,,ib ,union ,calendar ,no4 #ig #aaith   
,,congress  #ast ,session  ,h4 ,r4 #ccci
 ,report ,no4 #aai-abg ,,in ,,the       
,,house ,,of ,,representatives  ,may    
#ac1 #bjbe,mr4 ,flood 7for himself1 ,mr4
 ,fields1 ,mr4 ,lawler1 ,ms4 ,mc,bride1 
and ,mr4 ,thanedar7 introduced the      
following bill2 which was referred to   
the ,committee on ,financial ,services  
,june #c1 #bjbe,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
 ,may #ac1 #bjbe  ,a ,,bill  ,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 #bjbe4  #b4 
,certification examinations for         
accredited investors  7a7 ,in general   

,the ,commission shall revise the       
definition of accredited investor under 
,regulation ,d 7section #bcj4ejj et seq4
 of title #ag1 ,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      
,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 offerings of securities exempt from 
registration under section #e of the    
,securities ,act of #aicc as compared to
 issuers and offerings of securities    
subject to such section #e2  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 subjectivity and variability in 
valuations and the analytical tools     
investors may use to assess such        
valuations2  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 financial professionals and
 their clients are misaligned or when   
their professional responsibilities may 

be in conflict with financial           
motivations2 and  7vii7 such other      
criteria as 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  7d7 ,commission   
defined ,in this section1 the term      
,commission means the ,securities and   
,exchange ,commission4  ,june #c1       
#bjbe,reported with an amendment1       
committed to the ,committee of the      
,whole ,house on the ,state of the      
,union1 and ordered to be printed