The SEC Amends Accredited Investor and Qualified Institutional Buyer DefinitionsClient Alert
The SEC Amends Accredited Investor and Qualified Institutional Buyer Definitions (Westlaw)
Two important points to mention - persons who hold certain professional certifications but do not meet accredited investor net worth/income standards are now within the definition. These are mainly securities professionals who have their Series 7, 65, or 82.
Further, LLCs that have total assets in excess of $5 million and have not been formed for the purpose of acquiring the particular security are now qualifying entities for private placements.
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