Every Investor a Qualified Investor
The United States is good at what we may call microregulation—prohibiting insider trading and certain types of misrepresentation and fraud perpetrated against investors. Germany has less regulation of this type, and could benefit from borrowing from the American example.
But Germany is far better than the United States at what might be called macroregulation—protecting investors from adverse consequences—not just prohibiting certain kinds of self-interested dealings by those offering securities for sale. The United States could benefit from following Germany's example in this area.
The United States already has a mechanism at hand. For early stage investments, including investing in start-ups and venture funds, ...
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