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.
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News
June 16, 2021: European Commission Adopts New Standard Contractual Clauses for International Data Transfers under the GDPR
On June 4, 2021, the European Commission formally adopted new standard contractual clauses for international personal data transfers from the European Economic Area (“EEA”) to other countries (the “New SCCs”). Standard Contractual Clauses (“SCCs”) allow personal data to be transferred outside the EEA to countries that the European Commission identifies as not providing “adequate” level of data protection (including China and the US). ...... May 27, 2021: Restoration of International Entrepreneur Parole Program On May 10, 2021, the Department of Homeland Security (“DHS”) announced the restoration of International Entrepreneur Rule (“IER”), which allows certain foreign-born entrepreneurs to stay in the U.S. for up to five years. The Trump administration previously proposed to eliminate the IER rule in 2018. Under the IER, DHS may use its parole authority to grant a period of authorized stay, on a case-by-case basis, to ....... May 20, 2021: FinCEN Launches Rulemaking for New Beneficial Ownership Reporting The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury has begun a rulemaking to implement the beneficial ownership reporting provisions of the new Corporate Transparency Act (CTA), which was included within the Anti-Money Laundering Act of 2020 as part of the National Defense Authorization Act and became law on January 1, 2021. The CTA requires reporting companies ...... May 5, 2021: SEC Issues Amendments to Implement HFCAA The Securities and Exchange Commission (the “SEC”) has adopted interim final amendments (the “Amendments”) to Forms 20-F, 40-F, 10-K, and NCSR to implement the disclosure and submission requirements of the Holding Foreign Companies Accountable Act (“HFCAA”). The HFCAA was signed into law on December 18, 2020, which, among other things, amended Section 104 of the Sarbanes-Oxley Act of 2002 to impose certain requirements on a public company identified by the SEC ...... April 30, 2021: IRS Issues Proposed Regulations on Requirements for Foreign Persons Investing In Opportunity Zone Funds On April 12, 2021, the Internal Revenue Service (the “IRS”) issued its proposed regulation (the “Proposed Regulation”) which sets forth requirements that certain foreign taxpayers must satisfy in order to elect federal income tax benefits of investing in a qualified opportunity fund (“QOF”) and for the reduction or elimination of withholding tax. The Tax Cuts and Jobs Act ...... April 16, 2021: SEC Staff Issued Statement on SPAC As special purpose acquisition companies (“SPAC”) continue to grow in popularity, recently the Division of Corporation Finance of the Securities and Exchange Commission issued a staff statement which focused on various issues that private companies should carefully consider in connection with engaging a business combination with a SPAC. The statement highlighted certain restrictions to which SPACs are subject, including ...... March 24, 2021: Delaware Court Holds Choice of Law Clause Not Precluding Claim Under California Securities Act On January 28, 2021, the Delaware Court of Chancery (“Court”) decided in Swipe Acquisition Corp. v. Peter M. Krauss et al. Civil Action No. 2019-0509-PAF (Del. Ch. Jan. 28, 2021) that a Delaware choice of law provision did not preclude a party from asserting a claim under the California Securities Act as otherwise would be contrary to California public policy. The basic fact is as follows ...... March 18, 2021: New York Imposed New Registration and Examination Requirements on Certain Investment Advisor Related Persons and Solicitors Effective February 1, 2021, amendments to the New York Investment Advisory Act (the “Amendment”) require certain people associated with investment advisers to meet the new registration and examination requirements. The Amendment mostly affects the below three categories of people. With respect to NY registered investment advisers (a “NY Registered Adviser”), the Amendment imposes the requirements on their representatives ....... |
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