Potential Designation of Passage of an Accredited Investor Exam To Be Developed by FINRA as Qualifying Natural Persons for Accredited Investor Status

is as part of the test would be sufficient to determine level of understanding''); letter from the Maryland State Bar Association (Mar. 16, 2020) (noting that ``[w]ith respect to persons who believe that they have the requisite sophistication, knowledge, and experience such that they should qualify as accredited investors, we believe that an accredited investor examination to determine investor sophistication . . . would be a much better way to address this issue''); letter from Carta, Inc. (Mar. 16, 2020) (``Carta''); letter from David R. Burton (May 1, 2020) (``D. Burton''). The comment letters to the Accredited Investor Proposing Release are available at https://www.sec.gov/comments/s7-25-19/s72519.htm . \24\ Letter from Carta. See also letter from D. Burton (``Ordinary people outside of the financial industry should have a means to prove that they have the knowledge and sophistication to qualify. Such a test would be central to democratizing access to Regulation D investments and enabling people who have developed the requisite knowledge to have access to these investments.''). \25\ See letter from Einar Vollset (Dec. 18, 2019) (stating that ``[r]equiring highly expensive and specialized professional certifications such as Series 7, 65 or 82 is completely pointless exercise'' and proposing ``a basic exam proving an understanding of the risks involved'' and opposing the Seri