SEC Adopts Amendments to “Accredited Investor” and “Qualified Institutional Buyer” Definitions and Regulation S-K

On August 26, 2020 the SEC adopted amendments that broaden the definitions of “accredited investor” and “qualified institutional buyer” set forth in Rule 501(a) and Rule 144A, respectively, under the Securities Act of 1933, as amended (the “Securities Act”).  In a separate release on the same day the SEC adopted amendments that modernize the description of business, legal proceedings and risk factor disclosures that registrants are required to make pursuant to Regulation S-K under the Securities Act.  All amendments will become effective 60 days after publication in the Federal Register.

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