WASHINGTON - The U.S. Securities and Exchange Commission on Wednesday proposed changes to its decades-old definition of a professional investor in order to allow more Americans to buy shares in private companies.
Under current SEC rules, individuals who wish to put their money into the high-risk, high-yield private markets must earn an individual annual income over $200,000, or a combined $300,000 in shared annual income between spouses, as well as hold at least $1 million in assets, excluding one’s home.
The changes would also afford access to more institutional investors, including a so-called catch-all category for entities owning in excess of $5 million in investments.
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