Comment on the SEC’s Proposal to Amend the “Accredited Investor” Definition

The Financial Planning Coalition submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) on the proposed amendment to the definition of “Accredited Investor”.  The proposal, among other changes, would “add new categories of natural persons that may qualify as accredited investors based on certain professional certifications or designations or other credentials.”  The Coalition pointed out the high level of professional competency that the CFP® certification requires, and as such, recommended that the CFP®designation be included in the proposed definition of “accredited investor.” Additionally, because many CFP® professionals are federally and state-registered Investment Adviser Representatives (“IARs”), the Coalition supports adding IARs registered under Section 203 of the Investment Advisers Act of 1940 (“Advisers Act”) and state-registered IARs to the “accredited investor” definition. 

Read full letter here.