Federal RuleAug 21
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119-hr-3348119th CongressWALLET
Accredited Investor Definition Review Act
Sponsored By: Representative Huizenga, Bill [R-MI-4]
In Committee
Summary
Changes who counts as an accredited investor by adding professional credentials and regular regulatory review. This bill would let specific certifications, designations, or credentials qualify an individual as an accredited investor and set rules for how those credentials are chosen.
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- Professionals and credential holders: Individuals who hold certifications or licenses that the Securities and Exchange Commission identifies could qualify as "qualifying natural persons" for accredited investor status. The list must include the professional certifications named in the SEC's October 9, 2020 order.
- Regulators: The SEC would have to review the list within 18 months of enactment and at least once every five years after that. The agency must add credentials it finds substantially similar and adjust the list as needed for investor protection.
- Issuers and private markets: Private offering issuers would apply the revised credential-based test when deciding who meets accredited investor rules, changing which individuals may be eligible to participate in certain private investments.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Professional licenses for accredited investor status
If enacted, you could qualify as an accredited investor if you hold a professional credential the SEC designates. The list would have to include the licenses named in a 2020 SEC order. When choosing which credentials count, the SEC would use standards at least as broad as its 2020 accredited investor rule. The SEC would review the list within 18 months of enactment and at least every 5 years after. It could add, change, or remove credentials that it finds are similarly strong at showing financial knowledge and experience.
Sponsors & CoSponsors
Sponsor
Huizenga, Bill [R-MI-4]
MI • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov