[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1585 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 1585

To amend the Securities Act of 1933 to codify certain qualifications of 
  individuals as accredited investors for purposes of the securities 
                                 laws.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 16, 2017

 Mr. Schweikert (for himself, Ms. Sinema, Mr. Royce of California, Mr. 
 Hill, Mrs. Carolyn B. Maloney of New York, Mr. Yoho, Mr. LaMalfa, Mr. 
 Hultgren, Mr. Gottheimer, Mr. Davidson, and Mr. Polis) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To amend the Securities Act of 1933 to codify certain qualifications of 
  individuals as accredited investors for purposes of the securities 
                                 laws.

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

SECTION 1. DEFINITION OF ACCREDITED INVESTOR.

    Section 2(a)(15)(ii) of the Securities Act of 1933 (15 U.S.C. 
77b(a)(15)(ii)) is amended by striking the period at the end and 
inserting the following: ``, and shall include--
                            ``(I) any natural person whose individual 
                        net worth, or joint net worth with that 
                        person's spouse, exceeds $1,000,000, not 
                        including the value of such person's primary 
                        residence owned either individually or jointly 
                        with his or her spouse;
                            ``(II) any natural person who had an 
                        individual income in excess of $200,000 in each 
                        of the two most recent years or joint income 
                        with that person's spouse in excess of $300,000 
                        in each of those years and has a reasonable 
                        expectation of reaching the same income level 
                        in the current year;
                            ``(III) any natural person who holds a 
                        current financial services-related license 
                        issued by a State; and
                            ``(IV) any natural person the Commission 
                        determines, by regulation, to have demonstrable 
                        education or job experience to qualify such 
                        person as having professional knowledge of a 
                        subject related to a particular investment, and 
                        whose education or job experience is verified 
                        by the Financial Industry Regulatory 
                        Authority.''.
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