On August 26, 2020, the Securities and Exchange Commission (“SEC”) officially updated the definition of “accredited investors” under the Securities Act of 1933 (“Securities Act”). (Press Release, SEC Modernizes the Accredited Investor Definition). The amendments greatly expand the threshold of determining whether an investor is accredited in Rule 215 and Rule 501(a) of the Securities Act, signaling a significant overhaul of the growing market for exempt offerings.
Read MoreWith the 2020 Presidential Election just around the corner, voting paraphernalia, media campaigns, and the like are hard to avoid. Now, Corporate America is jumping on the voting bandwagon. Some companies, like designer fashion brand Tory Burch, are donating proceeds from limited-edition “VOTE” branded merchandise to get-out-the-vote programs. (Kate Kelly and Sapna Maheshwari, New York Times). Restaurant chain Shake Shack is giving away free French fries to all customers that vote early.
Read MoreThe clock is ticking for ByteDance, Inc. (“ByteDance”), parent company of TikTok, the popular Chinese video app, as it continues to pursue a meaningful asset sale of its subsidiary in the midst of a global tug of war between the United States (“U.S.”) and China. (Lin, Wall Street Journal). With President Trump’s recent Executive Order requiring the potential Tik Tok deal to close by November 12th and China’s new export law restricting sales of artificial intelligence, ByteDance is facing an uphill battle to negotiate a cross-border, multi-billion dollar transaction.
Read MoreIt is impossible to ignore the protests and social justice initiatives surrounding the Black Lives Matter movement spanning the country, recently surpassing 100 consecutive days of protests. (Patience Womack & Tosca Ruotolo, The Daily Barometer). In light of national demands for racial justice, the California state legislature introduced Assembly Bill 979 (“Diversity Bill”) aimed at increasing corporate diversity. In short, the Diversity Bill requires corporations that have nine or more Board of Directors to include at least three minority members by the end of 2022. (Saijel Kishan, Bloomberg). Additionally, California’s Secretary of State will be required to publish annual board diversity reports evaluating corporate progress and compliance. Id. In 2018, California enacted a similar gender equity law, S.B. 826, 2017-18 Gen. Assemb., Reg. Sess. (Ca. 2018), requiring publicly held companies with a board of four or less to have at least one female director. (Women on Boards, California Secretary of State). Though the 2018 bill is widely criticized, its results are undeniable, increasing representation and corporate accountability. (See generally California Secretary of State, March 2020 Women on Boards Report).
Read MoreThe proposed Secure and Fair Enforcement (“SAFE”) Banking Act of 2019 addresses the cannabis industry’s pressing desire to join the banking world. (American Bankers Association, GovInfo).
Currently, most banks deny modern luxuries such as checking accounts, savings accounts, payroll services, insurance policies, credit cards, debit cards, and online banking to participants in the cannabis industry. Id. This freeze-out stems from laws that hold banks liable for money laundering when processing money from an illegal enterprise. Id. Under federal law, any cannabis related business still constitutes an illegal enterprise. Id. This banking situation is no longer a viable option. Id.
Read MoreThe COVID-19 pandemic’s effect on the legal profession has been profound and has impacted law firms of all sizes. Female attorneys in particular may see the worst of the pandemic’s effects. (Russell-Craft, Bloomberg Law). After a sharp decline following the post-2008 economic downturn, the percentage of female attorneys working in large law firms had just returned to pre-recession levels when the COVID-19 pandemic hit. (Tribe & Russell-Craft, Bloomberg Law). As a result, diversity experts are concerned that female attorneys will again be the group most impacted by the current economic crisis. Id. They worry that the pandemic will undo much of the work the legal profession had done in the years following 2008 to promote diversity and facilitate success for females in the profession. Id.
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