With offices in California, New York and Singapore, MagStone Law, LLP is a modern law firm dedicated to providing solution-focused, cost-effective, and high quality legal services to our clients. We are all experienced lawyers with backgrounds from the most prominent international law firms. Our practice covers all aspects of corporate transactional law, including business formation, financing, licensing, corporate governance, mergers & acquisitions and SEC compliance. We also provide legal services in intellectual property, real estate transactions, tax controversy, litigation and dispute resolution services. Known for our expertise on U.S.-China cross-border transactions, we have become the go-to law firm for many Chinese companies exploring the U.S. market and U.S. companies entering into the Chinese market.
We want to draw your attention to the newly enacted Coronavirus Aid, Relief, and Economic Security Act (CARES). Many businesses may be able to tap into the Payroll Protection Program (“PPP”) and the COVID-19 Economic Injury Disaster Loan Program (“EIDL”) created under CARES. Both PPP and EIDL loans are made on a first-come, first-served basis. To assist clients navigating the CARES application process, we have assembled a team of attorneys. If you have any questions, please contact us at CARES@magstonelaw.com. Click here for details.
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News
June 26, 2020: SBA Releases EZ Application for PPP Loan Forgiveness
On June 16, 2020, the Small Business Administration (“SBA”) and the U.S. Treasury Department released revised forms of loan forgiveness application and the accompanying instructions to reflect amendments to the Paycheck Protection Program (the “PPP”) under the Paycheck Protection Program Flexibility Act of 2020 (the “PPPFA”). The updated documents include a revised standard forgiveness application and a new short form “EZ” forgiveness application. For eligible borrowers, the EZ forgiveness application ........ June 22, 2020: Paycheck Protection Program Flexibility Act Signed into Law On June 5, 2020, President Trump signed into law the Paycheck Protection Flexibility Act (the “Flexibility Act”), which amends the CARES Act and the Paycheck Protection Program (“PPP”) to provide greater flexibility to PPP loan recipients. The major changes that the Flexibility Act made to the administration of the PPP and the terms of PPP loans include, without limitation, the following:....... June 12, 2020: CFIUS Proposes Rules to Change Mandatory Fling Requirements On May 21, 2020, the Committee on Foreign Investment in the United States (“CFIUS”) proposed a rule to modify the mandatory filing requirements for certain foreign investment transactions involving critical technologies. Under the existing rules, mandatory filing of a notice or declaration is required for ...... June 9, 2020: Treasury Proposed Rule to Modify FIRRMA Provisions On May 21, 2020, the Department of Treasury issued a proposed rule that would revise certain provisions in the regulations that implement the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”). Specifically, this proposed rule is intended to revise the scope of the mandatory declaration with the Committee on Foreign Investment in the United States (“CFIUS”) involving certain non-controlling foreign investments in certain US business, among other things. ...... May 29, 2020: BIS to Add 33 Chinese Entities to the Entity List On May 22, 2020, the Department of Commerce’s Bureau of Industry and Security (BIS) announced it will add 33 Chinese entities to the Entity List, signaling that the Trump Administration will continue its current course to further control export to Chinese entities it deems problematic. Once the 33 entities are added into the Entity List, the export, re-export, or in-country transfer of items subject to the Export Administration Regulations to such entities will be prohibited without Department of Commerce authorization. Companies doing business with Chinese companies or in China should ...... Hot SPOT: CFIUS and FIRRMA
Hot SPOT: business compliance
hot SPOT: import and Export Control
May 29, 2020: BIS to Add 33 Chinese Entities to the Entity List On May 22, 2020, the Department of Commerce’s Bureau of Industry and Security (BIS) announced it will add 33 Chinese entities to the Entity List, signaling that the Trump Administration will continue its current course to further control export to Chinese entities it deems problematic. Once the 33 entities are added into the Entity List, the export, re-export, or in-country transfer of items subject to the Export Administration Regulations to such entities will be prohibited without Department of Commerce authorization. Companies doing business with Chinese companies or in China should ...... May 4, 2020: BIS Expands Export Restrictions to China, Russia and Venezula for Military End Users or Military End Use On April 28, 2020, the U.S. Department of Commerce, Bureau of Industry and Security (“BIS”) published a final rule to expand license requirements on exports, reexports, and transfers (in-country) of items intended for military end use or military end users in China, Russia or Venezuela. The final rule will become effective on June 29, 2020. Notably, the final rule expands ....... December 2, 2019: USTR Announced Exclusion Procedure for Section 301 Tariff List 4A The U.S. Trade Representative’s (USTR) issued the procedures for parties adversely affected by the List 4A Section 301 China tariffs to seek an exemption on October 24, 2019. List 4 Section 301 China tariffs (US $300 billion trade action) is the fourth round of tariffs on an estimated $300 billion of Chinese goods the U.S. imposed pursuant to USTR’s investigation and determination under Section 301 of the Trade Act of 1974. Goods from China listed under List 4A are subject to an additional 15% tariff effective on September 1, 2019. Read More... October 17, 2019: 28 China-Based Entities included in BIS List The U.S. Department of Commerce, Bureau of Industry and Security (“BIS”) recently issued a rule to amend the Export Administration Regulations (“EAR”) by adding twenty-eight additional entities located in China to the Entity List. The rule became effective on October 9, 2019. A copy of the rule, together with the newly added entities, can be viewed here. For the entities listed in the Entity List, including those newly listed entities, BIS imposes a license requirement for all items subject to EAR and a license review policy of case-by-case review for items under certain Export Control Classification Numbers. BIS has also adopted a license review policy of presumption of denial for license applications to these entities with limited exceptions. hot SPOT: data protection and privacy
February 18, 2020: CFIUS Update IV - Sensitive Personal Data under FIRRMA
On January 13, 2020, the US Department of Treasury (“Treasury”) issued two final rules (the “Final Rules”) implementing the Foreign Investment Risk Review Modernization Act (“FIRRMA”). The Final Rules expand the jurisdiction of the Committee on Foreign Investment in the United States (“CFIUS”) to review non-controlling foreign investments in a US business involving critical technology, critical infrastructure, or sensitive personal data (a “TID US Business”). Under the Final Rules, CFIUS may review ...... January 13, 2020: Software Specially Designed to Automate Analysis of Geospatial Imagery Added to Export Control Classification Number 0Y521 Series
On January 6, 2020, an interim final rule issued by the Bureau of Industry and Security (BIS) amends the Export Administration Regulations (EAR) to make certain items subject to the EAR and imposes a license requirement for the export and reexport of certain items to all destinations, except Canada. Specifically, this rule classifies ... December 6, 2019: California Consumer Privacy Act Set to Become Effective January 1, 2020
California Consumer Privacy Act (“CCPA”), widely applauded to be the most comprehensive consumer privacy legislation in the United States thus far and the US counterpart of the European Union’s General Data Protection Regulation, is set to take effect January 1, 2020. The CCPA covers... November 4, 2019: Data Protection for Cayman Islands Investment Funds The Cayman Islands Data Protection Law (the “DPL”) became effective on 30 September, 2019. The DPL governs how a “data controller” may process, use and retain personal data. Please click here to read more. hot SPOT: merge and acquisition
March 16, 2020: President Trump Orders Beijing Shiji to Divest Acquisition of StayNTouch On March 6, 2020, President Trump issued an Executive Order requiring Beijing Shiji Information Technology Co., Ltd., a public company organized under the laws of China (“Shiji”), to divest its acquisition of StayNTouch, Inc. (“StayNTouch”), a US-based hotel property management software company. The Order is the sixth Executive Order to date prohibiting the acquisition of a U.S. business by a foreign person, pursuant to the authorities that allow the Committee on Foreign Investment in the United States (“CFIUS”) to review...... November 18, 2019: Otto Bock-Freedom Merger Transaction Ordered to be Unwound On November 6, 2019, the Federal Trade Commission (“FTC”) ordered to unwind a consummated merger between Otto Bock Healthcare North America Inc. (“Otto Bock”) and FIH Group Holdings, LLC (“Freedom”), the largest and third largest manufacturers of microprocessor-driven prosthetic knees (“MPK”) in the United States by revenue. Please click here to read more. HOT SPOT: LAWS RELATED TO COVID-19
June 26, 2020: SBA Releases EZ Application for PPP Loan Forgiveness On June 16, 2020, the Small Business Administration (“SBA”) and the U.S. Treasury Department released revised forms of loan forgiveness application and the accompanying instructions to reflect amendments to the Paycheck Protection Program (the “PPP”) under the Paycheck Protection Program Flexibility Act of 2020 (the “PPPFA”). The updated documents include a revised standard forgiveness application and a new short form “EZ” forgiveness application. For eligible borrowers, the EZ forgiveness application ........ June 22, 2020: Paycheck Protection Program Flexibility Act Signed into Law On June 5, 2020, President Trump signed into law the Paycheck Protection Flexibility Act (the “Flexibility Act”), which amends the CARES Act and the Paycheck Protection Program (“PPP”) to provide greater flexibility to PPP loan recipients. The major changes that the Flexibility Act made to the administration of the PPP and the terms of PPP loans include, without limitation, the following:....... May 26, 2020: SEC Provides Temporary Relief to Small Businesses Pursuing Expedited Crowdfunding Offerings The Securities and Exchange Commission (the “SEC”) recently issued temporary final rules for established small companies affected by COVID-19 that may consider meeting their funding needs through a Regulation Crowdfunding offering from certain requirements of Regulation Crowdfunding relating to the timing of the offering and the availability of financial statements required. Under the temporary final rules, the SEC allows issuers to gain access to funds through securities offerings more quickly than before by ....... May 14, 2020: Nasdaq’s Temporarily Exception to Shareholder Approval Requirements for a 20% Issuance as a Result of COVID-19 The SEC has adopted a new Nasdaq Rule 5636T(b), which will provide a temporary limited exception from certain shareholder approval requirements (Nasdaq Rules 5635(d)). Nasdaq believes that this temporary suspension will permit companies to raise capital quickly to continue running their businesses and address the immediate health crisis caused by the COVID-19 pandemic. The new rule is effective immediately and will remain in place through June 30, 2020. Rule 5635(d) provides that ...... . May 11, 2020: The Federal Reserve Released Additional Guidance on Main Street Lending Program The Federal Reserve recently released additional guidance and an FAQ regarding the $600 billion Main Street Lending Program (the “Main Street Program”) to provide support to small and medium-sized businesses that were in sound financial condition prior to the onset of the COVID-19 pandemic to maintain their operations and payroll until conditions normalize. Subject to the term sheet of each loan facility, U.S. businesses with 15,000 employees or fewer or 2019 annual revenues of $5 billion or less may participate in the Main Street Program. Main Street Program includes ....... April 14, 2020: DOL Issued Guideline on the Families First Coronavirus Response Act Following the enactment of the Families First Coronavirus Response Act (the “FFCRA”) which was discussed in our previous post, on March 24, 2020, the Wage and Hour Division of the U.S. Department of Labor the (“DOL”) released preliminary guideline, comprised of (1) a Fact Sheet for Employers, (2) a Fact Sheet for Employees, and (3) FAQs (collectively, the “Guideline”),which seeks to provide details concerning various aspects on the implementation of the new law. The FFCRA requires, ....... April 8, 2020: Employee Retention Tax Credit under the CARES Act Enacted on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides an employee retention tax credit (“Employee Retention Credit”) to encourage “Eligible Employers” to keep employees on their payroll. The Employee Retention Credit is a fully refundable tax credit for employers. It equals to ....... March 26, 2020: Families First Coronavirus Response Act Signed into Law On March 18, 2020, President Donald Trump signed into law the Families First Coronavirus Response Act (“FFCRA”), an emergency relief bill that aims to provide financial support to reduce the impact of the 2019 Novel Coronavirus (“COVID-19”) on American families. The FFCRA provides for two sources of ...... |
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