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Are you not (yet) an accredited investor, but annoyed that you were unable to lose a ton of money on WeWork and Juul because they never went public? Well, start looking for the next big small thing, because thanks to Jay Clayton & co., many more of you will soon be able to pour good money after bad á la Masa Son.

To participate in private markets… individual investors must have at least $200,000 in annual income or $1 million in net assets, not including their home.

The SEC proposal, which was approved by a vote of 3-2, would allow investors with certain qualifications, such as an entry-level broker’s license, to qualify without meeting the income and wealth thresholds. And the threshold would remain unadjusted for inflation, virtually ensuring that, over time, more households would qualify as accredited investors.

And since we all know just how eager the best hedge and private equity funds and startups are to take in small investments from people with less than $1 million lying around, what could possibly go wrong?

SEC Proposes Giving More Investors Access to Private Markets [WSJ]


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Jay Clayton Paints His Masterpiece

An accredited investor definition that keeps their numbers about constant and decreases the likelihood of people coming crying to the SEC? It’s perfect.

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SEC Injects A Little Spice Into Smaller Companies

Feel free to keep up whatever shady accounting or outright fraud you’re doing even if you go public.

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Jay Clayton Really Making Up For Three Years Of Procrastination

Gut shareholder democracy? Check. Put a crimp in whistleblowing? Check.

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Serial Bummer Jay Clayton Takes The Fun Out Of Coronavirus Bailouts

The first rule of bailout money is: Talk a lot about what you’re doing with your bailout money.

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Jay Clayton Doesn’t Want To Start Smacking Insider Skulls, So Don’t Make Him

He’s this close to not having to give a s**t about any of this any more, you guys. Come on.

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Sulking Jay Clayton Shelves ETF Investor Protection Rule

The amazing thing is that such a provision was ever even considered, we suppose.

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Jay Clayton Not At All Happy With Asset Class He’s Eager To Open To More Marks, Er, Investors

Private equity guys, you’re on notice from a guy with one foot out the door. Or not.

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Jay Clayton’s Homecoming Plans Hit A Snag

A prestigious job he’s not qualified for may not be in the cards, but hey: At least it’s incompetence and not corruption.