I 

118TH CONGRESS 

1ST SESSION H. R. 1579 

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 

MARCH 14, 2023 

Mr. HUIZENGA introduced the following bill; which was referred to the 

Committee on Financial Services 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Accredited Investor 

5 Definition Review Act’’. 

6 SEC. 2. DEFINITION OF ACCREDITED INVESTOR. 

7 Section 2(a)(15) of the Securities Act of 1933 (15 

8 U.S.C. 77b(a)(15)) is amended— 


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1 (1) by redesignating clauses (i) and (ii) as sub2 paragraphs (A) and (B), respectively; 

3 (2) in subparagraph (A), as so redesignated, by 

4 striking ‘‘adviser; or’’ and inserting ‘‘adviser;’’; 

5 (3) in subparagraph (B), as so redesignated, by 

6 striking the period at the end and inserting ‘‘; or’’; 

7 and 

8 (4) by adding at the end the following: 

9 ‘‘(C) an individual holding such certifi10 cations, designations, or credentials as the 

11 Commission determines necessary or appro12 priate in the public interest or for the protec13 tion of investors, where such list of certifi14 cations, designations, or credentials shall be no 

15 less broad than those certifications, designa16 tions, or credentials described in the amend17 ments made to section 230.501 of title 17, Code 

18 of Federal Regulations, by the final rule of the 

19 Commission titled ‘Accredited Investor Defini20 tion’ (85 Fed. Reg. 64234; published October 9, 

21 2020).’’. 


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•HR 1579 IH

1 SEC. 3. PERIODIC REVIEW OF CERTIFICATIONS, DESIGNA2 TIONS, AND CREDENTIALS. 

3 Section 413(b) of the Dodd-Frank Wall Street Re4 form and Consumer Protection Act (15 U.S.C. 77b note) 

5 is amended by adding at the end the following: 

6 ‘‘(3) PERIODIC REVIEW OF CERTIFICATIONS, 

7 DESIGNATIONS, AND CREDENTIALS.—Not later than 

8 18 months after the date of the enactment of this 

9 paragraph and not less frequently than once every 5 

10 years thereafter, the Commission shall— 

11 ‘‘(A) review the list of certifications, des12 ignations, and credentials accepted with respect 

13 to meeting the requirements of the definition of 

14 ‘accredited investor’ under section 2(a)(15) of 

15 the Securities Act of 1933 (15 U.S.C. 

16 77b(a)(15)) and rules issued pursuant to such 

17 section; 

18 ‘‘(B) add such certifications, designations, 

19 and credentials to such list as the Commission 

20 determines are substantially similar in meas21 uring the financial sophistication, knowledge, 

22 and experience in financial matters of an indi23 vidual to the certifications, designations, and 

24 credentials included on such list at the time of 

25 such review; and 


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•HR 1579 IH

1 ‘‘(C) adjust or modify such list as the 

2 Commission determines necessary or appro3 priate in the public interest or for the protec4 tion of investors.’’. 

Æ 


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