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The Most Significant Change to AML Rules Since the USA Patriot Act

Insight Thomas Fawell Thomas Fawell · January 04, 2021
Overview.  January 2, 2021.   The newly enacted National Defense Authorization Act[1] (NDAA) imposes the most significant reformation of the Bank Secrecy Act (BSA) and related anti-money laundering (AML) laws since the adoption of the USA PATRIOT Act.  The largest changes are in division F, the Anti-Money Laundering Act of

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Litigation Finance Waterfalls

Insight John J. Hanley John J. Hanley · December 29, 2020
"Look with open eyes and you will see the beauty of the waterfall." - Anthony T. Hincks A key term in pricing for litigation finance (sometimes called litigation funding) is the order of priority in which litigation proceeds are paid to parties with an interest in the matter including the litigation funder.  This is known as the

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Litigation Finance 101

Insight John J. Hanley John J. Hanley · December 18, 2020
You are the CEO of a thriving technology company.  Your chief legal officer informs you that a well-heeled vender has stolen components of the intellectual property that is your company’s lifeblood.  However, litigation is expensive and the thief is prepared to engage in a costly war of attrition intended to exhaust and overwhelm

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IRS Voluntary Disclosure Practice - Internal Revenue Manual Updated Recently

Insight Melinda Fellner Bramwit Melinda Fellner Bramwit · December 10, 2020
You may know that the IRS Offshore Voluntary Disclosure Program (“OVDP”) closed, leaving taxpayers who did not fit within the confines of the streamlined programs with scant options for disclosure. As such, anyone who could not certify under penalties of perjury that their failure to report, disclose or pay tax was not

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The Fine Art of Auction House Consignments: Art AML, Sanctions Compliance and the Fine Art Owner’s Conundrum**

Insight Sam Miller Sam Miller · December 07, 2020
While the spotlight has recently been on established auction houses anti-money laundering (“AML”), counter-terrorism and sanctions compliance, and the prospect of the United States, like the United Kingdom and the European Union before it, making AML compliance mandatory for art industry protagonists, there appears to be little focus on

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ISDA IBOR Fallbacks Supplement and Protocol: What You Need to Know

Insight Robin Powers Robin Powers · November 19, 2020
I.  Introduction In 2017, the UK’s Financial Conduct Authority (“FCA”) announced that it will not require the calculation and publication of interbank offered rates (“IBORS”) beyond 2021.  The absence of a guaranteed IBOR after 2021 has triggered one of the largest and intricate challenges that financial

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The Exempt Offering Ecosystem: What the SEC Changed

Insight Dror Futter Dror Futter · November 11, 2020
The SEC announced a series of amendments (likely to be effective early next year) to the rules governing private offering exemptions – by far the most frequent path for venture fundraising. The amendments retain the same “menu” of exemptions but make incremental improvements. For the early-stage community, the amendments

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Let the Fundraising Begin:  SEC Harmonizes and Improves its Exempt Offering Framework

Insight Debbie A. Klis Debbie A. Klis · November 06, 2020
On November 2, 2020, the Securities and Exchange Commission (“SEC”) voted to amend and simplify its rules governing private-offering exemptions under the Securities Act of 1933 (the “Securities Act”) to promote capital formation (the “Amendments”).[1]  The SEC release included discussion of their intent to

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Finding Your Fortune - SEC’s Proposal To Allow Non-Registered Finders

Insight Carl Sherer Carl Sherer · November 02, 2020
The US Securities and Exchange Commission proposes to establish a new limited and conditional exemption from the broker registration requirements for natural persons engaging in certain limited capital-raising activities on behalf of issuers seeking to raise funds from accredited investors. If adopted, the proposed exemption will

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New ESG-Related Regulatory Obligations for Private Funds

Insight Debbie A. Klis Debbie A. Klis · September 23, 2020
The consideration of environmental, social and governance factors alongside financial factors in the investment decision-making process are increasingly popular ways for investors to evaluate companies and funds in which they may choose to invest.  According to the most recent report from US SIF Foundation, investors held $11.6 trillion in

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