Justin Miller

Still trying to navigate the #CorporateTransparencyAct? #PrivateWealth Services attorneys Brent Berselli and Jorge Sagarra co-authored a feature for the Portland Business Journal answering key questions that arise when reviewing the law's requirements. Check out their article for clear, practical guidance to aid your #compliance efforts. https://bit.ly/4cmf4RG #corporategovernance

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Breaking News: U.S. Court of Appeals Vacates Private Fund Rule On June 5, 2024, the Fifth Circuit Court of Appeals vacated the SEC's Private Fund Rule, citing that the U.S. Securities and Exchange Commission exceeded its statutory authority. This rule, adopted in August 2023, aimed to enhance regulation of private fund advisers to protect investors and prevent fraud. Key Takeaways for Private Fund Advisers: - No need for quarterly statements - No requirement to disclose side letter terms - No need for fairness opinions in secondary-led transactions - No required documentation of annual compliance reviews - No mandatory private fund audits - Relief from other restricted activities The SEC's next steps are uncertain, including potential appeals or new rulemaking. Given the current political climate, it may take years for any similar regulations to be implemented. For a detailed summary, read more here: https://lnkd.in/eXBFdnNX Salus GRC previously covered the oral arguments on this case: https://lnkd.in/eivw9XaT Stay informed with Salus GRC for the latest updates on regulatory changes affecting private fund advisers. #PrivateFundRule #SEC #Regulation #InvestmentAdvisers #SalusGRC #BreakingNews

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Spousal Lifetime Access Trusts (SLATs) provide a powerful tool for married couples seeking to protect their assets while maintaining flexibility and control. In this article, trust experts Jonathan G. Blattmachr and Matthew Blattmachr, outline the benefits and considerations for SLATs. Key points include: - How SLATs allow for continued access to assets through one's spouse - Avoiding the reciprocal trust doctrine when both spouses create trusts - Tax implications of SLATs as grantor trusts Read the full article for valuable insights on incorporating SLATs into your estate plan. https://lnkd.in/gWUN-SRD #SLAT #EstatePlanning #AssetProtection #WealthManagement #MarriedCouples #Trustee #PeakTrust #Fiduciary #TrustOfficer #GrantorTrust

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On June 5, 2024, the Fifth U.S. Circuit Court of Appeals vacated the SEC's Private Fund Advisers Final Rule, citing the SEC's lack of statutory authority. This decision has significant implications for private funds and their advisers. Our latest alert authored by Paul Foley, John Faust, Brittany Puckett, Kiki Scarff, and James Severs provides a detailed analysis of the ruling and its impact on the industry. #LegalUpdate #PrivateFunds #SEC #Regulation https://lnkd.in/g6UgqpxT

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Dive into the latest insights from Proskauer Rose LLP's Private Credit Default Index which reveals that default rates have climbed to 2.71% for Q2 2025. Stephen Boyko of Proskauer comments on the strategic utility of these default metrics for private debt fund managers and investors. This rising trend, captured through meticulous tracking of private loans, is essential reading for those in the private credit market. https://lnkd.in/dd6jZv5i #PrivateDebt #PrivateCredit

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On July 8, the SEC issued an updated Spring 2024 regulatory agenda, which includes updated timing related to several key regulatory actions. This signals another busy few months for the SEC. The SEC will likely work toward finalizing many of the proposed rules by summer 2024, otherwise, they could be undone by the Congressional Review Act. Click the link below to read the full report. https://hubs.li/Q02FRNgq0

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California has amended its venture capital diversity reporting law through SB 164. Partner Arman Pahlavan highlights the main substantive changes, including extended deadlines and a focused scope, in this article. https://bit.ly/3Ydq8dY #VentureCapital #VentureCapitalCompanies #Diversity #SB164

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📣 The compliance landscape has shifted! The Fifth Circuit Court of Appeals has vacated the entire suite of private fund adviser rules previously adopted by the SEC on August 23, 2023. This pivotal decision impacts rules that many advisers were gearing up to comply with by September 14, 2024, including: 🔹 preferential treatment rule 🔹 restricted activities rule 🔹 quarterly statement rule 🔹 adviser-led secondaries rule 🔹 audit rule Additionally, the Court vacated amendments requiring written documentation for annual compliance reviews under rule 206(4)-7 of the Investment Advisers Act of 1940. The SEC's future steps are currently unknown, but stay tuned for more insights and guidance from Katten. Adam Bolter, Wendy Cohen, Christian Hennion, Richard Marshall, Allison Yacker, Lance Zinman #FinancialServices #SEC #Compliance

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Proskauer Rose LLP takes a deep dive into the importance of understanding 'insider' status during private credit restructuring under Chapter 11 bankruptcy cases. The article breaks down the technical definitions and practical consequences, from heightened scrutiny to recharacterization risk. https://lnkd.in/eFSKHQ8j #PrivateDebt #PrivateCredit

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What is the difference between a revocable and irrevocable trust? A revocable trust can be changed or revoked by the grantor during their lifetime, offering flexibility. On the other hand, an irrevocable trust generally cannot be changed or revoked once established, providing tax and asset protection benefits in certain cases.

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📢 The October 2024 GRAT “Hurdle Rate” Is the Lowest It’s Been in Over a Year! Are you a high net worth individual seeking to pass appreciating assets to loved ones, minimizing estate or gift taxes? Our partner, Mary Messihi's latest article provides insights on Grantor Retained Annuity Trusts (GRATs). GRATs allow you to transfer assets, receive annuity payments, and pass remaining assets tax-free to beneficiaries if structured correctly. They freeze asset values, remove future appreciation from your taxable estate, and offer the potential for zero-taxable gifts. Read the full article to learn about the setup process, tax implications, and a real-life use case. 🔗 https://lnkd.in/dM3C7QFi #GRATs #EstatePlanning #WealthTransfer #TaxEfficiency

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In our May tax roundup, we alert you to recent procedural guidance for spin-off transactions, explain the expanded safe harbor for the "domestic content bonus" for certain credits under the Inflation Reduction Act (IRA), summarize newly proposed rules for international reporting penalties, and more: https://bit.ly/3R6TqIA Editors: Layla Asali, George Hani, and Jeffrey Tebbs Contributors: Jorge Castro, Jim Gadwood, Andy Howlett, David Zimmerman, Sam Lapin, Caroline Reaves, Omar M. Hussein #tax #internationaltax #taxlitigation #taxcontroversy #taxaccounting #taxlaw

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