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
November 13, 2020: SBA Proposed New Questionnaires Requiring PPP Borrowers of $2 Million or More to Justify "Economic Necessity"
In April 2020, the U.S. Small Business Administration (SBA) established the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to provide forgivable loans to businesses adversely impacted by the Coronavirus Disease 2019 (COVID-19) pandemic. Many PPP borrowers that are eligible for loan forgiveness are now completing the applicable PPP Loan Forgiveness Application. On October 26, 2020, SBA published a notice in the Federal Register seeking public comments on two proposed PPP questionnaires – one for for-profit borrowers (SBA Form 3509) and the other for non-profit borrowers (SBA Form 3510). ....... November 4, 2020: SEC Proposes Conditional Exemption for Finders from Broker-Dealer Registration On October 7, 2020, the Securities and Exchange Commission (“SEC”) voted to issue a proposed exemptive order (the “Proposal”) that would, if adopted, permit certain natural person who is not registered as, or associated with, a broker-dealer to receive transaction-based compensation in exchange for capital-raising activities involving accredited investors. SEC indicated that such exemption is intended to assist small businesses in raising capital. The Proposal attempts ....... October 26, 2020: California Attorney General Proposes Additional Modifications to CCPA Regulations On October 12, 2020, the California Attorney General issued an additional set of proposed modifications (the “Proposed Modifications”) to the regulations implementing the California Consumer Protection Act. The Proposed Modifications would make the following revisions to the existing regulations: First, a business that collects personal information in the course of interacting with consumers offline is required to ....... October 13, 2020: New California Law Mandates Board Diversity in Public Corporations On September 30, 2020, California Governor Gavin Newsom signed Assembly Bill 979 into law, which requires that a publicly held domestic or foreign corporation whose principal executive office is located in California include one or more racially or otherwise diverse directors. Pursuant to Assembly Bill 979, a publicly held corporations ....... October 2, 2020: DOL Proposed to Revise Independent Contractor Test On September 22, 2020, the Department of Labor (the “DOL”) issued a proposed rule that would clarify whether a worker should be classified as an employee or an independent contractor under the Fair Labor Standards Act ("FLSA"). Although DOL previously adopted the economic reality test and issued guidance on such test, no formal regulation had been promulgated by the DOL to address such test prior to its issuance of this proposed rule. The DOL also stated that the new rule ....... October 2, 2020: Treasury Issues Final Regulations on CFIUS Mandatory Filings On September 15, 2020, the U.S. Department of the Treasury published a final rule (the “Final Rule”), effective on October 15, 2020, that refines the Committee on Foreign Investment in the United States (CFIUS)’s mandatory filing requirement for certain transactions, in particular those involving foreign investments in U.S. businesses that engage in activities relating to “critical technologies”. The Final Rule eliminates ....... September 21, 2020: Court Temporarily Halts the WeChat Ban On or around September 20, 2020, a federal judge granted a nonprofit organization’s motion for a nationwide preliminary injunction against the implementation of an Executive Order banning transactions related to WeChat (the “EO”). As a result of the preliminary injunction, users can continue using WeChat as usual. The EO was signed....... September 17, 2020: California Expands the Exemptions to Independent Contractor Statute A new California law, Assembly Bill 2257 (“AB 2257”) became effective on September 4, 2020, AB 2257 modifies an earlier Assembly Bill 5 (“AB 5”), which codifies a strict ABC test for determining whether California workers should be classified as employees or independent contractors and had a huge impact on numerous industries. Under the ABC test, hiring entities ....... September 8, 2020: SEC Amends “Accredited Investor” Definition to Allow More Participation in Private Offerings On August 26, 2020, the Securities and Exchange Commission (SEC) amended the definition of “accredited investor” to add new categories of qualifying natural persons and entities and to make certain other modifications to the existing definition, thereby allowing a larger pool of investors to have access to private offerings. The Amendments...... September 1, 2020: Delaware Court of Chancery Bars Stockholder of a Delaware Corporation from Pursuing Stockholder Inspection Rights Under California Corporations Code On August 13, 2020, the Delaware Court of Chancery (the “Court”) issued an opinion, JUUL Labs, Inc. v. Grove, C.A. No. 2020-0005-JTL, holding that under the “internal affairs doctrine,” a stockholder of a Delaware corporation headquartered in California could not seek to inspect the corporate books and records pursuant to California’s inspection statute. 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