FinCEN has issued a notice of proposed rulemaking (NPRM) regarding how the agency is planning to implement the Corporate Transparency Act (CTA). The NPRM came out on December 8, 2021, accompanied by an explanatory factsheet. Congress passed the CTA on January 1, 2021 in order to require U.S. companies to disclose beneficial ownership information.
Continue Reading FinCEN Issues Notice of Proposed Rulemaking for Corporate Transparency Act
Prior COVID-19 Travel Bans Repealed as of November 8, 2021
On October 25, 2021, President Biden announced the suspension of the COVID-19 travel bans from Brazil, China, India, Iran, Ireland, the Schengen Area, South Africa, and the United Kingdom. Previously, a National Interest Exception waiver was required. With this new Proclamation, the White House announced a global vaccination requirement for all adult foreign national air travelers and authorized the Centers for Disease Control (CDC) to provide specific regulations. The White House announcement can be found here.
If your company is like many, your board of directors may be demanding that you put more effort into environmental, social, and governance issues, which have become known by the now-ubiquitous acronym “ESG.” Those demands don’t come from nowhere: consumers are demanding transparency and social responsibility. In addition, if your company does business internationally, regulators are now focused on international social justice issues (such as the use of forced labor) more than ever.
Continue Reading Does Your Trade Policy Support Your Company’s Values?
On August 5, 2021, the U.S. Court of Appeals for the Second Circuit ruled that a French banker may seek dismissal of an indictment without having to physically appear in the United States. The decision limits the application of the “fugitive disentitlement” doctrine – which has long prevented foreign nationals from challenging criminal prosecutions without appearing in the United States to do so.
Continue Reading The Second Circuit Court of Appeals Finds That French Banker Need Not Travel to the United States to Seek Dismissal of Her Indictment
On July 26, 2021, the SEC announced the approval of a substituted compliance determination order with respect to security-based swap dealers and major security-based swap participants (SBS Entities) subject to regulation in the French Republic (the French Order). This is the first determination that addresses substituted compliance in connection with the Commission’s capital and margin requirements.
Continue Reading SEC’s French Order is First Ever Substituted Compliance Determination in Connection with Capital and Margin Requirements
On July 6, 2021 the U.S. State Department publicly announced that the travel ban waivers related to the world-wide pandemic will now be good for 1 year and multiple entry. The effective date of this new decision is June 29, 2021. Previously they were only good for 30 days and a single entry. In addition, those that have received a waiver in the past may now use it for 12 months if it was granted after June 29, 2020. See: https://travel.state.gov/content/travel/en/News/visas-news/extension-validity-for-nies-for-china-iran-brazil-south-africa-schengen-uk-ireland-india.html
Continue Reading NIE’s Now Good for 1 Year, More on Navigating the Travel Ban Jungle: National Interest Exception Checklist for the U.S. COVID Travel Bans
The travel bans imposed by the U.S. Government during the COVID-19 national pandemic created enormous logistical challenges for anyone seeking to fly to the U.S. from a country on the travel ban list. Even today, there is still a great deal of confusion regarding who is subject to the travel ban, what are the exceptions, and how to go about applying for a National Interest Exception (NIE) waiver. The checklist below is intended to help simplify an albeit complicated process. Of course, most U.S. Consulates are still operating at limited capacities so significant delays for waivers and visa stamping is still the norm.
Continue Reading Navigating the Travel Ban Jungle: National Interest Exception Checklist for the U.S. COVID Travel Bans
The Biden Administration took office on January 20, 2021. Many executive orders have been executed since that date, some of which directly change the manner of handling immigration matters. However, the U.S. and the world are still dealing with the global pandemic and this directly affects submissions, filings, and consular appointments. This update provides a list of the latest updates to U.S. visas and immigration matters, as well as what we forecast for the months to come.
Continue Reading Visas and Immigration in 2021 Under the Biden Administration
Sheppard Mullin congratulates Seema Hingorani on her award of France’s Chevalier of the National Order of the Legion d’honneur. The Order of Légion d’Honneur is the highest order of merit for military and civil merits, established in 1802 by Napoleon Bonaparte. Seema is the first Asian American recipient of this award.
Seema was recognized for her work in founding Girls Who Invest (“GWI”), a non-profit organization dedicated to increasing the number of women in portfolio management and executive leadership in the asset management industry.
Continue Reading Frances’s Chevalier of the National Order of the Legion d’Honneur Awarded to Seema Hingorani Founder of Girls Who Invest
On January 2, 2021 the National Defense Authorization Act (“NDAA”) became law. Importantly, the NDAA included sweeping legislative reforms to anti-money laundering (“AML”) laws, which are now codified in the Anti-Money Laundering Act of 2020 (“AMLA”) (NDAA §§ 6001-6511). Designed to enhance national security concerns, these AML amendments will significantly impact financial institutions, certain types of businesses—both domestic and foreign, and High Net Worth Individuals (“HNWIs”). While HNWIs legitimately seek to maintain confidentiality in their corporate entities or wealth management structures, the AMLA will make that more difficult and potentially more dangerous.
Continue Reading The New Anti-Money Laundering Act of 2020 and Potential Effects on Foreign Businesses and High Net Worth Individuals
On March 3, 2021, the U.S. Embassy to France announced significant changes in the criteria for granting “National Interest Exemptions” (“NIE waiver”) to certain foreign travelers coming to the United States. The U.S. Embassy strongly advised persons currently in the United States on E, H, L, O, or P visas not leave the United States for trips back to France unless “they understand that they may not be able to re-enter the United States for some time.” In particular, these changes will favor specialists in critical infrastructures to get a NIE waiver, as opposed to senior executives who will generally be denied. The U.S. Embassy further indicated that no information has been provided as to when such new criteria for exceptions will be lifted. These changes will likely be enforced by all of the U.S. Embassies in Europe for at least the near future.
Continue Reading U.S. Embassy in Paris Substantially Limits the Eligibility of National Interest Exemptions for Foreign Travelers