SEC proposes exam to expand access to private markets
Business
The US Securities and Exchange Commission just proposed a rule that could let regular folks invest in private markets (think hedge funds and private equity) without needing a huge salary or net worth.
Instead, you'd be able to qualify by passing an exam, making these investments less exclusive and more about what you know than what you earn.
FINRA test could grant 10-year accreditation
If the rule passes, anyone 18 and older could take a FINRA-designed test (about 75 questions, 2 hours, could cost about $100). Pass it, and you'd get accredited investor status for 10 years.
The SEC is also considering designating certain professional certifications like CPA or CFA.
The SEC is asking for public feedback on this idea over the next 60 days, so if you've got thoughts, now's your chance!