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. 
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 ‘‘Accredited Investor 
Definition Review Act’’. 
SEC. 2. DEFINITION OF ACCREDITED INVESTOR. 
Section 2(a)(15) of the Securities Act of 1933 (15 
U.S.C. 77b(a)(15)) is amended— 
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(1) by redesignating clauses (i) and (ii) as sub-
paragraphs (A) and (B), respectively; 
(2) in subparagraph (A), as so redesignated, by 
striking ‘‘adviser; or’’ and inserting ‘‘adviser;’’; 
(3) in subparagraph (B), as so redesignated, by 
striking the period at the end and inserting ‘‘; or’’; 
and 
(4) by adding at the end the following: 
‘‘(C) an individual holding such certifi-
cations, designations, or credentials as the 
Commission determines necessary or appro-
priate in the public interest or for the protec-
tion of investors, where such list of certifi-
cations, designations, or credentials shall be no 
less broad than those certifications, designa-
tions, or credentials described in the amend-
ments made to section 230.501 of title 17, Code 
of Federal Regulations, by the final rule of the 
Commission titled ‘Accredited Investor Defini-
tion’ (85 Fed. Reg. 64234; published October 9, 
2020).’’. 
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SEC. 3. PERIODIC REVIEW OF CERTIFICATIONS, DESIGNA-
TIONS, AND CREDENTIALS. 
Section 413(b) of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act (15 U.S.C. 77b note) 
is amended by adding at the end the following: 
‘‘(3) PERIODIC
REVIEW
OF
CERTIFICATIONS, 
DESIGNATIONS, AND CREDENTIALS.—Not later than 
18 months after the date of the enactment of this 
paragraph and not less frequently than once every 5 
years thereafter, the Commission shall— 
‘‘(A) review the list of certifications, des-
ignations, and credentials accepted with respect 
to meeting the requirements of the definition of 
‘accredited investor’ under section 2(a)(15) of 
the Securities Act of 1933 (15 U.S.C. 
77b(a)(15)) and rules issued pursuant to such 
section; 
‘‘(B) add such certifications, designations, 
and credentials to such list as the Commission 
determines are substantially similar in meas-
uring the financial sophistication, knowledge, 
and experience in financial matters of an indi-
vidual to the certifications, designations, and 
credentials included on such list at the time of 
such review; and 
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‘‘(C) adjust or modify such list as the 
Commission determines necessary or appro-
priate in the public interest or for the protec-
tion of investors.’’. 
Æ 
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