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Investment Advisers Act of 1940 Accredited Investors

Venable LLP

Private Funds Get a Break: SEC No-Action Letter Offers Relief for Private Fund Verification

Venable LLP on

In a March 12, 2025 no-action letter, the SEC staff provided commonsense guidance relating to verification of accredited investor status under rule 506(c). The guidance aligns with industry practice and has the potential to...more

Lowenstein Sandler LLP

2020 and Q1 2021 Developments And Annual Compliance Checklists

Summaries of recent legislative and regulatory developments with respect to: •The SEC’s Examination Priorities for 2021- •The SEC’s Focus on Digital Asset Securities- •The SEC’s New Marketing Rule... ...more

Winstead PC

SEC Adopts Amendments to “Accredited Investor” Definition

Winstead PC on

The Securities and Exchange Commission (the “SEC”) recently adopted amendments to the definition of “accredited investor,” which will permit a wider range of investors to participate in certain private offerings. The amended...more

Hinshaw & Culbertson LLP

New Proposed SEC Rule Would Allow Finders to Receive Commissions Without Registering as a Broker Dealer

In order to clarify various no action letters and court decisions, the Securities and Exchange Commission (SEC) has proposed an rule that would allow two classes of “finders” to avoid having to register as a broker-dealer or...more

Troutman Pepper Locke

SEC Proposes Finders Exemption

Troutman Pepper Locke on

At the October 7, 2020 open meeting of the Securities and Exchange Commission (SEC), Chairman Jay Clayton announced that the Staff of the Commission proposed to grant exemptive relief, permitting natural persons to engage in...more

Pillsbury Winthrop Shaw Pittman LLP

SEC Expands Universe of “Accredited Investors”

An expanded universe of individuals and entities will be able to participate as “accredited investors” in securities offerings as a result of recent SEC rulemaking. The SEC has expanded its definition of “Accredited...more

Blank Rome LLP

Will Early Stage Businesses Have Better Access to Capital with the New “Accredited Investor” Definition?

Blank Rome LLP on

On August 26, 2020, the Securities and Exchange Commission (“SEC”) adopted new rules amending the definition of “accredited investor” in Regulation D under the Securities Act of 1933, which according to SEC Chairman Jay...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

Foley Hoag LLP

SEC Amends “Accredited Investor” Definition

Foley Hoag LLP on

On August 26, 2020, the Securities and Exchange Commission (“SEC”) amended the definition of “accredited investor,” one of the principal tests for determining eligibility for participation in private placements of securities....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

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

Troutman Pepper Locke

SEC Amends “Accredited Investor” Definition

Troutman Pepper Locke on

On August 26, the U.S. Securities and Exchange Commission (SEC) adopted amendments expanding the definition of “accredited investor” to allow additional categories of investors to invest in unregistered private offerings. The...more

McCarter & English, LLP

SEC Updates Definition Of “Accredited Investor”

The term “accredited investor,” as defined under Rule 501 of Regulation D of the Securities Act of 1933, as amended (the “Securities Act”), had not changed significantly since it was originally adopted in 1982. In June 2019,...more

Cadwalader, Wickersham & Taft LLP

SEC Proposes Rule Amendments Designed to Expand Access to Private Investment Opportunities

By a 3-2 vote, the Securities and Exchange Commission (the “SEC”) approved the publication of a release on December 18, 2019, generally expanding the scope of the definitions of “accredited investor” in Rule 501(a) of...more

A&O Shearman

SEC Proposes to Update Accredited Investor Definition to Increase Access to Private Investments

A&O Shearman on

In a December 18, 2019 release, the U.S. Securities and Exchange Commission proposed to amend the definition of “accredited investor” in Rule 501 of Regulation D and the definition of “qualified institutional buyer” in Rule...more

Dorsey & Whitney LLP

SEC Proposes Expansion of the Definitions of “Accredited Investor” and “Qualified Institutional Buyer”

Dorsey & Whitney LLP on

At the Securities and Exchange Commission’s (the “Commission”) open meeting on December 18, 2019, the Commissioners approved proposed amendments to the definition of “accredited investor” under Regulation D under the United...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Proposes Amendments To Expand Accredited Investor Definition

On December 18, 2019, the Securities and Exchange Commission (SEC) proposed amendments to expand the definition of “accredited investor” in Rule 501(a) of Regulation D. The proposed amendments would allow more investors to...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring the Articles on LIBOR-Transition Relief and New CFTC Rules for DCOs, Swap Dealers

SEC/CORPORATE - SEC Announces Proposed Amendments to the Definitions of “Accredited Investor” and “Qualified Institutional Buyer” - On December 18, the Securities and Exchange Commission voted to propose amendments...more

Polsinelli

SEC Proposes Expanding the Definitions of “Accredited Investor” and “Qualified Institutional Buyer”

Polsinelli on

On December 18, the U.S. Securities and Exchange Commission (“SEC”) issued a proposal to update the definition of “accredited investor” pursuant to Rule 506 of Regulation D under the Securities Act of 1933 (“Securities Act”)...more

Mayer Brown Free Writings + Perspectives

Amending the Accredited Investor Definition

This week, the Securities and Exchange Commission voted to approve a proposing release for comment that would amend the definition of “accredited investor,” as well as amend the definition of “qualified institutional buyer.” ...more

Sullivan & Worcester

SEC Proposes to Update Accredited Investor and Qualified Institutional Buyer Definitions

Sullivan & Worcester on

The SEC today proposed amendments to the definition of “accredited investor,” one of the principal tests for who is eligible to participate in exempt private placements of securities. According to the SEC, the proposed...more

Stinson - Corporate & Securities Law Blog

Pending Legislation Would Streamline Regulation of Private Equity

On June 16, 2016, the House Financial Services Committee approved the Investment Advisers Modernization Act of 2016 (H.R. 5424) as part of a package of several economic growth bills. The bill passed with a vote of 47-12 and...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume VIII, Issue 45

In this issue: - SEC Chair Mary Jo White Outlines Potential Changes to “Accredited Investor” Definition - CFTC Issues Final Rules for Systemically Important Derivatives Clearing Organizations - CFTC...more

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