[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2187 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 2187

    To direct the Securities and Exchange Commission to revise its 
    regulations regarding the qualifications of natural persons as 
                         accredited investors.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 30, 2015

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

_______________________________________________________________________

                                 A BILL


 
    To direct the Securities and Exchange Commission to revise its 
    regulations regarding the qualifications of natural persons as 
                         accredited investors.

    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 ``Fair Investment Opportunities for 
Professional Experts Act''.

SEC. 2. ACCREDITED INVESTOR DEFINITION.

    Not later than 180 days after the date of enactment of this Act, 
the Securities and Exchange Commission shall revise its rules under 
Regulation D (17 C.F.R. 230.501 et seq.) to provide that a natural 
person shall be considered an accredited investor under such regulation 
notwithstanding the income and net worth requirements in paragraphs (5) 
and (6) of section 230.501(a) of title 17, Code of Federal Regulations, 
if such person certifies to the issuer prior to the sale of securities 
to such person that he or she--
            (1) is a person described in paragraphs (1), (2), (3), or 
        (4) of section 506(c)(2)(ii)(C) of such title;
            (2) has retained and used the services of any person 
        referred to in paragraph (1) to make an investment decision 
        relative to the securities being offered; or
            (3) is licensed as an accredited investor by the Financial 
        Industry Regulatory Authority after completing an exam 
        administered by such Authority using the criteria established 
        by the Securities and Exchange Commission under section 2.

SEC. 3. FINRA LICENSING PROGRAM.

    Not later than 180 days after the date of enactment of this Act, 
the Securities and Exchange Commission shall establish criteria for use 
by the Financial Industry Regulatory Authority in administering an exam 
to license as accredited investors natural persons who don't meet the 
income and net worth requirements in paragraphs (5) and (6) of section 
230.501(a) of title 17, Code of Federal Regulations. Such criteria may 
include methods for assuring that licensed accredited investors 
demonstrate a competency in understanding the following:
            (1) The different types of securities.
            (2) The disclosure obligations under the securities laws of 
        issuers versus private companies.
            (3) The structures of corporate governance.
            (4) The components of a financial statement.
            (5) Other criteria the Commission shall establish in the 
        public interest and for the protection of investors.
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