Apr. 19, 2023
Dear Sir/Madam, I am writing to express my support for the Proposed Amendments to Exchange Act Rule 3b-1, which seeks to amend the current definition of “accredited investor” to expand access to private securities offerings to a broader range of investors. I believe that these amendments are necessary to promote capital formation and investment opportunities, while still ensuring adequate investor protection. As an individual investor, I recognize the value of investing in private securities offerings as a means of diversifying my investment portfolio and potentially earning higher returns. However, under the current definition of accredited investor, many investors are effectively excluded from participating in these offerings due to their income or net worth limitations, which do not necessarily reflect their investment knowledge or sophistication. I appreciate the SEC's efforts to expand the definition of accredited investor to include individuals with certain professional certifications and designations, as well as individuals with sufficient investment knowledge and experience. This would enable more investors to participate in private securities offerings, which in turn can provide critical funding to emerging companies and foster innovation in the economy. Furthermore, I believe that the proposed amendments strike an appropriate balance between promoting investment opportunities and protecting investors. The SEC's proposal includes safeguards such as requiring investors to take a knowledge test to qualify as accredited investors based on their investment experience, and I support these measures to ensure that investors are adequately informed before investing in private securities. In conclusion, I urge the SEC to adopt the Proposed Amendments to Exchange Act Rule 3b-1, which will expand access to private securities offerings to a broader range of investors while still ensuring adequate investor protection. Thank you for your consideration of my comments. Sincerely, Mike M