On December 18, 2015, the SEC released a staff report that discusses ways to modify the definition of accredited investor, a term used to establish eligibility to participate in private securities offerings under US law. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC is required to review the accredited investor definition as it relates to natural person investors every four years. Among other things, the staff report explores the history of the definition and provides alternative methods and staff recommendations related to re-defining the existing definition. The report also considers comments on the definition derived from various sources, including public commenters. The SEC is soliciting public comment on the definition, generally, and on the staff report.

The SEC press release, including the link to submit comments, is available at: http://www.sec.gov/news/pressrelease/2015-284.html and the report is available at: http://www.sec.gov/corpfin/reportspubs/special-studies/review-definition-of-accredited-investor-12-18-2015.pdf.