Venture Briefing: Government Issues Guidance on Cybersecurity Information Sharing Venture Briefing: Government Issues Guidance on Cybersecurity Information Sharing

Venture Briefing: Government Issues Guidance on Cybersecurity Information Sharing

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SEC Enforcement Against Directors Only Used in Extreme Instances
Securities and Exchange Commission enforcement cases alleging violative behavior by corporate directors are rare and will only be initiated in clear cases of misconduct or when obvious signs of violative behavior are ignored, Lara Shalov Mehraban, associate director in the agency's New York Regional Office, said. Mehraban attempted to allay concerns voiced by corporations and their lawyers about the SEC enforcement cases against corporate directors and other gatekeepers, such as compliance officers, who may try to fix compliance problems and find themselves entangled in an agency investigation.
(Source: BNA, 2016-02-11) Read the full article
Representative Introduces Bill Giving SEC Defendants More Rights
Resistance from investment advisers to the Securities and Exchange Commission's use of in-house judges to decide enforcement cases has helped spur a lawmaker's effort to strengthen defendants in the forums. Rep. Luke Messer, R-Ind., a member of the House Financial Services Committee, plans to introduce legislation that would give people appearing in administrative proceedings the same rights to counsel, evidence discovery and avoidance of self-incrimination that they would have in federal court.
(Source: Investment News, 2016-02-17) Read the full article
New Funding Sources Give Venture Capital a Run for Its Money
Venture capitalists specialize in backing companies that are looking to change and innovate a specific market, so it's a bit meta that their industry is now the one being disrupted. New funding sources, such as AngelList and WeFunder, have been popping up over recent years, offering entrepreneurs different options when looking to raise capital -- and although these services haven't yet been around for all that long, their presence has been felt and by all measure they seem to be a force to be reckoned with.
(Source: Value Walk, 2016-02-11) Read the full article
Companies Continue to Delay, Withdraw IPOs, Leaving Door Closed
The market for initial public offerings might not swing open again for a while. So far, 16 companies have delayed or withdrawn their IPOs, making it one of the worst years on record as of mid February.
(Source: The Wall Street Journal, 2016-02-10) Read the full article
Small Businesses Get Clarification on Tax Responsibilities
Small-business owners, who often consider taxes among their biggest concerns, didn't get major new tax breaks this year. But they have gotten something else: greater clarity about deductions and credits, which should help their planning for 2016.
(Source: The New York Times, 2016-02-19) Read the full article
CFOs Grow Less Confident in Effectiveness of Corporate Reporting
Amid an increasingly demanding corporate reporting environment, CFOs are losing confidence in the effectiveness of reporting, with many complaining of reporting overload, according to a new EY survey. The survey of 1,000 CFOs across 25 countries in organizations with revenue greater than $500 million found that confidence across all key aspects of corporate reporting has fallen compared with 2014.
(Source:, 2016-02-18) Read the full article
Large Corporations Saw Lowest Number of IRS Audits in 10 Years
Large U.S. corporations had a good tax-filing season in 2015. Firms with at least $10 million in assets faced the lowest IRS audit rates in at least a decade as the tax agency coped with staffing declines, new data show.
(Source: USA Today, 2016-02-22) Read the full article
Tech Startups Becoming Addicted to Debt as Venture Rounds Pick Up
As venture capital reaches a high not seen since the dot-com boom, more technology startups are becoming addicted to quick, cheap loans. The percentage of U.S. venture rounds involving convertible debt has doubled since 2012, according to data from research firm Pitchbook Data.
(Source: Bloomberg, 2016-02-18) Read the full article
Cyber Insurance Becoming Necessity as Hacking Incidents Rise
Since digital technology is so new -- and its capabilities so amazing -- the vulnerability to attack at the corporate level may not be so evident; however, as technical experts and local insurance experts attest, the risk is all too real, making effective preparedness a necessity, not a luxury. The business threat is best managed by reviewing the level of specialty insurance needed -- and weighing whether more than traditional business security IT systems and protocols are needed.
(Source: Crain's Detroit Business, 2016-02-21) Read the full article
Small Business Owners' Success Dependent on Their Decisions
Small-business owners are generally focused on the day to day, if not the minute by minute, to keep their enterprises moving forward, but they still have to make decisions to professionalize the business, put systems in place and have a plan that allows them to do longer-term planning. Those decisions can make the difference between being a small-business owner and a business executive with significant wealth.
(Source: The New York Times, 2016-02-12) Read the full article
Government Issues Guidance on Cybersecurity Information Sharing

This week, the U.S. Department of Homeland Security ("DHS") published guidance (the “Guidance”) to promote the sharing of cyber threat information by companies and other non-federal entities pursuant to the Cybersecurity Information Sharing Act of 2015 (“CISA” or the “Act”). Read full article online.


By The Numbers

Valuations of closely held technology companies could decline by about 5 percent a month in the next six to nine months, according to Anton Levy, managing director and head of global Internet and technology at General Atlantic.
Source: Startup Tech Valuations May Fall 5% a Month, Levy Says


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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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