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EconomyH.R. 3394Comments

Fair Investment Opportunities for Professional Experts Act

Official title: To amend the Securities Act of 1933 to codify certain qualifications of individuals as accredited investors for purposes of the securities laws.

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Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, done
  4. Outcome, current stage

How Congress Voted

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What This Bill Does

This bill expands the eligibility criteria for an accredited investor for purposes of participating in private offerings of securities to include an individual determined by the Securities and Exchange Commission (SEC) to have qualifying professional knowledge through educational or professional experience. (Certain unregistered securities may only be offered to accredited investors.)

The bill also provides statutory authority for certain existing criteria for an accredited investor, including licensure or registration in good standing as a broker or investment adviser, specified annual salary, and specified net worth.

Further, the SEC is directed to revise the definition of accredited investor in Regulation D (which exempts certain offerings from SEC registration requirements) to conform to changes in this bill.

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Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. House floor actionsMrs. Wagner moved to suspend the rules and pass the bill, as amended.
  3. Floor Vote
  4. Passed the House
  5. House floor actionsReported (Amended) by the Committee on Financial Services. H. Rept. 119-115.
  6. House committee actionsCommittee Consideration and Mark-up Session Held
  7. Library of CongressIntroduced in House
  8. House floor actionsReferred to the House Committee on Financial Services.
  9. Introduced
  10. Committee

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