SEC Proposes Amendments Regarding the Accredited Investor Definition


The Securities and Exchange Commission (the “SEC”) recently proposed amendments (the “Proposed Amendments”) to the Securities Act of 1933 to reflect the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) relative to the definition of “accredited investor” under Rule 501 of Regulation D. The Proposed Amendments seek to codify Section 413(a) of the Dodd-Frank Act, which required the definition of “accredited investor” to exclude the value of a person’s primary residence for purposes of determining whether such person qualifies as an “accredited investor” under the $1 million net worth test.

Under the Proposed Rules, the accredited investor net worth standard for natural persons would be as follows...

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