Recently, the SEC issued a concept release to obtain input on possible changes to the offering rules. The SEC may change Regulation D private placements, Regulation Crowdfunding, secondary trading rules, the accredited investor definition and the use of private funds to raise capital, among other things.
The SEC may consider changes to the definition of accredited investor, by re-evaluating the financial qualifications’ thresholds; making separate categories of investors based upon experience, profession, or an exam; and/or measuring accreditation through investments. Similarly, the SEC wants to make changes to private funds. In particular, the SEC may include qualified purchaser funds in the accredited investor definition as well as changing the definition of a qualified client to make it easier to obtain performance fees.
In sum, those interested should comment to ensure their voices are heard as the SEC navigates these changes.