The United States Securities and Exchange Commission
("SEC") has recently adopted amendments to the accredited investor
standards in the rules under the Securities Act of 1933 ("U.S.
Securities Act") in order to conform to the requirements of
the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Effective February 27, 2012, the definition of "accredited
investor" in the rules under the U.S. Securities Act will
exclude the value of a person's primary residence for purposes
of determining whether the person qualifies as an "accredited
investor" on the basis of having a net worth in excess of US$1
The accredited investor exemption in Canada may also be subject to
amendment in the near future. As discussed in a
previous post, the Canadian Securities Administrators
("CSA") are in the process of reviewing certain
prospectus exemptions, including the accredited investor exemption
and the $150,000 minimum amount exemption. In connection with the
CSA's review, the Ontario Securities Commission
("OSC") has announced three upcoming roundtable
discussions to obtain input from investors, issuers, registrants
and professional advisors as to whether any changes to the
prospectus exemptions may be appropriate. The roundtable
discussions will take place on February 2, February 8 and February
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Pursuant to several recent legislative amendments and enactments, Ontario corporations holding a legal or beneficial interest in real property in Ontario are now subject to more onerous record-keeping requirements.
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