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.
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 ......
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......
March 9, 2020: SEC Amends Exemptions from Investment Adviser Registration for Advisers to Rural Business Investment Companies
On March 2, 2020, the Securities and Exchange Commission (“SEC”) adopted the amendments to (i) Section 203(l)-1, which defines the term “venture capital fund” for purposes of the venture capital fund adviser exemption, and (ii) Section 203(m)-1, which defines the term “assets under management” for purposes of the private fund adviser exemption, in each case, under the Investment Advisers Act of 1940 (as amended, the “Advisers Act”), to reflect exemptions from registration for investment advisers who advise rural business investment companies (“RBICs”). Specifically, Section 203(l),......
March 3, 2020: CRS Releases Report on CFIUS
On February 26, 2020, the Congressional Research Service (“CRS”), a public policy research think tank of the U.S. Congress, released a report on the Committee on Foreign Investment in the United States (“CFIUS”). The CRS report reviewed ......
February 25, 2020: CFIUS Update V - Critical Technology under FIRRMA
The Final Rules expanded the jurisdiction of the Committee on Foreign Investment in the United States to review certain non-controlling foreign investments in a US business which, among other things, “produces, designs, tests, manufactures, fabricates, or develops one or more critical technologies” involving certain specifically enumerated industries based on North American Industry Classification System (NAICS) codes. The Final Rules defines “critical technology” to include ......
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 ......
Hot topic: CFIUS and FIRRMA
Hot topic: business compliance
regarding AB5 or how it may impact your company, please contact us.
hot topic: import and Export Control
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 topic: data protection and privacy
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 topic: merge and acquisition
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.
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