SEC.gov | Amendments to Accredited Investor Definition

<!DOCTYPE html> <html lang="en" dir="ltr"> <head><script type="text/javascript" src="https://web-static.archive.org/_static/js/bundle-playback.js?v=7YQSqjSh" charset="utf-8"></script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("https://www.sec.gov/corpfin/amendments-accredited-investor-definition-secg","20230612023421","https://web.archive.org/","web","https://web-static.archive.org/_static/", "1686537261"); </script> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/banner-styles.css?v=p7PEIJWi" /> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/iconochive.css?v=3PDvdIFv" />  <meta charset="utf-8"/><script type="text/javascript">(window.NREUM||(NREUM={})).init={ajax:{deny_list:["bam.nr-data.net"]}};(window.NREUM||(NREUM={})).loader_config={licenseKey:"32edb8f179",applicationID:"436723953"};;(()=>{"use strict";var e,t,n={8768:(e,t,n)=>{n.d(t,{T:()=>r,p:()=>i});const r=/(iPad|iPhone|iPod)/g.test(navigator.userAgent),i=r&&Boolean("undefined"==typeof SharedWorker)},880:(e,t,n)=>{n.d(t,{P_:()=>f,Mt:()=>p,C5:()=>s,DL:()=>m,OP:()=>_,lF:()=>E,Yu:()=>y,Dg:()=>g,CX:()=>c,GE:()=>b,sU:()=>j});var r=n(6797),i=n(4286);const o={beacon:r.ce.beacon,errorBeacon:r.ce.errorBeacon,licenseKey:void 0,applicationID:void 0,sa:void 0,queueTime:void 0,applicationTime:void 0,ttGuid:void 0,user:void 0,account:void 0,product:void 0,extra:void 0,jsAttributes:{},userAttributes:void 0,atts:void 0,transactionName:void 0,tNamePlain:void 0},a={};function s(e){if(!e)throw new Error("All info objects require an agent identifier!");if(!a[e])throw new Error("Info for ".concat(e," was never set"));return a[e]}function c(e,t){if(!e)throw new Error("All info objects require an agent identifier!");a[e]=(0,i.D)(t,o),(0,r.Qy)(e,a[e],"info")}var u=n(2797);const d=()=>{const e={blockSelector:"[data-nr-block]",maskInputOptions:{password:!0}};return{allow_bfcache:!0,privacy:{cookies_enabled:!0},ajax:{deny_list:void 0,enabled:!0,harvestTimeSeconds:10},distributed_tracing:{enabled:void 0,exclude_newrelic_header:void 0,cors_use_newrelic_header:void 0,cors_use_tracecontext_headers:void 0,allowed_origins:void 0},session:{domain:void 0,expiresMs:u.oD,inactiveMs:u.Hb},ssl:void 0,obfuscate:void 0,jserrors:{enabled:!0,harvestTimeSeconds:10},metrics:{enabled:!0},page_action:{enabled:!0,harvestTimeSeconds:30},page_view_event:{enabled:!0},page_view_timing:{enabled:!0,harvestTimeSeconds:30,long_task:!1},session_trace:{enabled:!0,harvestTimeSeconds:10},session_replay:{enabled:!1,harvestTimeSeconds:60,sampleRate:.1,errorSampleRate:.1,maskTextSelector:"*",maskAllInputs:!0,get blockClass(){return"nr-block"},get ignoreClass(){return"nr-ignore"},get maskTextClass(){return"nr-mask"},get blockSelector(){return e.blockSelector},set blockSelector(t){e.blockSelector+=",".concat(t)},get maskInputOptions(){return e.maskInputOptions},set maskInputOptions(t){e.maskInputOptions={...t,password:!0}}},spa:{enabled:!0,harvestTimeSeconds:10}}},l={};function f(e){if(!e)throw new Error("All configuration objects require an agent identifier!");if(!l[e])throw new Error("Configuration for ".concat(e," was never set"));return l[e]}function g(e,t){if(!e)throw new Error("All configuration objects require an agent identifier!");l[e]=(0,i.D)(t,d()),(0,r.Qy)(e,l[e],"config")}function p(e,t){if(!e)throw new Error("All configuration objects require an agent identifier!");var n=f(e);if(n){for(var r=t.split("."),i=0;i<r.length-1;i++)if("object"!=typeof(n=n[r[i]]))return;n=n[r[r.length-1]]}return n}const h={accountID:void 0,trustKey:void 0,agentID:void 0,licenseKey:void 0,applicationID:void 0,xpid:void 0},v={};function m(e){if(!e)throw new Error("All loader-config objects require an agent identifier!");if(!v[e])throw new Error("LoaderConfig for ".concat(e," was never set"));return v[e]}function b(e,t){if(!e)throw new Error("All loader-config objects require an agent identifier!");v[e]=(0,i.D)(t,h),(0,r.Qy)(e,v[e],"loader_config")}const y=(0,r.mF)().o;var w=n(2374),A=n(1651);const x={buildEnv:A.Re,bytesSent:{},queryBytesSent:{},customTransaction:void 0,disabled:!1,distMethod:A.gF,isolatedBacklog:!1,loaderType:void 0,maxBytes:3e4,offset:Math.floor(w._A?.performance?.timeOrigin||w._A?.performance?.timing?.navigationStart||Date.now()),onerror:void 0,origin:""+w._A.location,ptid:void 0,releaseIds:{},session:void 0,xhrWrappable:"function"==typeof w._A.XMLHttpRequest?.prototype?.addEventListener,version:A.q4},D={};function _(e){if(!e)throw new Error("All runtime objects require an agent identifier!");if(!D[e])throw new Error("Runtime for ".concat(e," was never set"));return D[e]}function j(e,t){if(!e)throw new Error("All runtime objects require an agent identifier!");D[e]=(0,i.D)(t,x),(0,r.Qy)(e,D[e],"runtime")}function E(e){return function(e){try{const t=s(e);return!!t.licenseKey&&!!t.errorBeacon&&!!t.applicationID}catch(e){return!1}}(e)}},4286:(e,t,n)=>{n.d(t,{D:()=>i});var r=n(8610);function i(e,t){try{if(!e||"object"!=typeof e)return(0,r.Z)("Setting a Configurable requires an object as input");if(!t||"object"!=typeof t)return(0,r.Z)("Setting a Configurable requires a model to set its initial properties");const n=Object.create(Object.getPrototypeOf(t),Object.getOwnPropertyDescriptors(t)),o=0===Object.keys(n).length?e:n;for(let a in o)if(void 0!==e[a])try{"object"==typeof e[a]&&"object"==typeof t[a]?n[a]=i(e[a],t[a]):n[a]=e[a]}catch(e){(0,r.Z)("An error occurred while setting a property of a Configurable",e)}return n}catch(e){(0,r.Z)("An error occured while setting a Configurable",e)}}},1651:(e,t,n)=>{n.d(t,{Re:()=>i,gF:()=>o,q4:()=>r});const r="1.234.0",i="PROD",o="CDN"},9557:(e,t,n)=>{n.d(t,{w:()=>o});var r=n(8610);const i={agentIdentifier:"",ee:void 0};class o{constructor(e){try{if("object"!=typeof e)return(0,r.Z)("shared context requires an object as input");this.sharedContext={},Object.assign(this.sharedContext,i),Object.entries(e).forEach((e=>{let[t,n]=e;Object.keys(i).includes(t)&&(this.sharedContext[t]=n)}))}catch(e){(0,r.Z)("An error occured while setting SharedContext",e)}}}},4329:(e,t,n)=>{n.d(t,{L:()=>d,R:()=>c});var r=n(3752),i=n(7022),o=n(4045),a=n(2325);const s={};function c(e,t){const n={staged:!1,priority:a.p[t]||0};u(e),s[e].get(t)||s[e].set(t,n)}function u(e){e&&(s[e]||(s[e]=new Map))}function d(){let e=arguments.length>0&&void 0!==arguments[0]?arguments[0]:"",t=arguments.length>1&&void 0!==arguments[1]?arguments[1]:"feature";if(u(e),!e||!s[e].get(t))return a(t);s[e].get(t).staged=!0;const n=[...s[e]];function a(t){const n=e?r.ee.get(e):r.ee,a=o.X.handlers;if(n.backlog&&a){var s=n.backlog[t],c=a[t];if(c){for(var u=0;s&&u<s.length;++u)l(s[u],c);(0,i.D)(c,(function(e,t){(0,i.D)(t,(function(t,n){n[0].on(e,n[1])}))}))}delete a[t],n.backlog[t]=null,n.emit("drain-"+t,[])}}n.every((e=>{let[t,n]=e;return n.staged}))&&(n.sort(((e,t)=>e[1].priority-t[1].priority)),n.forEach((e=>{let[t]=e;a(t)})))}function l(e,t){var n=e[1];(0,i.D)(t[n],(function(t,n){var r=e[0];if(n[0]===r){var i=n[1],o=e[3],a=e[2];i.apply(o,a)}}))}},3752:(e,t,n)=>{n.d(t,{ee:()=>u});var r=n(6797),i=n(3916),o=n(7022),a=n(880),s="nr@context";let c=(0,r.fP)();var u;function d(){}function l(){return new d}function f(){u.aborted=!0,u.backlog={}}c.ee?u=c.ee:(u=function e(t,n){var r={},c={},g={},p=!1;try{p=16===n.length&&(0,a.OP)(n).isolatedBacklog}catch(e){}var h={on:b,addEventListener:b,removeEventListener:y,emit:m,get:A,listeners:w,context:v,buffer:x,abort:f,aborted:!1,isBuffering:D,debugId:n,backlog:p?{}:t&&"object"==typeof t.backlog?t.backlog:{}};return h;function v(e){return e&&e instanceof d?e:e?(0,i.X)(e,s,l):l()}function m(e,n,r,i,o){if(!1!==o&&(o=!0),!u.aborted||i){t&&o&&t.emit(e,n,r);for(var a=v(r),s=w(e),d=s.length,l=0;l<d;l++)s[l].apply(a,n);var f=_()[c[e]];return f&&f.push([h,e,n,a]),a}}function b(e,t){r[e]=w(e).concat(t)}function y(e,t){var n=r[e];if(n)for(var i=0;i<n.length;i++)n[i]===t&&n.splice(i,1)}function w(e){return r[e]||[]}function A(t){return g[t]=g[t]||e(h,t)}function x(e,t){var n=_();h.aborted||(0,o.D)(e,(function(e,r){t=t||"feature",c[r]=t,t in n||(n[t]=[])}))}function D(e){return!!_()[c[e]]}function _(){return h.backlog}}(void 0,"globalEE"),c.ee=u)},9252:(e,t,n)=>{n.d(t,{E:()=>r,p:()=>i});var r=n(3752).ee.get("handle");function i(e,t,n,i,o){o?(o.buffer([e],i),o.emit(e,t,n)):(r.buffer([e],i),r.emit(e,t,n))}},4045:(e,t,n)=>{n.d(t,{X:()=>o});var r=n(9252);o.on=a;var i=o.handlers={};function o(e,t,n,o){a(o||r.E,i,e,t,n)}function a(e,t,n,i,o){o||(o="feature"),e||(e=r.E);var a=t[o]=t[o]||{};(a[n]=a[n]||[]).push([e,i])}},8544:(e,t,n)=>{n.d(t,{bP:()=>s,iz:()=>c,m$:()=>a});var r=n(2374);let i=!1,o=!1;try{const e={get passive(){return i=!0,!1},get signal(){return o=!0,!1}};r._A.addEventListener("test",null,e),r._A.removeEventListener("test",null,e)}catch(e){}function a(e,t){return i||o?{capture:!!e,passive:i,signal:t}:!!e}function s(e,t){let n=arguments.length>2&&void 0!==arguments[2]&&arguments[2],r=arguments.length>3?arguments[3]:void 0;window.addEventListener(e,t,a(n,r))}function c(e,t){let n=arguments.length>2&&void 0!==arguments[2]&&arguments[2],r=arguments.length>3?arguments[3]:void 0;document.addEventListener(e,t,a(n,r))}},5526:(e,t,n)=>{n.d(t,{Rl:()=>a,ky:()=>s});var r=n(2374);const i="xxxxxxxx-xxxx-4xxx-yxxx-xxxxxxxxxxxx";function o(e,t){return e?15&e[t]:16*Math.random()|0}function a(){const e=r._A?.crypto||r._A?.msCrypto;let t,n=0;return e&&e.getRandomValues&&(t=e.getRandomValues(new Uint8Array(31))),i.split("").map((e=>"x"===e?o(t,++n).toString(16):"y"===e?(3&o()|8).toString(16):e)).join("")}function s(e){const t=r._A?.crypto||r._A?.msCrypto;let n,i=0;t&&t.getRandomValues&&(n=t.getRandomValues(new Uint8Array(31)));const a=[];for(var s=0;s<e;s++)a.push(o(n,++i).toString(16));return a.join("")}},2797:(e,t,n)=>{n.d(t,{Bq:()=>r,Hb:()=>o,oD:()=>i});const r="NRBA",i=144e5,o=18e5},2053:(e,t,n)=>{function r(){return Math.round(performance.now())}n.d(t,{z:()=>r})},8610:(e,t,n)=>{function r(e,t){"function"==typeof console.warn&&(console.warn("New Relic: ".concat(e)),t&&console.warn(t))}n.d(t,{Z:()=>r})},7269:(e,t,n)=>{n.d(t,{N:()=>u,T:()=>d});var r=n(7022),i=n(3752),o=n(9252),a=n(4329),s=n(2325);const c={stn:[s.D.sessionTrace],err:[s.D.jserrors,s.D.metrics],ins:[s.D.pageAction],spa:[s.D.spa],sr:[s.D.sessionReplay]};function u(e,t){var n=i.ee.get(t);e&&"object"==typeof e&&((0,r.D)(e,(function(e,t){if(!t)return(c[e]||[]).forEach((t=>{(0,o.p)("block-"+e,[],void 0,t,n)}));d[e]||((0,o.p)("feat-"+e,[],void 0,c[e],n),d[e]=!0)})),(0,a.L)(t,s.D.pageViewEvent))}const d={}},3916:(e,t,n)=>{n.d(t,{X:()=>i});var r=Object.prototype.hasOwnProperty;function i(e,t,n){if(r.call(e,t))return e[t];var i=n();if(Object.defineProperty&&Object.keys)try{return Object.defineProperty(e,t,{value:i,writable:!0,enumerable:!1}),i}catch(e){}return e[t]=i,i}},2374:(e,t,n)=>{n.d(t,{FN:()=>a,_A:()=>o,il:()=>r,v6:()=>i});const r=Boolean("undefined"!=typeof window&&window.document),i=Boolean("undefined"!=typeof WorkerGlobalScope&&self.navigator instanceof WorkerNavigator);let o=(()=>{if(r)return window;if(i){if("undefined"!=typeof globalThis&&globalThis instanceof WorkerGlobalScope)return globalThis;if(self instanceof WorkerGlobalScope)return self}throw new Error('New Relic browser agent shutting down due to error: Unable to locate global scope. This is possibly due to code redefining browser global variables like "self" and "window".')})();const a=""+o.location},7022:(e,t,n)=>{n.d(t,{D:()=>r});const r=(e,t)=>Object.entries(e||{}).map((e=>{let[n,r]=e;return t(n,r)}))},2438:(e,t,n)=>{n.d(t,{P:()=>o});var r=n(3752);const i=()=>{const e=new WeakSet;return(t,n)=>{if("object"==typeof n&&null!==n){if(e.has(n))return;e.add(n)}return n}};function o(e){try{return JSON.stringify(e,i())}catch(e){try{r.ee.emit("internal-error",[e])}catch(e){}}}},2650:(e,t,n)=>{n.d(t,{K:()=>a,b:()=>o});var r=n(8544);function i(){return"undefined"==typeof document||"complete"===document.readyState}function o(e,t){if(i())return e();(0,r.bP)("load",e,t)}function a(e){if(i())return e();(0,r.iz)("DOMContentLoaded",e)}},6797:(e,t,n)=>{n.d(t,{EZ:()=>u,Qy:()=>c,ce:()=>o,fP:()=>a,gG:()=>d,mF:()=>s});var r=n(2053),i=n(2374);const o={beacon:"bam.nr-data.net",errorBeacon:"bam.nr-data.net"};function a(){return i._A.NREUM||(i._A.NREUM={}),void 0===i._A.newrelic&&(i._A.newrelic=i._A.NREUM),i._A.NREUM}function s(){let e=a();return e.o||(e.o={ST:i._A.setTimeout,SI:i._A.setImmediate,CT:i._A.clearTimeout,XHR:i._A.XMLHttpRequest,REQ:i._A.Request,EV:i._A.Event,PR:i._A.Promise,MO:i._A.MutationObserver,FETCH:i._A.fetch}),e}function c(e,t,n){let i=a();const o=i.initializedAgents||{},s=o[e]||{};return Object.keys(s).length||(s.initializedAt={ms:(0,r.z)(),date:new Date}),i.initializedAgents={...o,[e]:{...s,[n]:t}},i}function u(e,t){a()[e]=t}function d(){return function(){let e=a();const t=e.info||{};e.info={beacon:o.beacon,errorBeacon:o.errorBeacon,...t}}(),function(){let e=a();const t=e.init||{};e.init={...t}}(),s(),function(){let e=a();const t=e.loader_config||{};e.loader_config={...t}}(),a()}},6998:(e,t,n)=>{n.d(t,{N:()=>i});var r=n(8544);function i(e){let t=arguments.length>1&&void 0!==arguments[1]&&arguments[1],n=arguments.length>2?arguments[2]:void 0,i=arguments.length>3?arguments[3]:void 0;return void(0,r.iz)("visibilitychange",(function(){if(t)return void("hidden"==document.visibilityState&&e());e(document.visibilityState)}),n,i)}},6034:(e,t,n)=>{n.d(t,{gF:()=>o,mY:()=>i,t9:()=>r,vz:()=>s,xS:()=>a});const r=n(2325).D.metrics,i="sm",o="cm",a="storeSupportabilityMetrics",s="storeEventMetrics"},2484:(e,t,n)=>{n.d(t,{Dz:()=>i,OJ:()=>a,qw:()=>o,t9:()=>r});const r=n(2325).D.pageViewEvent,i="firstbyte",o="domcontent",a="windowload"},6382:(e,t,n)=>{n.d(t,{t:()=>r});const r=n(2325).D.pageViewTiming},1509:(e,t,n)=>{n.d(t,{W:()=>o});var r=n(880),i=n(3752);class o{constructor(e,t,n){this.agentIdentifier=e,this.aggregator=t,this.ee=i.ee.get(e,(0,r.OP)(this.agentIdentifier).isolatedBacklog),this.featureName=n,this.blocked=!1}}},3975:(e,t,n)=>{n.d(t,{j:()=>v});var r=n(2325),i=n(880),o=n(9252),a=n(3752),s=n(2053),c=n(4329),u=n(2650),d=n(2374),l=n(8610),f=n(6034),g=n(6797);function p(){const e=(0,g.gG)();["setErrorHandler","finished","addToTrace","inlineHit","addRelease","addPageAction","setCurrentRouteName","setPageViewName","setCustomAttribute","interaction","noticeError","setUserId"].forEach((t=>{e[t]=function(){for(var n=arguments.length,r=new Array(n),i=0;i<n;i++)r[i]=arguments[i];return function(t){for(var n=arguments.length,r=new Array(n>1?n-1:0),i=1;i<n;i++)r[i-1]=arguments[i];let o=[];return Object.values(e.initializedAgents).forEach((e=>{e.exposed&&e.api[t]&&o.push(e.api[t](...r))})),o.length>1?o:o[0]}(t,...r)}}))}var h=n(7269);function v(e){let t=arguments.length>1&&void 0!==arguments[1]?arguments[1]:{},v=arguments.length>2?arguments[2]:void 0,m=arguments.length>3?arguments[3]:void 0,{init:b,info:y,loader_config:w,runtime:A={loaderType:v},exposed:x=!0}=t;const D=(0,g.gG)();y||(b=D.init,y=D.info,w=D.loader_config),(0,i.Dg)(e,b||{}),(0,i.GE)(e,w||{}),(0,i.sU)(e,A),y.jsAttributes??={},d.v6&&(y.jsAttributes.isWorker=!0),(0,i.CX)(e,y),p();const _=function(e,t){t||(0,c.R)(e,"api");const g={};var p=a.ee.get(e),h=p.get("tracer"),v="api-",m=v+"ixn-";function b(t,n,r,o){const a=(0,i.C5)(e);return null===n?delete a.jsAttributes[t]:(0,i.CX)(e,{...a,jsAttributes:{...a.jsAttributes,[t]:n}}),A(v,r,!0,o||null===n?"session":void 0)(t,n)}function y(){}["setErrorHandler","finished","addToTrace","inlineHit","addRelease"].forEach((e=>g[e]=A(v,e,!0,"api"))),g.addPageAction=A(v,"addPageAction",!0,r.D.pageAction),g.setCurrentRouteName=A(v,"routeName",!0,r.D.spa),g.setPageViewName=function(t,n){if("string"==typeof t)return"/"!==t.charAt(0)&&(t="/"+t),(0,i.OP)(e).customTransaction=(n||"https://web.archive.org/web/20230612023421/http://custom.transaction")+t,A(v,"setPageViewName",!0)()},g.setCustomAttribute=function(e,t){let n=arguments.length>2&&void 0!==arguments[2]&&arguments[2];if("string"==typeof e){if(["string","number"].includes(typeof t)||null===t)return b(e,t,"setCustomAttribute",n);(0,l.Z)("Failed to execute setCustomAttribute.\nNon-null value must be a string or number type, but a type of <".concat(typeof t,"> was provided."))}else(0,l.Z)("Failed to execute setCustomAttribute.\nName must be a string type, but a type of <".concat(typeof e,"> was provided."))},g.setUserId=function(e){if("string"==typeof e||null===e)return b("enduser.id",e,"setUserId",!0);(0,l.Z)("Failed to execute setUserId.\nNon-null value must be a string type, but a type of <".concat(typeof e,"> was provided."))},g.interaction=function(){return(new y).get()};var w=y.prototype={createTracer:function(e,t){var n={},i=this,a="function"==typeof t;return(0,o.p)(m+"tracer",[(0,s.z)(),e,n],i,r.D.spa,p),function(){if(h.emit((a?"":"no-")+"fn-start",[(0,s.z)(),i,a],n),a)try{return t.apply(this,arguments)}catch(e){throw h.emit("fn-err",[arguments,this,"string"==typeof e?new Error(e):e],n),e}finally{h.emit("fn-end",[(0,s.z)()],n)}}}};function A(e,t,n,i){return function(){return(0,o.p)(f.xS,["API/"+t+"/called"],void 0,r.D.metrics,p),i&&(0,o.p)(e+t,[(0,s.z)(),...arguments],n?null:this,i,p),n?void 0:this}}function x(){n.e(439).then(n.bind(n,5692)).then((t=>{let{setAPI:n}=t;n(e),(0,c.L)(e,"api")})).catch((()=>(0,l.Z)("Downloading runtime APIs failed...")))}return["actionText","setName","setAttribute","save","ignore","onEnd","getContext","end","get"].forEach((e=>{w[e]=A(m,e,void 0,r.D.spa)})),g.noticeError=function(e,t){"string"==typeof e&&(e=new Error(e)),(0,o.p)(f.xS,["API/noticeError/called"],void 0,r.D.metrics,p),(0,o.p)("err",[e,(0,s.z)(),!1,t],void 0,r.D.jserrors,p)},d.v6?x():(0,u.b)((()=>x()),!0),g}(e,m);return(0,g.Qy)(e,_,"api"),(0,g.Qy)(e,x,"exposed"),(0,g.EZ)("activatedFeatures",h.T),_}},2325:(e,t,n)=>{n.d(t,{D:()=>r,p:()=>i});const r={ajax:"ajax",jserrors:"jserrors",metrics:"metrics",pageAction:"page_action",pageViewEvent:"page_view_event",pageViewTiming:"page_view_timing",sessionReplay:"session_replay",sessionTrace:"session_trace",spa:"spa"},i={[r.pageViewEvent]:1,[r.pageViewTiming]:2,[r.metrics]:3,[r.jserrors]:4,[r.ajax]:5,[r.sessionTrace]:6,[r.pageAction]:7,[r.spa]:8,[r.sessionReplay]:9}}},r={};function i(e){var t=r[e];if(void 0!==t)return t.exports;var o=r[e]={exports:{}};return n[e](o,o.exports,i),o.exports}i.m=n,i.d=(e,t)=>{for(var n in t)i.o(t,n)&&!i.o(e,n)&&Object.defineProperty(e,n,{enumerable:!0,get:t[n]})},i.f={},i.e=e=>Promise.all(Object.keys(i.f).reduce(((t,n)=>(i.f[n](e,t),t)),[])),i.u=e=>(({78:"page_action-aggregate",147:"metrics-aggregate",193:"session_trace-aggregate",242:"session-manager",317:"jserrors-aggregate",348:"page_view_timing-aggregate",412:"lazy-feature-loader",439:"async-api",538:"recorder",590:"session_replay-aggregate",675:"compressor",786:"page_view_event-aggregate",873:"spa-aggregate",898:"ajax-aggregate"}[e]||e)+"."+{78:"e03e2220",147:"75d6a08d",193:"715c3096",242:"9219a813",286:"d701d70f",317:"8c74e315",348:"ad791b05",412:"fe5af5d1",439:"bbe52263",538:"1b18459f",590:"36b41a12",646:"c6971123",675:"ae9f91a8",786:"e157f7ce",873:"e1bcad73",898:"716f46cf"}[e]+"-1.234.0.min.js"),i.o=(e,t)=>Object.prototype.hasOwnProperty.call(e,t),e={},t="NRBA:",i.l=(n,r,o,a)=>{if(e[n])e[n].push(r);else{var s,c;if(void 0!==o)for(var u=document.getElementsByTagName("script"),d=0;d<u.length;d++){var l=u[d];if(l.getAttribute("src")==n||l.getAttribute("data-webpack")==t+o){s=l;break}}s||(c=!0,(s=document.createElement("script")).charset="utf-8",s.timeout=120,i.nc&&s.setAttribute("nonce",i.nc),s.setAttribute("data-webpack",t+o),s.src=n),e[n]=[r];var f=(t,r)=>{s.onerror=s.onload=null,clearTimeout(g);var i=e[n];if(delete e[n],s.parentNode&&s.parentNode.removeChild(s),i&&i.forEach((e=>e(r))),t)return t(r)},g=setTimeout(f.bind(null,void 0,{type:"timeout",target:s}),12e4);s.onerror=f.bind(null,s.onerror),s.onload=f.bind(null,s.onload),c&&document.head.appendChild(s)}},i.r=e=>{"undefined"!=typeof Symbol&&Symbol.toStringTag&&Object.defineProperty(e,Symbol.toStringTag,{value:"Module"}),Object.defineProperty(e,"__esModule",{value:!0})},i.j=35,i.p="https://web.archive.org/web/20230612023421/https://js-agent.newrelic.com/",(()=>{var e={35:0,266:0};i.f.j=(t,n)=>{var r=i.o(e,t)?e[t]:void 0;if(0!==r)if(r)n.push(r[2]);else{var o=new Promise(((n,i)=>r=e[t]=[n,i]));n.push(r[2]=o);var a=i.p+i.u(t),s=new Error;i.l(a,(n=>{if(i.o(e,t)&&(0!==(r=e[t])&&(e[t]=void 0),r)){var o=n&&("load"===n.type?"missing":n.type),a=n&&n.target&&n.target.src;s.message="Loading chunk "+t+" failed.\n("+o+": "+a+")",s.name="ChunkLoadError",s.type=o,s.request=a,r[1](s)}}),"chunk-"+t,t)}};var t=(t,n)=>{var r,o,[a,s,c]=n,u=0;if(a.some((t=>0!==e[t]))){for(r in s)i.o(s,r)&&(i.m[r]=s[r]);if(c)c(i)}for(t&&t(n);u<a.length;u++)o=a[u],i.o(e,o)&&e[o]&&e[o][0](),e[o]=0},n=window.webpackChunkNRBA=window.webpackChunkNRBA||[];n.forEach(t.bind(null,0)),n.push=t.bind(null,n.push.bind(n))})();var o={};(()=>{i.r(o);var e=i(2325),t=i(880);const n=Object.values(e.D);function r(e){const r={};return n.forEach((n=>{r[n]=function(e,n){return!1!==(0,t.Mt)(n,"".concat(e,".enabled"))}(n,e)})),r}var a=i(3975);var s=i(9252),c=i(8768),u=i(4329),d=i(1509),l=i(2650),f=i(2374),g=i(8610);class p extends d.W{constructor(e,t,n){let r=!(arguments.length>3&&void 0!==arguments[3])||arguments[3];super(e,t,n),this.hasAggregator=!1,this.auto=r,this.abortHandler,r&&(0,u.R)(e,n)}importAggregator(n){if(this.hasAggregator||!this.auto)return;let r,o;this.hasAggregator=!0,!0!==(0,t.Mt)(this.agentIdentifier,"privacy.cookies_enabled")||f.v6||(o=Promise.all([i.e(286),i.e(242)]).then(i.bind(i,3289)).catch((e=>{(0,g.Z)("failed to import the session manager",e)})));const a=async()=>{try{if(o&&!r){const{setupAgentSession:e}=await o;r=e(this.agentIdentifier)}if(!function(t,n){return t!==e.D.sessionReplay||(!!n?.isNew||!!n?.state.sessionReplayActive)}(this.featureName,r))return void(0,u.L)(this.agentIdentifier,this.featureName);const{lazyFeatureLoader:t}=await i.e(412).then(i.bind(i,3160)),{Aggregate:a}=await t(this.featureName,"aggregate");new a(this.agentIdentifier,this.aggregator,n)}catch(e){(0,g.Z)("Downloading ".concat(this.featureName," failed..."),e),this.abortHandler?.()}};f.v6?a():(0,l.b)((()=>a()),!0)}}var h=i(2484),v=i(2053);class m extends p{static featureName=h.t9;constructor(n,r){let i=!(arguments.length>2&&void 0!==arguments[2])||arguments[2];if(super(n,r,h.t9,i),("undefined"==typeof PerformanceNavigationTiming||c.T)&&"undefined"!=typeof PerformanceTiming){const r=(0,t.OP)(n);r[h.Dz]=Math.max(Date.now()-r.offset,0),(0,l.K)((()=>r[h.qw]=Math.max((0,v.z)()-r[h.Dz],0))),(0,l.b)((()=>{const t=(0,v.z)();r[h.OJ]=Math.max(t-r[h.Dz],0),(0,s.p)("timing",["load",t],void 0,e.D.pageViewTiming,this.ee)}))}this.importAggregator()}}var b=i(9557),y=i(7022);class w extends b.w{constructor(e){super(e),this.aggregatedData={}}store(e,t,n,r,i){var o=this.getBucket(e,t,n,i);return o.metrics=function(e,t){t||(t={count:0});return t.count+=1,(0,y.D)(e,(function(e,n){t[e]=A(n,t[e])})),t}(r,o.metrics),o}merge(e,t,n,r,i){var o=this.getBucket(e,t,r,i);if(o.metrics){var a=o.metrics;a.count+=n.count,(0,y.D)(n,(function(e,t){if("count"!==e){var r=a[e],i=n[e];i&&!i.c?a[e]=A(i.t,r):a[e]=function(e,t){if(!t)return e;t.c||(t=x(t.t));return t.min=Math.min(e.min,t.min),t.max=Math.max(e.max,t.max),t.t+=e.t,t.sos+=e.sos,t.c+=e.c,t}(i,a[e])}}))}else o.metrics=n}storeMetric(e,t,n,r){var i=this.getBucket(e,t,n);return i.stats=A(r,i.stats),i}getBucket(e,t,n,r){this.aggregatedData[e]||(this.aggregatedData[e]={});var i=this.aggregatedData[e][t];return i||(i=this.aggregatedData[e][t]={params:n||{}},r&&(i.custom=r)),i}get(e,t){return t?this.aggregatedData[e]&&this.aggregatedData[e][t]:this.aggregatedData[e]}take(e){for(var t={},n="",r=!1,i=0;i<e.length;i++)t[n=e[i]]=D(this.aggregatedData[n]),t[n].length&&(r=!0),delete this.aggregatedData[n];return r?t:null}}function A(e,t){return null==e?function(e){e?e.c++:e={c:1};return e}(t):t?(t.c||(t=x(t.t)),t.c+=1,t.t+=e,t.sos+=e*e,e>t.max&&(t.max=e),e<t.min&&(t.min=e),t):{t:e}}function x(e){return{t:e,min:e,max:e,sos:e*e,c:1}}function D(e){return"object"!=typeof e?[]:(0,y.D)(e,_)}function _(e,t){return t}var j=i(6797),E=i(5526),k=i(2438);var T=i(6998),N=i(8544),P=i(6382);class S extends p{static featureName=P.t;constructor(e,n){let r=!(arguments.length>2&&void 0!==arguments[2])||arguments[2];super(e,n,P.t,r),f.il&&((0,t.OP)(e).initHidden=Boolean("hidden"===document.visibilityState),(0,T.N)((()=>(0,s.p)("docHidden",[(0,v.z)()],void 0,P.t,this.ee)),!0),(0,N.bP)("pagehide",(()=>(0,s.p)("winPagehide",[(0,v.z)()],void 0,P.t,this.ee))),this.importAggregator())}}var I=i(6034);class O extends p{static featureName=I.t9;constructor(e,t){let n=!(arguments.length>2&&void 0!==arguments[2])||arguments[2];super(e,t,I.t9,n),this.importAggregator()}}new class{constructor(e){let t=arguments.length>1&&void 0!==arguments[1]?arguments[1]:(0,E.ky)(16);this.agentIdentifier=t,this.sharedAggregator=new w({agentIdentifier:this.agentIdentifier}),this.features={},this.desiredFeatures=new Set(e.features||[]),this.desiredFeatures.add(m),Object.assign(this,(0,a.j)(this.agentIdentifier,e,e.loaderType||"agent")),this.start()}get config(){return{info:(0,t.C5)(this.agentIdentifier),init:(0,t.P_)(this.agentIdentifier),loader_config:(0,t.DL)(this.agentIdentifier),runtime:(0,t.OP)(this.agentIdentifier)}}start(){const t="features";try{const n=r(this.agentIdentifier),i=[...this.desiredFeatures];i.sort(((t,n)=>e.p[t.featureName]-e.p[n.featureName])),i.forEach((t=>{if(n[t.featureName]||t.featureName===e.D.pageViewEvent){const r=function(t){switch(t){case e.D.ajax:return[e.D.jserrors];case e.D.sessionTrace:return[e.D.ajax,e.D.pageViewEvent];case e.D.pageViewTiming:return[e.D.pageViewEvent];default:return[]}}(t.featureName);r.every((e=>n[e]))||(0,g.Z)("".concat(t.featureName," is enabled but one or more dependent features has been disabled (").concat((0,k.P)(r),"). This may cause unintended consequences or missing data...")),this.features[t.featureName]=new t(this.agentIdentifier,this.sharedAggregator)}})),(0,j.Qy)(this.agentIdentifier,this.features,t)}catch(e){(0,g.Z)("Failed to initialize all enabled instrument classes (agent aborted) -",e);for(const e in this.features)this.features[e].abortHandler?.();const n=(0,j.fP)();return delete n.initializedAgents[this.agentIdentifier]?.api,delete n.initializedAgents[this.agentIdentifier]?.[t],delete this.sharedAggregator,n.ee?.abort(),delete n.ee?.get(this.agentIdentifier),!1}}}({features:[m,S,O],loaderType:"lite"})})(),window.NRBA=o})();</script> <meta name="Generator" content="Drupal 9 (https://www.drupal.org)"/> <meta name="MobileOptimized" content="width"/> <meta name="HandheldFriendly" content="true"/> <meta name="viewport" content="width=device-width, initial-scale=1.0"/> <meta name="id" content="291311"/> <meta name="date" content="2020-12-07T22:32:55"/> <link rel="icon" href="/web/20230612023421im_/https://www.sec.gov/themes/custom/secgov/favicon.ico" type="image/vnd.microsoft.icon"/> <link rel="canonical" href="https://web.archive.org/web/20230612023421/https://www.sec.gov/corpfin/amendments-accredited-investor-definition-secg"/> <link rel="shortlink" href="https://web.archive.org/web/20230612023421/https://www.sec.gov/node/291311"/> <script src="/web/20230612023421js_/https://www.sec.gov/files/google_tag/primary/google_tag.script.js?rw45c1" defer></script> <meta name="origin" content="Drupal"/> <meta name="viewport" content="width=device-width initial-scale=1.0 maximum-scale=3.0"/> <title>SEC.gov | Amendments to Accredited Investor Definition</title> <script>window.env = "production";</script> <link rel="stylesheet" media="all" href="/web/20230612023421cs_/https://www.sec.gov/files/css/css_Ye1MDA4HAjtvO9VhBSRGDP-4JWiGKfiV_icaBp9SJkE.css"/> <link rel="stylesheet" media="all" href="/web/20230612023421cs_/https://www.sec.gov/files/css/css_NcNNdJc5P3zx3hWJMaoSs0TAts-BP9c5pLeekVdct30.css"/> <script type="application/json" data-drupal-selector="drupal-settings-json">{"path":{"baseUrl":"\/","scriptPath":null,"pathPrefix":"","currentPath":"node\/291311","currentPathIsAdmin":false,"isFront":false,"currentLanguage":"en"},"pluralDelimiter":"\u0003","suppressDeprecationErrors":true,"data":{"extlink":{"extTarget":false,"extTargetNoOverride":false,"extNofollow":false,"extNoreferrer":false,"extFollowNoOverride":false,"extClass":"0","extLabel":"(link is external)","extImgClass":false,"extSubdomains":true,"extExclude":".*\\.gov|http:\/\/www.xbrl.org\/utr\/2013-05-17\/utr.xml|http:\/\/www.xbrl.org\/dtr\/type\/numeric-2009-12-16.xsd|http:\/\/www.xbrl.org\/dtr\/type\/nonNumeric-2009-12-16.xsd|https:\/\/secir.secure.force.com\/ombudsman\/OMMSForm","extInclude":"","extCssExclude":".data-exempt","extCssExplicit":"","extAlert":true,"extAlertText":"You are now leaving the SEC Website. The link you have selected is located on another server. Please click on the OK button below to proceed to the selected site. The SEC does not endorse this web site, its sponsor, or any of the policies, activities, products, or services offered on the site or by any advertiser on the site.","mailtoClass":"0","mailtoLabel":"(link sends email)","extUseFontAwesome":false,"extIconPlacement":"append","extFaLinkClasses":"fa fa-external-link","extFaMailtoClasses":"fa fa-envelope-o","whitelistedDomains":null}},"user":{"uid":0,"permissionsHash":"0e95ac8328d25aa0d60a5d71e7de556eec724ff28a20a3e85cbe11654efb30ff"}}</script> <script src="/web/20230612023421js_/https://www.sec.gov/files/js/js__6zV-q71viqJIdTTuJmB4X_qM1TFlusu-GKhH01eSOE.js"></script> </head> <body class="default-view path-node node--type-secarticle"> <a href="#main-content" class="visually-hidden focusable" tabindex="1"> Skip to main content </a> <noscript><iframe src="https://web.archive.org/web/20230612023421if_/https://www.googletagmanager.com/ns.html?id=GTM-TD3BKV" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript> <div class="dialog-off-canvas-main-canvas" data-off-canvas-main-canvas> <div class="page-container"> <div id="page-wrapper"> <div id="page"> <div class="page-header" role="banner"> <div class="header-content"> <div id="global-header" class="region region-header"> <div id="block-digitalgovsearch" class="block global-header-digitalgov-search"> <div class="body"> <div class="block block--search block--search-form" id="global-search" role="search"> <form accept-charset="UTF-8" action="//web.archive.org/web/20230612023421/https://secsearch.sec.gov/search" class="clearfix" id="global-search-form" method="get" name="form_iQueryForm"> <fieldset><legend></legend> <div class="search-box-container"><label class="overlabel" for="global-search-box" style="visibility: visible;">Search SEC.gov</label> <input name="utf8" type="hidden" value="?"/> <input class="affiliate" name="affiliate" type="hidden" value="secsearch"/> <input aria-autocomplete="list" aria-haspopup="true" autocomplete="off" class="usagov-search-autocomplete ui-autocomplete-input" id="global-search-box" name="query" role="textbox" title="Search for" type="text"/> <span aria-hidden="true" class="button-label fa fa-search"> </span> <input class="global-search-button" title="Go" type="submit" value=""/></div> </fieldset> </form> <div class="menu-name-menu-utility-menu"> <p class="options"><span><a class="option-link" href="/web/20230612023421/https://www.sec.gov/edgar/searchedgar/companysearch">Company Filings</a></span> </p> </div> </div> </div> </div> <div id="block-secgov-branding" class="site-branding block region__inner system_branding_block"> <div class="block--menu-block"> <div class="menu-block-wrapper menu-name-main-menu"> <div class="banner-seal"> <a href="/web/20230612023421/https://www.sec.gov/" title="SEC Emblem" rel="home" tabindex="2"> <img src="/web/20230612023421im_/https://www.sec.gov/files/sec-logo.png" alt="SEC Emblem"/> </a> </div> <div class="banner-org-name"> <a href="/web/20230612023421/https://www.sec.gov/" title="U.S. Securities and Exchange Commission" rel="home" tabindex="3">U.S. Securities and <br>Exchange Commission</a> </div> <button id="mobile-menu-toggle" class="is-closed" aria-label="Menu Toggle"> <span class="svg-icon svg-icon-sm" aria-hidden="true">q</span> </button> </div> </div> </div> </div> </div> <div class="global-navigation" id="global-navigation"> <div class="desktop-menu"> <div class="navigation-wrapper region region-global-navigation"> <div id="block-secgov-main-menu" class="block region__inner main"> <div class="block--menu-block"> <div class="menu-block-wrapper menu-name-main-menu"> <ul id="home-menu" class="menu"> <li class="menu__item is-expanded expanded"> <a href="/web/20230612023421/https://www.sec.gov/about" title="About" class="menu__link">About</a> <ul class="menu"> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/about/careers" title="Careers" class="menu__link">Careers</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/about/commissioners" title="Commissioners" class="menu__link">Commissioners</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/contact-information/sec-directory" title="Contact" class="menu__link">Contact</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/reports" title="Reports and Publications" class="menu__link">Reports and Publications</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/about/about-securities-laws" title="Securities Laws" class="menu__link">Securities Laws</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/about/what-we-do" title="What We Do" class="menu__link">What We Do</a> </li> </ul> </li> <li class="menu__item is-expanded expanded"> <a href="/web/20230612023421/https://www.sec.gov/about/divisions" title="Divisions & Offices" class="menu__link">Divisions & Offices</a> <ul class="menu"> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/page/corpfin-section-landing" title="Corporation Finance" class="menu__link">Corporation Finance</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/page/enforcement-section-landing" title="Enforcement" class="menu__link">Enforcement</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/investment-management" title="Investment Management" class="menu__link">Investment Management</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/dera" title="Economic and Risk Analysis" class="menu__link">Economic and Risk Analysis</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/divisions/trading-markets" title="Trading and Markets" class="menu__link">Trading and Markets</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/page/aljsectionlanding" title="Office of Administrative Law Judges" class="menu__link">Office of Administrative Law Judges</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/exams" title="Examinations" class="menu__link">Examinations</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/page/sec-regional-offices" title="Regional Offices" class="menu__link">Regional Offices</a> </li> </ul> </li> <li class="menu__item is-expanded expanded"> <a href="/web/20230612023421/https://www.sec.gov/page/litigation" title="Enforcement" class="menu__link">Enforcement</a> <ul class="menu"> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/litigation/litreleases.shtml" title="Litigation Releases" class="menu__link">Litigation Releases</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/litigation/admin.shtml" title="Administrative Proceedings" class="menu__link">Administrative Proceedings</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/litigation/opinions.shtml" title="Opinions and Adjudicatory Orders" class="menu__link">Opinions and Adjudicatory Orders</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/divisions/enforce/friactions.shtml" title="Accounting and Auditing" class="menu__link">Accounting and Auditing</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/litigation/suspensions.shtml" title="Trading Suspensions" class="menu__link">Trading Suspensions</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/enforcement/how-investigations-work" title="How Investigations Work" class="menu__link">How Investigations Work</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/divisions/enforce/receiverships" title="Receiverships" class="menu__link">Receiverships</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/enforce/information-for-harmed-investors" title="Information for Harmed Investors" class="menu__link">Information for Harmed Investors</a> </li> </ul> </li> <li class="menu__item is-expanded expanded"> <a href="/web/20230612023421/https://www.sec.gov/rules.shtml" title="Regulation" class="menu__link">Regulation</a> <ul class="menu"> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/page/regulation" title="Rulemaking Index" class="menu__link">Rulemaking Index</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/rules/proposed.shtml" title="Proposed Rules" class="menu__link">Proposed Rules</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/rules/final.shtml" title="Final Rules" class="menu__link">Final Rules</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/rules/interim-final-temp.shtml" title="Interim Final Temporary Rules" class="menu__link">Interim Final Temporary Rules</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/rules/other.shtml" title="Other Orders and Notices" class="menu__link">Other Orders and Notices</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/rules/sro.shtml" title="Self-Regulatory Organizations" class="menu__link">Self-Regulatory Organizations</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/regulation/staff-interpretations" title="Staff Interpretations" class="menu__link">Staff Interpretations</a> </li> </ul> </li> <li class="menu__item is-expanded expanded"> <a href="/web/20230612023421/https://www.sec.gov/education" title="Education" class="menu__link">Education</a> <ul class="menu"> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/education/investor-education" title="Investor Education" class="menu__link">Investor Education</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/education/glossary" title="Glossaries" class="menu__link">Glossaries</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/education/smallbusiness" title="Small Business Capital Raising " class="menu__link">Small Business Capital Raising </a> </li> </ul> </li> <li class="menu__item is-expanded expanded"> <a href="/web/20230612023421/https://www.sec.gov/edgar" title="Filings" class="menu__link">Filings</a> <ul class="menu"> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/edgar/search-and-access" title="EDGAR – Search & Access" class="menu__link">EDGAR – Search & Access</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/edgar/filer-information" title="EDGAR – Information for Filers" class="menu__link">EDGAR – Information for Filers</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/edgar/searchedgar/companysearch" title="Company Filing Search" class="menu__link">Company Filing Search</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/filings/edgar-guide" title="How to Search EDGAR" class="menu__link">How to Search EDGAR</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/forms" title="Forms List" class="menu__link">Forms List</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/edgar/about" title="About EDGAR" class="menu__link">About EDGAR</a> </li> </ul> </li> <li class="menu__item is-expanded expanded"> <a href="/web/20230612023421/https://www.sec.gov/page/news" title="News" class="menu__link">News</a> <ul class="menu"> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/news/pressreleases" title="Press Releases" class="menu__link">Press Releases</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/news/speeches-statements" title="Speeches and Statements" class="menu__link">Speeches and Statements</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/spotlight" title="Securities Topics" class="menu__link">Securities Topics</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/news/upcoming-events" title="Upcoming Events" class="menu__link">Upcoming Events</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/news/sec-webcasts" title="Webcasts" class="menu__link">Webcasts</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/sec-in-the-news" title="SEC in the News" class="menu__link">SEC in the News</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/news/sec-videos" title="SEC Videos" class="menu__link">SEC Videos</a> </li> <li class="menu__item is-active is-leaf leaf "> <a href="/web/20230612023421/https://www.sec.gov/news/media-gallery" title="Media Gallery" class="menu__link">Media Gallery</a> </li> </ul> </li> </ul> </div> </div> </div> </div> </div> <div class="mobile-menu" style="display: none;"> <ul id="main-menu" class="menu"> <li class="menu__item is-expanded expanded"> <a href="" class="menu__link">U.S. Securities and Exchange Commission</a> <ul class="menu"> <li class="menu__item is-active is-leaf leaf"> <a href="/web/20230612023421/https://www.sec.gov/about/divisions" class="menu__link" data-drupal-link-system-path="node/91856">Divisions & Offices</a> </li> <li class="menu__item is-active is-leaf leaf"> <a href="/web/20230612023421/https://www.sec.gov/litigation.shtml" class="menu__link">Enforcement</a> </li> <li class="menu__item is-active is-leaf leaf"> <a href="/web/20230612023421/https://www.sec.gov/rules.shtml" class="menu__link">Regulation</a> </li> <li class="menu__item is-active is-leaf leaf"> <a href="/web/20230612023421/https://www.sec.gov/education" title="Education" class="menu__link" data-drupal-link-system-path="node/261726">Education</a> </li> <li class="menu__item is-active is-leaf leaf"> <a href="/web/20230612023421/https://www.sec.gov/edgar" class="menu__link" data-drupal-link-system-path="node/91901">Filings</a> </li> <li class="menu__item is-active is-leaf leaf"> <a href="/web/20230612023421/https://www.sec.gov/news" class="menu__link">Newsroom</a> </li> </ul> </li> <li class="menu__item is-expanded expanded"> <a href="/web/20230612023421/https://www.sec.gov/news" class="menu__link">Newsroom</a> <ul class="menu"> <li class="menu__item is-active is-leaf leaf"> <a href="/web/20230612023421/https://www.sec.gov/news/pressreleases" class="menu__link" data-drupal-link-system-path="news/pressreleases">Press Releases</a> </li> <li class="menu__item is-active is-leaf leaf"> <a href="/web/20230612023421/https://www.sec.gov/news/testimony" class="menu__link">Testimony</a> </li> </ul> </li> <li class="menu__item is-expanded expanded"> <a href="/web/20230612023421/https://www.sec.gov/about/secrss" class="menu__link" data-drupal-link-system-path="node/111801">RSS Feeds</a> <ul class="menu"> <li class="menu__item is-active is-leaf leaf"> <a href="/web/20230612023421/https://www.sec.gov/news/pressreleases.rss" class="menu__link" data-drupal-link-system-path="news/pressreleases.rss">Press Releases</a> </li> <li class="menu__item is-active is-leaf leaf"> <a href="/web/20230612023421/https://www.sec.gov/news/statements.rss" class="menu__link" data-drupal-link-system-path="news/statements.rss">Public Statements</a> </li> <li class="menu__item is-active is-leaf leaf"> <a href="/web/20230612023421/https://www.sec.gov/news/speeches.rss" class="menu__link" data-drupal-link-system-path="news/speeches.rss">Speeches</a> </li> <li class="menu__item is-active is-leaf leaf"> <a href="/web/20230612023421/https://www.sec.gov/news/testimony.rss" class="menu__link" data-drupal-link-system-path="news/testimony.rss">Testimony</a> </li> </ul> </li> </ul> <div id="local-nav"> <nav role="navigation" aria-labelledby="block-corpfin-menu" id="block-corpfin"> <h2 class="visually-hidden" id="block-corpfin-menu">Corpfin</h2> <ul id="section-menu" class="menu"> <li class="menu__item is-active is-leaf leaf item-corporation-finance"> <a href="/web/20230612023421/https://www.sec.gov/page/corpfin-section-landing" class="menu__link" data-drupal-link-system-path="node/3666">Corporation Finance</a> </li> <li class="menu__item is-active is-leaf leaf item-about"> <a href="/web/20230612023421/https://www.sec.gov/divisions/corpfin/cfabout" class="menu__link" data-drupal-link-system-path="node/91866">About</a> </li> <li class="menu__item is-active is-leaf leaf item--accounting-and-financial-reporting-guidance"> <a href="/web/20230612023421/https://www.sec.gov/divisions/corpfin/cfreportingguidance" class="menu__link" data-drupal-link-system-path="node/117106"> Accounting and Financial Reporting Guidance</a> </li> <li class="menu__item is-active is-leaf leaf item-compliance-and-disclosure-interpretations"> <a href="/web/20230612023421/https://www.sec.gov/divisions/corpfin/cfguidance" class="menu__link" data-drupal-link-system-path="node/117051">Compliance and Disclosure Interpretations</a> </li> <li class="menu__item is-active is-leaf leaf item-filing-review-process"> <a href="/web/20230612023421/https://www.sec.gov/divisions/corpfin/cffilingreview" class="menu__link" data-drupal-link-system-path="node/92096">Filing Review Process</a> </li> <li class="menu__item is-active is-leaf leaf item-financial-reporting-manual"> <a href="/web/20230612023421/https://www.sec.gov/corpfin/cf-manual" class="menu__link" data-drupal-link-system-path="node/114521">Financial Reporting Manual</a> </li> <li class="menu__item is-active is-leaf leaf item-no-action,-interpretive-and-exemptive-letters"> <a href="/web/20230612023421/https://www.sec.gov/corpfin/corpfin-no-action-letters" class="menu__link" data-drupal-link-system-path="node/190241">No-Action, Interpretive and Exemptive Letters</a> </li> <li class="menu__item is-active is-leaf leaf item-statutes,-rules-and-forms"> <a href="/web/20230612023421/https://www.sec.gov/divisions/corpfin/cfrules" class="menu__link" data-drupal-link-system-path="node/117111">Statutes, Rules and Forms</a> </li> <li class="menu__item is-active is-leaf leaf item-small-business"> <a href="/web/20230612023421/https://www.sec.gov/education/smallbusiness" class="menu__link" data-drupal-link-system-path="node/99606">Small Business</a> </li> <li class="menu__item is-active is-leaf leaf item-contact-us"> <a href="/web/20230612023421/https://www.sec.gov/about/divisions-offices/division-corporation-finance/contact-us" class="menu__link" data-drupal-link-system-path="node/85926">Contact Us</a> </li> </ul> </nav> </div> </div> </div> </div> <div class="highlighted"> <aside role="complementary" class="message section clearfix"> <div class="region region-highlighted"> <div data-drupal-messages-fallback class="hidden"></div> </div> </aside> </div> <div class="page-content"> <div id="main-wrapper" class="layout-main-wrapper layout-container clearfix"> <div id="sidebar-first" class="sidebar"> <aside role="complementary" class="local-nav"> <nav role="navigation"> <div id="local-nav"> <nav role="navigation" aria-labelledby="block-corpfin-menu" id="block-corpfin"> <h2 class="visually-hidden" id="block-corpfin-menu">Corpfin</h2> <ul id="section-menu" class="menu"> <li class="menu__item is-active is-leaf leaf item-corporation-finance"> <a href="/web/20230612023421/https://www.sec.gov/page/corpfin-section-landing" class="menu__link" data-drupal-link-system-path="node/3666">Corporation Finance</a> </li> <li class="menu__item is-active is-leaf leaf item-about"> <a href="/web/20230612023421/https://www.sec.gov/divisions/corpfin/cfabout" class="menu__link" data-drupal-link-system-path="node/91866">About</a> </li> <li class="menu__item is-active is-leaf leaf item--accounting-and-financial-reporting-guidance"> <a href="/web/20230612023421/https://www.sec.gov/divisions/corpfin/cfreportingguidance" class="menu__link" data-drupal-link-system-path="node/117106"> Accounting and Financial Reporting Guidance</a> </li> <li class="menu__item is-active is-leaf leaf item-compliance-and-disclosure-interpretations"> <a href="/web/20230612023421/https://www.sec.gov/divisions/corpfin/cfguidance" class="menu__link" data-drupal-link-system-path="node/117051">Compliance and Disclosure Interpretations</a> </li> <li class="menu__item is-active is-leaf leaf item-filing-review-process"> <a href="/web/20230612023421/https://www.sec.gov/divisions/corpfin/cffilingreview" class="menu__link" data-drupal-link-system-path="node/92096">Filing Review Process</a> </li> <li class="menu__item is-active is-leaf leaf item-financial-reporting-manual"> <a href="/web/20230612023421/https://www.sec.gov/corpfin/cf-manual" class="menu__link" data-drupal-link-system-path="node/114521">Financial Reporting Manual</a> </li> <li class="menu__item is-active is-leaf leaf item-no-action,-interpretive-and-exemptive-letters"> <a href="/web/20230612023421/https://www.sec.gov/corpfin/corpfin-no-action-letters" class="menu__link" data-drupal-link-system-path="node/190241">No-Action, Interpretive and Exemptive Letters</a> </li> <li class="menu__item is-active is-leaf leaf item-statutes,-rules-and-forms"> <a href="/web/20230612023421/https://www.sec.gov/divisions/corpfin/cfrules" class="menu__link" data-drupal-link-system-path="node/117111">Statutes, Rules and Forms</a> </li> <li class="menu__item is-active is-leaf leaf item-small-business"> <a href="/web/20230612023421/https://www.sec.gov/education/smallbusiness" class="menu__link" data-drupal-link-system-path="node/99606">Small Business</a> </li> <li class="menu__item is-active is-leaf leaf item-contact-us"> <a href="/web/20230612023421/https://www.sec.gov/about/divisions-offices/division-corporation-finance/contact-us" class="menu__link" data-drupal-link-system-path="node/85926">Contact Us</a> </li> </ul> </nav> </div> </nav> </aside> </div> <div id="content-wrapper" class="layout-main"> <a id="main-content" tabindex="-1"></a> <div id="content" class="content"> <div class="main-content region region-content"> <div id="block-secgov-content"> <article data-history-node-id="291311" role="article" class="article"> <div class="article-content"> <div id="page-title"> <h1 class="article-type"> <span class="hide">Other</span> </h1>  <div id="addthis-icons"> <div class="addthis-wrapper"> <div class="hide-for-print appIconsDetail" style="visibility: visible;"> <div class="addthis_toolbox addthis_default_style hide-for-small" data-ui-click="true"> <a class="addthis_button_print at300b" title="Print Page" href="#" tabindex="0"> <span class="fa fa-print"></span> </a> <a class="addthis_button_facebook at300b" title="Share on Facebook" href="#" tabindex="0"> <span class="fa fa-facebook"></span> </a> <a class="addthis_button_twitter at300b" title="Tweet Page" href="#" tabindex="0"> <span class="fa fa-twitter"></span> </a> <a class="addthis_button_mailto at300b" target="_blank" title="Email Page" href="#" tabindex="0"> <span class="fa fa-envelope"></span> </a> <a class="addthis_button_compact at300m" href="#" title="More Sharing Options" tabindex="0"> <span class="fa fa-plus"></span> </a> <div class="atclear"></div> </div> <div class="addthis_toolbox addthis_default_style addthis_32x32_style hide-for-medium-up show-for-small addthis_mobile"> <a class="addthis_button_facebook at300b" title="Share on Facebook" href="#" tabindex="0"> <span class="fa fa-facebook"></span> </a> <a class="addthis_button_twitter at300b" title="Tweet Page" href="#" tabindex="0"> <span class="fa fa-twitter"></span> </a> <a class="addthis_button_mailto at300b" target="_blank" title="Email Page" href="#" tabindex="0"> <span class="fa fa-envelope"></span> </a> </div> <div class="atclear"></div> </div> </div> </div> </div> <div class="content aside other"> <div> <h1 class="article-title">Amendments to Accredited Investor Definition</h1> </div> <p class="article-publishdate"> Dec. 7, 2020 </p> <p class="release-number"></p> <div class="article-content-body"> <div class="article-body"><h2>Small Entity Compliance Guide<a name="_ftnref1"></a><a href="#_ftn1">[1]</a></h2> <p>On August 26, 2020, the U.S. Securities and Exchange Commission (“Commission”) adopted amendments to the definition of “accredited investor” under the Securities Act of 1933 (“Securities Act”). The amendments update and improve the definition to more effectively identify institutional and individual investors that have the knowledge and expertise to participate in private capital markets. The amendments are effective December 8, 2020.</p> <h2>What changes were made by the amendments?</h2> <h3>1. Add categories of natural persons eligible to qualify as accredited investors.</h3> <h4>Professional certifications and designations and other credentials</h4> <p>The amendments created an accredited investor category for individual investors who hold, in good standing, certain professional certifications and designations and other credentials designated by the Commission as qualifying for accredited investor status. The Commission designated three certifications and designations administered by the Financial Industry Regulatory Authority, Inc. as qualifying for accredited investor status:</p> <ul> <li>Licensed General Securities Representative (Series 7);</li> <li>Licensed Investment Adviser Representative (Series 65); and</li> <li>Licensed Private Securities Offerings Representative (Series 82).</li> </ul> <p>Individuals holding any of these three designations in good standing can qualify as accredited investors. Whether a person holds one of the designations in good standing is specific to that designation, and persons seeking accredited investor status under this category should consult FINRA rules and any state rules applicable to them. For example, a person seeking accredited investor status by passing the Series 65 exam would also need to be licensed as an investment adviser representative in her state and would need to comply with all state-specific licensing requirements (<i>e.g.</i>, paying annual fees, etc.).</p> <p>The Commission may designate in the future additional qualifying professional certifications, designations, and other credentials by order. Requests for Commission consideration, which must address how a particular certification, designation, or credential satisfies the nonexclusive list of attributes set forth in the new rule, may be submitted at <a href="https://web.archive.org/web/20230612023421/mailto:investorcredentials@sec.gov">investorcredentials@sec.gov</a>.</p> <h4>Knowledgeable employees</h4> <p>The amendments also created an accredited investor category for individual investors who are knowledgeable employees of certain private funds. To qualify as an accredited investor under this category, an investor must be a “knowledgeable employee,” as defined in Rule 3c–5(a)(4) under the Investment Company Act of 1940 (the “Investment Company Act”), of the private fund issuer of the securities being offered or sold. This includes directors and certain executive officers of the private fund, or of an affiliated person of the private fund that manages the investment activities of the private fund (“affiliated management person”). This also includes employees who participate in the investment activities of the private fund or other private funds or investment companies managed by the affiliated management person.</p> <p>A private fund issuer is an issuer that would be an investment company, as defined in section 3 of such the Investment Company Act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such Act.</p> <p>A natural person qualifying as an accredited investor based on her status as a knowledgeable employee is an accredited investor <u>only</u> for offerings by the private fund and other private funds managed by their employer. She cannot use her status as a knowledgeable employee to qualify as an accredited investor to invest in other offerings.</p> <h4>Family clients of family offices</h4> <p>A natural person may also qualify as an accredited investor based on her status as a family client of a family office. To qualify, an investor must:</p> <ul> <li>come within the definition of “family client” in rule 202(a)(11)(G)–1 under the Investment Advisers Act of 1940 (the “Advisers Act”),</li> <li>be a family client of a family office that itself qualifies as an accredited investor, and</li> <li>have her investment be directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment.</li> </ul> <p>See the discussion below of the “family office” category of accredited investor for additional information.</p> <h3>2. Add categories of entities eligible to qualify as accredited investors.</h3> <p>The amendments created several accredited investor categories for entities:</p> <ul> <li>investment advisers registered with the Commission,</li> <li>state-registered investment advisers,</li> <li>exempt reporting advisers,</li> <li>rural business investment companies,</li> <li>limited liability companies with more than $5 million in assets,</li> <li>certain family offices and family clients, and</li> <li>entities owning investments in excess of $5 million.</li> </ul> <h4>Investment advisers</h4> <p>An investment adviser may qualify for accredited investor status if it is either registered with the Commission, registered with a state, or is relying on an exemption from registering with the Commission under section 203(l) or (m) of the Advisers Act.</p> <h4>Rural business investment companies</h4> <p>Rural business investment companies, as defined in defined in Section 384A of the Consolidated Farm and Rural Development Act, qualify as accredited investors under the amendments.</p> <h4>Limited liability companies</h4> <p>The amendments codified a long-standing staff interpretation allowing limited liability companies with more than $5 million in assets to qualify as accredited investors. Such limited liability companies may not be formed for the specific purpose of acquiring the securities offered.</p> <h4>Family offices and entities that are family clients</h4> <p>To qualify as an accredited investor, a family office:</p> <ul> <li>must come within the definition of “family office” in Rule 202(a)(11)(G)–1 under the Advisers Act,</li> <li>must have assets under management in excess of $5 million,</li> <li>cannot be formed for the specific purpose of acquiring the securities offered, and</li> <li>must have its prospective investments be directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment.</li> </ul> <p>Similar to family clients who are natural persons, to qualify as an accredited investor based on status as a family client, an entity must (i) come within the definition of “family client” in rule 202(a)(11)(G)–1 under the Advisers Act, (ii) be a family client of a family office that itself qualifies as an accredited investor, and (iii) have its investment be directed by the family office.</p> <h4>All other entities meeting an investments test</h4> <p>The amendments also created a catch all for entities:</p> <ul> <li>not already considered accredited investors under the definition,</li> <li>that were not formed for the specific purpose of acquiring the securities offered, and</li> <li>that own investments in excess of $5 million.</li> </ul> <p>“Investments” is defined in rule 2a51–1(b) under the Investment Company Act to include securities; real estate, commodity interests, physical commodities, and non-security financial contracts held for investment purposes; and cash and cash equivalents.</p> <h2>Other Resources</h2> <p>The adopting release for these amendments can be found on the Commission’s website at <a href="https://web.archive.org/web/20230612023421/https://www.sec.gov/rules/final/2020/33-10824.pdf">https://www.sec.gov/rules/final/2020/33-10824.pdf</a>.</p> <h2>Contacting the SEC</h2> <p>Questions on the amendments and on other Commission regulatory matters concerning small companies may be directed to the Division’s Office of Small Business Policy at (202) 551-3460 or <a href="https://web.archive.org/web/20230612023421/mailto:smallbusiness@sec.gov">smallbusiness@sec.gov</a>. The Commission’s Division of Investment Management’s Chief Counsel’s Office is also available to assist small entities and others with questions regarding the rule amendments. You may contact the Office for this purpose at 202-551-6825 or <a href="https://web.archive.org/web/20230612023421/mailto:IMOCC@sec.gov">IMOCC@sec.gov</a>.</p> <div> <hr align="left" noshade="noshade" size="0" width="33%"/></div> <p><a name="_ftn1"></a><a href="https://web.archive.org/web/20230612023421/https://www.sec.gov/corpfin/secg-accelerated-filer-and-large-accelerated-filer-definitions#_ftnref1">[1]</a> This guide was prepared by the staff of the U.S. Securities and Exchange Commission as a “small entity compliance guide” under Section 212 of the Small Business Regulatory Enforcement Fairness Act of 1996, as amended. The guide summarizes and explains the rules adopted by the Commission, but is not a substitute for any rule itself. Only the rule itself can provide complete and definitive information regarding its requirements.</p> <p></p> </div> </div> <div class="article-more-topics"> </div> </div> <div id="sidebar-second"> <div class="block related-materials"> </div> </div> </div> <div class="article-date modified"> Modified: March 29, 2021 </div> </article> </div> </div> </div> </div> </div> </div> <footer class="page-footer"> <div class="page-footer-top"> <div class="region region-footer-top"> <div id="block-globalfooterstayconnectedfooter" class="block stay-connected-footer"> <div class="body"><p class="data-exempt" id="stay-connected-footer"><span>STAY CONNECTED</span><br class="new-line"/> <a href="/web/20230612023421/https://www.sec.gov/news/socialmedia.shtml"><span class="fa fa-lg fa-twitter"><span class="visually-hidden">1</span></span> <span class="hide-for-small">Twitter</span></a> <a href="/web/20230612023421/https://www.sec.gov/news/socialmedia.shtml"><span class="fa fa-lg fa-facebook"><span class="visually-hidden">2</span></span> <span class="hide-for-small">Facebook</span></a> <a href="/web/20230612023421/https://www.sec.gov/about/secrss.shtml"><span class="fa fa-lg fa-rss"><span class="visually-hidden">3</span></span><span class="hide-for-small">RSS</span></a> <a href="/web/20230612023421/https://www.sec.gov/news/socialmedia.shtml"><span class="fa fa-lg fa-youtube-play"><span class="visually-hidden">4</span></span><span class="hide-for-small">YouTube</span></a><br class="hide-for-medium-up"/> <a href="/web/20230612023421/https://www.sec.gov/news/socialmedia.shtml"><span class="fa fa-lg fa-linkedin"><span class="visually-hidden">6</span></span><span class="hide-for-small">LinkedIn</span></a>  <a href="//web.archive.org/web/20230612023421/https://public.govdelivery.com/accounts/USSEC/subscriber/new"><span class="fa fa-lg fa-envelope"><span class="visually-hidden">8</span></span> <span class="hide-for-small">Email Updates</span> </a></p> </div> </div> </div> </div> <div class="page-footer-cols"> <div> <nav role="navigation" aria-labelledby="block-aboutthesec-menu" id="block-aboutthesec"> <h2 id="block-aboutthesec-menu">About The SEC</h2> <ul id="section-menu" class="menu"> <li class="menu__item is-active is-leaf leaf item-budget-&-performance"> <a href="/web/20230612023421/https://www.sec.gov/about/offices/ofm/ofm-documents" class="menu__link" data-drupal-link-system-path="node/111606">Budget & Performance</a> </li> <li class="menu__item is-active is-leaf leaf item-careers"> <a href="/web/20230612023421/https://www.sec.gov/about/careers" class="menu__link" data-drupal-link-system-path="node/41311">Careers</a> </li> <li class="menu__item is-active is-leaf leaf item-commission-votes"> <a href="/web/20230612023421/https://www.sec.gov/about/commission-votes" class="menu__link" data-drupal-link-system-path="node/111231">Commission Votes</a> </li> <li class="menu__item is-active is-leaf leaf item-contact"> <a href="/web/20230612023421/https://www.sec.gov/contact-information/sec-directory" class="menu__link" data-drupal-link-system-path="node/102846">Contact</a> </li> <li class="menu__item is-active is-leaf leaf item-contracts"> <a href="/web/20230612023421/https://www.sec.gov/page/oacqsectionlanding" class="menu__link" data-drupal-link-system-path="node/3841">Contracts</a> </li> <li class="menu__item is-active is-leaf leaf item-data-resources"> <a href="/web/20230612023421/https://www.sec.gov/sec-data-resources" class="menu__link" data-drupal-link-system-path="node/191566">Data Resources</a> </li> </ul> </nav> <nav role="navigation" aria-labelledby="block-governmenttransparency-menu" id="block-governmenttransparency"> <h2 id="block-governmenttransparency-menu">Transparency</h2> <ul id="section-menu" class="menu"> <li class="menu__item is-active is-leaf leaf item-accessibility-&-disability"> <a href="/web/20230612023421/https://www.sec.gov/disability/sec_access" class="menu__link" data-drupal-link-system-path="node/111766">Accessibility & Disability</a> </li> <li class="menu__item is-active is-leaf leaf item-diversity-&-inclusion"> <a href="/web/20230612023421/https://www.sec.gov/diversity-and-inclusion-sec" class="menu__link" data-drupal-link-system-path="node/279356">Diversity & Inclusion</a> </li> <li class="menu__item is-active is-leaf leaf item-foia"> <a href="/web/20230612023421/https://www.sec.gov/page/office-foia-services" class="menu__link" data-drupal-link-system-path="node/41166">FOIA</a> </li> <li class="menu__item is-active is-leaf leaf item-inspector-general"> <a href="/web/20230612023421/https://www.sec.gov/oig" class="menu__link" data-drupal-link-system-path="node/41456">Inspector General</a> </li> <li class="menu__item is-active is-leaf leaf item-no-fear-act-&-eeo-data"> <a href="/web/20230612023421/https://www.sec.gov/page/eeosectionlanding" class="menu__link" data-drupal-link-system-path="node/3781">No FEAR Act & EEO Data</a> </li> <li class="menu__item is-active is-leaf leaf item-ombudsman"> <a href="/web/20230612023421/https://www.sec.gov/ombudsman" class="menu__link" data-drupal-link-system-path="node/96081">Ombudsman</a> </li> <li class="menu__item is-active is-leaf leaf item-whistleblower-protection"> <a href="/web/20230612023421/https://www.sec.gov/whistleblower" class="menu__link" data-drupal-link-system-path="node/99851">Whistleblower Protection</a> </li> </ul> </nav> <nav role="navigation" aria-labelledby="block-otherwebsites-menu" id="block-otherwebsites"> <h2 id="block-otherwebsites-menu">Websites</h2> <ul id="section-menu" class="menu"> <li class="menu__item is-active is-leaf leaf item-investor.gov"> <a href="https://web.archive.org/web/20230612023421/https://www.investor.gov/" class="menu__link">Investor.gov</a> </li> <li class="menu__item is-active is-leaf leaf item-related-sites"> <a href="/web/20230612023421/https://www.sec.gov/links" class="menu__link" data-drupal-link-system-path="node/100276">Related Sites</a> </li> <li class="menu__item is-active is-leaf leaf item-usa.gov"> <a href="https://web.archive.org/web/20230612023421/https://www.usa.gov/" class="menu__link">USA.gov</a> </li> </ul> </nav> <nav role="navigation" aria-labelledby="block-siteinformation-menu" id="block-siteinformation"> <h2 id="block-siteinformation-menu">Site Information</h2> <ul id="section-menu" class="menu"> <li class="menu__item is-active is-leaf leaf item-plain-writing"> <a href="/web/20230612023421/https://www.sec.gov/plainwriting" class="menu__link" data-drupal-link-system-path="node/111701">Plain Writing</a> </li> <li class="menu__item is-active is-leaf leaf item-privacy-&-security"> <a href="/web/20230612023421/https://www.sec.gov/privacy" class="menu__link" data-drupal-link-system-path="node/111706">Privacy & Security</a> </li> <li class="menu__item is-active is-leaf leaf item-site-map"> <a href="/web/20230612023421/https://www.sec.gov/sitemap" class="menu__link" data-drupal-link-system-path="node/111831">Site Map</a> </li> </ul> </nav> </div> </div> </footer> <script> if (typeof dataLayer != "undefined") dataLayer.push({"pageType": "amendments-accredited-investor-definition-secg"}); </script> </div> </div> </div> </div> <a href="#" class="back-to-top"><i class="fa fa-chevron-circle-up" aria-hidden="true"></i>Return to Top</a> <div class="overlap">  <div id="addthis-icons-508" class="visibly-hidden"> <div class="addthis-wrapper"> <div class="appIconsDetail hide"> <div class="addthis_toolbox addthis_default_style hide-for-small"> <a class="addthis_button_print at300b" title="Print Page" href="#"> <span class="fa fa-print"></span> </a> <a class="addthis_button_facebook at300b" title="Share on Facebook" href="#"> <span class="fa fa-facebook"></span> </a> <a class="addthis_button_twitter at300b" title="Tweet Page" href="#"> <span class="fa fa-twitter"></span> </a> <a class="addthis_button_mailto at300b" target="_blank" title="Email Page" href="#"> <span class="fa fa-envelope"></span> </a> <a class="addthis_button_compact at300m" href="#" title="More Sharing Options"> <span class="fa fa-plus"></span> </a> <div class="atclear"></div> </div> <div class="addthis_toolbox hide"> <a class="addthis_button_facebook at300b" title="Share on Facebook" href="#"> <span class="fa fa-facebook"></span> </a> <a class="addthis_button_twitter at300b" title="Tweet Page" href="#"> <span class="fa fa-twitter"></span> </a> <a class="addthis_button_mailto at300b" target="_blank" title="Email Page" href="#"> <span class="fa fa-envelope"></span> </a> </div> <div class="atclear"></div> </div> </div> </div> </div> <script src="/web/20230612023421js_/https://www.sec.gov/files/js/js_gsDsTSIQW9cof8QOt74r_6XUHWaMhTeg2OvFNxXO-VQ.js"></script> <script src="/web/20230612023421js_/https://www.sec.gov/themes/custom/secgov/js/third-party/addthis_widget.js?rw45c1" async></script> <script src="/web/20230612023421js_/https://www.sec.gov/files/js/js_4b3kV1SWBxYAe9Z-dEG0Hry25dAuW6bk9oGQIjkV8w8.js"></script> <script type="text/javascript">window.NREUM||(NREUM={});NREUM.info={"beacon":"bam.nr-data.net","licenseKey":"32edb8f179","applicationID":"436723953","transactionName":"ZQZSMBQEXxZZARJeXlxMcQcSDF4LFxIHUFRtAFEHDgA=","queueTime":3,"applicationTime":44,"atts":"SUFRRlweTBg=","errorBeacon":"bam.nr-data.net","agent":""}</script></body> </html>

CINXE.COM

SEC.gov | Amendments to Accredited Investor Definition