id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-8637	Edward F. Greene; Evan S. Gabor; Sonia Katharani-Khan; Jacqueline Mijin Kang	The Need for a Comprehensive Approach to Capital Markets Regulation	2022	82	.pdf	application/pdf	28928	1280	47	[Vol. 2021 wealth thresholds in the accredited investor definition do not directly contribute to such fraud, they can indirectly do so by allowing more unsophisticated investors into the private market.256 Amending the accredited investor definition to include investors guided by advisers held to a fiduciary standard will better address this risk than the current amendment.257 By requiring that private market investors be advised by a fiduciary, the proposal ensures that non- institutional investors are—at a minimum—aware of the unique risks of the private market. In the liquid public securities market, individuals can feel confident that the prices on exchanges fairly reflect the present value of expected future cash flows based on the significant amount of publicly available information without having to individually process new information as it comes in.153 In contrast, individuals cannot be certain that the prices for private market securities are “fair” at any given point because the lack of mandatory public disclosures and comparatively illiquid nature of private market securities make it difficult to assess an accurate “market price” for such securities.	cache/cblr-8637.pdf	txt/cblr-8637.txt