Equal Opportunity for All Investors Act of 2023

To amend the Securities Act of 1933 to require certification examinations for accredited investors, and for other purposes. 1. Short title This Act may be cited as the Equal Opportunity for All Investors Act of 2023 2. Certification examinations for accredited investors (a) In general The Securities and Exchange Commission shall revise the definition of accredited investor (b) Establishment of examination Not later than 1 year after the date of the enactment of this Act, the Securities and Exchange Commission shall establish an examination (including a test, certification, or examination program)— (1) to certify an individual as an accredited investor; and (2) that— (A) is designed with an appropriate level of difficulty such that an individual with financial sophistication would be unlikely to fail; and (B) includes methods to determine whether an individual seeking to be certified as an accredited investor demonstrates competency with respect to— (i) the different types of securities; (ii) the disclosure requirements under the securities laws applicable to issuers and private companies as compared to public companies; (iii) corporate governance; (iv) financial statements and the components of such statements; (v) aspects of unregistered securities, securities issued by private companies, and investments into private funds, including risks associated with— (I) limited liquidity; (II) limited disclosures; (III) variance in valuation methods; (IV) information asymmetry; (V) leverage risks; (VI) concentration risk; and (VII) longer investment horizons; (vi) potential conflicts of interest, when the interests of the financial professionals and their clients are misaligned or when their professional responsibilities are compromised by financial motivations; and (vii) other criteria the Commission determines necessary or appropriate in the public interest or for the protection of investors. (c) Administration Beginning not later than 180 days after the date the examination is established under subsection (b), such examination shall be administered and offered free of charge to the public by a registered national securities association under section 15A of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o–3 May 30, 2023 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Summary: Equal Opportunity for All Investors Act of 2023 This bill expands 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 an individual to qualify through an examination established by the Securities and Exchange Commission. The examination must be designed with an appropriate difficulty level such that an individual with financial sophistication or training would be unlikely to fail, include methods to determine competency in certain areas, and be administered by a registered national securities association and offered free of charge to the public. Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.