UPDATE December 4, 2017:

Subsequent to our original article in 2016, Congress has approved amendments increasing the trigger for Rule 701 from $5M to $10M, but the amendments have not yet been enacted. In fact, this very increase has been proposed several times – most recently in a September 2017 SEC Advisory Committee meeting. The bill, entitled “Encouraging Employee Ownership Act,” would -- if the amendments are enacted -- require the SEC, within 60 days after enactment, to raise the $5M threshold to $10M.  We do not undertake any responsibility to further update this article.

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