SEC Considers Exam-Based Path to Accredited Investor Status
Around 2011, DCG founder Barry Silbert proposed a similar approach while founding SecondMarket, arguing that regulators should let investors demonstrate financial literacy through a test.
The Securities and Exchange Commission is considering ways for some investors to qualify for private market access through exams or similar means, revisiting an idea DCG founder Barry Silbert raised around 2011.
Silbert made the suggestion while founding SecondMarket. He argued that wealth does not necessarily indicate investment ability and that some wealthy people may lack financial knowledge.
He also proposed giving ordinary investors who pass a financial literacy test set by regulators an opportunity to participate in private markets.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.