I 
114TH CONGRESS 
1ST SESSION H. R. 2187 
To direct the Securities and Exchange Commission to revise its regulations 
regarding the qualifications of natural persons as accredited investors. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 30, 2015 
Mr. SCHWEIKERT introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To direct the Securities and Exchange Commission to revise 
its regulations regarding the qualifications of natural 
persons as accredited investors. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Fair Investment Op-
portunities for Professional Experts Act’’. 
SEC. 2. ACCREDITED INVESTOR DEFINITION. 
Not later than 180 days after the date of enactment 
of this Act, the Securities and Exchange Commission shall 
revise its rules under Regulation D (17 C.F.R. 230.501 
et seq.) to provide that a natural person shall be consid-
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ered an accredited investor under such regulation notwith-
standing the income and net worth requirements in para-
graphs (5) and (6) of section 230.501(a) of title 17, Code 
of Federal Regulations, if such person certifies to the 
issuer prior to the sale of securities to such person that 
he or she— 
(1) is a person described in paragraphs (1), (2), 
(3), or (4) of section 506(c)(2)(ii)(C) of such title; 
(2) has retained and used the services of any 
person referred to in paragraph (1) to make an in-
vestment decision relative to the securities being of-
fered; or 
(3) is licensed as an accredited investor by the 
Financial Industry Regulatory Authority after com-
pleting an exam administered by such Authority 
using the criteria established by the Securities and 
Exchange Commission under section 2. 
SEC. 3. FINRA LICENSING PROGRAM. 
Not later than 180 days after the date of enactment 
of this Act, the Securities and Exchange Commission shall 
establish criteria for use by the Financial Industry Regu-
latory Authority in administering an exam to license as 
accredited investors natural persons who don’t meet the 
income and net worth requirements in paragraphs (5) and 
(6) of section 230.501(a) of title 17, Code of Federal Reg-
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ulations. Such criteria may include methods for assuring 
that licensed accredited investors demonstrate a com-
petency in understanding the following: 
(1) The different types of securities. 
(2) The disclosure obligations under the securi-
ties laws of issuers versus private companies. 
(3) The structures of corporate governance. 
(4) The components of a financial statement. 
(5) Other criteria the Commission shall estab-
lish in the public interest and for the protection of 
investors. 
Æ 
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