[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3348 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 3348
To amend the Securities Act of 1933 and the Dodd-Frank Wall Street
Reform and Consumer Protection Act with respect to the definition of
accredited investor, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 13, 2025
Mr. Huizenga introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Securities Act of 1933 and the Dodd-Frank Wall Street
Reform and Consumer Protection Act with respect to the definition of
accredited investor, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Accredited Investor Definition
Review Act''.
SEC. 2. CERTIFICATIONS, DESIGNATIONS, AND CREDENTIALS UNDER THE
DEFINITION OF ACCREDITED INVESTOR.
Section 2(a)(15) of the Securities Act of 1933 (15 U.S.C.
77b(a)(15)) is amended--
(1) by redesignating clauses (i) and (ii) as subparagraphs
(A) and (B), respectively;
(2) in subparagraph (A), as so redesignated, by striking
``adviser; or'' and inserting ``adviser;'';
(3) in subparagraph (B), as so redesignated, by striking
the period at the end and inserting ``; or''; and
(4) by adding at the end the following:
``(C) an individual holding such certifications,
designations, or credentials as the Commission
determines necessary or appropriate in the public
interest or for the protection of investors, where--
``(i) such list of certifications,
designations, or credentials shall include
those professional certifications described in
the order of the Commission titled `Order
Designating Certain Professional Licenses as
Qualifying Natural Persons for Accredited
Investor Status' (85 Fed. Reg. 64234; published
October 9, 2020); and
``(ii) in establishing which attributes
should be considered for purposes of
determining such certifications, designations,
or credentials, the Commission shall consider
attributes that are no less broad than those
attributes described in the amendments made to
section 230.501(a)(10) of title 17, Code of
Federal Regulations, by the final rule of the
Commission titled `Accredited Investor
Definition' (85 Fed. Reg. 64234; published
October 9, 2020).''.
SEC. 3. PERIODIC REVIEW OF CERTIFICATIONS, DESIGNATIONS, AND
CREDENTIALS.
Section 413(b) of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (15 U.S.C. 77b note) is amended by adding at the end the
following:
``(3) Periodic review of certifications, designations, and
credentials.--Not later than 18 months after the date of the
enactment of this paragraph and not less frequently than once
every 5 years thereafter, the Commission shall--
``(A) review the list of certifications,
designations, and credentials designated as qualifying
natural persons for accredited investor status pursuant
to Rule 501(a)(10) (17 CFR 230.501(a)(10));
``(B) add such certifications, designations, and
credentials to such list as the Commission determines
are substantially similar in measuring the financial
sophistication, knowledge, and experience in financial
matters of an individual to the certifications,
designations, and credentials included on such list at
the time of such review; and
``(C) adjust or modify such list as the Commission
determines necessary or appropriate in the public
interest or for the protection of investors.''.
<all>