REGULATORY UPDATES
SEC Proposes Conditional Exemption for Finders Assisting Small Businesses with Capital Raising
On October 7, 2020, the Securities Exchange Commission (the “SEC”) proposed a conditional exemption from broker registration requirements for certain “finders” who assist issuers with raising capital in private markets. If adopted, the proposed exemption would permit natural persons to engage in certain limited activities involving accredited investors without registering with the SEC as brokers. The proposed exemption seeks to assist small businesses in raising capital and to provide regulatory clarity to investors, issuers, and the finders who assist them. The proposed exemption would establish guidelines for both registered broker activity and limited activity by finders that would be exempt from registration.
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(Photo illustration by The Real Deal)
It was hard to miss the dozens of hardhats on lunch break as they poured out of a 20-story office building on Manhattan’s Far West Side. Some ducked into nearby shops, while others lined up at street vendors for chicken and rice.
The construction crew has been working to overhaul the 636,000-square-foot property just across from Hudson Yards, a job that will transform the nearly century-old building into a Class A office tower.
When 601W Companies closed on the Amazon-anchored building at 410 10th Avenue for $952.5 million in December, it was the second biggest investment sale in the city’s pandemic-ravaged market in 2020. And it was a perfect illustration of 601W’s playbook.