,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #bahg  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #cj1 #bjae ,mr4
 ,s*weik]t introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices  ,a ,,bill  ,to direct !       
,securities & ,ex*ange ,commission to   
revise its regulations reg>d+ !         
qualifications ( natural p]sons z       
accr$it$ inve/ors4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,fair ,inve/m5t   
,opportunities = ,pr(essional ,exp]ts   
,act4  #b4 ,accr$it$ inve/or def9ition  
,n lat] ?an #ahj days aft] ! date (     
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission %all revise its    
rules "u ,regulation ,d 7#ag ,c4,f4,r4  
#bcj4eja et seq47 to provide t a natural
 p]son %all be consid]$ an accr$it$     
inve/or "u su* regulation not)/&+ !     
income & net wor? requirem5ts 9         
p>agraphs 7#e7 & 7#f7 ( section         
#bcj4eja7;a7 ( title #ag1 ,code ( ,f$]al
 ,regulations1 if su* p]son c]tifies to 
! issu] prior to ! sale ( securities to 

su* p]son t he or %e--  7#a7 is a p]son 
describ$ 9 p>agraphs 7#a71 7#b71 7#c71  
or 7#d7 ( section #ejf7;c77#b77;ii77,c7 
( su* title2  7#b7 has reta9$ & us$ !   
s]vices ( any p]son ref]r$ to 9 p>agraph
 7#a7 to make an inve/m5t decision      
relative to ! securities be+ (f]$2 or   
7#c7 is lic5s$ z an accr$it$ inve/or by 
! ,f9ancial ,indu/ry ,regulatory        
,au?ority aft] complet+ an exam adm9i/]$
 by su* ,au?ority us+ ! crit]ia e/abli%$
 by ! ,securities & ,ex*ange ,commission
 "u section #b4  #c4 ,,f9ra lic5s+      
program ,n lat] ?an #ahj days aft] !    
date ( enactm5t ( ?is ,act1 !           
,securities & ,ex*ange ,commission %all 
e/abli% crit]ia = use by ! ,f9ancial    
,indu/ry ,regulatory ,au?ority 9        
adm9i/]+ an exam to lic5se z accr$it$   
inve/ors natural p]sons :o don't meet ! 
income & net wor? requirem5ts 9         
p>agraphs 7#e7 & 7#f7 ( section         
#bcj4eja7;a7 ( title #ag1 ,code ( ,f$]al
 ,regulations4 ,su* crit]ia may include 
me?ods = assur+ t lic5s$ accr$it$       

inve/ors demon/rate a compet5cy 9       
und]/&+ ! foll[+3  7#a7 ,! diff]5t types
 ( securities4  7#b7 ,! disclosure      
obligations "u ! securities laws (      
issu]s v]sus private companies4  7#c7 ,!
 /ructures ( corporate gov]nance4  7#d7 
,! compon5ts ( a f9ancial /atem5t4  7#e7
 ,o!r crit]ia ! ,commission %all e/abli%
 9 ! public int]e/ & = ! protection (   
inve/ors4