House Panel Passes Accredited Investor Bills

The House Financial Services Committee passed a series of accredited investor-related bills Wednesday.

The Accredited Investor Definition Review Act, H.R. 1579, would broaden the accredited investor definition to include those holding certain designations, certifications and credentials. That bill was introduced by Rep. Bill Huizenga, R-Mich.

The Fair Investment Opportunities for Professional Experts Act, H.R. 835, introduced by Rep. French Hill, R-Ark., would lower the annual income and net worth thresholds. It would also expand the accredited investor definition to include advisors and brokers, as well as those who have relevant education or job experience to qualify as “having professional knowledge of a subject related to a particular investment, and whose education or job experience” as verified by the Financial Industry Regulatory Authority or an equivalent self-regulatory organization.

A fourth bill, the Equal Opportunity for All Investors Act, would require the Securities and Exchange Commission to devise an accredited investor certification exam.