According to a September 27, 2014 article in The New York Times, “David Verrill considers himself a savvy, educated investor. Since the year 2000 he has been part of a group that has invested $25 million in 35 start-up companies around New England… But the Securities and Exchange Commission will consider new guidelines, as early as October, that could disqualify him from making those private investments… he might no longer be considered an accredited investor entitled to make what are generally seen as riskier private investments.” “The prospect of change has created a furor in the investment world, where some fear that the changes will shrink the pool of private investors and unfairly limit the investment opportunities for millions of people…”

“Groups of angel investors — those who make small, early, and risky investments in start-up companies — have been lobbying the S.E.C. either to keep the current guidelines or to include other criteria, like financial knowledge, investment sophistication, or past experience.”