I am looking for a securities lawyer that is well-versed in EB-5. I want to avoid the learning curve with my questions. What qualifications should a securities attorney have if I am hiring them specifically for EB-5 work? Will it be necessary to work with a securities attorney throughout the entire EB-5 process?
If you trying to create a regional center or EB-5 project, a securities attorney may help ensure that the EB-5 investment and business project are appropriately structured. If you are applying for an EB-5 green card, you should obtain an immigration attorney.
You probably need to check with your immigration attorney on referrals of securities attorney. It is rare developers like yourself work on this on your own. After all, this is an immigration centered process; without your immigration attorney's involvement, things would not go too far.
You should hire a securities attorney with both corporate finance experience and broker-dealer experience in the compliance arena. The reason I believe this combination is important is that the attorney will have to be aware of the INRA regulations on marketing and the like to advise you properly, whether you are an investor or a regional center. An attorney well-versed in corporate finance will also be useful in protecting your interests as an investor in the fund, making sure that corporate formalities are being followed and thus cannot be used as the pretext for litigation down the road. Some EB-5 experience is relevant given the unique nature of the program. And yes, you should have an attorney retained all the way - funds behave differently when an attorney is involved.
Ideally your immigration attorney, who should be leading the team of professionals, can recommend one. Otherwise, experience is key. There are unique aspects of an EB-5 offering that must be accounted for.
Security attorneys are usually only necessary when creating projects developed by regional centers or sometimes pooled direct investment projects with multiple investors. This is because the subscription/membership units for EB-5 projects are technically considered as securities under the SEC. The securities attorney does not necessarily need to be well-versed in EB-5; just ensure whatever arrangement is compliant with the SEC laws. If you are applying for an EB-5 green card it is better to rely on a immigration attorney (no securities attorney needed). If you trying to create a project with EB-5 funds, then you will need to use the securities attorney to make sure everything is compliant with the SEC.
This may be difficult as the SEC has just recently become involved with EB-5. I would start with a law firm or regional center for some suggestions as to who they use.
There are several top securities lawyers as well as top immigration attorneys on EB5Investors.com in the recently published Top 25 EB-5 Attorneys article.
There are now a number of good securities attorneys who have experience with the EB-5 program. However, most good securities attorneys will be able to assist a prospective EB-5 investor.
They need to be experienced in the area - EB5 Investors Magazine's preferred lawyers are pretty much the ones who know this area.
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