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Commentary by Steven Lofchie

The SEC Divisions of Corporation Finance and Economic and Risk Analysis analyzed various approaches for modifying the definition of an "accredited investor." Under the Dodd-Frank Act, the SEC must review this definition as it applies to natural persons every four years. The Divisions' recommendations for methods to revise the definition included: The SEC should revise the financial thresholds requirements and the list-based approach for entities as follows: leave the current income and net worth thresholds in place, subject to investment limitations; add new inflation-adjusted income and net

On September 17, 2013, the MSRB filed with the SEC a proposed rule change consisting of new MSRB Rule G-47 ("Time of Trade Disclosures"), new MSRB Rules D-15 and G-48 ("Relating to Sophisticated Muni Market Professionals"), and amendments to MSRB Rule G-19 ("Suitability"). The SEC received two comment letters in response to the proposed rule change, to which letters the MSRB responded on January 14. The SEC is publishing this order to solicit additional input from interested persons and to institute proceedings to determine whether to approve or disapprove the proposed rule change. Lofchie