,,ii #aag? ,,congress #b;d ,session ,s4 #ciba ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #bd1 #bjbb,mr4 ,tillis 7= himself & ,mr4 ,scott ( ,s\? ,c>ol9a7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,securities ,act ( #aicc to exp& ! def9ition ( a qualify+ accr$it$ inve/or1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,equal ,opportunity = all ,inve/ors ,act4 #b4 ,c]tification exam9ations = accr$it$ inve/ors 7a7 ,exam9ation alt]native ,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,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%$ or approv$ by ! ,commission1 ! securities commission 7or any ag5cy or (fice p]=m+ l functions7 ( any ,/ate1 or any self-regulatory organization z def9$ 9 ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a77#bf77 t-- 7i7 measures :e!r an individual c]tifi$ z an accr$it$ inve/or pursuant to su* exam9ation und]/&s & appreciates ! risks & opportunities ( inve/+ 9 securities2 7ii7 is design$ to ensure t an individual ) f9ancial sophi/ication or tra9+ w\ld be unlikely to fail2 & 7iii7 may be design$ &_/or adm9i/]$ by any o!r p]son approv$ by ! ,commission1 su* securities commission1 or su* self-regulatory organization4 4 7b7 ,effective date ,! am5dm5ts made by subsection 7a7 %all take effect on ! date ( ! enactm5t ( ?is ,act4 7c7 ,exam9ation ,! ,commission %all e/abli% or approve an exam9ation t complies ) subsection 7a7 no lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is ,act4 #c4 ,accr$it$ inve/or self-c]tification ,section #d7;b7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;d7b77 is am5d$ by ins]t+ ,unless ! issu] kn[s1 or has a reckless disreg>d = :e!r1 ! pur*as] is n an accr$it$ inve/or1 obta9+ a self-c]tification f ! pur*as] t ! pur*as] meets ! income or net wor? requirem5ts ( ,rule #eja ( ,regulation ,d %all con/itute reasonable /eps to v]ify t pur*as]s ( ! securities are accr$it$ inve/ors4 aft] ! p]iod at ! end4 #d4 ,modification ( rules 7a7 ,9 g5]al ,n lat] ?an #i mon?s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all revise its rules issu$ 9 section #bcj4eja7;a7 ( title #ag1 ,code ( ,f$]al ,regulations1 to make p>allel *anges set =? 9 ,section #b & to add to ! def9ition ( accr$it$ inve/or ! foll[+ categories3 7#a7 ,any natural p]son ) at lea/ #ejj1jjj wor? ( inve/m5ts4 7#b7 ,any natural p]son ) total transactions dur+ a #ab-mon? p]iod "u section #bcj4ejf ( title #ag1 ,code ( ,f$]al ,regulations1 & "u section #d7;a77#f7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;d7a77#f77 t are n great] ?an ! highe/ am\nt ( ! foll[+-- 7,a7 #aj p]c5t ( ! total inve/m5ts ( ! p]son2 7,b7 #aj p]c5t ( ! annual income ( ! p]son or #aj p]c5t ( ! annual comb9$ income ) t p]son's sp\se2 or 7,c7 #aj p]c5t ( ! net wor? ( ! p]son exclud+ ! value ( ! p]son's pr9cipal place ( resid5ce4 7b7 ,def9itions 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,ca% & ca% equival5ts ,! t]m ca% & ca% equival5ts includes-- 7i7 bank deposits1 c]tificates ( deposit1 bank]s acceptances & simil> bank in/rum5ts held = inve/m5t purposes2 & 7ii7 ! net ca% surr5d] value ( an insurance policy4 7,b7 ,commodity int]e/s ,! t]m commodity int]e/s means commodity futures contracts1 options on commodity futures contracts1 & options on physical commodities trad$ on or subject to ! rules (-- 7i7 any contract m>ket designat$ = trad+ su* transactions "u ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #a et seq47 & ! rules issu$ "u t ,act2 or 7ii7 any bo>d ( trade or ex*ange outside ! ,unit$ ,/ates1 z describ$ 9 "p #cj ( title #ag1 ,code ( ,f$]al ,regulations4 7,c7 ,digital assets ,! t]m digital assets-- 7i7 means a digital repres5tation ( value t-- 7,i7 is us$ z a m$ium ( ex*ange1 unit ( acc\nt1 or /ore ( value2 & 7,,ii7 is n legal t5d]1 :e!r or n d5om9at$ 9 legal t5d]2 & 7ii7 does n include-- 7,i7 a transaction 9 :i* a m]*ant grants1 z "p ( an aff9ity or rew>ds program1 value t _c be tak5 f or ex*ang$ ) ! m]*ant = legal t5d]1 bank cr$it1 or virtual curr5cy2 or 7,,ii7 a digital repres5tation ( value issu$ by or on behalf ( a publi%] & us$ solely )9 an onl9e game1 game plat=m1 or family ( games sold by ! same publi%] or (f]$ on ! same game plat=m4 7,d7 ,inve/m5t purposes ,! t]m inve/m5t purposes-- 7i7 includes-- 7,i7 real e/ate own$ by a prospective pur*as] :o is engag$ prim>ily 9 ! bus9ess ( inve/+1 trad+1 or develop+ real e/ate 9 connection ) su* bus9ess2 & 7,,ii7 a commodity int]e/ or physical commodity own$1 or a f9ancial contract ent]$ into1 by ! prospective pur*as] :o is engag$ prim>ily 9 ! bus9ess ( inve/+1 re9ve/+1 or trad+ 9 commodity int]e/s1 physical commodities1 or f9ancial contracts 9 connection ) su* bus9ess2 & 7ii7 does n include real e/ate held = inve/m5t purposes by a prospective pur*as] if ! real e/ate is us$ by ! prospective pur*as]1 a sibl+1 sp\se or =m] sp\se1 a direct l9eal desc5dant by bir? or adoption1 or sp\se ( su* l9eal desc5dant or ance/or = p]sonal purposes or z a place ( bus9ess1 or 9 connection ) ! conduct ( ! trade or bus9ess ( ! prospective pur*as] or su* relat$ p]son4 7,e7 ,inve/m5ts ,! t]m inve/m5ts means-- 7i7 securities1 z def9$ 9 section #b7;a7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;b7a771 o!r ?an securities issu$ by an issu] t is controll$ by ! prospective pur*as] t owns su* securities2 7ii7 real e/ate held = inve/m5t purposes2 7iii7 commodity int]e/s held = inve/m5t purposes2 7iv7 physical commodities held = inve/m5t purposes2 7v7 digital assets held = inve/m5t purposes2 7vi7 to ! ext5t n securities1 f9ancial contracts 7z su* t]m is def9$ 9 section #c7;c77#b77;,b77ii7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a#c7;c77#b77;,b77ii777 ent]$ into = inve/m5t purposes2 & 7vii7 ca% & ca% equival5ts 7includ+ =eign curr5cies7 held = inve/m5t purposes4 7,f7 ,p]sonal purposes ,! t]m p]sonal purposes does n include resid5tial real e/ate if d$uctions ) respect to su* real e/ate are n disall[$ by section #bhj;,a ( ! ,int]nal ,rev5ue ,code ( #aihf4 7,g7 ,physical commodities ,! t]m physical commodities means any physical commodity ) respect to :i* a commodity int]e/ is trad$ on a m>ket describ$ 9 subp>agraph 7,b77i74 7c7 ,self-execution ,if ! ,securities & ,ex*ange ,commission does n revise its rules 9 accordance ) ! deadl9e set =? 9 subsection 7a71 !n any p]son describ$ 9 subsection 7b7 %all be deem$ to be an accr$it$ inve/or = all purposes "u ! ,f$]al securities laws 7includ+ regulations74 #e4 ,adju/+ ! accr$it$ inve/or /&>d ,section #dac ( ! ,private ,fund ,inve/m5t ,advis]s ,regi/ration ,act ( #bjaj 7#ae ,u4,s4,c4 #gg;b note7 is am5d$ by /rik+ subsection 7b7 & ins]t+ ! foll[+3 7b7 ,review & adju/m5t 7#a7 ,9 g5]al ,! ,commission may und]take a review ( ! def9ition ( ! t]m accr$it$ inve/or1 z su* t]m applies to natural p]sons1 to det]m9e :e!r ! requirem5ts ( ! def9ition1 exclud+ ! requirem5t relat+ to ! net wor? /&>d describ$ 9 subsection 7a71 %\ld be adju/$ or modifi$ = ! protection ( inve/ors1 9 ! public int]e/1 & 9 light ( ! economy4 7#b7 ,adju/m5t or modification ,^u completion ( a review "u p>agraph 7#a71 ! ,commission may1 by notice & comm5t rulemak+1 make su* adju/m5ts to ! def9ition ( ! t]m accr$it$ inve/or1 exclud+ adju/+ or modify+ ! requirem5t relat+ to ! net wor? /&>d describ$ 9 subsection 7a71 z su* t]m applies to natural p]sons1 z ! ,commission may deem appropriate = ! protection ( inve/ors1 9 ! public int]e/1 & 9 light ( ! economy4 4