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Adds a new paragraph requiring the Commission to periodically review and update the list of certifications, designations, and credentials that qualify natural persons as accredited investors, including an initial review within 18 months and reviews at least every 5 years thereafter, and to add or adjust certifications as appropriate for investor protection.
Redesignates existing clauses (i) and (ii) as subparagraphs (A) and (B) with minor punctuation changes, and adds a new subparagraph (C) authorizing the Commission to designate certifications, designations, or credentials that qualify an individual as an accredited investor and specifying considerations and a required included list tied to the Commission's October 9, 2020 order and final rule.
Expands who can count as an "accredited investor" by letting the Securities and Exchange Commission add people who hold certain professional certifications, designations, or credentials to the list of qualifying natural persons. It also requires the Commission to review and update that list on a schedule — complete an initial review within 18 months after enactment and at least once every five years thereafter — and to add substantially similar certifications and make changes as needed to protect investors and the public interest.
Referred to the House Committee on Financial Services.
Introduced May 13, 2025 by Bill Huizenga · Last progress May 13, 2025