NEW YORK, Aug. 29, 2016 /PRNewswire/ -- A group of securities attorneys who regularly represent recipients of EB-5 investment capital have released consensus comments on the integrity provisions of pending legislation reforming the Immigrant Investor Program, commonly known as the EB-5 Program.
Authorization of the current program ends on September 30, 2016. The group, known as the EB-5 Securities Roundtable, proposes that integrity provisions of the proposed legislation should:
- Further the goals of improving integrity and accountability in the EB-5 Program
- Accurately reflect the roles of various participants in an EB-5 securities offering
- Conform to existing principles of U.S. securities law and regulations
- Enable these provisions to work harmoniously for their intended purposes throughout the typical EB-5 offering process
- Define various terms used in the legislation to be consistent with U.S. securities laws and regulations, USCIS regulations and common EB-5 industry practice
- Enable compliance by regional centers by clarifying their obligations in connection with EB-5 offerings they sponsor
- Where appropriate, import proven securities regulatory mechanisms to achieve the intended purposes of integrity provisions
A version of the comments imbedded in the Senate bill titled the "American Job Creation and Investment Promotion Reform Act of 2015" (S.1501) is available at this link: http://www.eb5diligence.com/eb5_integrity_bill_technical_revisions. For other versions of the comments, please contact Kurt Reuss at [email protected].
"The members of the EB-5 Securities Roundtable are enthusiastic proponents of improving the integrity of the EB-5 Program through bolstering compliance with U.S. securities laws," commented Kurt Reuss, moderator of the EB-5 Securities Roundtable. "While everyone agrees with the necessity for integrity measures, this group of attorneys has provided a fresh perspective on how to make these integrity measures work for their intended purpose."
About the EB-5 Securities Roundtable
The EB-5 Securities Roundtable is an informal, independent group of leading EB-5 Securities Attorneys from law firms including Arnstein & Lehr; Baker, Donelson, Bearman, Caldwell & Berkowitz; Homeier Law PC; Jeffer Mangels Butler & Mitchell; Kutak Rock; Mintz, Levin, Cohn Ferris, Glovsky, and Popeo; Phillips Lytle; Sheppard Mullin Richter & Hampton; and Torres Law, organized to facilitate best practices in the offerings of EB-5 securities. The EB-5 Securities Roundtable is not affiliated with any EB-5 industry organization, regional center, offeror of EB-5 securities or job-creating recipient of EB-5 funds, and it receives no outside financial contributions. The comments of the EB-5 Securities Roundtable do not address immigration policy and eligibility aspects of proposed EB-5 legislation, such as the minimum investment amount, defining targeted employment areas, visa availability, effective dates or length of program authorization. The comments of the EB-5 Securities Roundtable represent consensus views of the individual participants and do not necessarily represent the views of any individual participant, their respective law firms or clients of their law firms. The comments of the EB-5 Securities Roundtable do not represent legal advice. http://www.eb5roundtable.com
For more information, please visit http://www.eb5diligence.com/eb5_integrity_bill_technical_revisions.
SOURCE EB-5 Securities Roundtable