TOP CORPORATE ATTORNEYS
clients who extend credit for Korean and
other corporate borrowers in the United
States. He brings his finance experience
to the negotiating table when structuring
EB-5 deals and when advising his clients
on how to structure the EB-5 capital stack.
His strong relationships with traditional
banks allow him to understand loan
transactions and the role that traditional
and EB-5 lenders can play in EB-5 deals.
Park frequently speaks on EB-5 related
topics and writes on finance and securit ies
issues for EB-5 industry professionals. He
is fluent in Korean.
STEVE B. PARK
Partner
Ballard Spahr LLP
S
teve B. Park is a partner in Ballard Spahr’s
Atlanta office and co-practice leader of the
firm's EB-5 Group. He represents a wide range
of regional centers, project developers and
other sponsors in EB-5 financing transactions,
related securities offerings and other
compliance aspects of the program. He also
focuses on commercial lending transactions
for multinational companies and banking
BRUCE ROSETTO
Corporate & Securities
Shareholder
WHAT REFORMS WOULD
YOU LIKE TO SEE?
The EB-5 industry has been evolving and I
believe it is much better situated now than
a few years ago to make the necessary
adjustments to continue to thrive and drive
value to both foreign investors and project
developers. Industry professionals share the
common goal of being vigilant and adopting
best practices to guard against fraud and
bad actors and to strictly comply with both
immigration and securities law requirements.
With respect to reforms, I would like to
see safe-harbor regulations from the SEC
practice includes general corporate
transactional work, debt and equity
financings, EB-5 corporation and securities
transactions, corporate finance, mergers
and acquisitions, corporate governance,
securities, investment banking, broker/
dealer regulation, intellectual property
and licensing, employment law, banking
and real estate transactions. He also
advises clients on raising capital for and
establishing regional centers to administer
projects qualifying for investment under
the EB-5 program. Rosetto received his J.D.
from Villanova University School of Law. He
is highly engaged in the legal community
and is a member on numerous boards and
associations. Rosetto has been recognized
as a Florida Super Lawyer and in the Legal
500 UK.
Greenberg Traurig LLP
B
ruce Rosetto is a corporate and securities
shareholder at Greenberg Traurig LLP
and is co-managing shareholder for the
firm’s Boca Raton office. In addition to his
experience with EB-5 program corporation
and securities transactions, he works in
debt and equity financings, mergers and
acquisitions and corporate governance. His
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EB5 INVESTORS M AGAZINE
WHAT DO YOU THINK
THE FUTURE OF THE EB-5
INDUSTRY LOOKS LIKE?
I think an increase in the $500,000 sum
required to invest will increase, probably
to $1 million or even more, and the TEA
designations will be tightened. The long-
term impact will be to reduce the pool of
EB-5 investors who can afford to file an
providing clearer guidance on agent
relationship in foreign jurisdictions and
additional visa set-asides for rural projects.
WHAT TRENDS ARE YOU SEEING
IN THE EB-5 INDUSTRY?
Both EB-5 investors and foreign agents
are becoming more conservative and
sophisticated, which drives up the quality
of EB-5 projects and likelihood of project
success and repayment of EB-5 funds
to the investors. I am seeing much more
focused attention on securities law
compliance – from overall structure
involving registered broker-dealer, third
party due diligence, escrow and agent
fee arrangements to better disclosure
doc u me n ts for the inves tor s. T he
transaction documents continue to get
more complicated as EB-5 funds make up
a smaller portion of the financing capital
stack and need to be integrated with other
debt and equity sources.
EB-5 petition. On the other hand, integrity
measures, even without legislation, are
being adopted by most regional centers
and this is very positive for the EB-5
program as those investors who do move
forward with the EB-5 program will be
investing in a better class of projects.
WHAT TRENDS ARE YOU SEEING
IN THE EB-5 INDUSTRY?
One of the major trends in the EB-5 industry
is the continued acceptance and growth
of EB-5 investors from countries outside
of China. This trend is especially showing
up in projects in Florida, which is seeing
significant growth in EB-5 investors from
South America, Europe and the Middle
East. A second trend, in large part due to
the numerous failed projects across the
country, is that the EB-5 investors and their
representatives are performing much more
stringent due diligence and analysis of
the project and the developer track record
before making an investment.