,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #dggf  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #bh1 #bjba,mr4  
,mc,henry introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,act ( #aicc to require     
c]tification exam9ations = accr$it$     
inve/ors1 & = o!r purposes4  #a4 ,%ort  
title ,?is ,act may be cit$ z ! ,equal  
,opportunity = ,all ,inve/ors ,act (    
#bjba4  #b4 ,c]tification exam9ations = 
accr$it$ inve/ors  7a7 ,exam9ation      
requir$ ,section #b7;a77#ae7 ( !        
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;b7a77#ae77 is am5d$-- 7#a7 by       
r$esignat+ subp>agraphs 7i7 & 7ii7 z    
subp>agraphs 7,a7 & 7,b71 respectively2 
7#b7 9 subp>agraph 7,a71 z s r$esignat$1
 by /rik+ advis]2 or & ins]t+ advis]22  
7#c7 9 subp>agraph 7,b71 z s r$esignat$1
 by /rik+ ! p]iod at ! end & ins]t+ 2   
or2 &  7#d7 by add+ at ! end ! foll[+3  
7,c7 any individual :o is c]tifi$ z an  
accr$it$ inve/or ?r\gh an exam9ation    

e/abli%$ by ! ,commission t-- 7i7       
ensures t an individual c]tifi$ z an    
accr$it$ inve/or pursuant to su*        
exam9ation und]/&s & appreciates ! risks
 ( inve/+ 9 private companies2  7ii7 is 
design$ to ensure t an individual )     
f9ancial sophi/ication or tra9+ w\ld be 
unlikely to fail2 &  7iii7 may be       
adm9i/]$ by a regi/]$ national          
securities association "u section #ae;,a
 ( ! ,securities ,ex*ange ,act ( #aicd  
7#ae ,u4,s4,c4 #gho-#c74  4  7b7        
,effective date ,! am5dm5ts made by     
subsection 7a7 %all take effect on !    
date t is #b ye>s aft] ! date ( !       
enactm5t ( ?is ,act4