This bill would revise the Securities and Exchange Commission (SEC) rules under Regulation D to consider a person an accredited investor regardless of income and net worth requirements if the person certifies that they:
Is a person described in specified other requirements of Regulation D;
Has retained and used the services of certain banks, savings and loan associations, insurance companies, registered brokers or dealers, or other entities and their employees to make an investment decision;
Is licensed as an accredited investor by the Financial Industry Regulatory Authority (FINRA) after completing an exam administered by FINRA using the SEC’s criteria.
The SEC would establish criteria for FINRA to use in administering the exam to accredited investors who don’t meet Regulation D’s income and net worth requirements.