[SoftwareMaven]

The internet blurs the lines, though. If I was in Scotland raising money and Americans came to Scotland to invest, there would be no SEC issues (assuming I wasn't marketing to Americans; of course, this may imply qualified investors anyway). The problem is what it means to "come to Scotland" and to "market to Americans" has changed with the internet. So the question becomes how to differentiate actively courting US investors from local investors, and it's an important question to keep any government (especially the US, unfortunately) from overstepping it's sovereign rights and encroaching on another country's.

[dllthomas]

"(assuming I wasn't marketing to Americans; of course, this may imply qualified investors anyway)"

I can afford to fly to Scotland, and I am nowhere near a qualified investor...

[Scoundreller]

And you may be a "qualified investor" and dumb as rocks. In which case, I have a flashy sales presentation for you!

[dllthomas]

Certainly the case. I wasn't, by any means, supporting investor qualification as sensible.

[dragonwriter]

> it's an important question to keep any government (especially the US, unfortunately) from overstepping it's sovereign rights and encroaching on another country's.

The essential character of "sovereign rights" is that they are unbounded except by voluntary restraint of the sovereign.