,i  #aadth ,,congress  #ast ,session    
,h4 ,r4 #bahg  ,,in ,,the ,,house ,,of  
,,representatives  ,april #cj1 #bjae    
,mr4 ,schweikert introduced the         
following bill2 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       
investors4  #a4 ,short title ,this ,act 
may be cited as the ,fair ,investment   
,opportunities for ,professional        
,experts ,act4  #b4 ,accredited investor
 definition ,not later than #ahj days   
after the date of enactment of this     
,act1 the ,securities and ,exchange     
,commission shall revise its rules under
 ,regulation ,d 7#ag ,c4,f4,r4 #bcj4eja 
et seq47 to provide that a natural      
person shall be considered an accredited
 investor under such regulation         
notwithstanding the income and net worth
 requirements in paragraphs 7#e7 and    
7#f7 of section #bcj4eja7;a7 of title   

#ag1 ,code of ,federal ,regulations1 if 
such person certifies to the issuer     
prior to the sale of securities to such 
person that he or she--  7#a7 is a      
person described in paragraphs 7#a71    
7#b71 7#c71 or 7#d7 of section          
#ejf7;c77#b77;ii77,c7 of such title2    
7#b7 has retained and used the services 
of any person referred to in paragraph  
7#a7 to make an investment decision     
relative to the securities being        
offered2 or  7#c7 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 #b4 
#c4 ,,finra licensing program ,not later
 than #ahj days after the date of       
enactment of this ,act1 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    
7#e7 and 7#f7 of section #bcj4eja7;a7 of
 title #ag1 ,code of ,federal           
,regulations4 ,such criteria may include
 methods for assuring that licensed     
accredited investors demonstrate a      
competency in understanding the         
following3  7#a7 ,the different types of
 securities4  7#b7 ,the disclosure      
obligations under the securities laws of
 issuers versus private companies4  7#c7
 ,the structures of corporate           
governance4  7#d7 ,the components of a  
financial statement4  7#e7 ,other       
criteria the ,commission shall establish
 in the public interest and for the     
protection of investors4