On January 11, 2011, the Institutional Limited Partners Association ("ILPA") released a revised version of its Private Equity Principles (the "ILPA Principles") and the first of its five recommended standardized reporting templates. A copy of the ILPA Principles is available here.
On January 25, 2011, the Securities and Exchange Commission ("SEC") proposed new rules under the Securities Act of 1933, as amended (the "Securities Act"), as required by Section 413(a) of the "Dodd-Frank Wall Street Reform and Consumer Protection Act" ("Dodd-Frank"). The proposal excludes 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 $1 million. A copy of the SEC's Proposing Release is available here.
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