Tuesday, January 10, 2017

Proposed EB-5 Regulations

(Source: EB-5 Coalition) It is our belief that the OMB’s Office of Information and Regulatory Affairs (OIRA) has completed it's review of the proposed EB-5 regulations.

OMB is sending the regulations back to USCIS for publication.  USCIS will have the opportunity to review any received comments and take administrative action, such as the issuance of notice of proposed rule-making (NPRM) in the Federal Register.   We expect that the regulations will be published in proposed form within the week.   It is unclear what position the Trump Administration will take on regulations promulgated in the final days of the Obama Administration.  That being said, there have been press reports that the Trump Administration will “freeze” or even cut regulations rather than allow new ones to advance.  If the NPRM is issued, there will typically be a 60-day notice and comment period.  USCIS will then review and revise the rule accordingly, and can issue a final rule that is published in the Final Register.
 

Thus, when looking at the timing possibilities, today is January 10, sixty days for notice and comment would be March 10. Thereafter, USCIS would then need to respond to the comments which could take another 30-60 days at least. This would take us until April 10 or perhaps May 10. Of course, these are estimates, which could change, and do not take into account the fact that the regulations could be frozen by the Trump Administration or Congress could enact new legislation. We will have a call shortly to discuss. We do plan to submit comments to the proposed regulation.

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