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A bill to amend the Securities Act of 1933 to direct the Securities and Exchange Commission to revise the regulations of the Commission regarding the qualifications of natural persons as accredited investors.

USA115th CongressS-2756| Senate 
| Updated: 6/28/2018
Thomas Tillis

Thomas Tillis

Republican Senator

North Carolina

Cosponsors (5)
Dean Heller (Republican)Catherine Cortez Masto (Democratic)Heidi Heitkamp (Democratic)Gary C. Peters (Democratic)Patrick Toomey (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Fair Investment Opportunities for Professional Experts Act This bill amends the Securities Act of 1933 to modify the definition of "accredited investor" for purposes of participating in private offerings 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 holds previously purchased securities, if the issuer believes that the individual met such income requirements at the time of purchase and would continue to do so; an individual who is licensed as a broker or investment advisor by certain entities; and an individual determined by the Securities and Exchange Commission (SEC) to have qualifying education or experience. (Certain unregistered securities may be offered only 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.
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Timeline
Apr 25, 2018
Introduced in Senate
Apr 25, 2018
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jun 28, 2018
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-406.
  • April 25, 2018
    Introduced in Senate


  • April 25, 2018
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • June 28, 2018
    Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-406.

Finance and Financial Sector

A bill to amend the Securities Act of 1933 to direct the Securities and Exchange Commission to revise the regulations of the Commission regarding the qualifications of natural persons as accredited investors.

USA115th CongressS-2756| Senate 
| Updated: 6/28/2018
Fair Investment Opportunities for Professional Experts Act This bill amends the Securities Act of 1933 to modify the definition of "accredited investor" for purposes of participating in private offerings 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 holds previously purchased securities, if the issuer believes that the individual met such income requirements at the time of purchase and would continue to do so; an individual who is licensed as a broker or investment advisor by certain entities; and an individual determined by the Securities and Exchange Commission (SEC) to have qualifying education or experience. (Certain unregistered securities may be offered only 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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 25, 2018
Introduced in Senate
Apr 25, 2018
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jun 28, 2018
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-406.
  • April 25, 2018
    Introduced in Senate


  • April 25, 2018
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • June 28, 2018
    Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-406.
Thomas Tillis

Thomas Tillis

Republican Senator

North Carolina

Cosponsors (5)
Dean Heller (Republican)Catherine Cortez Masto (Democratic)Heidi Heitkamp (Democratic)Gary C. Peters (Democratic)Patrick Toomey (Republican)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted