The same law that defines "Accredited Investor" (Regulation D) also defines the situations in which the investor does not need to be accredited. There are three

The same law that defines "Accredited Investor" (Regulation D) also defines the situations in which the investor does not need to be accredited. There are three categories of exemptions: http://www.sec.gov/answers/rule504.htm http://www.sec.gov/answers/rule504.htm http://www.sec.gov/answers/rule505.htm http://www.sec.gov/answers/rule505.htm http://www.sec.gov/answers/rule506.htm http://www.sec.gov/answers/rule506.htm I encourage everyone on HN to become familiar with these exemptions, because there is rampant misunderstanding of Regulation D. (For example, I have personally been downvoted several times on HN because people mistakenly think that only Accredited Investors can do angel investments.)