Congress passed the Corporate Transparency Act (the “Act”) with enough support in the Senate to overturn a potential veto by the President. This new law requires companies to report beneficial owners to the Financial Crimes Enforcement Network, known as FinCEN. The goal is to simplify enforcement of anti-money laundering schemes. […]
On June 25, 2020, the Federal Deposit Insurance Corporation (FDIC) announced revisions to the Volcker Rule taking effect in October 2020. In summary, this change weakens restrictions against larger financial institutions on (1) proprietary trading and (2) investing in private equity funds, including venture capital funds. What is the Volcker […]
In the past few days, there have been many hyperbolic headlines about Congress “selling out the American consumer” or “voting to end internet privacy” or other things equally apocalyptic. Are things truly so grim for the data consuming public? What actually happened? Here’s the short version: utilizing the Congressional Review […]
This year, Ohio made important updates to both its corporate and LLC codes. Overall, the changes to the corporate code were well warranted and should be seen as an improvement over the previous iteration of the code. However, the updates to the LLC code, especially in the area of fiduciary […]