,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #iegd  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #b1 #bjbf,mr4   
,d[n+ 7= himself1 ,mr4 ,lawl]1 & ,mr4   
,moore ( ,nor? ,c>ol9a7 introduc$ !     
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to am5d ! def9ition ( an       
accr$it$ inve/or to include individuals 
receiv+ advice f c]ta9 pr(essionals1 & =
 o!r purposes4  #a4 ,%ort title  ,?is   
,act may be cit$ z ! ,in=m$ ,inve/or    
,access ,act4  #b4 ,accr$it$ inve/ors   
include individuals receiv+ advice f    
c]ta9 pr(essionals  7a7 ,securities ,act
 ( #aicc ,section #b7;a77#ae7 ( !       
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;b7a77#ae77 is am5d$-- 7#a7 by /rik+ 
7#ae7 ,! t]m accr$it$ inve/or %all      
mean-- & ins]t+ ! foll[+3  7#ae7        
,accr$it$ inve/or  7,a7 ,9 g5]al ,! t]m 
accr$it$ inve/or means--  2  7#b7 9     
clause 7i71 by /rik+ or at ! end2  7#c7 
9 clause 7ii71 by /rik+ ! p]iod at ! end
 & ins]t+ 2 or2  7#d7 by adju/+ !       

ind5tation ( clauses 7i7 & 7ii7 by mov+ 
su* clauses #b ems to ! "r2 &  7#e7 by  
add+ at ! end ! foll[+3  7iii7 any      
natural p]son t ! issu] reasonably      
believes is receiv+ p]sonaliz$ inve/m5t 
advice or p]sonaliz$ inve/m5t           
recomm5dations ) respect to ! applicable
 transaction f--  7,i7 an inve/m5t      
advis] regi/]$ ) ! ,commission "u !     
,inve/m5t ,advis]s ,act ( #aidj1 or a   
sup]vis$ p]son ( su* inve/m5t advis] 7z 
def9$ 9 section #bjb7;a7 ( ! ,inve/m5t  
,advis]s ,act ( #aidj72 or  7,,ii7 a    
brok] or deal] regi/]$ ) ! ,commission  
"u ! ,securities ,ex*ange ,act ( #aicd1 
or a natural p]son :o is an associat$   
p]son ( a brok] or deal] 7z def9$ 9     
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd7 act+ on behalf ( su* brok]
 or deal]1 9 ea* case ) respect to !    
applicable transaction4  7,b7           
,def9itions ,9 subp>agraph 7,a77iii73   
7i7 ,inve/m5t advice ,! t]m inve/m5t    
advice %all be int]pret$ consi/5t ) !   
phrase = comp5sation1 engages 9 !       

bus9ess ( advis+ o!rs1 ei!r directly or 
?r\gh publications or writ+s1 z to !    
value ( securities or z to !            
advisability ( inve/+ 91 pur*as+1 or    
sell+ securities "u section             
#bjb7;a77#aa7 ( ! ,inve/m5t ,advis]s    
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#b7;a77#aa774  7ii7 ,recomm5dation
 ,! t]m recomm5dation %all be int]pret$ 
consi/5t ) ! t]m recomm5dation "u       
section #bdj4ael-#a ( title #ag1 ,code (
 ,f$]al ,regulations4  4  7b7 ,con=m+   
*anges to regulations ,! ,securities &  
,ex*ange ,commission %all revise section
 #bcj4eja7;a7 ( title #ag1 ,code (      
,f$]al ,regulations1 & any o!r def9ition
 ( accr$it$ inve/or 9 a rule ( !        
,commission 9 ! same mann] z su*        
def9ition is revis$ "u subsection 7a74