17 CFR § 227.504 - Definition of “qualified purchaser”.

---
identifier: "/us/cfr/t17/s227.504"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 227.504 - Definition of “qualified purchaser”."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "227.504"
section_name: "Definition of “qualified purchaser”."
chapter_name: "SECURITIES AND EXCHANGE COMMISSION"
part_number: "227"
part_name: "REGULATION CROWDFUNDING, GENERAL RULES AND REGULATIONS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "15 U.S.C. 77d, 77d-1, 77s, 77z-3, 78c, 78o, 78q, 78w, 78mm, and Pub. L. 112-106, secs. 301-305, 126 Stat. 306 (2012)."
regulatory_source: "80 FR 71537, Nov. 16, 2015, unless otherwise noted."
cfr_part: "227"
---


# 227.504 Definition of “qualified purchaser”.

For purposes of section 18(b)(3) of the Securities Act [15 U.S.C. 77r(b)(3)], a “qualified purchaser” means any person to whom securities are offered or sold pursuant to an offering under §§ 227.100 through 227.504 (Regulation Crowdfunding).

[86 FR 3593, Jan. 14, 2021]