,,ib ,union ,cal5d> ,no4 #ig #aai?      
,,congress  #a/ ,session  ,h4 ,r4 #ccci 
,report ,no4 #aai-abg ,,9 ,,! ,,h\se ,,(
 ,,repres5tatives  ,may #ac1 #bjbe,mr4  
,flood 7= himself1 ,mr4 ,fields1 ,mr4   
,lawl]1 ,ms4 ,mc,bride1 & ,mr4 ,?an$>7  
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices     
,june #c1 #bjbe,report$ ) an am5dm5t1   
committ$ to ! ,committee ( ! ,:ole ,h\se
 on ! ,/ate ( ! ,union1 & ord]$ to be   
printed,strike out all aft] ! enact+    
clause & ins]t ! "p pr9t$ 9 italic,for  
text ( introduc$ bill1 see copy ( bill z
 introduc$ on ,may #ac1 #bjbe  ,a ,,bill
  ,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 ( #bjbe4  #b4 ,c]tification        
exam9ations = accr$it$ inve/ors  7a7 ,9 
g5]al ,! ,commission %all revise !      
def9ition ( accr$it$ inve/or "u         
,regulation ,d 7section #bcj4ejj et seq4
 ( title #ag1 ,code ( ,f$]al            

,regulations7 to include any natural    
p]son :o is c]tifi$ ?r\gh ! exam9ation  
requir$ "u subsection 7b74  7b7         
,e/abli%m5t ( exam9ation ,n lat] ?an #a 
ye> aft] ! date ( ! enactm5t ( ?is ,act1
 ! ,commission %all e/abli% an          
exam9ation 7includ+ a te/1 c]tification1
 or exam9ation program7-- 7#a7 to c]tify
 an individual z an accr$it$ inve/or2 & 
7#b7 t-- 7,a7 is design$ ) an           
appropriate level ( difficulty su* t an 
individual ) f9ancial sophi/ication w\ld
 be unlikely to fail2 &  7,b7 includes  
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-- 7i7 ! diff]5t types ( securities2  
7ii7 ! disclosure requirem5ts "u !      
securities laws applicable to issu]s &  
(f]+s ( securities exempt f regi/ration 
"u section #e ( ! ,securities ,act (    
#aicc z comp>$ to issu]s & (f]+s (      
securities subject to su* section #e2   
7iii7 corporate gov]nance2  7iv7        
f9ancial /atem5ts & ! compon5ts ( su*   

/atem5ts2  7v7 aspects ( unregi/]$      
securities1 securities issu$ by private 
companies1 & inve/m5ts into private     
funds1 includ+ risks associat$ )-- 7,i7 
limit$ liquidity2  7,,ii7 limit$        
disclosures2  7,,iii7 subjectivity &    
v>iability 9 valuations & ! analytical  
tools inve/ors may use to assess su*    
valuations2  7,,iv7 in=mation asymmetry2
  7,v7 lev]age risks2  7,,vi7           
conc5tration risk2 &  7,,vii7 long]     
inve/m5t horizons2  7vi7 pot5tial       
conflicts ( int]e/1 :5 ! int]e/s (      
f9ancial pr(essionals & _! cli5ts are   
misalign$ or :5 _! pr(essional          
responsibilities may be 9 conflict )    
f9ancial motivations2 &  7vii7 su* o!r  
crit]ia z ! ,commission det]m9es        
necess>y or appropriate 9 ! public      
int]e/ or = ! protection ( inve/ors4    
7c7 ,adm9i/ration ,beg9n+ n lat] ?an    
#ahj days aft] ! date ! exam9ation is   
e/abli%$ "u subsection 7b71 su*         
exam9ation %all be adm9i/]$ & (f]$ free 
( *>ge to ! public by a regi/]$ national

 securities association "u section      
#ae;,a ( ! ,securities ,ex*ange ,act (  
#aicd 7#ae ,u4,s4,c4 #gho-#c74  7d7     
,commission def9$ ,9 ?is section1 ! t]m 
,commission means ! ,securities &       
,ex*ange ,commission4  ,june #c1        
#bjbe,report$ ) an am5dm5t1 committ$ to 
! ,committee ( ! ,:ole ,h\se on ! ,/ate 
( ! ,union1 & ord]$ to be pr9t$