Blockchain Legal Resource

What Happened

As we reported in yesterday's client alert, the US Bureau of Economic Analysis (BEA) has announced that it is conducting a survey of all US businesses whose voting interests are 10% or more owned, directly or indirectly, by a foreign person.  Responses to this survey are mandatory for every such US business enterprise, as described more fully below.  These responses are due May 31, 2023 (or June 30, 2023 if submitted via the BEA’s electronic filing portal).

What Happened

The US Department of Justice (“DOJ”) made several recent announcements expanding on its expectations for corporate compliance programs and unveiling new guidance on executive compensation structures, consequence management and business communications and ephemeral messaging.

DOJ also announced a new enforcement push focused on the intersection of corporate crime and national security.

Hunton Andrews Kurth LLP continues to assist clients and monitor developments in the financial markets arising from the liquidity challenges and market volatility currently facing the banking industry. Late Tuesday brought the first inevitable wave of lawsuits and government investigations. There will be many more in the days ahead.

As we stated in our March 13, 2023 Client Alert, the Federal Reserve issued a press release on March 12, 2023, announcing the creation of the new Bank Term Fund Program (“BTFP”). The Federal Reserve established the BTFP to make available additional funding to eligible depository institutions in order to help assure that banks have the ability to meet the needs of all their depositors.

We have linked three client alerts that highlight the key events that occurred over this past weekend in the wake of the failure of Silicon Valley Bank. We will continue to monitor events and send updates as major developments occur. Hunton Andrews Kurth LLP has assembled a cross-disciplinary team consisting of attorneys from various practices to assist clients with the evolving situations involving Silicon Valley Bank, Signature Bank and any similarly situated banks.

Silicon Valley Bank: March 13, 2023 Updates on FDIC Receivership and Bridge Bank

Signature Bank: What to Know ...