H.R. 3348

119 HR 3348 IH: Accredited Investor Definition Review Act
 U.S. House of Representatives
 2025-05-13
 text/xml
 EN
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 I  119th CONGRESS  1st Session  H. R. 3348  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.
1.
Short title
This Act may be cited as the   Accredited Investor Definition Review Act  .
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).
 .
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.
 .