Title: Equal Opportunity for All Investors Act of 2021
Policy area: Finance and Financial Sector

Summary:
Equal Opportunity for All Investors Act of 2021
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
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.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4776 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 4776

     To amend the Securities Act of 1933 to require certification 
     examinations for accredited investors, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 28, 2021

 Mr. McHenry introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
     To amend the Securities Act of 1933 to require certification 
     examinations for accredited investors, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Equal Opportunity for All Investors 
Act of 2021''.

SEC. 2. CERTIFICATION EXAMINATIONS FOR ACCREDITED INVESTORS.

    (a) Examination Required.--Section 2(a)(15) of the Securities Act 
of 1933 (15 U.S.C. 77b(a)(15)) is amended--
            (1) by redesignating subparagraphs (i) and (ii) as 
        subparagraphs (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) any individual who is certified as an 
                accredited investor through an examination established 
                by the Commission that--
                            ``(i) ensures that an individual certified 
                        as an accredited investor pursuant to such 
                        examination understands and appreciates the 
                        risks of investing in private companies;
                            ``(ii) is designed to ensure that an 
                        individual with financial sophistication or 
                        training would be unlikely to fail; and
                            ``(iii) may be administered by a registered 
                        national securities association under section 
                        15A of the Securities Exchange Act of 1934 (15 
                        U.S.C. 78o-3).''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect on the date that is 2 years after the date of the enactment 
of this Act.
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