Report of PWG, supra note 276, at 1. 278. Id. 279. See William K. Sjostrom, Jr., Carving a New Path to Equity Capital and Share Liquidity, 50 B.C. L. REV. 639, 669 (2009) (discussing the "fend for themselves" concept). 280. See id. at 666 (discussing problems associated with using a subjective test for sophistication). 281. See, for example, the "accredited investor" test of Regulation D under the Securities Act, 17 C.F.R. 230.501(a), and the "qualified institutional buyer" test under Rule 144A of the Securities Act, 17 C.F.R. 230.144A(a). See also Sjostrom, supra note 279, at 666 (discussing additional contexts in which the objective test approach is used). 282. See NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS STATE INSURANCE REGULATION 2 [hereinafter STATE INSURANCE REGULATION], available at http://www.naic.org/documents/consumer_state_reg_brief.pdf (last visited Sept. 29, 2009) (discussing functions of state insurance regulations). 283. BLACK’S LAW DICTIONARY 870 (9th ed. 2009). 284. See Robert F. Schwartz, Risk Distribution in the Capital Markets: Credit Default Swaps, Insurance and a Theory of Demarcation, 12 FORDHAM J. CORP. & FIN. L. 167, 181 (2007) (noting that CDSs’ "general form and function reflect many basic
Report of PWG, supra note 276, at 1. 278. Id. 279. See William K. Sjostrom, Jr., Carving a New Path to Equity Capital and Share Liquidity, 50 B.C. L. REV. 639, 669 (2009) (discussing the "fend for themselves" concept). 280. See id. at 666 (discussing problems associated with using a subjective test for sophistication). 281. See, for example, the "accredited investor" test of Regulation D under the Securities Act, 17 C.F.R. 230.501(a), and the "qualified institutional buyer" test under Rule 144A of the Securities Act, 17 C.F.R. 230.144A(a). See also Sjostrom, supra note 279, at 666 (discussing additional contexts in which the objective test approach is used). 282. See NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS STATE INSURANCE REGULATION 2 [hereinafter STATE INSURANCE REGULATION], available at http://www.naic.org/documents/consumer_state_reg_brief.pdf (last visited Sept. 29, 2009) (discussing functions of state insurance regulations). 283. BLACK’S LAW DICTIONARY 870 (9th ed. 2009). 284. See Robert F. Schwartz, Risk Distribution in the Capital Markets: Credit Default Swaps, Insurance and a Theory of Demarcation, 12 FORDHAM J. CORP. & FIN. L. 167, 181 (2007) (noting that CDSs’ "general form and function reflect many basic