August 30, 2012
I am concerned about your statistics of $1 trillion raised as I think the details will show that the "big firms" have been using Reg D 506.
Although, I do support your ruling to allow general solicitation and I firmly believe that the Real need is to benefit the small business market place. ( The businesses that are not tied to the "big firms, Wallstreet Investment Banks or Hedge Funds with a Fund of Fund strategy or a Pipe or a SPAC and on and on)It will benefit the mainstreet guy who wants to start a welding business or buy a pizza joint. I think you get my point the meat and potatoes marketplace that sometimes becomes a microsoft....
Further, I agree that there needs to be qualifiers on who is investing so that another Bernie does not appear or the Attorneys get to have a field day with lawsuits.
I think that it is in the Documentation. Simple 1-3 page Standardized form that is required of the INVESTOR to make the investment and not later comeback and say that they lost money because of their decision that could have made them millions but did not on that Investment, so they chose to litigate. If the Investor states that they are Accredited in writing with a copy of the drivers license they it should be on them. No expections