In Merrily We Roll Along, placing the orchestra above the stage brings the source of the music into full view. FinCEN’s Real Estate Reporting Rule, which recently was vacated by a Florida federal court, had a goal of moving hidden participants in real estate transactions into view when property is acquired through an entity or trust in a transfer not financed with using a traditional mortgage. The orchestra in Merrily voluntarily placed itself in full view, but FinCEN didn’t make reporting optional – it forced parties with legitimate reasons for establishing limited liability companies and trusts to report their ownership. Since the Florida decision likely will be appealed, parties that use entities to require real estate in transactions not financed by traditional mortgages should be aware that privacy is not guaranteed in the future.
Read MoreBringing an attorney onto a team during project development when more options exist not only minimizes risk but can result in a better final product.
Read MoreMeasuring the success of a rent control program can be elusive and data can be misleading. Complaint-driven data reveals only the effect on on tenants who choose to file complaints. The data doesn’t reveal whether other tenants didn't file complaints because they weren’t aware of the program or because they believed they were treated fairly. Rent control data frequently doesn't consider the cost of administering the program as compared to other options, such as rent subsidies. And most rent control data doesn't evaluate the indirect economic impacts rent control has on the quality and quantity of housing supply.
Read MoreA 16-member team at Deutsche Oper Berlin isn't onstage, but they’re not entirely behind the scenes either. Concertgoers see them briefly, depend on them completely, and then usually stop thinking about them, as if they are invisible. Read our article to learn about the opera house's team and how it's similar to boilerplate provisions in contracts. People pay little attention to them -- until there's a problem.
Read MoreIn 2003 Maria Schneider revolutionized musician fundraising by using Internet crowdfunding to finance her project. While Schneider's rewards-based crowdfunding wasn't subject to securities laws, some musician fundraising, such as royalty-based crowdfunding, can requirement compliance with those laws.
Read MoreThe SEC recently announced that it would be revisiting the finder exemption from broker-dealer registration first proposed in 2020. If adopted an exemption would simplify capital raising for small business, real estate sponsors, and early-career musicians by permitting success-based compensation to finders under limited circumstances. While this development is promising, for now transaction-based compensation continues to be unlawful.
Read MoreLaunched in the UK in 2018, Hipgnosis Song Fund was touted as a groundbreaking opportunity for investors and musicians alike. By buying song catalogs directly from artists, Hipgnosis provided musicians with immediate cash. The Fund offered investors the opportunity own a piece of music history and receive long-term predictable income that wasn't correlated with the stock market. Although the Fund might have looked like an investment in artists and their music, in the US, many investments in artists and their music are securities. Learn how musicians can unwittingly find themselves needing to navigate the complex web of securities laws.
Read MoreA DC landlord recently paid a $700,000 settlement in a source of income discrimination involving housing vouchers. However, rather than discriminating against tenants withe vouchers, DC alleged that the landlord favored those tenants because the vouchers paid higher rent that was permitted under DC's rent control law. This case highlights how rent control eventually can harm the rental housing market by interfering with the natural real estate economic cycle, which addresses both escalating rents and housing shortages by adding rental units to the market. Read the blog to learn more about how rent control can harm housing markets and communities and isn't the best way to address rent increases.
Read MoreIssuers who don't use licensed brokers to sell their securities are best served by complying with the issuer exemption under Rule 3a4-1.
Read MoreEffective December 1, 2025, FinCEN is expanding anti-money laundering reporting beyond a few “high-risk” markets to all entities purchasing residential real estate without financing from a bank or certain institutional mortgage lenders.
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