On August 26, 2020, the U.S. Securities and Exchange Commission (SEC) adopted final rules to amend the definition of “accredited investor” in Rule 501(a) under the Securities Act of 1933 (Securities Act) to add new categories of qualifying natural persons and entities and make certain other modifications to the existing definition. Qualification as an “accredited investor” is a typical requirement to participate in unregistered, exempt securities offerings.