Section 1 Short title
This Act may be cited as the “Risk Disclosure and Investor Attestation Act”.
Risk Disclosure and Investor Attestation Act
A BILL
To amend the Securities Act of 1933 to permit an individual to invest in private issuers upon acknowledging the investment risks, and for other purposes.
Sec. 2 Investor attestation
In general— Section 2(a)(15) of the Securities Act of 1933 (77b(a)(15)) is amended—
by redesignating clause (i) as subparagraph (A);
in subparagraph (A), as so redesignated, by striking “or” at the end;
by redesignating clause (ii) as subparagraph (B);
in subparagraph (B), as so redesignated, by striking the period at the end and inserting “; and”; and
by adding at the end the following:
“(C) with respect to an issuer, any individual that has attested to the issuer that the individual understands the risks of investment in private issuers, using such form as the Commission shall establish, by rule, but which form may not be longer than 2 pages in length.”
Rulemaking— Not later than the end of the 1-year period beginning on the date of enactment of this Act, the Securities and Exchange Commission shall issue rules to carry out the amendments made by subsection (a), including establishing the form required under such amendments.