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Dodd-Frank Act Has Immediate Impact on Private Offerings of Securities
On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”). Effective upon enactment, the Act alters the definition of “accredited investor” under Regulation D of the Securities Act of 1933. The change will reduce the pool of individuals qualified to invest in certain private offerings and will immediately affect issuers engaged in private placements.
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