Washington, DC (PRWEB) April 29, 2015
Invest in the USA (IIUSA), the national not-for-profit industry trade association for the EB-5 Regional Center Program (the “Program”), hosted its 8th Annual EB-5 Regional Economic Development Advocacy Conference in Washington D.C. from April 12-14. IIUSA celebrated its 10-year anniversary by gathering EB-5 industry stakeholders in our nation’s capital to advocate, connect, learn, network and succeed.
The conference boasted over 450 people in attendance and a full schedule of speakers, Capitol Hill visits, networking and meetings. Attendees were treated to nine Guests of Honor from the federal government, 36 additional speakers on ten industry panels, and three nights of receptions. On the first day of the conference, IIUSA committees and leadership all held their biannual in-person meetings which provided a great forum for advancing IIUSA initiatives. The events also gave members an opportunity to visit and celebrate IIUSA’s new office space just across the street from the conference venue in the heart of Washington.
“With the help of our members, event sponsors, leadership and other EB-5 stakeholders, IIUSA hosted yet another successful Advocacy Conference here in our nation’s capital,” said IIUSA Executive Director Peter D. Joseph. “Attendees from around the industry came together to hear from lawmakers as well as representatives from federal agencies, each of whom emphasized that importance of protecting the integrity of the Program in continuing to bring jobs and economic growth to communities across the country. We look forward to continuing our collaborative work with policymakers to ensure that reality.”
On Monday afternoon, U.S. Department of State (DOS) Chief of the Visa Control and Reporting Division, Charles Oppenheim, delivered the news that the EB-5 visa category for Chinese applicants will retrogress starting May 1, 2015 with a cut-off date of May 1, 2013. This means that starting next month, only those EB-5 investors and their beneficiaries with a Priority Date of May 1, 2013 or earlier may apply for an EB-5 immigrant visa. The cut-off date will continuously change and will be reported on a monthly basis by DOS.
Representatives from the Securities and Exchange Commission (SEC) and the Financial Industry Regulation Authority (FINRA) discussed the ways in which increased federal oversight of the Program may have serious ramifications on how EB-5 projects are marketed to investors.
“Proper oversight, transparency, compliance with – and enforcement of – all applicable securities, anti-fraud and immigration laws and regulations are essential to maintain the confidence of all industry stakeholders and ensure that the EB-5 program continues to bring capital and job creation to the U.S.,” Joseph said.