,,ib ,union ,cal5d> ,no4 #he #aai?      
,,congress  #a/ ,session  ,h4 ,r4 #ccid 
,report ,no4 #aai-aae ,,9 ,,! ,,h\se ,,(
 ,,repres5tatives  ,may #ad1 #bjbe,mr4  
,hill ( ,arkansas 7= himself & ,mr4     
,v>gas7 introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,june #c1 #bjbe;,additional   
sponsors3 ,mr4 ,davidson & ,mr4         
,sessions  ,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 #ad1    
#bjbe  ,a ,,bill  ,to am5d ! ,securities
 ,act ( #aicc to codify c]ta9           
qualifications ( individuals z accr$it$ 
inve/ors = purposes ( ! securities laws4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,fair ,inve/m5t ,opportunities =    
,pr(essional ,exp]ts ,act4  #b4         
,def9ition ( accr$it$ inve/or  7a7 ,9   
g5]al ,section #b7;a77#ae7 ( !          

,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;b7a77#ae77 is am5d$-- 7#a7 by       
r$esignat+ subp>agraphs 7i7 & 7ii7 z    
subp>agraphs 7,a7 & 7,f71 respectively2 
&  7#b7 9 subp>agraph 7,a7 7z s         
r$esignat$71 by /rik+ 2 or & ins]t+ a   
semicolon1 & ins]t+ aft] su* subp>agraph
 ! foll[+3  7,b7 ) respect to a propos$ 
sale ( a security1 any natural p]son ^: 
individual net wor?1 or jo9t net wor? ) 
t p]son's sp\se or sp\sal equival5t1 at 
! "t ( su* sale1 exce$s #a1jjj1jjj 7:i* 
am\nt1 along ) ! am\nts set =? 9        
subp>agraph 7,c71 %all be adju/$ =      
inflation by ! ,commission e #e ye>s to 
! ne>e/ #aj1jjj to reflect ! *ange 9 !  
,consum] ,price ,index = ,all ,urban    
,consum]s publi%$ by ! ,bureau ( ,labor 
,/ati/ics7 :]e1 = purposes ( calculat+  
net wor? "u ?is subp>agraph-- 7i7 !     
p]son's prim>y resid5ce %all n be       
includ$ z an asset2  7ii7 indebt$ness t 
is secur$ by ! p]son's prim>y resid5ce1 
up to ! e/imat$ fair m>ket value ( !    
prim>y resid5ce at ! "t ( su* sale1 %all

 n be includ$ z a liability 7except t if
 ! am\nt ( su* indebt$ness out/&+ at !  
"t ( su* sale exce$s ! am\nt out/&+ #fj 
days be=e su* "t1 o!r ?an z a result ( !
 acquisition ( ! prim>y resid5ce1 !     
am\nt ( su* excess %all be includ$ z a  
liability72 &  7iii7 indebt$ness t is   
secur$ by ! p]son's prim>y resid5ce 9   
excess ( ! e/imat$ fair m>ket value ( ! 
prim>y resid5ce at ! "t ( su* sale %all 
be includ$ z a liability2  7,c7 any     
natural p]son :o _h an individual income
 9 excess ( #bjj1jjj 9 ea* ( ! #b mo/   
rec5t ye>s or jo9t income ) t p]son's   
sp\se or sp\sal equival5t 9 excess (    
#cjj1jjj 9 ea* ( ^? ye>s & has a        
reasonable expectation ( rea*+ ! same   
income level 9 ! curr5t ye>2  7,d7 any  
natural p]son :o is-- 7i7 curr5tly      
lic5s$ or regi/]$ z a brok] or inve/m5t 
advis] by ! ,commission1 a              
self-regulatory organization 7z def9$ 9 
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd71 or ! securities division 
( a ,/ate1 ! ,di/rict ( ,columbia1 or a 

t]ritory ( ! ,unit$ ,/ates or !         
equival5t division responsible = lic5s+ 
or regi/ration ( individuals 9          
connection ) securities activities2 &   
7ii7 9 good /&+ ) respect to su* lic5ce 
or regi/ration2  7,e7 any natural p]son 
! ,commission det]m9es1 by regulation1  
to h demon/rable education or job       
exp]i5ce to qualify su* p]son z hav+    
pr(essional k ( a subject relat$ to a   
p>ticul> inve/m5t1 & ^: education or job
 exp]i5ce is v]ifi$ by a self-regulatory
 organization 7z def9$ 9 section #c7;a7 
( ! ,securities ,ex*ange ,act ( #aicd72 
or  4  7b7 ,rulemak+ ,n lat] ?an #ahj   
days aft] ! date ( enactm5t ( ?is ,act1 
! ,securities & ,ex*ange ,commission    
%all revise ! def9ition ( accr$it$      
inve/or "u ,regulation ,d 7#ag ,,cfr    
#bcj4ejj et seq47 to con=m ) ! am5dm5ts 
made by subsection 7a74  ,june #c1      
#bjbe,report$ ) an am5dm5t1 committ$ to 
! ,committee ( ! ,:ole ,h\se on ! ,/ate 
( ! ,union1 & ord]$ to be pr9t$