On Wednesday, April 25th, the IIUSA Board of Directors met to consider recommendations from IIUSA Committees. The Board adopted three committee’s recommendations which can be reviewed below:
Best Practices Committee recommendations:
- Revisions to Regional Center best practices
The IIUSA Best Practices Committee was charged with developing a list of best practices to provide guidance to regional centers seeking to conduct business in a manner that will foster the growth and success of the EB-5 program. IIUSA believes that a set of best practices would be useful both because of the relative youth of the regional center EB-5 program and because of the complexity of the concepts and principles that govern regional center activity under the auspices of multiple government agencies and under the laws and practices of multiple countries…Read More
- Replace KYC best practices with new AML/KYC best practices
This document is intended to provide IIUSA members with guidance regarding anti-money laundering (AML), including Customer Identification (CI), best practices. U.S. federal regulators generally define money laundering as transactions intended to do any of the following…Read More
- Additions to sales intermediaries best practices
Depending on the nature and scope of a IIUSA member’s business, the IIUSA member might engage a U.S. broker-dealer to provide a variety of services. Such services might include, for example, research on securities, advice regarding a merger or acquisition, or investment banking services. The best practices set forth in this section relate specifically to the context of an IIUSA member engaging a broker-dealer to assist in the offer and sale of securities sponsored by or associated with the IIUSA member to individual EB-5 investors…Read More
Compliance Committee recommendation:
- Revisions to complaint process making this committee the admin body of our complaint process rather than best practices committee.
The principal purposes of the Association to Invest In the USA’s (“IIUSA”) Code of Ethics (the “Code”) and Standards of Professional Conduct (the “Standards”) (hereinafter referred to collectively as the “Code and Ethics Standards”) are to promote responsible, professional and ethical behavior by IIUSA’s members (each, a “Member”), to help protect the public and to reinforce the public’s confidence in the EB-5 Program and EB-5 Regional Center industry…Read More
Membership Committee recommendation:
- Member intake process enhancement
Update existing membership application and intake procedure whereby applicants would be required to submit additional documentation and attest to questions that may disqualify entry into the organization…Read More
