Section 1 Short title
This Act may be cited as the “Equal Opportunity for All Investors Act of 2021”.
Equal Opportunity for All Investors Act of 2021
A BILL
To amend the Securities Act of 1933 to require certification examinations for accredited investors, and for other purposes.
Sec. 2 Certification examinations for accredited investors
Examination required— Section 2(a)(15) of the Securities Act of 1933 (15 U.S.C. 77b(a)(15)) is amended—
by redesignating subparagraphs (i) and (ii) as subparagraphs (A) and (B), respectively;
in subparagraph (A), as so redesignated, by striking “adviser; or” and inserting “adviser;”;
in subparagraph (B), as so redesignated, by striking the period at the end and inserting “; or”; and
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).”
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.