exemptions

SEC Proposed Exemption Provides Regulatory Clarity For Unregistered Finders

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On October 7, 2020, the Securities and Exchange Commission (SEC) voted to provide much needed clarity to the regulatory status of so-called “finders” who assist small businesses in raising capital. In a 3-to-2 vote, the SEC proposed a Finder exemption to the broker-dealer registration requirements of Section 15(a) of the Securities Exchange Act of 1934 to allow unregistered natural persons, referred to as finders, to engage in certain limited activities to assist issuers in raising capital from accredited investors.

Pennsylvania Raises Salary Threshold, Updates Duties Tests with New Overtime Rule

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Effective October 3, 2020, the Pennsylvania Department of Labor & Industry (L&I) has updated Pennsylvania’s overtime rules to increase the salary threshold for qualifying under the Pennsylvania Minimum Wage Act (PMWA) as an exempt executive, administrative, and professional employee. The rule also brings the duties tests for executive, administrative, and professional workers into closer alignment with tests under the Fair Labor Standards Act (FLSA).