Accredited Investors

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As we previously posted, the Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee met last week to consider changes to the accredited investor definition, which has become a political hot potato.  In remarks to the Committee, Commissioner Uyeda encouraged the Committee to consider a few themes as they contemplated the definition, including not…

The Securities and Exchange Commission issued a staff report on the accredited investor definition. The Dodd-Frank Act directed the SEC to review the accredited investor definition every four years to determine whether the definition should be modified or adjusted. The definition was previously reviewed in 2015 and 2019. This report is the third such review.

In early June, the US House of Representatives passed two sets of bills focused on promoting capital formation. The bipartisan effort included bills that amend the accredited investor definition in order to increase the diversity of investors participating in the private markets. In addition, as the IPO market continues to suffer, the packages include bills that would…

The Securities and Exchange Commission’s Office of the Investor Advocate held the 42nd Annual Small Business Forum—this time convening panels over four days on various topics, including trends and challenges affecting early stage businesses, smaller funds, and accessing the public markets and raising capital by smaller public companies.  The Small Business Forum also solicits…

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…

January 25, 2021 Webinar
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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…

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…

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…