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 21, 2022: SEC Brought Enforcement Action Regarding Insider Trading of Cryptocurrency
On July 21, 2022, The Securities and Exchange Commission (“SEC”) filed a complaint in the US District Court for the Western District of Washington against Ishan Wahi, a former Coinbase product manager, his brother, and his friend for perpetrating a securities insider trading scheme. June 15, 2022: PAGA Claims are Subject to Arbitration Agreements between Employers and Employees On June 15, 2022, the U.S. Supreme Court issued its decision on Viking River Cruises, Inc. v. Moriana (Case No. 20-1573) and held that California Private Attorneys General Act (“PAGA”) claims are subject to arbitration agreements between employers and employees... June 3, 2022: SEC Updates Electronic Filing Requirements On June 3, 2022, the Securities and Exchange Commission adopted amendments that require companies to submit electronic filing with respect to certain forms through the EDGAR database in lieu of filing paper copies (the “Amendment”)... June 2, 2022: Copyright Claims Board Began Accepting Claims on June 16, 2022 On June 2, 2022, the U.S. Copyright Office announced that the Copyright Claim Board(CCB) will begin accepting claims on June 16, 2022. The CCB is the first-ever copyright small claims tribunal established in 2022 by the Copyright Alternative in Small-Claims... May 25, 2022: SEC Proposes ESG Disclosure Requirements for Investment Advisers and Investment Companies On May 25, 2022, the US Securities and Exchange Commission proposed form and rule amendments under both the Investment Advisers Act of 1940 and the Investment Company Act of 1940 (the “Proposal“) to require registered investment advisers... May 23, 2022: Employers May Lose Their Right to Compel Arbitration if They Delay On May 23, 2022, the U.S. Supreme Court held in Morgan v. Sundance that federal courts may not devise novel rules to favor arbitration over litigation and rejected a three-element test used by certain federal circuits courts for determining waiver of arbitration... May 20, 2022: SEC Proposes Rules to Include More Market Participants as "Dealers" or “Government Securities Dealers” The SEC recently proposed new rules that would require certain market participants, including private funds and proprietary trading firms, to register as a dealer or government securities dealer if certain qualitative or quantitative standards are met. Such rules are intended to capture market participants providing liquidity in a dealer-like role but not registered as dealers... April 6, 2022: Another State Passed DAO Legislation On April 6, 2022, Tennessee passed legislation to recognize and allow limited liability companies (LLCs) registration of “DAOs” in an effort to make “Tennessee the Delaware of DAOs”. According to State House Rep. Jason Powell, “With this new business structure, Tennessee will be a beacon for blockchain investment and new jobs… Just as Delaware became a hub for traditional LLCs or South Dakota for credit card companies.” April 4, 2022: SEC Chair and US Treasury Speak on Regulation of Cryptocurrency SEC Chair Gary Gensler delivered remarks on the crypto trading and lending platforms, stablecoins and tokens at the Penn Law Capital Markets Association Annual Conference, emphasized that the SEC ought to apply the same protections of investors in the crypto market, as such to the investors who are trading on platforms and participating in entrepreneurs’ fund raising from public... April 1, 2022: California Court Ruled California Board Diversity Law Unconstitutional Los Angeles Superior Court ruled in Robin Crest, et al v. Alex Padilla (“Crest Case”) that Assembly Bill 979 (signed into law on September 30, 2020), mandating foreign and domestic publicly traded companies with their principal offices in California to have a specific minimum number of people from underrepresented communities on their boards by the end of 2021, violates the Equal Protection Clause of California Constitution...... March 30, 2022: SEC Proposes Rules to Enhance Disclosure and Investor Protection Relating to Special Purpose Acquisition Companies, Shell Companies, and Projections On March 30, 2022, the Securities and Exchange Commission proposed new rules and amendments to enhance disclosure and investor protection in initial public offerings by special purpose acquisition companies (SPACs) and in business combination transactions involving shell companies... March 21, 2022: The SEC’s Proposed Rules on Climate-Related Disclosures On March 21, 2022, the U.S. Securities and Exchange Commission proposed rule changes that would require public companies (including foreign private issuers) to include certain climate-related disclosures in their registration statements (Forms S-1, S-3, F-1, and F-3) and periodic reports (Forms 10-K, 10-Q, and 20-F) (the “Proposed Rule”). The Proposed Rule would add extensive and prescriptive disclosure items requiring public companies to disclose climate-related risks and greenhouse gas (“GHG”) emissions, and to include certain climate-related financial metrics in a note to companies’ audited financial statements...... September 3, 2021: New Regulation Proposed for Cryptocurrencies Recently Representative Don Beyer introduced a new bill Digital Asset Market Structure and Investor Protection Act into Congress, which is aimed to create a legal framework to regulate digital assets. Here are some of the bill’s significant proposals: ....... August 13, 2021: SEC Imposes New Disclosure Requirements on Chinese Companies Seeking IPO in the U.S. On July 30, 2021, the Securities and Exchange Commission (the “SEC”) issued a statement on investor protection related to the Chinese government’s recent guidance and restrictions on China-based companies raising capital offshore, setting up additional disclosure requirements for Chinese companies seeking a listing on U.S. stock exchanges. In this statement, Gary Gensler, the chairman of SEC, said that he has asked agency staff to ....... 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. …… |
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