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1 month ago | 
jdsupra.com | Siana Danch |Terence M. Grugan
Does it matter if a law is valid if the Government refuses to enforce it? For months, we have watched (and blogged on) courts grappling with the constitutionality and enforceability of the Corporate Transparency Act (“CTA”). While, as we have blogged most recently here, courts have produced mixed returns on the validity of the CTA, the Department of the Treasury (“Treasury”) has now significantly mooted those questions.
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2 months ago | 
jdsupra.com | J. Chesley Burruss |Siana Danch |Terence M. Grugan
Maksym Kaharlytskyi, UnsplashDevelopments concerning the enforceability and enforcement of the CTA came at a rapid clip last week. As things stand, the government may enforce the CTA pending a Texas court appeal in Smith v. U.S. Department of the Treasury. FinCEN indicated its intent to enforce the CTA but provided reporting companies with a revised deadline to submit the required reports. We have previously blogged about the litigation here and here.
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Dec 5, 2024 | 
ballardspahr.com | Wesley Robinson |Laura Giles |Terence M. Grugan |Peter Hardy
The U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction on December 3, 2024, in Texas Top Cop Shop, Inc., et al. v. Garland, et al. (No. 4:24-CV-0478).
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Oct 4, 2024 | 
jdsupra.com | Terence M. Grugan |Peter Hardy |Henry Hockeimer Jr.
SummaryA federal court in Florida this week ruled that the qui tam provision of the False Claims Act (FCA) is unconstitutional under the Appointments Clause in Article II of the U.S. Constitution, creating an opportunity for a split among circuit courts of appeal if appealed. The Upshot On September 30, in a Middle District of Florida case, United States ex rel. Zafirov v.
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Sep 13, 2024 | 
jdsupra.com | Terence M. Grugan |Kaley Schafer
Following up on its Notice of Proposed Rulemaking (“NPR”), which we discussed back in March, the Financial Crimes Enforcement Network (FinCEN) released on August 28th a final rule extending Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) requirements to certain investment advisers (Final Rule). The Final Rule adds “investment adviser” to the definition of “financial institution” at 31 C.F.R. 1010.100(t).
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Aug 8, 2024 | 
jdsupra.com | Terence M. Grugan |Peter Hardy |Kelly McGlynn
SummaryThe U.S. Supreme Court’s recent overturning of the Chevron Deference Doctrine calls into question several Chevron-based federal court rulings allowing the Small Business Administration (SBA) to exclude many categories of businesses from eligibility for Paycheck Protection Program (PPP) loans—contrary to the broad eligibility envisioned by the statute creating the PPP, which many companies relied on when they took the loans.
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Aug 7, 2024 | 
ballardspahr.com | Terence M. Grugan |Peter Hardy |Kelly McGlynn
Summary The U.S. Supreme Court’s recent overturning of the Chevron Deference Doctrine calls into question several Chevron-based federal court rulings allowing the Small Business Administration (SBA) to exclude many categories of businesses from eligibility for Paycheck Protection Program (PPP) loans—contrary to the broad eligibility envisioned by the statute creating the PPP, which many companies relied on when they took the loans.
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Jul 26, 2024 | 
jdsupra.com | Terence M. Grugan |Peter Hardy |Beth Moskow-Schnoll
SummaryFinCEN’s recent preliminary rulemaking aims to enhance and modernize regulations with requirements and priorities that affect a broad range of “financial institutions” across industries—but lacks concrete guidance on technological innovation and other critical issues.
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Jul 23, 2024 | 
ballardspahr.com | Peter Hardy |Beth Moskow-Schnoll |Terence M. Grugan |Kaley Schafer
Summary FinCEN’s recent preliminary rulemaking aims to enhance and modernize regulations with requirements and priorities that affect a broad range of “financial institutions” across industries—but lacks concrete guidance on technological innovation and other critical issues.
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May 29, 2024 | 
jdsupra.com | Terence M. Grugan |Kaley Schafer
May 29, 2024
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On May 13th, the Financial Crimes Enforcement Network (FinCEN) and the Securities Exchange Commission (SEC) issued a joint notice of proposed rulemaking (NPRM) that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish a customer identification program (CIP).
