SEC's Accredited Investor Rules Stir Controversy

Law360, New York (March 2, 2007, 12:00 AM EST) -- Controversy continues to swirl around the Securities and Exchange Commission’s new proposed rules affecting pooled investment funds, including hedge funds.

Among other things, the rules, proposed in late 2006, are designed to provide broader protection for investors by updating the definition of “accredited investor” with respect to individuals investing in pooled investment vehicles that are exempt from registration because they have 100 or fewer total investors.

The proposed changes to the definition of “accredited investor” involve the creation of a new category of accredited investor—the “accredited...
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