2016 New York EB-5 & Investment Immigration Convention Represe - - PDF document

2016 New York EB-5 & Investment Immigration Convention

Represe senting Regional Centers, s, NCEs, s, and JCEs s in an Era a of Increas ased SEC and Other Regulat atory Oversight

William Mack – Greenberg Traurig, LLP John Tishler – Sheppard Mullin Richter & Hampton, LLP Osvaldo Torres – Torres Law, P.A. Moderated By: Mariza McKee – Kutak Rock LLP PANEL OVERVI VIEW

• Recent SEC Investigation Case Studies
• Responding to SEC/FINRA Requests
• Impact of Proposed Legislative “Integrity Measures”
• Proposed EB-5 Regulation Update – RIN 1615-AC07

RECENT SEC INVE VEST STIG IGATIO ION CASE SE STUDIE IES

• Jay Peak Inc.
• American Life, Inc.
• Luca International Group
• Lawyers Offering EB-5 Investments as Unregistered Brokers (e.g.

Hui Feng and the Law Offices of Feng & Associates)

• Ireeco LLC

RESPONDIN ING TO SEC/FIN INRA REQUEST STS

• Triggering events
• Voluntary requests
• Subpoenas
• Testimony
• Enforcement Actions
• Wells Notices
• Settlements

IMPACT OF PROPOSED LEGISLATIVE “INTEGRITY MEASURES” H. H.R.4530 - EB EB-5 Integrit ity Act of 2016

• Application for Approval of an Investment in a Commercial

Enterprise (2)(a)(F)(i)

• Regional Center Annual Statements (Certifications) (2)(a)(G)
• Bona Fides of Persons Involved with Regional Center Program

(2)(a)(H)

• Compliance with Securities Laws (2)(a)(I)
• Direct and Third Party Promoters (2)(a)(K)

PROPOSE SED EB-5 REGULATIO ION UPDATE – RI RIN 1615-AC AC07

• DHS is proposing to update its EB-5 regulations to have two distinct

regulatory sections:

• ne for individual investors (direct)
• ne for combined investors in a designated regional center investment
• DHS is also proposing to amend its regulations in response to statutory

amendments that require that some portions of the regulation be updated.

• Unique EB-5 program issues which will be addressed in the updated

regulation are:

• the designation of Targeted Employment Areas
• indirect job creation
• the required investment amount
• material changes effect on conditional residency
• the regional center designation process
• monitoring for regional center compliance
• Need to monitor disclosure issues that may arise from these updates

PROPOSE SED EB-5 REGULATIO ION UPDATE – RI RIN 1615-AC AC07

Disclaimer

This presentation outline and the presentation itself are for general education purposes only and are not intended to provide specific guidance or legal advice about what to do or not to do in any particular case. You should not rely on this general information to make decisions about specific immigration matters. If you are not yourself a lawyer, you should seek the assistance of an immigration lawyer to help you resolve these issues. Thank you.