Thread by @ChrisHarveyEsq

After 12 years of practicing law each year I learn something new that surprises me—but shouldn't.

2021

• VC fund advisers who file with FINRA qualify as accredited investors, regardless if they themselves are accredited or not.

New Rule: All VC funds = accredited investors.🤯

Now, this is a "new" rule, but it has been on the books since Aug 2020. How did I miss it?

I was researching on a website that hadn't been updated since mid-2020 (Cornell Law).

Eventually someone would have probably called me out.

But how I found out was answering an email.

I generally brush up on my research when someone asks me a question. I try not to take for granted that I know a lot. The reason is laws get constantly updated, and the more enmeshed in the law as an "expert," the less flexible you are when things change.

Things always change.

So, now I have to go back and debunk a few years of telling people that the SEC hasn't granted a waiver for VCs as accredited investors. That's BS. They have, since at least August 2020.

Frameworks and articles I have written have to be updated, but the good news is I found it

Here's the part I missed on the new law—taken directly from the eCFR page:

ecfr.gov/current/title-…

So, in conclusion, never assume you know everything about your subject matter area, even if you are a "subject matter expert."

There will always be things that surprise you when you teach other people and—in doing so—maybe you learn a few things yourself.

https://twitter.com/ChrisHarveyEsq/status/1461728531130454020?s=20