Accredited Investors

Accredited Investors are a class of investors whose purchases are exempt from certain SEC registration requirements. Rule 501 of Regulation D lists eight categories of investors that qualify as accredited... more +
Accredited Investors are a class of investors whose purchases are exempt from certain SEC registration requirements. Rule 501 of Regulation D lists eight categories of investors that qualify as accredited investors.  less -
News & Analysis as of

Orrick's Financial Industry Week in Review

EIOPA Updates Risk Dashboard - On December 18, the European Insurance and Occupational Pensions Authority ("EIOPA") published an updated version of its risk dashboard (dated December 19), together with a background...more

SEC Proposes New Exchange Act Registration Thresholds and Changes to Certain “Held of Record” Definitions

On December 18, 2014, the Securities and Exchange Commission proposed new rules regarding the thresholds at which issuers may become reporting companies under Section 12(g) of the Securities Exchange Act of 1934, as amended...more

Types of Crowdfunding [Video]

Philip Schroeder, Esq. discusses the types crowdfunding: • Donation Model Crowdfunding (e.g.) Kickstarter • Rewards Model Crowdfunding • Equity Crowdfuning o Sales to Accredited Investors...more

SEC Proposes Amendments to Exchange Act Rules—Higher Thresholds for Mandatory Registration as Required by the JOBS Act

On December 18, 2014, the SEC proposed rule amendments required by the Jumpstart Our Business Startups (JOBS) Act that, if enacted, would: - revise the SEC’s rules relating to the thresholds for registration,...more

Bringing the Individual Accredited Investor Into the 21st Century

On December 17, 2014, the SEC’s Advisory Committee on Small and Emerging Companies (the “Committee”) held its first meeting in over a year. The transcript and an archive of the webcast of the meeting are not yet available,...more

SEC Proposes JOBS Act Rules for Exchange Act Registration Requirements

As mandated by the JOBS Act, the SEC has issued proposed amendments to revise the rules related to the thresholds for registration, termination of registration, and suspension of reporting under Section 12(g) of the Exchange...more

Advisory Committee will Consider Accredited Investor Definition

The SEC announced that at the December 17th meeting of the Advisory Committee on Small and Emerging Companies, the group will focus on the definition of “accredited investor.” ...more

Look The Gift Horse In The Mouth (Or If It Seems Too Good To Be True, It Probably Is)

Today is Giving Tuesday, and if your inbox is anything like mine, it is full of donation requests. I encourage you to support the causes that are near and dear to you. But there also may be others asking for your money...more

2014 SEC Government-Business Forum on Small Business Capital Formation Considers Adding Qualitative Requirements to the Standards...

On Thursday, November 20th, the 2014 SEC Government-Business Forum on Small Business Capital Formation met at the SEC headquarters in Washington, D.C. The forum was attended by SEC Chairwoman Mary Jo White, Commissioner...more

In Case You Missed It - Interesting Items for Corporate Counsel - November 2014

1.As the year moves to a close, expect lots of chatter about the upcoming 2015 proxy season. Including from us beginning right now. 2.Almost certainly because good corporate governance practices just change so darn...more

SEC Scrutiny of Crowdinvesting Sites Not Registered as Broker-Dealers

On November 10, 2014, the SEC announced a settlement with Eureeca Capital SPC, which is a crowdinvesting portal incorporated in the Cayman Islands. Eureeca’s website seeks to match foreign-based issuers with investors...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - Assets Under Management by Registered Investment Advisers Have Increased Substantially - Will “Accredited Investor” Definition Be Changed? - Excessive Fee Case Withstands Dismissal -...more

Conclusion of Consultation Paper on Proposed Amendments to Hong Kong Professional Investor Regime

The Hong Kong Securities and Futures Commission (SFC) issued a consultation paper titled “Consultation Paper on the Proposed Amendments to the Professional Investor Regime and the Client Agreement Requirements on 15 May 2013”...more

REsource -- Fall 2014

A Guide to Real Estate Crowdfunding Today - The idea of creating large scale syndicates to purchase real estate is a classic concept. Large scale syndication traces its roots directly back to the 1920’s, when...more

SEC Investor Advisory Committee Releases Recommendations on Changes to Accredited Investor Definition

On October 9, the Investor Advisory Committee (Committee) established by the Securities and Exchange Commission released its recommendations for changes to the definition of “accredited investor” included in Rule 501...more

Corporate and Financial Weekly Digest - Volume IX, Issue 41

In this issue: - ISS Releases 2015 Draft Voting Policy Changes for Comment - SEC Investor Advisory Committee Releases Recommendations on Changes to Accredited Investor Definition - FINRA Proposes to...more

One Step Closer to a Revised “Accredited Investor” Definition

At its meeting on October 9, the Securities and Exchange Commission (SEC) Investor Advisory Committee recommended (by voice vote, with one dissent) that the SEC adopt significant updates to the definition of “accredited...more

Accredited Investor Definition Update

The SEC’s Investor Advisory Committee recommended on Thursday that the definition of “accredited investor” in Rule 501(a) under the Securities Act undergo some significant changes. The Committee was established pursuant to...more

SEC Receives Recommendations on Changes to Accredited Investor Definition

On October 9, 2014, the U.S. Securities and Exchange Commission (the “SEC” or “Commission”) held a meeting of its Investor Advisory Committee (the “AC”) to discuss recommendations from the AC subcommittees, including...more

Expect Focus - Regulators Are Watching: New Products, New Opportunities, New Risks - Volume III, Summer 2014

In This Issue: - IN THE SPOTLIGHT ..Standard CGL Policy Form Adds Data Breach Coverage Exclusion - LIFE INSURANCE ..Class Claims Against Lincoln National Barred in Section 419 Action – Again ...more

Angels in Limbo: Congress and SEC Consider Regulatory Changes with Potential for Profound Effects on Start-Up Investments

Three events occurred during 2013 that have the potential to significantly affect angel investment around the country: (1) the Securities and Exchange Commission (“SEC”) lifted the prohibition on general solicitation for...more

SEC Issues Guidance on Accredited Investor Status

On July 3, 2014, the SEC’s Division of Corporation Finance issued six new compliance and disclosure interpretations (C&DIs) regarding determination of accredited investor status for purposes of Rule 506(c). C&DI 255.48...more

SEC to consider change to definition of Accredited Investor

At its next meeting of the Investor Advisory Committee of the SEC, to be held on October 9, 2014, the Commission’s agenda includes a discussion of recommendations regarding amendments to the definition of “accredited...more

SIFMA Provides Guidance on Verification of Accredited Investor Status by Broker-Dealers and Investment Advisers

The Securities Industry and Financial Markets Association (SIFMA) issued a memorandum (the “Memorandum”) with guidance for registered broker-dealers and investment advisers on various non-exclusive means of verifying an...more

SEC Staff Issues Guidance on Accredited Investor Tests and Verification of Accredited Investors for Rule 506(c) Offerings

The staff of the SEC’s Division of Corporation Finance added to its Compliance and Disclosure Interpretations posted on the SEC website new Questions 255.48-255.49 and 260.35-260.38 which address (1) elements of the...more

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