Mar. 15, 2023
March 15, 2023 Lack of transparency created by exemptions in this rule directly harms investors by reducing the information available to them. This makes it harder for them to make informed investment decisions, potentially leading to losses as a result of manipulation due to the control of information by vested parties. For example, by limiting the exemption to accredited investors, a bad actor could create fake accredited investor accounts to conduct manipulative behavior outside of regulatory oversight.