Acting SEC chair Michael Piwowar says relaxing the accredited investor definition would benefit "the forgotten investor." In a speech at the annual SEC Speaks event, he argued that deciding which investors can fend for themselves and which can't "is a line-drawing exercise fraught with peril" and questioned the belief that non-accredited investors are truly protected by regulations shielding them from high-risk, high-return investments. Despite his criticism, Piwowar didn't indicate any changes would be made immediately. In 2016, as part of a regular review required under Dodd-Frank, the SEC proposed several possible changes to the accredited investor definition. However, it remains uncertain what changes, if any, may be adopted.
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Financial advisers bristle at SEC's pitch to redefine 'accredited investor' - Investment News (reg. req.)
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