119-hr3348

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3348 Reported in House

    (RH) ]

<DOC>

 Union Calendar No. 103
119th CONGRESS
 1st Session
 H. R. 3348

 [Report No. 119-134]

 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

 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]

_______________________________________________________________________

 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 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.''.
 Union Calendar No. 103

119th CONGRESS

 1st Session

 H. R. 3348

 [Report No. 119-134]

_______________________________________________________________________

 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.

_______________________________________________________________________

 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