Insights on Corporate & Securities

On January 1, the Corporate Transparency Act (CTA) went into effect.

US Securities and Exchange Commission (SEC) Chair Gary Gensler led an open meeting on January 24, 2024, hosting discussions that evaluated the potential benefits and pitfalls associated with the adoption of proposed rules aimed at increasing disclosure requirements and enhancing investor protections in the context of Special Purpose Acquisition Companies (SPACs) initial public offerings (IPOs), and in subsequent combination transactions consummated between SPACs and target companies, i.e., de-SPAC transactions.

The fashion and retail industry experienced another year of considerable change in 2023.

ArentFox Schiff provided legal counsel to one of the nation’s largest health systems, Providence, in its sale of Acclara, a leading technology-driven revenue cycle management company, to R1 RCM Inc.

On December 18, 2023, the US Departments of Treasury, Labor, and Health and Human Services (the Departments) issued a rule finalizing the 2024 non-refundable administrative fee parties must pay to access the arbitration process established under the No Surprises Act (the Act).

The US Financial Crimes Enforcement Network (FinCEN) released several new FAQs this month to provide further clarity on the Corporate Transparency Act’s (CTA) provisions.

The Corporate Transparency Act (CTA) became effective on January 1. The CTA creates a new national database of companies, maintained by the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), to facilitate the government’s law enforcement and national security efforts.

ArentFox Schiff’s clients report being inundated with notices from registered agents and other service providers to comply with the Corporate Transparency Act (CTA), a new law that will require many existing and newly formed entities to register with and disclose beneficial ownership information to the US government’s Financial Crimes Enforcement Network (FinCEN) beginning on January 1, 2024.

On December 18, 2023, the US Securities and Exchange Commission’s (SEC) new rules enhancing and standardizing disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting by companies who are subject to the Securities and Exchange Act of 1934 (including foreign private issuers) went into effect.

On November 28, three participants in Central States Manufacturing, Inc.’s employee stock ownership plan (ESOP) filed a complaint on their own behalf and on behalf of other ESOP participants against the company, its board of directors, individual members of its board of directors, and GreatBanc Trust Company (the ESOP trustee) (the Fiduciaries).

ArentFox Schiff is pleased to announce the election of 16 new partners, effective January 1, 2024.

ArentFox Schiff served as legal counsel for Merchants and Manufacturers Bank Corporation, the holding company for Merchants & Manufacturers Bank, in the signing of a definitive agreement with First Busey Corporation, pursuant to which Busey will acquire M&M Bank through a merger transaction.

On October 27, the US Departments of Treasury, Labor, and Health and Human Services (the Departments) issued new proposed rules intended to revamp the negotiation and arbitration proceedings established under the No Surprises Act (the Act).

On November 29, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a final rule extending the Corporate Transparency Act (CTA) deadline to file initial beneficial ownership information (BOI) reports for entities created or registered in 2024.

ArentFox Schiff has been awarded 62 top rankings in the 2024 edition of Best Law Firms® which recognizes firms for professional excellence based on consistently positive ratings from clients and peers.

Partner Allan Horwich was featured on the American Health Law Association (AHLA) podcast, Speaking of Health Law, where he discussed insider trading in the clinical trial setting.

The US Securities and Exchange Commission (SEC) Division of Examinations recently released its 2024 Examinations Priorities, a yearly report that provides insight into the Division’s areas of focus to improve compliance, prevent fraud, monitor risk, and inform policy.

As we highlighted in the Family Office Newsletter’s pages in June, the Corporate Transparency Act (CTA) is slated to go into effect on January 1, 2024.

On October 8, 2023, in an effort to improve the diversity of venture capital investment in the state, California Governor Gavin Newsom signed Senate Bill No. 54 (SB 54) into law.

On September 21, 2023, the US Departments of Treasury (DOT), Labor (DOL), and Health and Human Services (HHS) (the Departments) issued new rulemaking governing the administrative fee required to access the arbitration process established under the No Surprises Act (the Act). Under the proposed rule, the new fee would be set at $150.

Mike Andresino to speak at the National Association of Stock Plan Professionals Annual Conference on September 28, 2023.

The practice of repledging (sometimes referred to as “rehypothecation”) is utilized in, among others, loan, swap, and brokerage transactions.

Christopher Floss will present at the Greater North Shore Estate & Financial Planning Council on September 20, 2023.

ArentFox Schiff advised Tuthill Corporation, a privately held industrial manufacturing business with a 130-year history, on its entering into a definitive agreement to acquire EaglePicher Technologies.

ArentFox Schiff advised Draper James, the fashion and lifestyle brand founded by actress Reese Witherspoon, in its majority-ownership stake acquisition by Consortium Brand Partners (CBP).