SEC Pretends to Relax Investment Prohibitions

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The Securities and Exchanges Commission (SEC) has proudly announced that after years of work they are modernizing the century old discriminatory law on investments. “Today’s amendments are the product of years of effort by the Commission and its staff to consider and analyze approaches to revising the accredited investor definition,” said Capo Jay Clayton, adding: “For the first time, individuals will be permitted to participate in our private capital markets not only based on their income or net worth, but also based on established, clear measures of financial sophistication.” These years of work have led to the genius idea of asking people to sit a test, at the end of which they get a certificate from an accredited institution. They say: “The amendments to the accredited investor definition in Rule 501(a) adds a new category to the definition that permits natural persons to qualify as accredited investors based on certain…

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