February 2016

The looming SEC sweep in hedge funds, legal news in the art world, and more in this edition of Business News Digest

3 min

Venable attorneys produce periodic alerts and newsletters covering a variety of topics and practice areas. For your convenience, we have assembled below a collection of the latest alerts and newsletters from January 2016.

The Coming SEC Sweep in Hedge Funds, a Primer on Investor Qualification, and More in the January 2016 Edition of Fund Forum

There was much that happened in 2015 that provides guidance to funds and investors in 2016. For example, in this issue we discuss the anticipated SEC commencement of presence examinations for hedge funds and analyze four Letters of Acceptance, Waiver and Consent issued by FINRA. We also provide a primer on Investor Qualification and clarify key terms important to a fund's fundraising efforts. Finally, we briefly review the Martin Shkreli case.

Click here to read the complete newsletter.

FinCEN Takes First AML Action against Dealer in Precious Metals, Stones, and Jewels

The Financial Crimes Enforcement Network (FinCEN) announced its first action against a dealer in precious metals, precious stones, and jewels. The enforcement action included a $200,000 civil money penalty against the business, the owner, and the compliance officer for willfully violating federal anti-money laundering (AML) laws. In addition to the fine, the company has agreed to several undertakings to extend through 2020, including retaining an external auditor, providing a comprehensive annual report to FinCEN outlining the implementation of its improved AML program, and annually providing a copy of, and certifying attendance and testing results of, the company's AML training program.

Click to learn more about the enforcement action and what you can do to minimize risks.

U.S. Lifts Certain Sanctions on Iran, Implementing Historic Nuclear Deal: What is the Impact for U.S. and Non-U.S. Persons?

On January 16, 2016 (Implementation Day), the International Atomic Energy Agency certified that Iran had implemented measures to curb its nuclear program. As a result, the United States and the European Union (EU) lifted a number of sanctions as envisioned by the Joint Comprehensive Plan of Action. While the EU lifted most of its sanctions, the U.S. provided for modest relief in the form of lifting "secondary" sanctions directed toward non-U.S. persons and de-listing certain Iranian persons and companies.

Click to learn more about some of the more consequential changes to assist in navigating the complex sanctions regime.


Venable Launches Brushstrokes, a Monthly e-Newsletter Reporting on All Facets of the Art World

Members of Venable's Art Law Group provide highlights and analysis surrounding recent developments in the art world from both a national and an international perspective. Brushstrokes is designed to deliver news and information across the gamut of business and legal matters, including contract negotiations, tax issues, estate planning, charitable giving, entity formation, and import/export issues just for start.

Click here to view the inaugural issue.

Click here to subscribe to Brushstrokes.

Additional Articles:

All-Cash Residential Real Estate Sales in Manhattan and Miami: Beneficial Owner Reporting Required as of March 1, 2016

Congress Passes Bill to Require Childproof Packaging for E-Liquids

Court Rules Settlement Offers Can't Kill Class Actions

Debt Collection Regulation through Enforcement, CFPB Consent Orders, and More in the January 2016 Issue of CFPB Digest

FDA Dodges a Bullet: D.C. Circuit Vacates District Court's Ruling in Lorillard v. FDA

Forget About the Clean Water Rule: What You Need to Know Today about Federal Jurisdiction over Wetlands and Streams

Lessons from the End of 2015 Give Rise to New Year's Resolutions for Small Business Contractors

The Paris Agreement: What's the Practical Effect for Your Business?

Reports Indicate 421-a Construction Wage Agreement Will Not Be Reached: Property Tax Exemption Not Available for Projects Commencing Construction January 1, 2016 and After

Rights-of-Way on Indian Land: New Regulations with Major Changes Coming Soon

What Now? Assessing Your New Compliance Program for Combating Trafficking in Federal Contracts