News & Analysis as of

Rule 144A Regulation D

Morgan Lewis

The FAST Act, Section 4(a)(7) and Section 4(a)(1½)

Morgan Lewis on

This LawFlash was originally published on January 4, 2016. The FAST Act’s private resale safe harbor has not gained traction in private offerings of asset-backed securities. On December 4, 2015, US President Barack Obama...more

Whitman Legal Solutions, LLC

Rule 506 Offerings Continue to be Popular with Real Estate Companies

Like an accordionist, real estate sponsors often seek to be innovative. Cutting-edge opportunities like crowdfunding and online selling platforms call to them. However, based on statistics from the Securities and Exchange...more

Mayer Brown Free Writings + Perspectives

Private Capital and Exempt Offering Trends in SEC OASB Report

In its Annual Report (the “Report”), the Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation (OASB) provides data on the reliance by private and public companies on exempt...more

Latham & Watkins LLP

The Latham Global IPO Guide - 2023 Edition

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This is our global initial public offering guide. It will help you navigate the US portion of a global IPO – in other words, an IPO in which you sell locally listed ordinary shares to investors outside the United States under...more

Latham & Watkins LLP

The Latham Global IPO Guide - 2022 Edition

Latham & Watkins LLP on

This is our global initial public offering guide. It will help you navigate the US portion of a global IPO - in other words, an IPO in which you sell locally listed ordinary shares to investors outside the United States under...more

Latham & Watkins LLP

The Latham FPI Guide: Accessing the US Capital Markets From Outside the United States - 2021 Edition

Latham & Watkins LLP on

Fabry-Pérot Interferometer, SA is a highly successful non-US company known to the world as FPI. FPI is considering doing a debt or equity offering in the United States. What are the key legal issues it, and its underwriters...more

Morgan Lewis

SEC Adopts Amendments to Accredited Investor Definition

Morgan Lewis on

The Securities and Exchange Commission (SEC) on August 26 adopted amendments (Amendments) to the “accredited investor” definition, which is one of the principal tests for determining who is eligible to participate in certain...more

Jones Day

SEC Expands Accredited Investor and Qualified Institutional Buyer Categories

Jones Day on

The Situation: The term "accredited investor" under the Securities Act of 1933 ("Securities Act") is used to establish the eligibility of investors to participate in offerings conducted under the most frequently used private...more

Dorsey & Whitney LLP

SEC Updates Accredited Investor and Qualified Institutional Investor Definitions

Dorsey & Whitney LLP on

On August 26, 2020, the Securities and Exchange Commission (the “Commission”) adopted amendments to update the definition of “accredited investor” in the Commission’s rules governing certain kinds of private securities...more

Eversheds Sutherland (US) LLP

Expansion of the pool of accredited investors 

On August 26, 2020, the US Securities and Exchange Commission (the SEC) adopted amendments to Rule 215 and Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the Securities Act), which...more

Morrison & Foerster LLP

SEC Adopts Amendments To Accredited Investor And Qualified Institutional Buyer Definitions

On August 26, 2020, the U.S. Securities and Exchange Commission (SEC) adopted amendments to the definitions of “accredited investor” in Rule 501(a) under Regulation D and “qualified institutional buyer” in Rule 144A under the...more

Womble Bond Dickinson

SEC Expands Definition of Accredited Investor

Womble Bond Dickinson on

On August 26, 2020, the Securities and Exchange Commission (the “SEC”) adopted final rules amending the definitions of both an “accredited investor” under Rule 501 of Regulation D and a “qualified institutional buyer” under...more

Hogan Lovells

More investors to be accredited under amended SEC rules

Hogan Lovells on

On August 26, the SEC amended its rules under the Securities Act of 1933 to expand the definition of “accredited investor” used for determining eligibility to invest in certain securities offerings exempt from Securities Act...more

Cooley LLP

Blog: SEC Broadens the Definition of Accredited Investor to Permit Greater Access to Fund and Other Private Offerings

Cooley LLP on

On August 26, 2020, after over a year’s worth of work examining how it may better simplify, harmonize and improve the framework and rules around exempt offerings under the Securities Act of 1933, as amended (the “Securities...more

Bradley Arant Boult Cummings LLP

SEC Broadens the Accredited Investor Definition for Private Offerings

On August 26, 2020, the Securities and Exchange Commission (SEC) adopted amendments to the definition of “accredited investor,” allowing individual investors with certain financial knowledge and professional expertise to...more

Akin Gump Strauss Hauer & Feld LLP

SEC Revises Accredited Investor Standard

- Amendments to the "accredited investor" definition expand the categories of persons eligible to participate in private placements under Regulation D to include (i) individuals with certain professional licenses (Series 7,...more

Perkins Coie

SEC Adopts Amendments to Expand Accredited Investor Definition

Perkins Coie on

The U.S. Securities and Exchange Commission adopted amendments on August 26, 2020, to update the definition of “accredited investor” in Rule 501(a) of the Securities Act of 1933. The amendments will allow more investors to...more

Ballard Spahr LLP

SEC Broadens ‘Accredited Investor’ Definition to Give More Investors Access to Private Offerings

Ballard Spahr LLP on

The Securities and Exchange Commission voted 3-2 last week to adopt amendments to the “accredited investor” definition, one of the tests the SEC uses to determine eligibility to invest in unregistered private offerings of...more

Kramer Levin Naftalis & Frankel LLP

SEC Adopts Amendments to Definitions of ‘Accredited Investor’ and ‘Qualified Institutional Buyer’

On Aug. 26, the Securities and Exchange Commission adopted amendments to the definitions of “accredited investor” and “qualified institutional buyer.” ...more

Kilpatrick

The SEC Modernizes the Accredited Investor Definition

Kilpatrick on

On August 26, 2020, the Securities and Exchange Commission (SEC) adopted amendments to the definition of “accredited investor” to add new categories of natural persons and entities eligible to participate in our private...more

Fenwick & West LLP

SEC Expands “Accredited Investor” Definition and Modernizes Disclosure Required by Regulation S-K

Fenwick & West LLP on

On August 26, 2020, the U.S. Securities and Exchange Commission adopted final rules to expand the accredited investor definition and modernize the disclosure requirements under Regulation S-K Items 101 (Business), 103 (Legal...more

Neal, Gerber & Eisenberg LLP

New Accredited Investor Rules Will Expand Eligibility for Private Fund Investments

On August 26, 2020, the SEC adopted several changes to expand the definition of an “accredited investor.” For the first time, a new category will enable natural persons to qualify as accredited investors based upon their...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Expands Accredited Investor Definition To Allow More Participation in Private Offerings

On August 26, 2020, the Securities and Exchange Commission (SEC) adopted amendments to expand the definition of “accredited investor” in Rule 215 and Rule 501(a) of Regulation D promulgated under the Securities Act of 1933,...more

Allen Matkins

Securities & Exchange Commission Modernizes The Definition Of "Accredited Investor"

Allen Matkins on

On August 26, 2020, the Securities and Exchange Commission (the SEC) adopted modernizing amendments to the definition of “accredited investor” in Rule 501(a) of Regulation D (Rule 501(a)) to add new categories of qualifying...more

Husch Blackwell LLP

SEC Modernizes And Expands "Accredited Investor" Definition

Husch Blackwell LLP on

On August 26, 2020, the U.S. Securities and Exchange Commission (SEC) adopted amendments to the “accredited investor” definition in Rule 501 of Regulation D. Below, we summarize the key takeaways from this change, as well as...more

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