Legis Daily

Equal Opportunity for all Investors Act

USA117th CongressS-3921| Senate 
| Updated: 4/5/2022
Thomas Tillis

Thomas Tillis

Republican Senator

North Carolina

Cosponsors (1)
Tim Scott (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Equal Opportunity for all Investors Act This bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors. Specifically, the bill allows an individual to qualify through an examination established by the Securities and Exchange Commission (SEC), a state securities commission, or certain self-regulatory organizations. The examination must measure whether an individual understands and appreciates the risks and opportunities of investing in securities, must be designed to ensure that an individual with financial sophistication or training would be unlikely to fail, and may be designed and/or administered by an approved person. Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience. The bill also allows purchasers to self-certify that they meet the income or net worth requirements. Further, the bill allows a person to qualify as an accredited investor by satisfying certain investment or transaction requirements. Finally, the SEC may review and adjust the definition of accredited investor, except for the net worth standards, at its discretion. Currently, the SEC must perform this review every four years.
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Timeline
Jul 28, 2021

Latest Companion Bill Action

HR 117-4776
Introduced in House
Mar 24, 2022
Introduced in Senate
Mar 24, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 5, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • July 28, 2021

    Latest Companion Bill Action

    HR 117-4776
    Introduced in House


  • March 24, 2022
    Introduced in Senate


  • March 24, 2022
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • April 5, 2022
    Committee on Banking, Housing, and Urban Affairs. Hearings held.

Finance and Financial Sector

Financial services and investmentsSecurities

Equal Opportunity for all Investors Act

USA117th CongressS-3921| Senate 
| Updated: 4/5/2022
Equal Opportunity for all Investors Act This bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors. Specifically, the bill allows an individual to qualify through an examination established by the Securities and Exchange Commission (SEC), a state securities commission, or certain self-regulatory organizations. The examination must measure whether an individual understands and appreciates the risks and opportunities of investing in securities, must be designed to ensure that an individual with financial sophistication or training would be unlikely to fail, and may be designed and/or administered by an approved person. Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience. The bill also allows purchasers to self-certify that they meet the income or net worth requirements. Further, the bill allows a person to qualify as an accredited investor by satisfying certain investment or transaction requirements. Finally, the SEC may review and adjust the definition of accredited investor, except for the net worth standards, at its discretion. Currently, the SEC must perform this review every four years.
View Full Text

Suggested Questions

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

Timeline
Jul 28, 2021

Latest Companion Bill Action

HR 117-4776
Introduced in House
Mar 24, 2022
Introduced in Senate
Mar 24, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 5, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • July 28, 2021

    Latest Companion Bill Action

    HR 117-4776
    Introduced in House


  • March 24, 2022
    Introduced in Senate


  • March 24, 2022
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • April 5, 2022
    Committee on Banking, Housing, and Urban Affairs. Hearings held.
Thomas Tillis

Thomas Tillis

Republican Senator

North Carolina

Cosponsors (1)
Tim Scott (Republican)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Financial services and investmentsSecurities