> who somehow can't meet the relatively low traditional income requirements ($200k/yr) but who are now assumed to be financially sophisticated enough to take on the risk of these securities
It looks like the current certifications are restricted to those of financial professionals [1] and employees of funds [2]. That doesn't strike me as nuts.
[1] holders in good standing of the Series 7, Series 65, and Series 82 licenses
[2] natural persons who are “knowledgeable employees” of the fund
It says in conjunction which means that yeah, stock brokers can now invest. But it also said certain professional certifications, designations or credentials or other credentials issued by an accredited educational institution. These educated folks don't necessarily need even a Series 7.
Yes, I would like to read Matt Levine rip this apart.
> certain professional certifications, designations or credentials or other credentials issued by an accredited educational institution
After specifying that "holders in good standing of the Series 7, Series 65, and Series 82 licenses as qualifying natural persons," the bullet point adds that the SEC chose this "approach [to provide] the Commission with flexibility to reevaluate or add certifications, designations, or credentials in the future."
So no, at this point, only holders in good standing of those licenses are included in this part of the amendment.
It looks like the current certifications are restricted to those of financial professionals [1] and employees of funds [2]. That doesn't strike me as nuts.
[1] holders in good standing of the Series 7, Series 65, and Series 82 licenses
[2] natural persons who are “knowledgeable employees” of the fund