Blog
SEC No-Action Letter on Confirming “Accredited Investor” Under Rule 506(c) Exemption
On March 12, 2025, the Securities and Exchange Commission (the “SEC”) issued a no-action letter in response to a request from Latham & Watkins giving a bit more color on the diligence required for an issuer to determine that an investor is an “accredited investor” for purposes of qualifying for the Rule 506(c) private placement... Read more »
FinCEN Requires AML Reports for Real Estate Transactions to Entities and Trusts
On August 29, 2024, the Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Treasury issued a final rule requiring anti-money laundering (“AML”) reports for certain non-exempt real estate transfers to entities and trusts (“Transferees”) as of December 1, 2025. The reports will be required for Transferees of buildings of, or land where the Transferee intend... Read more »
FTC Set to Ban Non-Competes
On April 23, 2024, the U.S. Federal Trade Commission (the “FTC”) adopted a final rule that effectively bans non-compete clauses in employment contracts (the “Rule”). For workers other than “senior executives”, the ban is effective as of the effective date of the Rule, about four months after publication, and not only prohibits such clauses but... Read more »
Gov Hochul Signs NY LLC Transparency Act
On December 23, 2023, Governor Hochul signed the New York LLC Transparency Act (the “Act”). While there is substantial overlap with the federal Corporate Transparency Act, as reported in this post, there are several differences. Among them is that the Act only applies to LLCs, and requires filings with the N.Y Department of State that... Read more »