SEC Issues a New "Accredited Investor" CDI


On July 23, the Securities and Exchange Commission's Division of Corporation Finance issued a new Compliance and Disclosure Interpretation (CDI) in connection with the change to the definition of "accredited investor" under Rules 215 and 501 of the Securities Act of 1933 mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act). As reported in the July 23 edition of the Corporate and Financial Weekly Digest, Section 413 of the Act excludes the value of a person’s primary residence from the calculation of net worth when determining an "accredited investor" under Rules 215 and 501(a)(5).

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