Publications

On February 15, 2012, the Securities and Exchange Commission (the "Commission") adopted amendments to rule 205-3 under the Investment Advisers Act of 1940 (the "Advisers Act"). The rule amendments alter dollar amount thresholds that determine a “qualified client” under the rule, mandate adjustments for inflation, exclude the value of a natural person’s primary residence from the rule’s net worth test and add certain transition provisions. The rule amendments take effect 90 days after publication in the Federal Register.

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