In a statement supporting proposed notices to expand the accredited investor pool, U.S. Securities and Exchange Commission Commissioner Hester M. Peirce backed broader access to private markets based on investor knowledge and professional qualifications rather than wealth and income alone. The proposals form part of the Commission’s wider consideration of ways to increase regulated retail access to private market investments. The contemplated orders would recognize Certified Public Accountants, Chartered Financial Analysts, Certified Financial Planners and holders of Financial Industry Regulatory Authority Series 79, 86 and 87 licenses as accredited investors. A separate route would allow anyone over age 18 to qualify automatically by passing a FINRA examination covering securities and investment topics. Peirce welcomed these steps but questioned how lapsing credentials or an expired test would affect follow-on investments, and whether FINRA should have sole responsibility for designing and administering the examination.
U.S. Securities and Exchange Commission Commissioner Hester Peirce backs new credential and exam routes to accredited investor status
U.S. Securities and Exchange Commission Commissioner Hester M. Peirce supported proposals to expand accredited investor status through specified professional credentials or a FINRA examination open to anyone over age 18. She also raised questions about expiring qualifications, follow-on investments and FINRA’s role in administering the test.