A December report issued by staff of the U.S. Securities and Exchange Commission (SEC) discusses several potential modifications to the accredited investor definition, as suggested by sources like the Investor Advisory Committee and the Small Business Capital Formation Advisory Committee. 

The Dodd-Frank Act of 2010 requires the SEC to review the definition every four years in light of changes in the economy. The goal is to maintain sufficient protection for unsophisticated investors while providing for investor participation in exempt offerings that play an important role in innovation and economic growth. 

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