A plan is thinking about having an investment option in which only "qualified investors" pursuant to SEC law may invest. A QE must meet certain net worth requirements which are fairly subst'l.
Investment options are a benefit right or feature (BRF) as determined by the discrimination rules. If this investment option was offered would it be discriminatory, even though it is actual SEC law that is creating the restriction? The regulations, -4, seem to indicate it probably is discriminatory as to a BRF.

Why would the plan offer such an investment election unless one of the top officers wanted it? It seems to me that if you allow one of the top officers to pick an investment, you have a form of unlimited self-direction and that a non-HCE who wanted to invest in some obscure investment would have a strong discrimination claim if you didn't let him do it.