On March 12, 2025, the staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission issued a no-action letter to Latham & Watkins LLP, providing interpretive guidance on verifying accredited investor status under Rule 506(c) of Regulation D. The no-action letter clarifies that issuers can rely on minimum investment amounts, coupled with certain written representations and conditions, as a factor in taking reasonable steps to verify that purchasers in a Rule 506(c) offering are accredited investors.