"Reasonable steps"... a liability in verifying investor accreditation status?

[Account Closed]

Hey everyone. 

For the issuer of a security to a group of accredited investors, what exactly qualifies as 'reasonable steps' in verifying an investor's 'accreditation' status? Can the issuer for instance be held liable if he relied on an investor's statement that he/she is an accredited investor? Or does that issuer have a burden to actually take on verification responsibilities? (whatever these specific steps might be). Does requiring the issuer to nag the investor for financial statements sort of encumber to the process? any ideas here?