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.

To contact the reporter on this story: Jesse Hamilton in Washington at jhamilton33@bloomberg.net.

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.