[Report No. 119–134]
May 13, 2025
Mr. Huizenga introduced the following bill; which was referred to the Committee on Financial Services
June 4, 2025
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
Strike out all after the enacting clause and insert the part printed in italic
For text of introduced bill, see copy of bill as introduced on May 13, 2025
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 Commission order 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.