The SEC has issued a final
rule, Amending the “Accredited Investor” Definition. The
final rule amends the Securities Act of 1933 by (1) revising the definition of
“accredited investor” in Rule 501(a), (2) replacing the existing definition of this
term in Rule 215 with a cross-reference to the definition in Rule 501(a), and (3)
updating the definition of “qualified institutional buyer” in Rule 144A.