Venture Briefing: March 8, 2017 Venture Briefing: March 8, 2017

Venture Briefing: March 8, 2017

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Lower Courts to Clarify Supreme Court's Insider Trading Decision
Just days ago, the United States Court of Appeals for the Second Circuit ordered another round of arguments about the conviction of Mathew Martoma, the former analyst at SAC Capital Advisors involved in the largest trading case ever. Then, a Federal District Court rejected another effort by the former hedge fund manager Raj Rajaratnam to overturn some of his convictions. The issue in the cases revolves around how to interpret the Supreme Court’s decision in December in Salman v. United States, which found that the government did not have to prove that any tangible benefit was given when one brother tipped another about impending deals.
(Source: The New York Times, 2017-03-06) Read the full article
SEC to Keep Conflict Minerals, Exec Pay Ratio Rule Intact
Companies must continue to comply with the Securities and Exchange Commission's rules on disclosing "conflict minerals" and the ratio comparing executive pay to the median employee, said Shelley Parratt, acting director of the SEC’s division of corporation finance. "Although we are seeking comments on them, both rules remain in effect," Ms. Parratt said at the Practicing Law Institute's "SEC Speaks" conference in Washington, D.C.
(Source: The Wall Street Journal, 2017-02-24) Read the full article
Early Investment Terms Led Snap to Unusual Voting Structure
One of the biggest questions that Snap, the parent company of Snapchat, has faced from potential investors is why its two founders, Evan Spiegel and Bobby Murphy, have retained such a hold on voting power in the company — power that public shareholders will not gain. Exploring that question helps explain how years-ago dealings with venture capitalists helped lead to this point.
(Source: The New York Times, 2017-02-23) Read the full article
Companies Lacking Enough Accountants Amid Changing Regulations
Companies adjusting to accounting-rule changes in the U.S. are running into a problem: There aren't enough accountants to go around. Amid accounting changes to the Generally Accepted Accounting Principles that govern U.S. financial reporting, companies are scrambling to find so-called technical accountants, regulatory experts who can understand the rules and ensure that management and staff comply.
(Source: The Wall Street Journal, 2017-03-06) Read the full article
Posting on Social Media Can Be Detrimental to Deals
People have been warned and warned over the past decade-plus: Be careful what you post on social media. Yet social sites are saturated with compromising posts, and a surprising number of them are made by businesspeople with a lot of money staked on their reputations.
(Source:, 2017-02-24) Read the full article
Shareholders Demanding More Diversity on Corporate Boards
Slowly but steadily, investors continue to let corporate boards know that "male, pale and stale" doesn't cut it anymore. The small but growing number of shareholder votes on diversity proposals is on pace to match or exceed the record set last year, according to data compiled by ISS Analytics, which tracks proxies.
(Source: Chicago Tribune, 2017-03-02) Read the full article
Report Finds Small Businesses Optimistic About Economy
According to the second annual Make or Break 2017 report from Xero, small business owners are irrepressibly optimistic going into 2017. Both small business owners (79 percent) and accountants (84 percent) feel more confident about 2017 than 2016.
(Source: Small Business Trends, 2017-02-28) Read the full article
More Big Corporations Starting Venture Capital Arms
Venture capital funds capitalized and run by major corporations are becoming more popular, and are commonly referred to as "venture capital arms" or "corporate venture arms." This is an important development for entrepreneurs and startups, as these corporate venture arms can invest significant capital and provide substantial assistance to a startup.
(Source: All Business, 2017-02-24) Read the full article
Global Tech M&A Reached Record $466.6 Billion in 2016
For the second straight year, global technology mergers and acquisitions activity soared to a new record in 2016. Aggregate value reached $466.6 billion -- the highest ever.
(Source: Fortune, 2017-02-23) Read the full article
Global V.C. Funds Hit $51.3B, P.E. Fundraising Up 2.6% in 2016
Money to venture capital funds hit a post dot-com era high in 2016 as 328 funds raised $51.3 billion, surpassing the 2008 totals when 344 funds raised $47.5 billion, according to a new report Pitchbook. Meanwhile, private equity fundraising inched up by 2.6 percent in 2016, with 356 funds raising $268.5 billion.
(Source: GeekWire, 2017-03-02) Read the full article
Health Law Developments for 2017

Please join Ice Miller for the webinar “Health Law Developments for 2017” on March 15 from 12-1:30 p.m. EST, led by Ice Miller lawyers Jenifer Brown, Margaret Emmert, Sherry Fabina-Abney, David Nie, Christopher Sears, Myra Selby, Kris Dawley and Kevin Woodhouse. The webinar will both look back at 2016 and look ahead at changes coming to health care policy. Topics will include the potential repeal and replacement of the Affordable Care Act, MACRA developments, peer review, immigration updates and more. Register here.


Does Trump's Executive Order Threaten the EU-U.S. Privacy Shield?

On January 25, 2017, President Donald Trump signed an executive order entitled “Enhancing Public Safety in the Interior of the United States” that focuses on combating illegal immigration. This order includes a provision limiting the privacy protections the U.S. government affords to individuals who are not U.S. citizens or lawful permanent residents. Many are concerned about the impact the provision may have on global business transactions that depend on cross-Atlantic data transfers under the EU-U.S. Privacy Shield framework. Read full article online.


By The Numbers

Fintech companies are already a growing, if limited, part of the global market: 173 startups focusing on insurance got funding last year compared with 122 in 2015, according to venture-capital researcher CB Insights.
Source: Bloomberg - Big-Data Disruption Gets Real for Car Insurers as O2 Expands


Services Group

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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Anthony Aaron
Fitz Angrand
James Banister
Richard Barnhart
Samuel Beavers
Christopher Bordoni
Edward Braum
Elizabeth Brier
Adam Calisoff
Kristine Camron
Timothy Capen
Joshua Christie
Ryanne Bush Dent
Jack Dillon
Dustin DuBois
Stephen Edwards
Michael P. Farrell
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Harry Gonso
Eric Goodman
Jon Groff
Stephen Hackman
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Paul Huddle
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Tom Kesoglou
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Michael Millikan
Robert Ouellette
Thomas Pampush
Megan Ryther
Audrey Schricker
Matthew Servies
Brittney Sharp
Brent Showalter
Scott Snively
Dale Stackhouse
Emily Storm-Smith
Chase Stuart
John Thornburgh
Richard Thrapp
Kristina Tridico
Nancy Valentine


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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