,,ii  #aahth ,,congress  #b;d ,session  
,s4 #eaba  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #ai1
 #bjbd,mr4 ,hagerty introduced the      
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to amend the ,securities ,act  
of #aicc and the ,dodd-,frank ,wall     
,street ,reform and ,consumer           
,protection ,act with respect to the    
definition of the term accredited       
investor1 and for other purposes4  #a4  
,short title ,this ,act may be cited as 
the ,accredited ,investor ,definition   
,review ,act4  #b4 ,certifications1     
designations1 and credentials under the 
definition of accredited investor       
,section #b7;a77#ae7 of the ,securities 
,act of #aicc 7#ae ,u4,s4,c4            
#gg;b7a77#ae77 is amended-- 7#a7 by     
redesignating clauses 7i7 and 7ii7 as   
subparagraphs 7,a7 and 7,b71            
respectively2  7#b7 in subparagraph     
7,a71 as so redesignated1 by striking   

adviser2 or and inserting adviser22     
7#c7 in subparagraph 7,b71 as so        
redesignated1 by striking the period at 
the end and inserting 2 or2 and  7#d7 by
 adding at the end the following3  7,c7 
an individual holding such              
certifications1 designations1 or        
credentials-- 7i7 as the ,commission    
determines necessary or appropriate in  
the public interest or for the          
protection of investors2 and  7ii7 that 
are not less broad than those           
certifications1 designations1 or        
credentials described in the amendments 
made to section #bcj4eja of title #ag1  
,code of ,federal ,regulations1 by the  
final rule of the ,commission entitled  
,accredited ,investor ,definition 7#he  
,fed4 ,reg4 #fdbcd 7,october #i1        
#bjbj774  4  #c4 ,periodic review of    
certifications1 designations1 and       
credentials ,section #dac7;b7 of the    
,dodd-,frank ,wall ,street ,reform and  
,consumer ,protection ,act 7#ae         
,u4,s4,c4 #gg;b note7 is amended by     

adding at the end the following3  7#c7  
,periodic review of certifications1     
designations1 and credentials ,not later
 than #ah months after the date of      
enactment of this paragraph and not less
 frequently than once every #e years    
thereafter1 the ,commission shall-- 7,a7
 review the list of certifications1     
designations1 and credentials accepted  
with respect to meeting the requirements
 of the definition of accredited        
investor under section #b7;a77#ae7 of   
the ,securities ,act of #aicc 7#ae      
,u4,s4,c4 #gg;b7a77#ae77 and the rules  
issued under such section #b7;a77#ae72  
7,b7 add such certifications1           
designations1 and credentials to the    
list described in subparagraph 7,a7 as  
the ,commission determines are          
substantially similar in measuring the  
financial sophistication1 knowledge1 and
 experience in financial matters of an  
individual to the certifications1       
designations1 and credentials included  
on that list at the time of that review2

 and  7,c7 adjust or modify that list as
 the ,commission determines necessary or
 appropriate in the public interest or  
for the protection of investors4  4