Important Modifications to Accredited Investor Definition - Effective Late February 2012

Summary: On December 21, 2011, the Securities and Exchange Commission adopted amendments to the definition of an "accredited investor" under Regulation D, promulgated under the Securities Act of 1933. One of the standards for an accredited investor requires individuals to have at least $1 million in net worth, excluding the value of his or her primary residence, and that debt secured by the primary residence not be included as a liability (with exceptions). This amendment implements the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act.