HR 3328
117th Congress
House
Finance and Financial Sector
Fair Investment Opportunities for Professional Experts Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 19, 2021
Referred to the House Committee on Financial Services.
May 19, 2021
Introduced in House
Plain-English summary
Fair Investment Opportunities for Professional Experts Act
This bill modifies the definition of accredited investor for purposes of participating in private offerings of securities to include
- an individual whose net worth or joint net worth with their spouse exceeds $1 million (adjusted for inflation), excluding from the calculation of their net worth their primary residence and a mortgage secured by that residence in certain circumstances;
- an individual whose income over the last two years exceeded $200,000 (adjusted for inflation) or joint spousal income exceeded $300,000 (adjusted for inflation) and who has a reasonable expectation of reaching the same income level in the current year;
- an individual who is licensed as a broker or investment advisor by certain regulatory entities; and
- an individual determined by the Securities and Exchange Commission (SEC) to have qualifying education or experience.
(Certain unregistered securities may only be offered to accredited investors.)
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.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1