Accredited Investor Definition Review Act
This bill updates the definition of an "accredited investor" under securities law to include specific professional certifications, designations, or credentials that demonstrate financial expertise. It requires the Securities and Exchange Commission (SEC) to periodically review and adjust the list of accepted credentials - starting within 18 months of enactment and every 5 years thereafter - to ensure they measure financial sophistication effectively. The SEC must add credentials substantially similar to those already recognized and adjust the list as needed for investor protection. This directly affects individuals seeking accredited investor status for private securities investments and the SEC, which gains a formalized process to maintain the credential list.
Bill status
passed
3 of 5 stages cleared
Introduction
Mar 2023
Committee Review
Jun 2023
House Passage
Jun 2023
Senate Passage
President
Introduced Mar 14, 2023
Last action Jun 6, 2023
Maddy AI version diff · 1 comparison
What changed between versions
Introduced in House
→
Engrossed in House
·
1 edit
·
Jun 5, 2023
MINOR
The section heading was changed from 'Definition of accredited investor' to 'Certifications, designations, and credentials under the definition of accredited investor.' This narrows the bill's stated focus from the broad definition of accredited investor to specifically targeting certifications, designations, and credentials used within that definition. The change signals a more targeted approach to reforming how certain professional qualifications factor into accredited investor status.
SCOPE
Section 2 title changed from 'Definition of accredited investor' to 'Certifications, designations, and credentials under the definition of accredited investor,' narrowing the bill's stated focus to specific qualification-based criteria rather than the full definition.
Floor votes
How they voted
This bill passed the House by voice vote (no roll call recorded).
Full legislative history
Actions timeline
Total actions
13
Key actions
3
Committee
4
Amendments
3
Jun 6, 2023
Committee
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
upper
Jun 5, 2023
Introduced
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2719)
lower
Jun 5, 2023
Lower · Passed
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2719)
lower
Jun 5, 2023
Introduced
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
lower
Jun 5, 2023
Lower · Passed
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-92.
lower
Apr 26, 2023
Introduced
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 41 - 2.
lower
Apr 26, 2023
Lower · Passed
Committee Consideration and Mark-up Session Held.
lower
Mar 14, 2023
Committee
Referred to the House Committee on Financial Services.
lower
Mar 14, 2023
Introduced
Introduced in House
lower
1 primary · 1 co-sponsor
Sponsors
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