,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #bggc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #bj1 #bjbc,mr4 
,mc,henry introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to am5d !         
def9ition ( an accr$it$ inve/or to      
include individuals receiv+ advice f    
c]ta9 pr(essionals1 & = o!r purposes4   
#a4 ,accr$it$ inve/ors include          
individuals receiv+ advice f c]ta9      
pr(essionals  7a7 ,securities ,act (    
#aicc ,section #b7;a77#ae7 ( !          
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;b7a77#ae77 is am5d$-- 7#a7 by /rik+ 
7#ae7 ,! t]m accr$it$ inve/or %all      
mean-- & ins]t+ ! foll[+3  7#ae7        
,accr$it$ inve/or  7,a7 ,9 g5]al ,! t]m 
accr$it$ inve/or means--  2  7#b7 9     
clause 7i71 by /rik+ or at ! end2  7#c7 
9 clause 7ii71 by /rik+ ! p]iod at ! end
 & ins]t+ 2 or2  7#d7 by adju/+ !       
ind5tation ( clauses 7i7 & 7ii7 by mov+ 
su* clauses #b ems to ! "r2 &  7#e7 by  
add+ at ! end ! foll[+3  7iii7 any      

individual receiv+ individualiz$        
inve/m5t advice or individualiz$        
inve/m5t recomm5dations ) respect to !  
applicable transaction f an individual  
describ$ "u section #bjc4eja7;a77#aj7 ( 
title #ag1 ,code ( ,f$]al ,regulations4 
7,b7 ,def9itions ,9 subp>agraph         
7,a77iii73 7i7 ,inve/m5t advice ,! t]m  
inve/m5t advice %all be int]pret$       
consi/5tly ) ! int]pretation ( ! phrase 
engages 9 ! bus9ess ( advis+ o!rs1 ei!r 
directly or ?r\gh publications or       
writ+s1 z to ! value ( securities or z  
to ! advisability ( inve/+ 91 pur*as+1  
or sell+ securities "u section          
#bjb7;a77#aa7 ( ! ,inve/m5t ,advis]s    
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#b7;a77#aa774  7ii7 ,inve/m5t     
recomm5dation ,! t]m inve/m5t           
recomm5dation %all be int]pret$         
consi/5tly ) ! int]pretation ( ! t]m    
recomm5dation "u section #bdj4ael-#a (  
title #ag1 ,code ( ,f$]al ,regulations4 
4  7b7 ,con=m+ *anges to regulations ,! 
,securities & ,ex*ange ,commission %all 

revise section #bjc4eja7;a7 ( title #ag1
 ,code ( ,f$]al ,regulations1 & any o!r 
def9ition ( accr$it$ inve/or 9 a rule ( 
! ,commission 9 ! same mann] z su*      
def9ition is revis$ "u subsection 7a74