The following article will step the Sponsor through how to review an accreditation letter that an investor has uploaded.
The Sponsor will receive a email notification, and they will also see an Action Item on the Dashboard the next time they login to their Dashboard.
STEP 1: Click Review Accreditation to be directed to all the accreditation letters that need to be reviewed and accepted/rejected.
STEP 2: In our example, the sponsor has two investing Accounts that are waiting for Sponsor approval with the Accreditation Status: Needs Attention.
STEP 3: Click on the Account name to be taken to the Accreditation tab for that Account.
The Sponsor can review the Accreditation Letter and either Approve or Reject the document based on the information provided by the investor.
Click on the line item in the Accreditation tab and a drawer will pop out on the right side of the screen displaying details about the investor’s accreditation.
In the open drawer, the sponsor can review the uploaded Accreditation Letter by clicking on the Document in the Verification Documents section.
To Verify or Reject:
To deny or reject the Accreditation Letter, click the Reject button.
To verify that the Accreditation Letter is Accepted, click the Verify button.
If the Accreditation Letter is accepted (Verified):
- Enter the date the letter was created
- Click the check box to verify you took reasonable steps to approve the investing accounts accreditation status.
These dates become important for ensuring the investor has not used an expired accreditation letter for their first investment with a sponsor.
InvestNext will also use this date for the self-attestation rule, which will allow the original accreditation letter to be used in concert with the investor self attesting that there have not been any material changes to their accreditation status since this letter was created ( SEC Self Attestation Rule).