H.R. 3348

119th CONGRESS 1st Session

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 · Sponsor: Mr. Huizenga · Committee: Committee on Financial Services

Table of contents

• H.R. 3348
  • SEC. 1. Short title
  • SEC. 2. Certifications, designations, and credentials under the definition of accredited investor
  • SEC. 3. Periodic review of certifications, designations, and credentials

SEC. 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 () is amended— 15 U.S.C. 77b(a)(15)
  • by redesignating clauses (i) and (ii) as subparagraphs (A) and (B), respectively;
  • in subparagraph (A), as so redesignated, by striking adviser; orand inserting adviser;;
  • in subparagraph (B), as so redesignated, by striking the period at the end and inserting ; and
  • by adding at the end the following:

SEC. 3. Periodic review of certifications, designations, and credentials

• Section 413(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( note) is amended by adding at the end the following: 15 U.S.C. 77b
  • (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—
      • 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));
      • 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
      • adjust or modify such list as the Commission determines necessary or appropriate in the public interest or for the protection of investors.