WASHINGTON: The U.S. Securities and Exchange Commission on Wednesday proposed changes to its decades-old definition of a professional investor in order to allow more Americans to buy shares in private companies.
The SEC said it was not clear yet how many people would meet the expanded definition, but it is seeking to capture eligible investors, like employees of hedge funds and holders of Series 7 and other licenses, who may not qualify based solely on income and wealth, but are"knowledgeable" of the risk in private offerings.
The SEC under its Republican-appointed chairman Jay Clayton has steadily cut red tape to make the public capital markets more attractive for companies since 2017.
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