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Legal Update

US Securities and Exchange Commission Amends Dollar Threshold Tests Under Qualified Client Standard, Requires Exclusion of Net Equity in Primary Residence

29 February 2012
Mayer Brown Legal Update
On February, 15, 2012, the Securities and Exchange Commission adopted amendments to Rule 205-3 under the Investment Advisers of 1940 that increased the “assets under management” and “net worth” dollar thresholds used to determine whether an individual or company is a “qualified client” for purposes of enabling an investment adviser (including an adviser to Section 3(c)(1) funds) to charge performance-based compensation.

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