Recently, the US Securities and Exchange Commission (“SEC”) adopted amendments to the definition of accredited investor (“AI”) and amendments to the definition of Qualified Institutional Buyer (“QIB”). Our updated investor status chart now reflects these definitions. In addition, below you will find links to an accredited investor and QIB questionnaire, which may be useful in
Accredited Investors
A Whirlwind Recap of the SEC’s Principal 2020 Rulemakings
January 25, 2021 Webinar
1:00pm – 2:00pm EST
Register here.
Given that 2020 was such a tumultuous year, even the most dedicated securities lawyer may have missed a rule change or two. The U.S. Securities and Exchange Commission (SEC) was also particularly busy. Under the leadership of SEC Chair Clayton, the SEC had one…
Division Director Hinman on Principles-Based Disclosures
Speaking in connection with the Practising Law Institute’s (PLI) Directors’ Institute on Corporate Governance, Securities and Exchange Commission Division of Corporation Finance Director, William Hinman, shared his views on a principles-based approach to disclosure requirements and to rulemaking. His remarks, which when read along with those of Chair Jay Clayton at the Economic Club and…
SEC Chair Testifies on the Hill
Yesterday, Securities and Exchange Commission Chair, Jay Clayton, testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. In his last testimony, Chair Clayton confirmed his plans to conclude his tenure before year end. The Chair provided an overview of the work of the SEC during the year, addressing the SEC’s response to…
Amendments to the Accredited Investor and QIB Definitions Published in Federal Register
The Securities and Exchange Commission’s amendments to the accredited investor definition and the qualified institutional buyer definition were published in the Federal Register today. As a result, the final rule becomes effective on December 8, 2020.
Legal Update – SEC Adopts Amendments to Accredited Investor Definition
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…
Amendments to the Accredited Investor Definition
Today, the Securities and Exchange Commission adopted long-awaited changes to the definition of “accredited investor,” as well as some conforming changes to the definition of “qualified institutional buyer.” The SEC Fact Sheet released today highlights a number of the most significant changes, which, among others, include expanding the accredited investor definition to include natural persons,…
US SEC Announces Flexibility in Comment Period Closing Dates Due to COVID-19 Challenges
The US Securities and Exchange Commission (“SEC”) recently announced that it will not take final action before April 24, 2020, regarding the following five proposed actions, which have comment periods expiring in March, to allow commenters additional time to submit comments. The SEC is concerned that “challenges associated with COVID-19 may delay the completion and…
Legal Update: Proposed Amendments to the Accredited Investor Definition
On December 18, 2019, the Securities and Exchange Commission (“SEC”) proposed amendments to the definition of “accredited investor” and related amendments to the definition of “qualified institutional buyer.” The proposed amendments would have the effect, if adopted, of broadening the universe of individuals and entities that would qualify as accredited investors.
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Amending the Accredited Investor Definition
Today, the Securities and Exchange Commission (SEC) 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.”
Amendments to the accredited investor definition have been discussed for many years now. The Dodd-Frank Act in 2010 amended the definition in…