[onlawschool]

Section 7(a)(G)(ii)(IX) would require that crowdfunding intermediaries require "each potential investor to answer questions demonstrating competency in" understanding various types of risks involved in such investments. Should the SEC be required to provide a list of questions which, if answered correctly by potential investors, would provide a safe-haven to the intermediary? If not, should the bill be more specific with regard to the level of competency to be demonstrated?

Sec. 7(a)(G)(ii)(XI) requires intermediaries to carry out a background check on the issuer's principals. What must such a background check consist of in order to satisfy this criteria? How is this information to be used? (kept on file by intermediary? Disclosed to potential investors? Filed with the commission?)