September 10, 2012
I find it absurd that so many commentators and regulators are trying to over-complicate the simple new laws imposed by Congress and the President regarding removing the ban on general solicitation in the JOBS Act. The law removes the ban on general solicitation as long as issuers take reasonable steps to verify that investors in the offering are accredited. The SEC should provide a simple form for investors to self-certify that they are accredited. What could be more "reasonable" than having the investors themselves certify that they are indeed accredited? Any more-complicated procedures than self-certification hinder capital formation for businesses and limit potential investment opportunities for investors, all in an effort to protect people who may choose to lie about their accredited investor status. I think it is completely unreasonable to over-complicate such important issuers in an effort to protect potential liars. Thank you.