On August 26, 2020, the Securities and Exchange Commission adopted its previously proposed amendments to the definition of “accredited investor” in Rule 501(a) of Regulation D under the Securities Act of 1933. “Accredited investor” status is a prerequisite to participating in most investments in private companies and private funds in the United States. By expanding the definition, the SEC has broadened the categories of persons and entities able to participate in the private capital markets. Our Memorandum to Clients, published on January 7, 2020, summarized key aspects of the proposed rule; the amendments were adopted substantially as proposed with certain modifications. The amendments will become effective 60 days after publication in the Federal Register.