,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #bgig  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #bd1 #bjbc,mr4 
,flood 7= himself & ,mr4 ,nickel7       
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 ( #bjbc4  #b4       
,c]tification exam9ations = accr$it$    
inve/ors ,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 add+ at ! end
 ! foll[+3  7iii7 any individual :o is  
c]tifi$ z an accr$it$ inve/or ?r\gh an  

exam9ation t-- 7,i7 n lat] ?an #ahj days
 aft] ! date ( ! enactm5t ( ?is clause1 
! crit]ia ( :i* %all be e/abli%$ by !   
,commission2  7,,ii7 is design$ ) an    
appropriate level ( difficulty su* t an 
individual ) f9ancial sophi/ication w\ld
 be unlikely to fail2  7,,iii7 may      
include me?ods to det]m9e :e!r an       
individual seek+ to be c]tifi$ z an     
accr$it$ inve/or demon/rates compet5cy )
 respect to-- 7aa7 ! diff]5t types (    
securities2  7bb7 ! disclosure          
requirem5ts "u ! securities laws        
applicable to issu]s & private companies
 z comp>$ to public companies2  7cc7    
corporate gov]nance2  7dd7 f9ancial     
/atem5ts & ! compon5ts ( su* /atem5ts2  
7ee7 aspects ( unregi/]$ securities1    
securities issu$ by private companies1 &
 inve/m5ts into private funds1 includ+  
risks associat$ )-- 7,,aa7 limit$       
liquidity2 7,,bb7 limit$ disclosures2   
7,,cc7 v>iance 9 valuation me?ods2      
7,,dd7 in=mation asymmetry2 7,,ee7      
lev]age risks2 7,,ff7 conc5tration risk2

 & 7,,gg7 long] inve/m5t horizons2  7ff7
 pot5tial conflicts ( int]e/1 :5 !      
int]e/s ( ! f9ancial pr(essionals & _!  
cli5ts are misalign$ or :5 _!           
pr(essional responsibilities are        
compromis$ by f9ancial motivations2 &   
7gg7 o!r crit]ia ! ,commission det]m9es 
necess>y or appropriate 9 ! public      
int]e/ or = ! protection ( inve/ors2 &  
7,,iv7 beg9n+ n lat] ?an #ahj days aft] 
! date ! exam9ation is e/abli%$ "u      
subclause 7,i71 %all be adm9i/]$1 & (f]$
 free ( *>ge to ! public1 by a regi/]$  
national securities association "u      
section #ae;,a ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gho-#c74   
7,b7 ,exam9ation def9$ ,9 subp>agraph   
7,a77iii71 ! t]m exam9ation includes any
 te/1 c]tification1 or exam9ation       
program1 ! crit]ia ( :i* %all be        
e/abli%$ by ! ,commission1 t te/s !     
und]/&+ ( any individual ( aspects      
relat$ to inve/+ 9 unregi/]$ securities1
 private companies1 or private funds4  4