The Dodd-Frank Act’s Exclusion of the “Chief School of Human Virtues”

As has been discussed in earlier posts, Section 413(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires the exclusion of the value of an investor’s primary residence for purposes of the net worth determination under Securities Act Rules 215 and 501(a)(5). The Securities and Exchange Commission has provided the public with an opportunity to comment on rule changes even before it proposes them. Last week, I submitted these brief comments regarding the definitions of “accredited investor”. According to the SEC’s proposed schedule, the SEC will propose changes to its accredited investor definitions before the end of this year.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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