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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 an...

SEC Final Rule on Modernized Marketing for Investment Advisers On December 22, 2020, the Securities and Exchange Commission (SEC) passed a final rule to modernize marketing under the Investment Advisers Act of 1940, as amended. The amendments create a single rule that replaces the current advertising and cash solicitation rules, Rule 206(4)-1 and Rule 206(4)-3, respectively. The staff of the Division of Investment Management also expects to withdraw no-action letters and other guidance that previously applied to the advertising and cash solicitation rules. Additionally, the SEC has made relat...