On August 26, 2020, the U.S. Securities and Exchange Commission voted 3-2 to adopt amendments broadening the definitions of “accredited investor” and “qualified institutional buyer.” While the amendments to the definition of “qualified institutional buyer” were largely uncontroversial, each Commissioner released a statement for or against the amendments to the definition of “accredited investor.” This divergence in perspectives may signal widely different approaches for the SEC’s rulemaking focus in the coming years.
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