On December 18, 2015, the SEC staff issued a report required by Section 413(b)(2)(A) of the Dodd-Frank Act. Section 413(b)(2)(A) of the Dodd-Frank Act requires the SEC to review the accredited investor definition as it relates to natural persons every four years to determine whether the definition should be modified or adjusted for the protection of investors, in the public interest, and in light of the economy. Staff from the Divisions of Corporation Finance and Economic and Risk Analysis prepared the report in connection with the first review of the definition.

The report examines the history of the accredited investor definition and considers comments on the definition received from a variety of sources. The report considers alternative approaches to defining accredited investor, provides staff recommendations for potential updates and modifications to the existing definition, and analyzes the impact potential approaches may have on the pool of accredited investors.

The SEC is accepting public comments on the accredited investor definition, generally, and specifically on the staff recommendations contained in the report. Comments may be submitted on the SEC's website.