Corrie Driebusch
speaker
416 appearances
8 recordings
1 series
first heard Oct 2018
last heard Oct 2024
Corrie Driebusch’s voice in public audio — every appearance, attributed to the second.
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Appearances
There seems to be this feeling that there needs to be some level of financial sophistication for individuals who want to invest in these securities.
But what determines financial sophistication?
Is it that you have enough money that if you do lose a lot, you'll be okay?
Or if you have this financial knowledge, should that be the determining factor?
For the last several years, there's been this growing almost drumbeat to allow more people to invest in private securities or private companies.
There have been examples of really big gains happening in private markets.
And the feeling is that maybe the best way to determine who is quote unquote sophisticated enough to buy these investments shouldn't be just based on wealth or how much money you earn each year.
It should be based on your financial acumen.
The SEC and Congress have started proposing and floating this idea of maybe there should be a test.
And that test would determine if people are knowledgeable enough to be able to invest in financial securities that are private.
SEC did make some changes that they could expand access.
So people with entry-level stockbroker's license can now invest in private securities as of 2020.
But what turns you into a stockbroker is you pass a dreaded Series 7 exam.
That's four hours long, just about anything.
And it's expensive to take.
So the idea is that this test is not going to be as difficult.
But it still will quiz individuals on topics such as the types of securities, disclosure requirements under securities laws, corporate governance, financial statements, and the risks of getting involved in these types of purchases.
On the stock market, you can buy a stock, and if the stock market's open, you can decide to sell whenever you want to.
And you can get money back.
It might not be the same amount of money that you purchased if the stock price went down, but you can at least get out whenever you need to.
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