The best argument for the accredited investor rule is that, in the absence of it, promoters will manufacture companies which are difficult to cost-effectively distinguish from actual businesses but which functionally are not and use them to pick middle class' pockets.
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They would probably include a) accredited investor or equivalent requirements for options trading rather than the simple self-certification required currently, b) restrictions on broker marketing, and probably c) disallow either all or a subset of single company securities.
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