EB5 Investors Magazine Volume 5, Issue 2 - Page 77

TOP CORPORATE ATTORNEYS national team of securities, tax, corporate, lending and real estate lawyers. McKee approaches her work from a risk manager’s vantage and employs a tailored, systematic approach of structuring and documenting her client’s EB-5 transactions, working to ensure that clients are well-armed to balance business objectives and risks. She leverages Kutak Rock’s national platform and experience in the municipal finance industry to offer clients insight, innovation and efficiency. A frequent speaker and writer on EB-5 and securities law considerations, McKee is an active EB-5 community member dedicated to elevating EB-5 industry practices and standards. MARIZA MCKEE Partner Kutak Rock LLP M ariza McKee is a partner in Kutak Rock LLP’s Chicago office where she counsels EB-5 clients. McKee advises regional centers, new commercial enterprises, job-creating entities and EB-5 stakeholders involved with domestic and international offerings seeking EB-5 investment. She led Kutak Rock’s EB-5 industry analysis in 2010 and was instrumental in structuring its EB-5 Finance Practice, which is an interdisciplinary, WHAT DO YOU THINK THE FUTURE OF THE EB-5 INDUSTRY LOOKS LIKE? We believe the EB-5 industry of the future will be reformed, whether through legislation or regulation, and that it will eventually mature into a development finance option akin to more established incentive-based financing tools, such as tax credits. It’s important to reauthorize or make permanent the EB-5 Regional Center Program to allow a foundation from which the industry can continue to stabilize and grow. We would offer a far more fulfilling role as counselor and problem -solver. Moseley enjoys understanding clients’ needs and navigating the intricacies of securities laws with practical solutions. Moseley was introduced to EB-5 in early 2008 when she was asked to assist a JCE with a loan from Korean investors. Moseley began writing articles addressing securities law implications in EB-5 and speaking at conferences during the “early years” when securities law was not at the forefront of EB-5 related discussions. Moseley continues to help regional centers and JCEs with solutions to meet their goals. JENNIFER MERCIER MOSELEY Partner Burr & Forman LLP J ennifer Mercier Moseley is a corporate and securities partner at Burr & Forman LLP in Atlanta. She advises small start-ups to large, public companies in an array of transactions and capital raising activities. After working with only institutional clients at the beginning of her career in New York, Moseley discovered that advising start-up and developmental stage companies WHAT DO YOU THINK THE FUTURE OF THE EB-5 INDUSTRY LOOKS LIKE? Due to recent SEC actions and increasingly negative views of EB-5, I think there will be more interagency cooperation and emphasis on oversight in the reforms. I would like to see this oversight apply to the industry’s payments to third parties (such as brokers) and see guidance from the SEC on payments to parties overseas. Generally, an oversight that is tailored towards actually deterring fraud is needed. Also, as EB-5 investors become savvier on the intricacies like to see thoughtfully-designed integrity measures that encourage transparency and accountability throughout the EB-5 investment and immigration processes. Additionally, we would like to see meaningful reform that encourages investment in rural and economically distressed areas. HOW ARE YOU HANDLING THE ISSUE OF REDEPLOYMENT? We e v a l u a t e l e g a l i m p l i c a t i o n s o f redeployment for ever y new EB -5 engagement and for transactions that did not originally contemplate redeployment. Our redeployment advice focuses on disclosing and documenting redeployment strategy in compliance with securities laws and USCIS policy with particular attention on NCE business scope and avoiding material change. Redeployment into new issue municipal bonds is of particular interest to Kutak Rock given our history in the public finance sector. Kutak Rock has served as bond counsel in more than 10,500 municipal bond issues aggregating over $320 billion in all U.S. states. Our public finance attorneys and EB-5 team are working together to analyze considerations related to redeployment into new issue municipal bonds. of EB-5 requirements, investors’ and regional centers’ attention will turn towards more complex issues such as tax consequences and services providers in this area will increase. HOW ARE YOU HANDLING THE ISSUE OF REDEPLOYMENT? I have discussions upfront with the JCE about other projects into which we could redirect EB-5 funds in case a loan or equity investment will be repaid before an EB-5 investor has had his or her I-829 petition adjudicated. While funds can be redeployed to a project of a different developer, I have been able to negotiate with JCEs to provide contractual obligations allowing the regional center to redirect funds to a future project. When the JCE has a proven track record, investors have a higher level of comfort having this option in a contract in advance. EB5INVESTORS.COM 76