ERM challenges for asset managers, navigating the uncharted waters of cryptocurrency, and more in this issue of Fund Forum

This issue of Venable's Fund Forum includes:

• ERM Challenges for Asset Managers
• Navigating the Uncharted Waters of Cryptocurrency
• Summary of the Key Provisions in H.R. 1 as Passed by Congress
• Tax Reform Update
• William Wagner Joins Venable's Corporate Practice in New York

ERM Challenges for Asset Managers

The investment management industry is no stranger to risk. In fact, investors often invest their capital with asset managers precisely because of their disclosed investment and risk strategies. But how, exactly, does enterprise risk management or ERM fit into this equation?

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Navigating the Uncharted Waters of Cryptocurrency: Are Pre-Network Launch Tokens Securities?

Much attention has been focused lately on guidance issued by and ultimately actions brought by the SEC and CFTC relating to cryptocurrencies. In a recent case, a company was hauled into court for its token offering by a class of private investors seeking rescission of their token purchases. This case further highlights the potential exposure related to ICOs where the token issuance could be deemed a security under the securities laws.

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Summary of the Key Provisions in H.R. 1 as Passed by Congress – The Tax Cut Legislation

In late December of last year, President Trump signed into law the Tax Cuts and Jobs Act, the most significant revision of our nation's tax laws since 1986 (the 494 pages of statutory language, as passed by Congress, can be found here). To assist you in understanding how the tax overhaul may affect your individual taxes, your business taxes, or your organization, we have prepared the following analysis, which compares the key proposals to present law.

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Tax Reform Update

In our recent Tax Reform Update, we provide an overview of the Territorial Tax Regime, Mandatory Repatriation Pipeline, Interest Expense Limitations, Controlled Foreign Corporations, GILTI and FDII, and Base Erosion and Anti-Abuse Tax.

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William R. Wagner Joins Venable's Corporate Practice in New York

We're happy to announce that Bill Wagner has joined the firm's Corporate Practice as a partner in the New York office. Mr. Wagner has extensive experience in structuring and negotiating secured and unsecured credit facilities on behalf of private equity firms, corporate borrowers, portfolio companies, agent banks, financial institutions, and other specialty lenders.

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