SEC Proposes Changes to “Qualified Client” Definition and Dollar Amount Tests

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In a release dated May 10, 2011, the Securities and Exchange Commission (the “SEC”) announced that, as directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), it intends to issue an order that would adjust the dollar amount thresholds for “qualified clients” as defined under rule 205-3 of the Investment Advisers Act of 1940, as amended (“Advisers Act”). In addition, the SEC announced proposed amendments to the “qualified client” definition which would require the SEC to adjust the dollar thresholds for inflation every five years and which would exclude a person’s primary residence from the net worth calculation.

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