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H.R. 3348 — what changed

Accredited Investor Definition Review Act

From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.

Sec. 2 Certifications, designations, and credentials under the definition of accredited investor

Section 2(a)(15) of the Securities Act of 1933 (15 U.S.C. 77b(a)(15)) is amended—

(1)
by redesignating clauses (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) an individual holding such certifications, designations, or credentials as the Commission determines necessary or appropriate in the public interest or for the protection of investors, where—

changed “(i) such list of certifications, designations, or credentials shall include those professional certifications described in the order of the Commission order titled “Order Designating Certain Professional Licenses as Qualifying Natural Persons for Accredited Investor Status” (85 Fed. Reg. 64234; published October 9, 2020); and

“(ii) in establishing which attributes should be considered for purposes of determining such certifications, designations, or credentials, the Commission shall consider attributes that are no less broad than those attributes described in the amendments made to section 230.501(a)(10) of title 17, Code of Federal Regulations, by the final rule of the Commission titled “Accredited Investor Definition” (85 Fed. Reg. 64234; published October 9, 2020).”