Sadis & Goldberg – The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 mandates that the United States Securities and Exchange Commission (the “Commission”) review and update the definition of an “Accredited Investor”. On October 9, 2014, the Commission convened a meeting of its Investor Advisory Committee (the “IAC”) to discuss the recommendations of the IAC’s subcommittees with regard to changing and updating the definition of an Accredited Investor.
The Accredited Investor definition is significant because it serves as a central factor in determining who may participate in many private offerings under the Securities Act of 1933 (the “Securities Act”).
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