On August 26, 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to the definition of “accredited investor” and related amendments to the definition of “qualified institutional buyer.”  The accredited investor definition is central to the regulation of exempt offerings.  Consistent with the initial proposal, the amendments broaden the categories of individuals and entities that qualify as accredited investors and adopt a clear and workable definition of accredited investor that is not subjective and that can be easily understood and applied and monitored on an ongoing basis in order to promote certainty.

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