,,ii  #aah? ,,congress  #b;d ,session   
,s4 #eaba  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #ai1         
#bjbd,mr4 ,hag]ty 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 & !            
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act ) respect to !
 def9ition ( ! t]m accr$it$ inve/or1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,accr$it$ ,inve/or 
,def9ition ,review ,act4  #b4           
,c]tifications1 designations1 &         
cr$5tials "u ! def9ition ( accr$it$     
inve/or ,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 an individual hold+ su*            
c]tifications1 designations1 or         
cr$5tials-- 7i7 z ! ,commission det]m9es
 necess>y or appropriate 9 ! public     
int]e/ or = ! protection ( inve/ors2 &  
7ii7 t are n less broad ?an ^?          
c]tifications1 designations1 or         
cr$5tials describ$ 9 ! am5dm5ts made to 
section #bcj4eja ( title #ag1 ,code (   
,f$]al ,regulations1 by ! f9al rule ( ! 
,commission entitl$ ,accr$it$ ,inve/or  
,def9ition 7#he ,f$4 ,reg4 #fdbcd       
7,octob] #i1 #bjbj774  4  #c4 ,p]iodic  
review ( c]tifications1 designations1 & 
cr$5tials ,section #dac7;b7 ( !         
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ae ,u4,s4,c4
 #gg;b note7 is am5d$ by add+ at ! end !
 foll[+3  7#c7 ,p]iodic review (        
c]tifications1 designations1 & cr$5tials
 ,n lat] ?an #ah mon?s aft] ! date (    
enactm5t ( ?is p>agraph & n less        
frequ5tly ?an once e #e ye>s !reaft]1 ! 
,commission %all-- 7,a7 review ! li/ (  

c]tifications1 designations1 & cr$5tials
 accept$ ) respect to meet+ !           
requirem5ts ( ! def9ition ( accr$it$    
inve/or "u section #b7;a77#ae7 ( !      
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;b7a77#ae77 & ! rules issu$ "u su*   
section #b7;a77#ae72  7,b7 add su*      
c]tifications1 designations1 & cr$5tials
 to ! li/ describ$ 9 subp>agraph 7,a7 z 
! ,commission det]m9es are sub/antially 
simil> 9 measur+ ! f9ancial             
sophi/ication1 k1 & exp]i5ce 9 f9ancial 
matt]s ( an individual to !             
c]tifications1 designations1 & cr$5tials
 includ$ on t li/ at ! "t ( t review2 & 
7,c7 adju/ or modify t li/ z !          
,commission det]m9es necess>y or        
appropriate 9 ! public int]e/ or = !    
protection ( inve/ors4  4