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.
About This Bill
Passed
Latest Action · June 6, 2023
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Accredited Investor Definition Review Act
This bill revises who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors.
Specifically, the bill allows the Securities and Exchange Commission (SEC) discretion in determining what certifications, designations, or credentials investors must possess for purposes of investor protection, provided that the credentials are at least as broad as the existing regulations. Additionally, the SEC must review these credentials every five years.
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