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B-332654 Nov 12, 2020 1 (2020-11-12)

handle is hein.gao/gaolkq0001 and id is 1 raw text is: G &0 U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332654 November 12, 2020 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Accredited Investor Definition 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 (SEC) entitled Accredited Investor Definition (RIN: 3235-AM19). We received the rule on August 31, 2020. It was published in the Federal Register as a final rule on October 9, 2020.1 85 Fed. Reg. 64234. The effective date of the rule is December 8, 2020. According to SEC it is adopting amendments to the definition of accredited investor to add new categories of qualifying natural persons and entities and to make certain other modifications to the existing definition. SEC stated that the amendments are intended to update and improve the definition to identify more effectively investors that have sufficient knowledge and expertise to participate in investment opportunities that do not have the rigorous disclosure and procedural requirements, and related investor protections, provided by registration under the Securities Act of 1933. 15 U.S.C. §§ 77a-77aa. SEC stated further that it is also adopting amendments to the qualified institutional buyer definition in Rule 144A under the Securities Act to expand the list of entities that are eligible to qualify as qualified institutional buyers. Enclosed is our assessment of SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about 1 The due date for this major rule report was October 26, 2020. We did not determine that the rule had been published in the Federal Register until after this date, which delayed our issuance of this report.

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