Yesterday, Wednesday Nov. 29, the SEC’s Small Business Capital Formation Advisory Committee met to deliberate on topics including what it means to be an accredited investor. Supporters argue that it is high time for a revised definition, as the current one has not been updated since 1982. Others suggested it will help achieve gender parity and diversity while providing a platform for retail investors who are smart enough to understand the risks of private placement, yet excluded due net worth thresholds.

The recent amendments made this week by the SEC to Sections 13(d) and 13(g) of the Securities Exchange Act of 1934 will usher in a new era of transparency, with profound implications for both public companies and investors. It’s an important step forward in modernizing the capital markets where some 68 million American households and vast numbers of non-US investors decide to place their money and one, that is long overdue.