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SEC Adopts Amendments to the Definition of an Accredited Investor


On December 21, 2011, the Securities and Exchange Commission ("SEC") adopted amendments to the "accredited investor" definitions in Regulation D and Rule 215 under the Securities Act of 1933 (the "1933 Act") to exclude the value of a person's primary residence from the net worth calculation and clarify the treatment of borrowing secured by a primary residence for purposes of the net worth calculation. This Alert discusses the amendments and its effect on investors.

Click here to read the Alert.