EB5 Investors Magazine "Top 25 issue" Volume 9 Issue 1 - Page 53

TOP CORPORATE ATTORNEYS
RONALD FIELDSTONE
SAUL EWING ARNSTEIN & LEHR

Ronald R . Fieldstone , chair and partner of Saul Ewing Arnstein & Lehr LLP ’ s Global Immigration and Foreign Investment Practice , routinely serves as corporate / securities / real estate counsel in EB-5 immigrant investor offerings for an array of industries . Both developers and regional centers rely on his advice in these deals , resulting in his track record of handling more than 400 EB-5 projects with a combined capital raise in excess of $ 10 billion . He is chair of the firm ' s Opportunity Zones and Qualified Opportunity Funds Practice . Fieldstone received his MBA from the Wharton School of Business and his law degree from the University of Pennsylvania .

WHAT DO YOU THINK ABOUT THE EB-5 REFORM AND INTEGRITY ACT OF 2022 ?
The RIA has generated quite a bit of controversy because of the positions taken by USCIS that have seriously impacted fundraising efforts within the EB-5 market . While the RIA contains many appropriate integrity provisions , as the judge in the Behring case has noted , there remain many ambiguities in the statute that require USCIS ’ s implementation of appropriate rules and regulations . From a securities perspective , the push for greater integrity and transparency is welcome . The ability for eligible EB-5 investors to concurrently file for adjustment of status is also welcome . The flexibility now allowed to ensure EB-5 investor relief in porting over a pending EB-5 petition to another regional center in the event of termination of the original regional center is a huge benefit .
HOW ARE YOU HANDLING THE ISSUE OF REDEPLOYMENT ?
Many of the same principles remain following the passage of the RIA . However , a key change is that there remains no geographic limitation within the United States on redeployments . This is extremely beneficial . There also remains a tremendous amount of potential redeployment capital that is set to be deployed in the coming years . Compliance , with respect to the authority of the general partner or manager of the NCE to make such redeployment and the required disclosures / consents , are critical to the success of the process . Given the increase in redeployment volume , so have the litigation claims also risen by various investors . Redeployment is a tremendous boon to new developments but remains complicated .
CATHERINE DEBONO HOLMES
JEFFER MANGELS BUTLER & MITCHELL

Catherine D . Holmes is chair of JMBM ' s Investment Capital Law Group , and the author of the Investment Law Blog . She has practiced law at JMBM for over 35 years , focusing on investment capital and business transactions . She helps clients worldwide to raise , invest and manage capital from U . S . and non-U . S . investors . She has represented more than 100 real estate developers in obtaining financing through the EB-5 immigrant investor visa program . With extensive experience in the hospitality industry , Holmes specializes in resort and urban mixed-use financing and development , hotel management and franchise agreements , resort and hotel purchase and sale transactions , and public-private hotel development . Her finance and investment experience includes handling business formations for entrepreneurs , private securities offerings , structuring and offering of private investment funds , and business and regulatory matters for investment bankers , investment advisers , securities brokerdealers and real estate / mortgage brokers .

WHAT DO YOU THINK ABOUT THE EB-5 REFORM AND INTEGRITY ACT OF 2022 ?
I believe that the EB-5 Reform & Integrity Act of 2022 will act as a deterrent to some of the fraudulent and unlawful activities of some bad actors who took advantage of the EB-5 program for their own benefit , with little regard for investors or the integrity of the EB-5 program as a whole . Although the Act has created some ambiguities , if USCIS acts promptly and reasonably to interpret the ambiguities , it could be a workable framework for EB-5 offerings in the future .
HOW ARE YOU HANDLING THE ISSUE OF REDEPLOYMENT ?
The issue of redeployment is one of the ambiguities created by the Act . The Act deleted one small phrase that USCIS had interpreted previously to require redeployment . We don ’ t know if USCIS will now interpret the Act to allow repayment of investors without any required holding period , or if some holding period will still be required . Until we have further clarity on that issue from USCIS , I believe it will be necessary for offering documents to include the possibility of reinvestment if USCIS policy requires it .
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