118TH CONGRESS 

1ST SESSION H. R. 1579 

AN ACT 

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, 
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1 SECTION 1. SHORT TITLE. 

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

3 Definition Review Act’’. 

4 SEC. 2. CERTIFICATIONS, DESIGNATIONS, AND CREDEN5 TIALS UNDER THE DEFINITION OF ACCRED6 ITED INVESTOR. 

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

8 U.S.C. 77b(a)(15)) is amended— 

9 (1) by redesignating clauses (i) and (ii) as sub10 paragraphs (A) and (B), respectively; 

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

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

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

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

15 and 

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

17 ‘‘(C) an individual holding such certifi18 cations, designations, or credentials as the 

19 Commission determines necessary or appro20 priate in the public interest or for the protec21 tion of investors, where such list of certifi22 cations, designations, or credentials shall be no 

23 less broad than those certifications, designa24 tions, or credentials described in the amend25 ments made to section 230.501 of title 17, Code 

26 of Federal Regulations, by the final rule of the 
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1 Commission titled ‘Accredited Investor Defini2 tion’ (85 Fed. Reg. 64234; published October 9, 

3 2020).’’. 

4 SEC. 3. PERIODIC REVIEW OF CERTIFICATIONS, DESIGNA5 TIONS, AND CREDENTIALS. 

6 Section 413(b) of the Dodd-Frank Wall Street Re7 form and Consumer Protection Act (15 U.S.C. 77b note) 

8 is amended by adding at the end the following: 

9 ‘‘(3) PERIODIC REVIEW OF CERTIFICATIONS, 

10 DESIGNATIONS, AND CREDENTIALS.—Not later than 

11 18 months after the date of the enactment of this 

12 paragraph and not less frequently than once every 5 

13 years thereafter, the Commission shall— 

14 ‘‘(A) review the list of certifications, des15 ignations, and credentials accepted with respect 

16 to meeting the requirements of the definition of 

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

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

19 77b(a)(15)) and rules issued pursuant to such 

20 section; 

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

22 and credentials to such list as the Commission 

23 determines are substantially similar in meas24 uring the financial sophistication, knowledge, 

25 and experience in financial matters of an indi-
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1 vidual to the certifications, designations, and 

2 credentials included on such list at the time of 

3 such review; and 

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

5 Commission determines necessary or appro6 priate in the public interest or for the protec7 tion of investors.’’. 

Passed the House of Representatives June 5, 2023. 

Attest: 

Clerk. 

118TH CONGRESS 

1ST SESSION H. R. 1579 

AN ACT 

To amend the Securities Act of 1933 and the 

accredited investor, and for other purposes. Protection Act with respect to the definition of Dodd-Frank Wall Street Reform and Consumer