Corporate & Commercial

June 19, 2021

What has long been a major handicap to the cannabis industry may finally be coming to an end. As federal law currently stands, financial institutions in states where marijuana is still illegal cannot provide services to cannabis-related businesses. For these banks, proceeds from cannabis-related transactions are considered proceeds from unlawful transactions, which allows the government to seize those proceeds and prosecute the banks for money laundering. However, recent legislative developments suggest that this policy may…

The Business Divorce Law Report

NY LLC Law Does Not Permit Dissolution for Oppression

By Jay R. McDaniel Esq.

June 19, 2021

Dissolution is denied when purpose of limited liability company did not include a member’s participation in management, and petition for dissolution is dismissed. The standard for dissolution of a limited liability company in New York is more stringent than that for dissolution of a corporation or partnership. MARK C. DILLON, J.P. ROBERT J. MILLER FRANCESCA E. CONNOLLY VALERIE BRATHWAITE NELSON, JJ. Continue reading…

China Law Blog

Global Law and Business Podcast – Hector Correa (Mexico)

By China Law Blog

June 19, 2021

Listen HERE or stream on Spotify, Apple Podcasts, Amazon Music, Stitcher, or Soundcloud! At Harris Bricken, we keep close tabs on what is happening around the world, and we know that our friends and clients do, as well. We are happy to provide this podcast series: Global Law and Business, hosted by international attorneys Fred Rocafort and Jonathan Bench, where we look at the world by talking with business leaders,…

China Law Blog

The Twelve Reasons Why Chinese Companies Almost Invariably Fail in America

By Dan Harris

June 19, 2021

Way back in 2010, I wrote Ten Reasons Chinese Companies Fail In The U.S. for Forbes Magazine. Then in 2015, I did a blog post on the same topic, entitled Top Ten Reasons Chinese Companies Fail in America My top ten list in that article was as follows: 1. Chinese companies focus on a Chinese consumer, not an American one. 2. Chinese companies fail to realize how one reputation-damaging mistake in the United States could…

Commercial Litigation Update

SEC Releases Spring 2021 Regulatory Agenda, What Made The Cut?

By Brian L. Friedman

June 18, 2021

Last week, the Securities and Exchange Commission’s Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions, which includes the SEC’s rulemaking agenda. According to the SEC’s press release, notable proposed and final rulemaking areas include: Disclosure relating to climate risk, human capital, including workforce diversity and corporate board diversity, and cybersecurity risk Market structure modernization within equity markets, treasury markets, and other fixed income markets Transparency around…

The Blockchain Monitor

Reports Address CBDCs, Security Tokens; NFT Sales Continue; Blockchain Initiatives Announced; Regulators Address Crypto; SEC Targets ICO Fraud

By Veronica Reynolds, Jordan R. Silversmith, Keith R. Murphy & Teresa Goody Guillén

June 18, 2021

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In this issue: • Reports Address CBDCs and Security Tokens, Banks Launch Crypto Initiatives • NFT Sales Continue at Auction House, US Space Force and News Organization • Blockchain Initiatives Announced in Food, Automotive and IP Sectors • US Congress Members and Foreign Regulators Pursue Cryptocurrency Reforms • SEC Charges ICO Fraud, SEC/CFTC Warn Bitcoin Futures Are Highly Speculative Reports Address CBDCs and Security Tokens, Banks Launch Crypto Initiatives By: Veronica Reynolds A recent report…

India Corporate Law

Legal Privilege and Covid-19 – Part I

By Faraz Alam Sagar & Pragati Sharma

June 18, 2021

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Part I discuses the concept of attorney-client privilege, work product doctrine and the legal position in the US and the UK. Legal privilege and attorney work product The legal privilege or attorney-client privilege is often regarded as the crown jewel of the legal profession. It provides protection from disclosure of communications between a client and an attorney made for the purpose of seeking legal advice.…

China Law Blog

Exporting Products from the United States? Save on Your US Taxes With a DISC Election

By China Law Blog

June 18, 2021

If you are an American company exporting products without an IC-DISC, you are probably overpaying on your US taxes. It’s that simple. The Interest Charge Domestic Sales Corporation (“DISC”) is a tax incentive that U.S. exporting companies should be using to reduce their overall U.S. tax liability. But very few do. IC-DISC Background. The United States originally enacted the legislation for the DISC back in 1971 to provide export subsidies to domestic companies. A DISC is…

The D&O Diary

Guest Post: Update on The Valeant Appeal: Third Circuit Rejects The “Forfeiture Rule” for Opt-Outs

By Kevin LaCroix

June 18, 2021

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In a recent post (here), David Kaplan of the Saxena White P.A. law firm and Lane Arnold, a Senior Director – Legal at the University of Texas/Texas A&M Investment Management Company (UTIMCO), discussed the Catch-22 in which the court’s rulings in the Valeant securities class action opt-out cases had put prospective securities suit opt-outs. In the following guest post, Kaplan and Hani Farah, also of the Saxena White law firm, update the prior…

Free Writings + Perspectives

Is today a Business Day?

By Bradley Berman

June 18, 2021

Is today a Business Day? Good question, depends who you ask. The SEC’s EDGAR filing system is closed today for the Juneteenth Holiday. Because today is a federal holiday, today will not count as a business day in the filing periods in Rule 424(b) under the Securities Act. This is also helpfully noted in the SEC’s announcement of an EDGAR filing holiday at: SEC.gov | EDGAR Will Be Closed Friday, June 18, 2021. What about…