The SEC has amended its rules so that the value of a primary residence will be excluded from net worth calculations to determine if a person is an accredited investor who may buy unregistered securities.

The SEC amended its rules to conform its definition of an "accredited investor" to the requirements of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

One way an individual may qualify as an accredited investor is by having a net worth, alone or together with his or her spouse, of at least $1 million. The Dodd-Frank Act requires that the value of a person's primary residence be excluded from the net worth calculation used to determine the person's accredited investor status.

Under the new SEC rules, loans against a primary residence aren't treated as a liability in calculating net worth unless the borrowing occurs in the 60 days before unregistered securities are purchased.

"This is intended to prevent manipulation of the net worth standard, by eliminating the ability of individuals to artificially inflate net worth under the new definition by borrowing against home equity shortly before participating in an exempt securities offering," the SEC said.

The amended net worth standard will take effect 60 days after it's published in the Federal Register. Beginning in 2014, and every four years thereafter, the Dodd-Frank Act requires the SEC to review the accredited investor definition and change its rules if appropriate.