Angel investors are warning the local sector will be decimated and startups will suffer from a proposal to tighten sophisticated investor rules while blasting evidence from the corporate regulator pushing for the change as “laughable”.
On Thursday, groups representing angel investors stepped up their attack on a plan to make it harder for retail investors to access risky products such as private equity by increasing the threshold to qualify as a wholesale investor.
“We are at a pivotal moment in our country where we’re trying to move away from digging things out of the ground to investing in more sustainable things like tech,” Aussie Angels CEO Cheryl Mack told a joint inquiry probing the plan.
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