California has proposed a new exemption for registration of investment adviser to private funds meant to replace the interim regulations implemented as a stop gap measure by the State after the passage of Dodd-Frank on July 11, 2011.
If You Live There It Doesn’t Count: SEC Adopts New Accredited Net Worth Standard
In order to conform to the requirements of Dodd-Frank, the SEC has amended its rules to exclude the value of a person’s primary residence from net worth calculations used to determine whether such individual is an “accredited investor” for purposes of qualifying for certain private offerings under the securities laws. SEC rules permit certain private and limited offerings to be made without registration, and without …