---
kind: "section"
citation: "17 C.F.R. § 227.504"
title: "17"
number: "227.504"
heading: "Definition of “qualified purchaser”."
url: "https://uscodex.org/cfr/17/227.504"
---

# §227.504. Definition of “qualified purchaser”.


For purposes of section 18(b)(3) of the Securities Act [[15 U.S.C. 77r(b)(3)](/usc/15/77r.md?p=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](/cfr/17/227.100..227.504.md) (Regulation Crowdfunding).


## Notes

### Amendments

[86 FR 3593, Jan. 14, 2021]

### Authority

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).

### Source

Source: 80 FR 71537, Nov. 16, 2015, unless otherwise noted.

### Amendments

[86 FR 3593, Jan. 14, 2021]