Build an accredited-investor worksheet under Rule 501
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- Extract income figures, net-worth components, entity type and assets from the documents the lawyer points to, each with a cite. Do not mark the person or entity as accredited.
- What the lawyer must review
- 17 C.F.R. § 230.501(a)(5) includes a natural person whose individual net worth, or joint net worth with a spouse or spousal equivalent, exceeds $1,000,000. For that calculation the person's primary residence is not included as an asset, and the paragraph has further rules for debt secured by the residence. Paragraph (a)(6) is individual income over $200,000 in each of the two most recent years, or joint income over $300,000, with a reasonable expectation of the same income in the current year. Paragraphs (a)(3) and (a)(8) are separate paths for certain entities. You decide which paragraph applies and whether the evidence is enough. Do not use an Australian wholesale-client test.
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Potential support includes extracting and organising information. Confirm the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Trace every relied-on figure to its source, confirm dates and assumptions, and independently recalculate totals or derived amounts.
- Verify the applicable jurisdiction and the version of each relevant law, rule or instrument in force at the material time.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.