Search Results: Regulatory Exemptions and Relief

SEC Amends and Extends Temporary Regulation Crowdfunding Relief

On August 28, the SEC amended and extended the temporary final rules adopted earlier this year that were intended to facilitate capital formation for small businesses impacted by the coronavirus pandemic. The temporary final rules will continue to provide limited, conditional relief from certain Regulation Crowdfunding requirements that relate to the timing of the…

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SEC Amends Definitions of “Accredited Investor” and “Qualified Institutional Buyer”

On August 26, the SEC adopted amendments to the definition of “accredited investor” under Rules 501(a) and 215 of the Securities Act of 1933 (Securities Act) and adopted amendments to the “qualified institutional buyer” (QIB) definition under Rule 144A of the Securities Act.  Historically, individual investors who do not meet specific income…

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SBA Issues Interim Final Rule Revising PPP’s Owner-Employee Compensation Rule and Clarifying Loan Forgiveness for Certain Non-Payroll Costs

On August 24, the SBA issued an interim final rule revising the PPP’s owner-employee compensation rule and clarifying loan forgiveness for certain non-payroll costs. Specifically, the interim final rule exempted owner-employees with less than a 5% ownership stake in a C- or S-Corporation from the owner-employee compensation rule’s limitations on the amount…

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Fed Announces Final Rule on Technical Updates to FOIA and CSI Rules

On July 24, the Federal Reserve announced finalization of a rule that implements technical and clarifying updates to its Freedom of Information Act (FOIA) procedures and changes to its rules regarding disclosure of confidential supervisory information (CSI). The changes, which include clarification of terms and definitional updates, are meant to bring the…

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SEC Adopts Final Proxy Advisor Amendments and Supplemental IA Guidance

On July 22, the SEC finalized amendments to its proxy solicitation rules that will modify the practices of proxy advisory firms, providing them with greater transparency and accountability. The rule amendments, which were the subject of a vigorous comment process, were approved by a 3-1 vote. The effective date will be 60…

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