Accredited Investors status and Series 7, 65, and 82 licenses

[Bill F.]

A friend mentioned that earlier this year the SEC changed the way it defined who qualified for Accredited Investor status. Now if you hold a Series 7, 65, or 82 licenses and are in "good standing" that you meet the standards to be an accredited investor. 

The question I have for the knowledgeable  syndicators on BP is: what exactly does "good standing" mean and if you had an investor look to proof their status via one of these licenses, how would verify the "good standing"? 

If they send you a copy of their licenses would that be enough or would you have additional requirements. 

Thanks in advance.  

[Evan Polaski]

brokercheck.finra.org

The accrediting person, typically an attorney or CPA, but broker dealer or registered investment advisor would likely go to that website, search the investors name and see that the investor has a current license.  If it shows "currently not registered" does not count.

Of course, with all of these definitions there seems to be some grey area as to what counts or doesn't, so that is why Danny gave the answer he did.  At the end of the day, if you are an LP looking to invest in a 506(c) offering, you as the investor and the sponsor doesn't really care how you get the verification letter (to a certain extent), all that matters is that  you got the letter.