modernizing investor definition

Tags: sec

• https://www.sec.gov/rules/final/2020/33-10824.pdf

#+begin_src txt In case you’re just wondering what the changes to the rule are, they are roughly:

The SEC can designate professional certifications from accredited institutions as a surrogate for wealth — to begin with, FINRA Series 7, 65, and 82.

Employees of investment funds can be accredited for purpose of investing in their employers fund.

Firms that are SEC-registered investment advisors may now be accredited.

To meet the individual standards of accreditation, households can pool wealth between spouses, regardless of whether both spouses are acquiring a security.

LLCs with 5MM in assets are accredited, as are family offices with 5MM in assets.

#+end_src

• relates to https://www.bloomberg.com/opinion/articles/2018-09-24/earning-the-right-to-get-swindled