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Are you a high networth individual? Part 2 |
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Written by Wilfred Ling
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Thursday, 04 September 2008 |
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If you are an accredited investor, do you know that there are certain part of the Financial Advisers Act (FAA) that is not applicable to you? According to this website (which its legal views are not necessarily representative of mine) HERE, Section 25, Section 27, Section 36 of the FAA does not apply. When I read of this website, I was quite surprised on the lack of protection that the Accredited Investors do not have. Are they a lesser human than the guy next door? Does it mean that the person who inherited his father's estate and hence became a millionaire (due to inheritance) requires less protection than a savvy investor? This is really wierd and no logic. For me I conduct my business with all my clients - regardless of their background - equally and no discrimination. This is what I have been doing and will continue to do. I disagree with the way the law is structured.
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