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.
Allison Herren Lee Named Acting Chair Of The SEC Date
21/01/2021
The Securities and Exchange Commission announced today that President Joseph R. Biden, Jr. has designated Allison Herren Lee as Acting Chair of the agency.
“It’s an honor to continue my service on the Commission in this new role,” Acting Chair Lee said. “I have tremendous respect for my colleagues on the Commission and the exceptional staff across the agency, and look forward to working closely with them. Together we will continue the agency’s work of protecting investors and ensuring market integrity.”
“During my time as Commissioner, I have focused on climate and sustainability, and those issues will continue to be a priority for me,” Lee added.
FOR IMMEDIATE RELEASE Washington D.C., Jan. 21, 2021
The Securities and Exchange Commission announced today that President Joseph R. Biden, Jr. has designated Allison Herren Lee as Acting Chair of the agency.
“It’s an honor to continue my service on the Commission in this new role,” Acting Chair Lee said. “I have tremendous respect for my colleagues on the Commission and the exceptional staff across the agency, and look forward to working closely with them. Together we will continue the agency’s work of protecting investors and ensuring market integrity.”
“During my time as Commissioner, I have focused on climate and sustainability, and those issues will continue to be a priority for me,” Lee added.
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Commissioner Allison Herren Lee Selected as Acting Chair of SEC
President Joe Biden has selected
Commissioner Allison Herren Lee as acting Chair of the Securities and Exchange Commission (SEC). Commissioner Lee will lead the SEC until Gary Gensler is approved by the US Senate.
Upon being selected, Acting Chair Lee issued the following statement:
“It’s an honor to continue my service on the Commission in this new role. I have tremendous respect for my colleagues on the Commission and the exceptional staff across the agency, and look forward to working closely with them. Together we will continue the agency’s work of protecting investors and ensuring market integrity. During my time as Commissioner, I have focused on climate and sustainability, and those issues will continue to be a priority for me.”