On December 21, 2011, the US Securities and Exchange Commission (SEC) amended its rules to exclude the value of an individual's primary residence from net worth calculations used to determine whether an individual qualifies as an "accredited investor" on the basis of having a net worth in excess of US$1 million. This definition is used for the purpose of determining the availability of certain exemptions from Securities Act registration for private and other limited offerings. The amended rules implement Section 413(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and are consistent with the SEC Staff's initial analysis of Section 413(a) as set forth in an SEC interpretation released in July 2010.
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