,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #dgfb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #ah1 #bjai,mr4
 ,hill ( ,arkansas 7= himself & ,mr4    
,s*weik]t7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,act ( #aicc to codify c]ta9
 qualifications ( individuals z accr$it$
 inve/ors = purposes ( ! securities     
laws4  #a4 ,%ort title ,?is ,act may be 
cit$ z ! ,fair ,inve/m5t ,opportunities 
= ,pr(essional ,exp]ts ,act4  #b4       
,def9ition ( accr$it$ inve/or  7a7 ,9   
g5]al ,section #b7;a77#ae7 ( !          
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;b7a77#ae77 is am5d$--  7#a7 by      
r$esignat+ clauses 7i7 & 7ii7 z         
subp>agraphs 7,a7 & 7,f71 respectively2 
&  7#b7 9 subp>agraph 7,a7 7z s         
r$esignat$71 by /rik+ 2 or & ins]t+ a   
semicolon1 & ins]t+ aft] su* subp>agraph
 ! foll[+3  7,b7 any natural p]son ^:   
individual net wor?1 or jo9t net wor? ) 
t p]son's sp\se1 exce$s #a1jjj1jjj 7:i* 

am\nt1 along ) ! am\nts set =? 9        
subp>agraph 7,c71 %all be adju/$ =      
inflation by ! ,commission e #e ye>s to 
! ne>e/ #aj1jjj to reflect ! *ange 9 !  
,consum] ,price ,index = ,all ,urban    
,consum]s publi%$ by ! ,bureau ( ,labor 
,/ati/ics7 :]e1 = purposes ( calculat+  
net wor? "u ?is subp>agraph--  7i7 !    
p]son's prim>y resid5ce %all n be       
includ$ z an asset2  7ii7 indebt$ness t 
is secur$ by ! p]son's prim>y resid5ce1 
up to ! e/imat$ fair m>ket value ( !    
prim>y resid5ce at ! "t ( ! sale (      
securities1 %all n be includ$ z a       
liability 7except t if ! am\nt ( su*    
indebt$ness out/&+ at ! "t ( sale (     
securities exce$s ! am\nt out/&+ #fj    
days be=e su* "t1 o!r ?an z a result ( !
 acquisition ( ! prim>y resid5ce1 !     
am\nt ( su* excess %all be includ$ z a  
liability72 &  7iii7 indebt$ness t is   
secur$ by ! p]son's prim>y resid5ce 9   
excess ( ! e/imat$ fair m>ket value ( ! 
prim>y resid5ce at ! "t ( ! sale (      
securities %all be includ$ z a          

liability2  7,c7 any natural p]son :o _h
 an individual income 9 excess (        
#bjj1jjj 9 ea* ( ! #b mo/ rec5t ye>s or 
jo9t income ) t p]son's sp\se 9 excess (
 #cjj1jjj 9 ea* ( ^? ye>s & has a       
reasonable expectation ( rea*+ ! same   
income level 9 ! curr5t ye>2  7,d7 any  
natural p]son :o is curr5tly lic5s$ or  
regi/]$ z a brok] or inve/m5t advis] by 
! ,commission1 ! ,f9ancial ,indu/ry     
,regulatory ,au?ority1 or an equival5t  
self-regulatory organization 7z def9$ 9 
section #c7;a77#bf7 ( ! ,securities     
,ex*ange ,act ( #aicd71 or ! securities 
division ( a ,/ate or ! equival5t ,/ate 
division responsible = lic5s+ or        
regi/ration ( individuals 9 connection )
 securities activities2  7,e7 any       
natural p]son ! ,commission det]m9es1 by
 regulation1 to h demon/rable education 
or job exp]i5ce to qualify su* p]son z  
hav+ pr(essional k ( a subject relat$ to
 a p>ticul> inve/m5t1 & ^: education or 
job exp]i5ce is v]ifi$ by ! ,f9ancial   
,indu/ry ,regulatory ,au?ority or an    

equival5t self-regulatory organization  
7z def9$ 9 section #c7;a77#bf7 ( !      
,securities ,ex*ange ,act ( #aicd72 or  
4  7b7 ,rulemak+ ,! ,commission %all    
revise ! def9ition ( accr$it$ inve/or "u
 ,regulation ,d 7#ag ,,cfr #bcj4eja et  
seq47 to con=m ) ! am5dm5ts made by     
subsection 7a74