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Hello Im Jessica Mckinney from the SECs Office of the Advocate for Small Business Capital Formation. The SEC proposed amendments to update the accredited investor definition. This is the first rulemaking proposal to come out of this summers harmonization concept release in which the Commission solicited your feedback on how to harmonize and improve the rules for exempt or private offerings. Lets take a step back and explain why this definition is important, then well explore the proposed changes. Qualifying as an accredited investor determines whether you can invest in companies and funds using the most commonly used private offering types. Most angel investor, venture capital, and private equity transactions rely on this definition. The current rule uses wealth or income to determine whether investors do not need the protections that come from registration, because of their own sophistication and financial profile. Who can participate in private market transactions is critical bo