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modernizing investor definition [be40567d]

Tags: sec

 In case you're just wondering what the changes to the rule are, they are roughly:

* The SEC can designate professional certifications from accredited institutions as a surrogate for wealth --- to begin with, FINRA Series 7, 65, and 82.

* Employees of investment funds can be accredited for purpose of investing in their employers fund.

* Firms that are SEC-registered investment advisors may now be accredited.

* To meet the individual standards of accreditation, households can pool wealth between spouses, regardless of whether both spouses are acquiring a security.

* LLCs with 5MM in assets are accredited, as are family offices with 5MM in assets.