As the new administration and a new SEC seek to put their stamp on financial regulation, and in a climate of greater receptivity to increased regulation, the hedge fund industry is bracing for new rules covering a variety of their operations and investments.  One somewhat-long-simmering change that may finally find its way onto the books is an increase in the “accredited investor” standards under Regulation D.  These standards are critically important for hedge funds because many funds offer their interests (e.g., limited partnership interests) in reliance on Reg D, which provides a safe harbor from the public offering rules.  We detail the current accredited investor rules, past proposals to revise those rules and potential alternative accreditation structures.  We also examine what potential accreditation rule changes could mean for investors and hedge fund managers.