SEC Accused of ‘Unreasonable Delay’ Over Investor Diversity Bid

The SEC hasn’t moved quickly enough to address a bid seeking updated requirements for securing “accredited investor” status that would give minorities more opportunities, a nonprofit law firm said in an appellate court petition.

The Investor Choice Advocates Network asked the US Court of Appeals for the Ninth Circuit Thursday to require the Securities and Exchange Commission to update its “accredited investor” rule to replace net worth and income requirements with non-financial metrics.

“In an era where anyone can gamble on sports from their phone, it’s absurd that the SEC bars 90% of Americans from private market investment opportunities based ...