With retrogression looming, it is a good time for a quick primer on priority dates and the information contained on an I-526 petition approval. U.S. federal law caps the number of EB-5 visas that are available each fiscal year at 10,000. When an EB-5 investor files an I-526 Petition, the day his or her I-526 petition is received at USCIS is the EB-5 investor’s “priority date.” Retrogression is the term which denotes the time period when the visa cap is reached and the U.S. Department of State (DOS) must establish a cut off-date for visa applicants based on a priority date in the past. An analogy might be to consider the EB-5 visa category as a queue and an EB-5 Investor’s priority date as his or her place in line in the queue.
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Congressmen Polis (D-CO) and Amodei (R-NV) Introduce Bipartisan Legislation to Permanently Authorize the EB-5 Program
On Jan. 28, 2015, Congressmen Jared Polis (D-CO) and Mark Amodei (R-NV) introduced the American Entrepreneurship and Investment Act of 2015, which seeks to update and permanently authorize the EB-5 Immigrant Investor visa program. The bipartisan measure follows long-standing calls from numerous groups in the commercial, residential, hospitality, retail, and real estate industries to make the EB-5 Immigrant Investor visa program, currently due to expire at the end of Fiscal Year 2015 (Sept. 30, 2015), a permanent feature of U.S. immigration law.
The new legislation, among other goals, aims to improve the EB-5 Program by addressing key administrative and substantive concerns with several key proposals, including:
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USCIS Publishes List of Terminated EB-5 Regional Centers
On Jan. 13, 2015, USCIS established a webpage which lists the EB-5 regional centers which have had their designations terminated. The full webpage can be accessed here. This is
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SEC Proposes Changes to Exchange Act Registration Requirements
Written by Rebecca G. DiStefano
On Dec. 18, 2014, the Securities and Exchange Commission proposed amendments to current rules under Section 12(g) of the Securities Exchange Act of 1934, as
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Greenberg Traurig EB-5 Group Presents at Second Annual Las Vegas EB-5 Conference
Greenberg Traurig EB-5 attorneys, Kate Kalmykov and Laura Reiff, were moderators at the second annual Las Vegas EB-5 Conference, hosted by EB-5 Investors Magazine at the Wynn Encore Resort in Las Vegas, Nev., this past weekend. The event provided valuable information on various EB-5 topics such as regional center issues, using EB-5 for financing or immigration purposes, and current legal trends. The conference featured keynote speaker Congressman Jared Polis, chair of the NewDem Coalition’s Immigration Task Force and sponsor of The American Entrepreneurship and Investment Act which would reform and make permanent the EB-5 Immigrant Investor visa program.
OCIE Releases 2015 Examination Priorities
Written by Richard M. Cutshall and Arthur Don
On Jan. 13, 2015, the SEC’s Office of Compliance Inspections and Examinations released its annual list of examination priorities for 2015. This
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New FINRA Rule Addresses Payments to Unregistered Persons
Written by Richard M. Cutshall and Steven M. Felsenstein
The role of the Financial Industry Regulatory Authority (FINRA) regarding payments to unlicensed persons for securities-related and capital-raising activities has expanded.
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New Background Check Obligations on the Horizon for Securities Broker-Dealers
Written by Richard M. Cutshall, Steven M. Felsenstein, and Carl A. Fornaris
On Dec. 30, 2014, the SEC approved a proposed rule change pursuant to which FINRA is
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Ranking the Top EB-5 Countries by US Immigrant Visa Issuance
The following is a ranking of the top EB-5 countries ranked according to the number of EB-5 visas issued in the 2014 fiscal year. Inclusion in the list below was determined by countries which had double digits during the 2013 or 2014 fiscal years. For comparison, the number of EB-5 visas issued in the 2013 and 2012 fiscal years has also been included below. The full report can be found here, and the main page for the report is located here.
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Greenberg Traurig Expands Asia Practice, Opens Office in Tokyo
International law firm Greenberg Traurig, LLP announced this week the opening of a new office in Tokyo, Japan. The Tokyo office is the firm’s third in the Asia region and
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