On July 23, the SEC updated its interpretation of the Securities Act of 1933 to indicate that Section 413(a) of the Dodd-Frank Act, which changes the net worth standard for an accredited investor as set forth in Regulation D of the Securities Act, is effective immediately. SEC Compliance and Disclosure Interpretations: Securities Act Rules.    

On July 27, the SEC announced that it will accept comments on the relevant provisions of the Dodd-Frank Act at this time, before the agency even proposes its regulatory reform rules and amendments. This new process is intended to provide expanded opportunity for public comment and greater transparency and accountability. SEC Release regarding comments.