On Dec. 18, 2019, the SEC proposed amendments to the definition of "accredited investor" in Rule 501(a) of Regulation D under the Securities Act of 1933 (1933 Act).See,Amending the "Accredited Investor" Definition
SEC Proposes Changes to Accredited Investor Definition
Real estate syndication offerings often rely on Rule 506 of Regulation D to exempt such offerings from registration under the Securities Act. Rule 506 requires that, with certain limited exceptions, purchasers of the securities offered are limited to accredited investors. Amendments proposed by the SEC in December modify certain of the existing categories of accredited investors and create certain new categories.

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