Tests for Qualified Clients of RIAs Raised

Under the Investment Advisers Act of 1940, registered investment advisers (“RIAs”) are prohibited from charging advisory clients performance fees based on a percentage of gains of the funds of a client unless all such advisory clients have, as set forth in Rule 205-3, either assets under management with the RIA of at least $1 million... Read more »

Anti-Money Laundering Act of 2020

On January 1, 2021, the U.S. federal Congress overrode then President Trump’s veto of the National Defense Authorization Act (the “NDAA”), effectively adopting the Anti-Money Laundering Act of 2020 and the Corporate Transparecy Act (together, the “Act”) incorporated within it. While the NDAA is very long, among many other things, the Act provides, largely by... Read more »

UK Requires Certain Sensitive Transactions to Be Filed For Approval

On April 29, 2021, the United Kingdom adopted the National Security and Investment Act 2021 (the “Act”).  The Act will be effective once new rules are adopted, expected at the end of this year. It will require that any acquisition involving a buyer of a target “carrying on” activities in the United Kingdom in certain... Read more »

Renewal of Paycheck Protection Program

On December 27, 2020, the Economic Aid Act (the “EAA”) was signed into law.  In addition to providing for small checks to Americans and other things, the EAA renewed the Paycheck Protection Program (the “PPP”) but under different terms. The prior program ran out in August with money left over.  The new law allocates $284.5... Read more »