Executive Summary - USCIS EB-5 Engagement with the Securities and Exchange Commission (SEC)
Overview
On April 3, 2013, U.S. Citizenship and Immigration Services (USCIS) hosted a stakeholder teleconference featuring staff from the Securities and Exchange Commission (SEC) to discuss the EB-5 Immigrant Investor program. During the engagement, subject matter experts from the SEC’s divisions of Corporation Finance, Trading and Markets, Investment Management, and Enforcement discussed securities law compliance in the context of EB-5 regional centers and investments. The SEC provided an overview of registration requirements under the various federal securities laws. These include, but are not limited to: an obligation under certain circumstances to register the securities for offer or sale under the Securities Act of 1933 (Securities Act); the broker registration of persons effecting transactions in securities under the Securities Exchange Act of 1934 (Securities Exchange Act); the registration of persons or entities offering investment advice under the Investment Advisers Act of 1940 (Investment Advisers Act); or the registration of persons or entities that offer investment products to the public under the Investment Company Act of 1940 (Investment Company Act). Throughout the engagement, the SEC also indicated that it largely focuses on the anti-fraud provisions within the law. General information provided during the call is outlined below as well as useful resources for additional guidance.
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