US DEVELOPMENTS -

SEC and NYSE/Nasdaq Developments -

SEC Proposes Changes to Accredited Investor Definition to Broaden Access to Investments -

In December 2019, the Securities and Exchange Commission (SEC) proposed updates to its rules regulating participation by investors in private placements. The proposal seeks to update and improve the definition of “accredited investor” to more effectively identify institutional and individual investors that have the knowledge and expertise to participate in securities offerings made other than by way of an SEC-registered public offering. Accredited investors are eligible to participate in private placements structured under the Regulation D safe harbor, which provides an exemption from SEC registration.