Protecting Millionaires ‘Strains Logic & Reason’: SEC Commissioner

Securities and Exchange Commission Chairwoman Mary Jo White reiterated Thursday that the agency is taking a “comprehensive review” of potential changes to the accredited investor definition, but SEC Commissioner Daniel Gallagher said such an endeavor “strains logic and reason,” and that “millionaires can fend for themselves.” Both White and Gallagher made their remarks during the Government-Business Forum on Small Business Capital Formation, held at SEC headquarters in Washington. The forum delved into whether changes need to be made to the accredited investor definition as it relates to natural persons. White stated that the SEC’s goal is to “assess whether we are properly identifying the population of investors who should be able to purchase securities in a securities offering without the protection afforded by the registration requirements of the Securities Act.” More on Think Advisor here.