SEC Revises Accredited Investor Standard

A quick run-through

Jason M. Daniel (Dallas), Garrett A. DeVries (Dallas) and Rosa A. Testani (New York), Partners at Akin Gump
Originally published in the August | September 2020 issue
  • 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, 65 and 82), (ii) any entity with more than $5 million in investments, (iii) knowledgeable employees of a fund in which the employee is investing and (iv) family offices and their clients.
  • The amendments also expand the types of entities eligible for Rule 144A offerings and make conforming changes to other rules.

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