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Risk Disclosure and Investor Attestation Act
To amend the Securities Act of 1933 to permit an individual to invest in private issuers upon acknowledging the investment risks, and for other purposes.
Summary
This bill amends the Securities Act of 1933 to allow individual investors to invest in private issuers after acknowledging that they understand the risks involved. The amendment adds a new category permitting investment by individuals who complete a Securities and Exchange Commission attestation form confirming they comprehend the risks of private investment. The SEC is required to establish the attestation form within one year of the bill's enactment, with the form limited to no more than two pages.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (2)
- Jan 3, 2025 Referred to the House Committee on Financial Services. · house
- Jan 3, 2025 Introduced in House
More bills on these subjects (8)
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Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
January 3, 2025
Mr. Davidson introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Securities Act of 1933 to permit an individual to invest in private issuers upon acknowledging the investment risks, 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 “Risk Disclosure and Investor Attestation Act”.
SEC. 2. INVESTOR ATTESTATION.
(a) In General.—Section 2(a)(15) of the Securities Act of 1933 (77b(a)(15)) is amended—
(1) by redesignating clause (i) as subparagraph (A);
(2) in subparagraph (A), as so redesignated, by striking “or” at the end;
(3) by redesignating clause (ii) as subparagraph (B);
(4) in subparagraph (B), as so redesignated, by striking the period at the end and inserting “; and”; and
(5) by adding at the end the following:
“(C) with respect to an issuer, any individual that has attested to the issuer that the individual understands the risks of investment in private issuers, using such form as the Commission shall establish, by rule, but which form may not be longer than 2 pages in length.”.
(b) Rulemaking.—Not later than the end of the 1-year period beginning on the date of enactment of this Act, the Securities and Exchange Commission shall issue rules to carry out the amendments made by subsection (a), including establishing the form required under such amendments. <all>
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