The SEC (U.S. securities regulator) is considering notices that would broaden access to private markets by expanding the accredited investor category. The proposals would qualify Certified Public Accountants, Chartered Financial Analysts, Certified Financial Planners, and holders of FINRA (Financial Industry Regulatory Authority) Series 79, 86, and 87 licenses. A separate proposal would allow anyone over 18 to qualify by passing a FINRA exam covering securities and investing topics; the test would carry a relatively modest fee and be offered at centers within easy driving distance for most Americans. The remarks support the changes while arguing that wealth and income are not always reliable measures of investment sophistication. They also question the need for an exam to expire after 10 years, how investors could make follow-on private investments if credentials lapse, and whether FINRA should design and administer the test. Under current rules, individuals generally qualify through net worth above $1 million, annual income above $200,000 for each of the previous two years, or joint annual income above $300,000 with a spouse, subject to a reasonable expectation of maintaining that level. The SEC added holders of FINRA Series 7, 65, and 82 licenses in 2020.