The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Sat, 25 Apr 2026 11:30:57 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Increasing the Vulnerability of Investors – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Increasing the Vulnerability of Investors https://corpgov.law.harvard.edu/2012/09/06/increasing-the-vulnerability-of-investors/?utm_source=rss&utm_medium=rss&utm_campaign=increasing-the-vulnerability-of-investors https://corpgov.law.harvard.edu/2012/09/06/increasing-the-vulnerability-of-investors/#comments Thu, 06 Sep 2012 12:39:29 +0000 http://blogs.law.harvard.edu/corpgov/?p=32601?d=20120906083929EDT Editor’s Note: Luis A. Aguilar is a Commissioner at the U.S. Securities and Exchange Commission. This post is based on a statement from Commissioner Aguilar; the full statement, including footnotes, is available here. The views expressed in the post are those of Commissioner Aguilar and do not necessarily reflect those of the Securities and Exchange Commission, the other Commissioners, or the Staff.

The Commission considered a Congressional mandate to amend our private placement rules, allowing issuers to offer securities by means of general solicitation and general advertising, provided only that all purchasers are accredited investors.

I cannot support the proposal, because it presents a framework that is not balanced and that fails to address the acknowledged increased vulnerability of investors. In fact, there is no consideration of any of the commenters’ proposals that would have decreased investor vulnerability.

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