Mayer Brown

President Trump unveiled his plan to “transform” the US immigration system, during a speech given at the White House on May 16, 2019. He emphasized two goals for his plan: “First, it stops illegal immigration and fully secures the border.  And, second, it establishes a new legal immigration system that protects American wages, promotes American values, and attracts the best and brightest from all around the world.” In his remarks, he addressed legal immigration, including…
A recent research piece published by UBS Financial Services discusses the significant variations in IPO winners and losers.  The report notes that after five years about 60% of all IPOs had negative returns.  Variation in long-term performance appears to be correlated with specific IPO characteristics.  Companies with revenues in excess of $1 billion and those backed by growth capital performed better over a three-year period than smaller and venture-backed companies. First-day IPO returns are not…
Mayer Brown’s DC-based litigation team secured a victory when The Middle District of North Carolina issued a nationwide injunction barring the government from applying a 2018 policy memorandum released by the US Citizenship and Immigration Services, which purported to fundamentally alter how “unlawful presence” is calculated for the more than a million people present in the US on F, J, and M visas. This includes virtually all of the nation’s international students as well as…
A partnership (or LLC) can go public in a highly tax-efficient manner by using an “Up-C” structure.  An Up-C structure is composed of two entities: (1) a parent company, a C corporation (“PubCo”) which will be organized as a holding company, and (2) PubCo’s subsidiary, which is the partnership or LLC.  The Up-C structure makes it possible for the partnership/LLC to undertake an IPO while maintaining its partnership status, principal assets and operating business.  It…
What’s New? The latest episode of Mayer Brown’s UK Employment Law podcast is now available for streaming and download. To celebrate the success of our long running podcast, we have released the 150th episode with a few changes and availability on a wider variety of platforms such as: Google Podcast Google Play Feedburner iTunes PlayerFM Spotify Yahoo! YouTube Subscribe now and tune in regularly to hear Nick discuss the latest developments in UK Employment law…
A legal battle over the future of hundreds of thousands of individuals presently in the United States based upon Temporary Protected Status (“TPS”) continues following the Trump administration’s steps to end TPS for certain individuals. What is TPS? The United States provides TPS to nationals of certain countries based upon conditions in the country that temporarily prevent the country’s nationals from returning safely, such as ongoing armed conflict, an environmental disaster, or other extraordinary and…
In May, the Public Company Accounting Oversight Board (“PCAOB”) posted a preview of its staff’s observations made in relation to audits conducted in 2018. The PCAOB highlighted several common deficiency areas that auditors should focus on improving, including Internal Control over Financial Reporting, Risk Assessment and Revenue, and Accounting Estimates. The PCAOB focused on instances where it believes auditors should use more “professional skepticism,” such as evaluating bias in the data reported by managers and…
The U.S. House of Representatives is considering a bill to address the underwriting difficulties and resulting lack of access to mortgage credit for self-employed borrowers and others with nontraditional income sources. Representatives Bill Foster (D-IL) and Tom Emmer (R-MN) introduced H.R. 2445, a House companion to the Senate bill recently re-introduced by Senators Mike Rounds (R-SD) and Mark Warner (D-VA). H.R. 2445 calls itself the “Self-Employed Mortgage Access Act of 2019,” although its effects…
On May 9, 2019, the US Securities and Exchange Commission (SEC) proposed revisions to the accelerated filer and large accelerated filer definitions in 17 CFR 12b-2 (Rule 12b-2). These proposed changes would reduce the number of issuers that qualify as accelerated filers and reduce compliance costs for smaller reporting companies. If the proposal is adopted, certain low-revenue issuers would not be subject to the Sarbanes-Oxley Act (SOX) Section 404(b) auditor attestation requirements regarding internal control…