On August 26, 2020, the Securities and Exchange Commission (“SEC”) officially updated the definition of “accredited investors” under the Securities Act of 1933 (“Securities Act”). (Press Release, SEC Modernizes the Accredited Investor Definition). The amendments greatly expand the threshold of determining whether an investor is accredited in Rule 215 and Rule 501(a) of the Securities Act, signaling a significant overhaul of the growing market for exempt offerings.

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