Burns, Figa & Will, P.C.

The effectiveness of the federal Corporate Transparency Act (the “CTA”) has the potential of impacting every company doing business in the United States, whether formed in the United States or elsewhere. All businesses need to determine whether they are subject to the CTA reporting requirements and how to comply. Herrick K. Lidstone, Jr., partner at MSI member firm Burns, Figa & Will, P.C. provides further insight,

New rules to govern all entities doing business in the United States. MSI's Denver law member Burns, Figa & Will provides an update on what businesses need to know about the new Corporate Transparency Act.

Herrick K Lidstone Jr of MSI's Colorado law member Burns, Figa & Will, P.C's writes his fourth article on 'The Federal Corporate Transparency Act' providing further insight on this significant act aimed at combatting money laundering, terrorism financing, and other criminal activities.

Many attorneys form entities for their clients and act as registered agent for their clients. These actions create the risks of “ethical landmines” that attorneys should consider in connection with their continuing role as organizer or registered agent. While the rules have not yet been issued, based on the statute and the likely rules to be adopted to effectuate the Corporate Transparency Act, it is possible that the initial beneficial ownership reporting obligation will fall on the organizer and the continuing beneficial ownership reporting obligation will be the responsibility of the registered agent. Herrick Lidstone of MSI's Colorado law member Burns, Figa & Will explores this further.

On August 26, 2020, the Securities and Exchange Commission (the “SEC”) adopted amendments to the definition of “accredited investor” under Rules 215 and 501(a) of the Securities Act of 1933, as amended (the “Securities Act”) as well as amendments to the definition of “qualified institutional buyer” under Rules 144A and 163B of the Securities Act and Rule 15g-1 of the Securities Exchange Act of 1934 (the “Exchange Act”). These amendments were published in the Federal Register on October 9, 2020 (85 FR 64277), and become effective on December 8, 2020. MSI's Denver law member Burns, Figa & Will P.C. provides an update.

On January 8, 2020, New York State Governor, Andrew M. Cuomo, vowed in his State of the State address to legalize the sale and use of recreational marijuana in New York. If Governor Cuomo follows through on his promise, New York will be the twelfth state to legalize recreational cannabis, following Colorado which was the first. With several other states moving in the same direction and with heavy regulation existing in the states that have already legalized the substance, there is significant need and opportunity for attorneys to enter the cannabis industry. Nonetheless, while cannabis remains a schedule I drug under the Controlled Substances Act (“CSA”), any practitioners wishing to take advantage of such opportunities must be keenly aware of the risks associated, MSI's Colorado law member Burns, Figa & Will P.C. explains more.