immigrant Investor Program, also known as “EB-5,” created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. Under a pilot immigration program first enacted in 1992 and regularly reauthorized since, Congress has allocated 10,000 EB-5 visas for investors designated by USCIS based on proposals for promoting economic growth. Of the 10,000 visas available annually for immigrant investors, 3,000 are reserved for investments in Targeted Employment Areas and another 3,000 are set aside for investment through the Regional Center Program.
An Executive Summary and Overview of the EB-5 Program
Firm Advice: Volcker Rule: Observations on Interagency FAQs, OCC Interim Examination Guidelines
More than six months after the release of final Volcker Rule regulations, banking organizations continue to grapple with a long list of interpretive questions and an opaque process for seeking clarity from the Volcker agencies. Regulatory silence broke for a brief moment this past week in the form of a short interagency FAQ and, from the OCC, interim examination guidelines for assessing banking entities’ progress toward Volcker Rule compliance during the conformance period.
Read the full article here.
European Court Rejects UK’s Financial Transaction Tax Challenge
U.K.’s challenge to the proposed financial transaction tax (FTT), while recognizing that the U.K.’s challenge was precautionary — and possibly premature.
Regulation and the Future of Money: Mobile Payment and Virtual Currencies
What exactly is Bitcoin? You may have heard a great deal about this in the media. You may know that it is a virtual currency. You may have heard news that the evaluation of Bitcoin once skyrocketed to a record of $900. But you may not have heard an analysis of Bitcoin and other virtual currencies in the legal community.
Federal Regulators Issue Joint Guidance on Company-Run Stress Tests for Mid-sized Banks
On March 20, 2014, the Board of Governors of the Federal Reserve System announced the results of the annual company-run stress tests for the 30 largest banking institutions, concluding that the institutions have improved their capital positions and are now better positioned to endure conditions of extremely severe stress than they were five years ago. For Mid-sized Banks, this announcement offers a glimpse into the implementation of the stress-test public disclosure requirements, which such institutions are required to meet in 2015.
DOJ Secures First-Ever Successful Extradition on Antitrust Charge
On Friday, April 4, 2014, the Antitrust Division of the United States Department of Justice (DOJ) announced that Romano Pisciotti, an Italian national, was extradited from Germany for his alleged role in a marine hose bid-rigging conspiracy. It was reported that Mr. Pisciotti was returning to Italy from Nigeria and was arrested during a layover at Frankfurt Airport. This is the first successful extradition by the DOJ on antitrust charges.
U.S. Chapter 15: a Tool for Implementing Foreign Reorganization Plans in the United States – the Elpida Experience
The Chapter 15 case of Elpida, which was filed in the U.S. in connection with Elpida’s debtor-in-possession proceeding pending in Tokyo, Japan under the Japanese Corporate Reorganization Act (the “JCRA”), has attracted broad attention in Japan and elsewhere. Although not sought in most Chapter 15 cases, and successfully obtained in even fewer cases, U.S. recognition of a foreign plan of reorganization is an important tool available to a Chapter 15 debtor, as such recognition implements the foreign plan in the U.S. and prevents U.S. actions that are inconsistent with the foreign plan.
Federal Reserve Adopts Final Rule Implementing Enhanced Prudential Standards for Certain Domestic Bank Holding Companies and Foreign Banking Organizations
On February 18, 2014, the Board of Governors of the Federal Reserve System approved its final rule implementing enhanced prudential standards for certain domestic bank holding companies and foreign banking organizations (the Final Rule). While the Final Rule does not implement every provision of the December 2011 and December 2012 proposed rules, the Final Rule still requires enhanced standards of liquidity, risk management, and capital for covered institutions. Compliance with certain of the provisions of the Final Rule begins January 1, 2015.
Supreme Court Holds SOX Whistleblower Law Protects Employees of Private Contractors; Yet Full Scope Remains Unclear
On March 4, 2014, the United States Supreme Court held in Lawson v. FMR LLC, 571 U.S. __ , Case No. 12-3 (Mar. 4, 2014), that §806 of the Sarbanes-Oxley Act of 2002 (“SOX”) provides a cause of action for employees of private contractors and subcontractors that are retaliated against for whistleblowing activities.
Deadline for Nasdaq Certification Requirement for Compensation Committee Independence and Change to Nasdaq Independence Rules
Certification Requirement
Companies listed on the Nasdaq Stock Market must certify that they have complied with Nasdaq’s listing standards regarding compensation committees by the earlier of 30 days after their 2014 annual meeting (if that meeting is held after January 15) or October 31, 2014. This certification must be done through the Nasdaq OMX Listing Center. A preview of the certification form is available at the Nasdaq OMX Listing Center.