State Attorneys General Practice | Cozen O'Connor’s Post

My colleague Meghan Stoppel and I recently authored an article for Bloomberg Law discussing the Supreme Court's ruling in NRA v. Vullo and its significant implications for companies facing politically motivated investigations. This decision reaffirms constitutional limits on regulators' ability to coerce private entities, providing businesses with a robust tool to protect their #FirstAmendment rights. Key takeaways: • The NRA v. Vullo decision reaffirms constitutional limits on regulators' coercion of private entities. • Companies can leverage this precedent to assert their rights when faced with undue pressure from politically motivated investigations. • The ruling offers a powerful tool for businesses to protect their First Amendment rights while maintaining open communication with #StateAG offices. 𝐃𝐢𝐬𝐜𝐥𝐚𝐢𝐦𝐞𝐫: Bloomberg's title, "NRA Ruling Gives Companies a Tool to Fight Anti-DEI Pressure," does not necessarily reflect my views. NRA v. Vullo addresses government pressure relating to speech and associations, not internal company policies.

Proskauer’s UK Regulatory team provides timely insights into the UK’s Economic Crime and Corporate Transparency Act, which aims to reform Companies House and increase the transparency of UK corporate structures. In this briefing, you’ll learn the key reforms and next steps for UK limited partnerships, limited companies and limited liability partnerships. Read Now: https://bit.ly/46Jq1tD #Proskauer #ECCTA #CorporateTransparency

The Economic Crime and Corporate Transparency Act will have significant implications for fund structures that involve UK entities. Our briefing sets out the key reforms and next steps. #Proskauer #ECCTA #CorporateTransparency

📢 Puerto Rico Legal Entities to Comply with Transparency Regulations: As per the state media report, #PuertoRico Secretary of State, Omar Marrero-Díaz is calling on all active domestic and #Foreign #LegalEntities registered with the State Department to promptly comply with the new #Transparency requirements outlined in the Corporate Transparency Act, effective since January 1. Under this #Bipartisan #Legislation passed by Congress in 2021, entities are mandated to submit a report to the Financial Crimes Enforcement Network #FinCEN of the federal Department of the #Treasury. The report must detail #BeneficialOwners or individuals exercising substantial control over the entity, aiming to prevent #illicit #Gains through hidden and #ShellCompanies or opaque ownership structure 📅 Legal entities formed before Jan. 1, 2025, have until Jan. 1, 2025, to file their initial report. Entities established on or after Jan. 1, 2022, must submit their report within 30 days of receiving their establishment or registration notice. In December, the State Department electronically notified 168,577 active entities with #Guidelines on the transparency requirement. Certain entities, such as those in #Banking, #CreditUnions, #StockMarkets, and insurance, are exempt from submitting information under the Corporate Transparency Act. There are 23 categories for entities to indicate their exemption to $FinCEN, as they are already regulated by federal statutes like the #Securities and #Exchange Act. Failure to submit the required form may result in #Fines of $500 per day, up to two years of #Imprisonment, and/or fines of up to $10,000. Top officials of #NonCompliant entities are also held liable under the law. Secretary Marrero-Díaz emphasizes the importance of early #Compliance to avoid last-minute challenges. The State Department is committed to facilitating the process and ensuring a smooth transition to meet the Corporate Transparency Act requirements. This regulation will bring #Transparency and #Compliance for a secure and accountable business environment in Puerto Rico! 🏛️ #PuertoRico #CorporateTransparencyAct #LegalEntities #ComplianceMatters #FinCEN #AML

The Economic Crime and Corporate Transparency Act 2023 received Royal Assent on 26 October 2023, setting in motion significant changes to the UK's corporate transparency regime and a transformation process at the UK's Companies House. Our team examine the changes, how they will affect UK businesses and what steps they should consider taking now.   https://lnkd.in/ezDjNezu   #CorporateTransparency #EconomicCrimeAct2023 #CompaniesHouse | Shawn Atkinson | Viv Holyoake

In our newest edition to our Worrells Expert Series, Mervyn Kitay, Worrells Perth Principal, explains the options available to those facing personal liability for company tax debts. Navigating the complexities of receiving a Director Penalty Notice (DPN) can be daunting. If your deregistered company has received a DPN, it's crucial to understand the options available and best course forward. Received a DPN? Contact your local Worrells principal for a complimentary and confidential chat. #DirectorPenaltyNotice #DPN #Debt #TaxDebt #Insolvency

This coming Monday, hear from industry-expert Fabio Trevisan, Partner at BSP, as he focuses on Directors Duties' and the ramifications of breaches in Luxembourg. This one-hour webinar will cover key topics such as civil liability, criminal liability and liability in tax matters. To register visit https://lnkd.in/e-5AGysP #LuxembourgFinance #FinancialServices #BSP #Directorsduties

Crimes, Capsules and Corporations: The 2023 Corporate Transparency Revolution Big news last week for corporates and individuals alike: the Economic Crime and Corporate Transparency Act 2023 was passed, bringing about significant changes to corporate accountability. One of the key developments is to the ways corporations can be held liable for economic crimes committed by individuals. Previously, the 'identification doctrine'—a common law principle from way back in 1971—dictated that a company could only be held liable if the "directing mind and will" of the corporation was involved in the crime. To put 1971 in perspective, today's BBC news highlighted a time capsule from that year found beneath Liverpool Police Station, left by bricklayers named Swooper, Smiler, and Boss! The newspaper of the day had the headline, "'Yes' to Europe!! Majority 112". (Link in comments 👇 ) But, times have changed. Aside from Brexit, today's corporations have grown ten-fold, boasting complex governance and management structures. The old doctrine made it challenging to pinpoint responsibility, especially in large corporations where decision-making powers are dispersed. The 2023 Act modernises the identification doctrine for economic crimes. Now, offences by senior managers, integral to the company's decision-making, can be attributed to their corporations, reflecting today's diffuse corporate models. What's the big takeaway? While smaller companies with one or two directors previously had a higher conviction likelihood, the scales have now tipped. Large institutions, particularly financial institutions with their obligatory, documented responsibility maps and clear statements of responsibility under the Senior Managers Regime, may find themselves more exposed to convictions. Stay informed and prepared using our dedicated website, which will be updated with more information on the Act and its many significant implications. https://bit.ly/496wnVB Andrew Christie, Victoria Cole, Gary Gray FCG, Paula Kennedy, Ruaridh Cole, Walter Clark, Burness Paull LLP #economiccrime #fraud #aml #bribery #fca #financialcrime

Are you aware of the #penalties under the #CorporateTransparencyAct for willful failure to report or update required information or willfully providing false information? In her latest insight on #CTA for #smallbusinesses, Mitzi Hill addresses penalties for noncompliance. #tegc

With the Economic Crime and Corporate Transparency Bill in the final stages of its journey through Parliament, our #corporate experts clarify what the reforms will cover and how they will impact UK companies. Learn more in our latest article 👇 https://gowlg.co/3LUai2k