,,ib ,union ,calendar ,no4 #ajc #aaith  
,,congress  #ast ,session  ,h4 ,r4 #ccdh
 ,report ,no4 #aai-acd ,,in ,,the       
,,house ,,of ,,representatives  ,may    
#ac1 #bjbe,mr4 ,huizenga introduced the 
following bill2 which was referred to   
the ,committee on ,financial ,services  
,june #d1 #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 amend  
the ,securities ,act of #aicc and the   
,dodd-,frank ,wall ,street ,reform and  
,consumer ,protection ,act with respect 
to the definition of 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 as the ,commission          
determines necessary or appropriate in  
the public interest or for the          
protection of investors1 where-- 7i7    
such list of certifications1            
designations1 or credentials shall      
include those professional              
certifications described in the         
,commission order titled ,order         
,designating ,certain ,professional     

,licenses as ,qualifying ,natural       
,persons for ,accredited ,investor      
,status 7#he ,fed4 ,reg4 #fdbcd2        
published ,october #i1 #bjbj72 and  7ii7
 in establishing which attributes should
 be considered for purposes of          
determining such certifications1        
designations1 or credentials1 the       
,commission shall consider attributes   
that are no less broad than those       
attributes described in the amendments  
made to section #bcj4eja7;a77#aj7 of    
title #ag1 ,code of ,federal            
,regulations1 by the final rule of the  
,commission titled ,accredited ,investor
 ,definition 7#he ,fed4 ,reg4 #fdbcd2   
published ,october #i1 #bjbj74  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 the 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 designated as qualifying    
natural persons for accredited investor 
status pursuant to ,rule #eja7;a77#aj7  
7#ag ,,cfr #bcj4eja7;a77#aj772  7,b7 add
 such certifications1 designations1 and 
credentials to such list 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 such list at the time of such review2
 and  7,c7 adjust or modify such list as
 the ,commission determines necessary or
 appropriate in the public interest or  
for the protection of investors4  4     
,june #d1 #bjbe,reported with an        
amendment1 committed to the ,committee  

of the ,whole ,house on the ,state of   
the ,union1 and ordered to be printed