H.R. 9574

119 HR 9574 IH: Informed Investor Access Act
 U.S. House of Representatives
 2026-07-02
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 I  119th CONGRESS  2d Session  H. R. 9574  IN THE HOUSE OF REPRESENTATIVES   July 2, 2026   Mr. Downing  (for himself,  Mr. Lawler , and  Mr. Moore of North Carolina ) introduced the following bill; which was referred to the  Committee on Financial Services    A BILL
To amend the definition of an accredited investor to include individuals receiving advice from certain professionals, and for other purposes.
1.
Short title
This Act may be cited as the   Informed Investor Access Act  .
2.
Accredited investors include individuals receiving advice from certain professionals
(a)
Securities Act of 1933
Section 2(a)(15) of the Securities Act of 1933 ( 15 U.S.C. 77b(a)(15) ) is amended—
(1)
by striking  (15) The term  accredited investor  shall mean—  and inserting the following:
(15)
Accredited investor
(A)
In general
The term  accredited investor  means—
 ;
(2)
in clause (i), by striking  or  at the end;
(3)
in clause (ii), by striking the period at the end and inserting  ; or ;
(4)
by adjusting the indentation of clauses (i) and (ii) by moving such clauses 2 ems to the right; and
(5)
by adding at the end the following:
(iii)
any natural person that the issuer reasonably believes is receiving personalized investment advice or personalized investment recommendations with respect to the applicable transaction from—
(I)
an investment adviser registered with the Commission under the Investment Advisers Act of 1940, or a supervised person of such investment adviser (as defined in section 202(a) of the Investment Advisers Act of 1940); or
(II)
a broker or dealer registered with the Commission under the Securities Exchange Act of 1934, or a natural person who is an associated person of a broker or dealer (as defined in section 3(a) of the Securities Exchange Act of 1934) acting on behalf of such broker or dealer, in each case with respect to the applicable transaction.
(B)
Definitions
In subparagraph (A)(iii):
(i)
Investment advice
The term  investment advice  shall be interpreted consistent with the phrase  for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities  under section 202(a)(11) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2(a)(11) ).
(ii)
Recommendation
The term  recommendation  shall be interpreted consistent with the term  recommendation  under section 240.15l–1 of title 17, Code of Federal Regulations.
 .
(b)
Conforming changes to regulations
The Securities and Exchange Commission shall revise section 230.501(a) of title 17, Code of Federal Regulations, and any other definition of  accredited investor  in a rule of the Commission in the same manner as such definition is revised under subsection (a).