SEC Adopts Rules on Accredited Investors
The U.S. Securities and Exchange Commission adopted a pair of final Dodd-Frank Act rules that set asset requirements for “accredited investors” and require mining companies to disclose safety information, according to statements released today by the agency.
The new standard for accredited investors, who are allowed to make higher-risk investments not available to the general public, requires individuals to have at least $1 million in net worth, not including their primary residence. The agency must review the standard regularly to decide whether it needs further adjustments.
The second rule calls for mining companies to include “mine-by-mine” safety and health information in routine public disclosures.
Dodd-Frank directed the SEC to write about a hundred rules in an effort to overhaul the U.S. financial system in the wake of the 2008 credit crisis.
The mine safety regulation is one of three Dodd-Frank disclosure rules -- along with one on companies’ use of so- called conflict minerals from Central Africa and another on reporting payments from oil and gas companies to foreign governments -- that fell outside of the agency’s usual financial-system expertise.