,,ib ,union ,calendar ,no4 #ef #aahth   
,,congress  #ast ,session  ,h4 ,r4 #bgig
 ,report ,no4 #aah-gg ,,in ,,the ,,house
 ,,of ,,representatives  ,april #bd1    
#bjbc,mr4 ,flood 7for himself and ,mr4  
,nickel7 introduced the following bill2 
which was referred to the ,committee on 
,financial ,services  ,may #cj1         
#bjbc;,additional sponsors3 ,mr4 ,lawler
 and ,mr4 ,thanedar  ,may #cj1          
#bjbc,reported with an amendment1       
committed to the ,committee of the      
,whole ,house on the ,state of the      
,union1 and ordered to be printed,strike
 out all after the enacting clause and  
insert the part printed in italic,for   
text of introduced bill1 see copy of    
bill as introduced on ,april #bd1 #bjbc 
,a ,,bill  ,to amend the ,securities    
,act of #aicc to require certification  
examinations for accredited investors1  
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,equal ,opportunity for ,all ,investors 
,act of #bjbc4  #b4 ,certification      

examinations for accredited investors   
7a7 ,in general ,the ,securities and    
,exchange ,commission shall revise the  
definition of accredited investor under 
,regulation ,d 7section #bcj4eja of     
title #ae1 ,code of ,federal            
,regulations7 to include any natural    
person who is certified through the     
examination required under subsection   
7b74  7b7 ,establishment of examination 
,not later than #a year after the date  
of the enactment of this ,act1 the      
,securities and ,exchange ,commission   
shall establish an examination          
7including a test1 certification1 or    
examination program7-- 7#a7 to certify  
an individual as an accredited investor2
 and  7#b7 that-- 7,a7 is designed with 
an appropriate level of difficulty such 
that an individual with financial       
sophistication would be unlikely to     
fail2 and  7,b7 includes methods to     
determine whether an individual seeking 
to be certified as an accredited        
investor demonstrates competency with   

respect to-- 7i7 the different types of 
securities2  7ii7 the disclosure        
requirements under the securities laws  
applicable to issuers and private       
companies as compared to public         
companies2  7iii7 corporate governance2 
7iv7 financial statements and the       
components of such statements2  7v7     
aspects of unregistered securities1     
securities issued by private companies1 
and investments into private funds1     
including risks associated with-- 7,i7  
limited liquidity2  7,,ii7 limited      
disclosures2  7,,iii7 variance in       
valuation methods2  7,,iv7 information  
asymmetry2  7,v7 leverage risks2  7,,vi7
 concentration risk2 and  7,,vii7 longer
 investment horizons2  7vi7 potential   
conflicts of interest1 when the         
interests of the financial professionals
 and their clients are misaligned or    
when their professional responsibilities
 are compromised by financial           
motivations2 and  7vii7 other criteria  
the ,commission determines necessary or 

appropriate in the public interest or   
for the protection of investors4  7c7   
,administration ,beginning not later    
than #ahj days after the date the       
examination is established under        
subsection 7b71 such examination shall  
be administered and offered free of     
charge to the public by a registered    
national securities association under   
section #ae;,a of the ,securities       
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gho-#c74  ,may #cj1 #bjbc,reported with
 an amendment1 committed to the         
,committee of the ,whole ,house on the  
,state of the ,union1 and ordered to be 
printed