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Accredited Investor Definition Review Act
H. R. 3348 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.
Summary
This bill amends the Securities Act of 1933 to expand the definition of "accredited investor" to include individuals holding certain professional certifications, designations, or credentials that the Securities and Exchange Commission determines are necessary or appropriate for investor protection. The bill references professional certifications designated in a 2020 SEC order and requires the SEC to consider attributes measuring financial sophistication, knowledge, and experience in financial matters. The bill amends the Dodd-Frank Act to require the SEC to conduct periodic reviews of the list of qualifying certifications and credentials at least every five years (initially within 18 months of enactment). The SEC may add certifications substantially similar to those already on the list and may adjust the list as needed for public interest or investor protection. The bill effectively broadens access to certain investment opportunities for individuals with relevant professional credentials.
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)
- Rep. Huizenga, Bill [R-MI-4] (R-MI)
Actions (6)
- Jun 4, 2025 Placed on the Union Calendar, Calendar No. 103. · house
- Jun 4, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-134. · house
- May 20, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 34 - 16. · house
- May 20, 2025 Committee Consideration and Mark-up Session Held · house
- May 13, 2025 Referred to the House Committee on Financial Services. · house
- May 13, 2025 Introduced in House
More bills on these subjects (8)
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Similar bills (6)
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Text versions (2)
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Full text
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
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