James Greiff , Columnist

Note to SEC: $200,000 Doesn't Mean You're Rich

The SEC today missed an opportunity to protect smaller investors by updating who counts as rich.

July 10, 2013 at 9:34 PM UTC

James Greiff is an editor for Bloomberg Opinion. He was Wall Street news team leader at Bloomberg News and senior editor for Bloomberg Markets magazine. He previously reported on banking for the St. Petersburg Times and the Charlotte Observer.

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The Securities and Exchange Commission today approved an end to a long-standing rule that barred hedge funds and private investment groups from advertising to seek capital from the public. Here's what went mostly unnoticed: The SEC also missed an opportunity to protect smaller investors by updating who counts as rich.

The agency really had no choice about ending the rule after Congress last year passed the Jumpstart Our Business Startups Act, or JOBS Act, a law designed to make it easier for companies to raise capital, spur the economy and create jobs.