Venture Briefing: June 30, 2015 FBAR Filing Deadline is Quickly Approaching Venture Briefing: June 30, 2015 FBAR Filing Deadline is Quickly Approaching

Venture Briefing: June 30, 2015 FBAR Filing Deadline is Quickly Approaching

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New Phase of JOBS Act OKs Funding From Non-accredited Investors
A new provision of the 2012 Jumpstart Our Business Startups Act is kicking in, allowing startups to raise up to $50 million from non-accredited investors. The provision is a step toward allowing more non-accredited investors, or ordinary individuals, to participate in private-company investing and further expand the concept of equity crowdfunding -- but it comes with a lot of legwork for companies.
(Source: MarketWatch, 2015-06-19) Read the full article
Crowdfunding on Track to Beat Out Venture Capital Funding by 2016
By 2016 the crowdfunding industry is on track to account for more funding than venture capital, according to a recent report by Massolution. Just five years ago there was a relatively small market of early adopters crowdfunding online to the tune of a reported $880 million, but fast forward to today and we saw $16 billion crowdfunded in 2014, with 2015 estimated to grow to over $34 billion.
(Source: Forbes.com, 2015-06-09) Read the full article
2015 Seeing Slowest Year for Tech IPOs Since 2009
With the end of the first half of the year in sight, it looks like Fitbit may be the last tech IPO of what so far has been the slowest year for new public offerings in the sector since 2009. Unlike what happened during the financial crisis of seven or eight years ago, however, fund flow is continuing at record levels.
(Source: San Jose Business Journal, 2015-06-11) Read the full article
Cyber Attacks Could Leave Directors, Officers Liable
Under many regulatory regimes, directors and officers have extensive responsibilities to implement systems and controls to manage their companies' data usage. If, following a cyber attack, it is found that they have breached these fiduciary duties, company directors and officers could be personally exposed to lawsuits, shareholder class actions and regulatory activity.
(Source: Insurance Journal, 2015-06-12) Read the full article
Congress Considers Intellectual Property Tax Breaks for Firms
Lawmakers seeking progress on tax reform are considering a new incentive for innovation that would help companies that already pay comparatively little in taxes. The preference, called a "patent box" or "innovation box," essentially gives companies a tax break on income from their intellectual property, making it especially attractive to high-tech and pharmaceutical businesses.
(Source: The Hill, 2015-06-09) Read the full article
SEC Scrutinizing Private Equity Stapled Secondary Deals
Stapled secondary deals are coming under heightened scrutiny from the Securities and Exchange Commission, which is looking closely at whether private equity firms are misleading or shortchanging sellers in these complex transactions, an official with the agency said at an industry conference. In these deals, investors in a private equity firm's existing funds get the option to sell their portfolio stakes to new buyers who pledge additional fresh capital to the firm’s latest fund.
(Source: The Wall Street Journal, 2015-06-18) Read the full article
FTC, Board-Game Maker Reach Settlement in First Crowdfunding Case
The Federal Trade Commission announced a settlement in its first Internet crowdfunding case, which involved a board-game maker who investigators say took in more than $120,000 on Kickstarter to fund a project but spent the money on personal expenses, including rent. The settlement is the first action the agency has taken involving such a scheme.
(Source: The New York Times, 2015-06-11) Read the full article
Shareholders Pressure Companies to Raise Golden Parachute Bar
Amid growing pressure from shareholders, it's taking more to trigger a golden parachute payment to an executive, a new Towers Watson report has found. According to the consulting firm, some 95 percent of the 340 Fortune 500 companies that offer severance upon a change in control now also require a corresponding involuntary termination of employment before they make a golden parachute payment.
(Source: CFO.com, 2015-06-10) Read the full article
Passing Businesses from One Generation to Next Proves Challenging
As Rupert Mr. Murdoch prepares to hand the chief executive role of 21st Century Fox to his son James, he is embarking on what is often a hazardous task -- trying to transfer control of a company to the next generation, while positioning it for future success. Many family transitions strain under the patriarch's reluctance to let go.
(Source: The New York Times, 2015-06-13) Read the full article
 
 
 
Headlines
June 30, 2015 FBAR Filing Deadline is Quickly Approaching

 

Michael Buker Matt Ehinger Jaren Hagler

The Bank Secrecy Act requires certain U.S. persons to complete and electronically file Form 114, Report of Foreign Bank and Financial Accounts (FBAR), with the U.S. Department of Treasury no later than June 30, 2015. Read full article online.

 

By The Numbers

Economic conditions have improved in recent weeks, but the winter's slowdown caused damage. Fed policymakers projected the economy would grow only 1.8% to 2% this year, well below the range of 2.3% to 2.7% in its March forecast.
Source: LA Times - Fed downgrades its economic outlook but expects a rate hike this year

 

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Ice Miller has been one of the most active law firms in the private equity industry over the last decade, representing both entrepreneurs building great companies and the private equity firms and individuals that invest in them. We have extensive experience with all types of funds (formations and operations); mezzanine and senior secured financing; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies. In addition, over the past 10 years, Ice Miller has represented hundreds of emerging growth businesses in various industries on such matters as entity formation, capitalization, capital raising, alternative financing, intellectual property rights and protection, growth and exit strategies, corporate governance, tax matters, and many other legal issues that are critical to the growth and success of an emerging company.

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This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.

 
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