Accredited Investor Definition Review Act

[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>