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GAO-12-356R 1 (2012-01-12)

handle is hein.gao/gaobadomb0001 and id is 1 raw text is: GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-322892 January 12, 2012 The Honorable Tim Johnson Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Spencer Bachus Chairman The Honorable Barney Frank Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Net Worth Standard for Accredited Investors Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission), entitled Net Worth Standard for Accredited Investors (RIN: 3235-AK90). We received the rule on December 22, 2011. It was published in the Federal Register as a final rule on December 29, 2011, with an effective date of February 27, 2012. 76 Fed. Reg. 81,793. The final rule amends the accredited investor standards in the Commission's rules under the Securities Act of 1933 to implement the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Act requires the definitions of accredited investor in the Securities Act rules to exclude the value of a person's primary residence for purposes of determining whether the person qualifies as an accredited investor on the basis of having a net worth in excess of $1 million. This change to the net worth standard was effective upon enactment by operation of the Dodd-Frank Act, but it also requires the Commission to revise its current Securities Act rules to conform to the new standard. The Commission is also adopting technical amendments to Form D and a number of rules to conform them to the GAO-12-356R

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