You are right that simply inquiring who qualifies as a Qualified Client or Qualified Purchaser is not a problem. But if you start pitching any investments (publicly or privately) to those people you do (I think) need to be registered as a broker-dealer or an investment advisor under federal or state law.
As one example, Section 15(a)(1) of the 1934 Securities Exchange Act generally makes it unlawful for any broker or dealer to use the mails (or any other means of interstate commerce, such as the telephone, facsimiles, or the Internet) to "effect any transactions in, or to induce or attempt to induce the purchase or sale of, any security" unless that broker or dealer is registered with the SEC in accordance with Section 15(b) of the Act.
Whether you would be a broker under the Act is a question I can't answer definitively, but I think you would. But there are exemptions for finders and others so maybe you could fit into one of those exemptions. I once knew quite a bit about these regulations but that was (thankfully) decades ago. I've been doing more productive things since then.
The purpose of registration under the Act is to prevent harm rather than to remedy harm already sustained. When you have a popular newsletter about a non-financial subject and (potentially) use that popularity to tout investments from which you benefit, an alarm bell goes off in my head. I don't think that's a good idea. Those you are pitching to deserve the protections given by the Act.
Aside from registration being required by law, if one of those investments doesn't pan out, unless you register you could (and I think should) be liable for the losses of those you enticed into investing.
I'm simply inquiring who is a qualified client and qualified purchaser.
How is that illegal?
Cite the section of the law that is being violated.
I am not pitching any investments publicly.
And who did I harm? and what harm did they sustain?
You are right that simply inquiring who qualifies as a Qualified Client or Qualified Purchaser is not a problem. But if you start pitching any investments (publicly or privately) to those people you do (I think) need to be registered as a broker-dealer or an investment advisor under federal or state law.
As one example, Section 15(a)(1) of the 1934 Securities Exchange Act generally makes it unlawful for any broker or dealer to use the mails (or any other means of interstate commerce, such as the telephone, facsimiles, or the Internet) to "effect any transactions in, or to induce or attempt to induce the purchase or sale of, any security" unless that broker or dealer is registered with the SEC in accordance with Section 15(b) of the Act.
Whether you would be a broker under the Act is a question I can't answer definitively, but I think you would. But there are exemptions for finders and others so maybe you could fit into one of those exemptions. I once knew quite a bit about these regulations but that was (thankfully) decades ago. I've been doing more productive things since then.
The purpose of registration under the Act is to prevent harm rather than to remedy harm already sustained. When you have a popular newsletter about a non-financial subject and (potentially) use that popularity to tout investments from which you benefit, an alarm bell goes off in my head. I don't think that's a good idea. Those you are pitching to deserve the protections given by the Act.
Aside from registration being required by law, if one of those investments doesn't pan out, unless you register you could (and I think should) be liable for the losses of those you enticed into investing.
I haven't done any of the things that you hypothesize me doing.
And they updated the Marketing Rule. As long as you aren't deceptive, the marketing is permitted. And you cannot accept investors which don't qualify.
So I'm baffled what activities you believe I have done that you are seeking to report me for.