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.
July 21, 2021: NYSE Revisions to Related Party Transaction Approval Rule
Until recently, the New York Stock Exchange required “an appropriate body” within the listed companies to review related party transactions. However, “related party transaction” was not explicitly defined in the NYSE Listed Company Manual and was generally taken to mean transactions requiring disclosure under Item 404 of Regulation S-K. Item 404 mandates the disclosure of a transaction when (i) the amount involved exceeds $120,000 and a related party has or (ii) will have a direct or indirect material interest in the transaction. ……
July 15, 2021: SEC Request for Public Inputs on Climate Change - Investors and companies have their own opinions
June 13 was the deadline on the U.S. Securities and Exchange Commission’s (“SEC”) request for comment on corporate climate change disclosures. The agency issued guidance in 2010 on how companies should report their exposure to risks related to climate change, which is currently a voluntary exercise. With the surge in sustainable investing, the SEC is looking to increase the
amount of information on environmental social and governance factors available to investors. ……
July 12, 2021: President Biden Issues Executive Order
Prohibiting Investment in Certain Chinese Company
An Executed Order titled “Addressing the Threat from Securities Investments thatFinance Certain Companies of the People’s Republic of China” (the “Executive Order”) has recently been signed by U.S. President Joe Biden.
Pursuant to the Executive Order, U.S. persons will be prohibited from engaging in the purchase or sale of publicly traded securities, as well as securities derivative of such securities of
any entity listed in the Annex to the Executive Order, as well as subsequently designated entities consistent with the scope of the Executive Order by the United States Secretary of the Treasury (the “Treasury Secretary”). The Annex to the Executive Order, which is a list of the Chinese entities that are subject to the prohibitions under the Executive Order, lists 59 Chinese entities which subject to the prohibitions. ……
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 .......
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